Hi!
This is my first post and yesterday i made my first trade using a real system. I went long in USD/GBP yesterday night at 1.9846 about two hours before the daily candle closed. The reason for this was a cross in the RSI and the MA. Normally It's bed time for med when the candle closes but I've noticed that (and I want it to be so ) the pairs don't move very much the last time before the candle close.
I have read the e-book about the 8and8 method twice and the thread about The Daily Fozzy method. I think the method suites me except from the time the candle close. I have not decided how to deal with that problem yet. My time zone is GMT+1
Now when I look at the 5 min chart the price is up and seems to have paused by a resistance around 1.9950. And now? Just wait? My stop loss was set at 1.9729. Somehow I counted that stop with help from the ATR. Today I moved the stoploss up to 1.9880 a point I found at the hourly chart. (Some more reading reqired)
My target for this trade is around 2.0460 but I feel very insecure about that. Maybe I should take profit earlier. Don’t want to loose my first “real” trade. (Only demo but it feels more real than when I stumbled around without a system.)
No I will go on reading Trading in the Zone and a lot more in the newbie forum.
Regards
Diane
This is my first post and yesterday i made my first trade using a real system. I went long in USD/GBP yesterday night at 1.9846 about two hours before the daily candle closed. The reason for this was a cross in the RSI and the MA. Normally It's bed time for med when the candle closes but I've noticed that (and I want it to be so ) the pairs don't move very much the last time before the candle close.
I have read the e-book about the 8and8 method twice and the thread about The Daily Fozzy method. I think the method suites me except from the time the candle close. I have not decided how to deal with that problem yet. My time zone is GMT+1
Now when I look at the 5 min chart the price is up and seems to have paused by a resistance around 1.9950. And now? Just wait? My stop loss was set at 1.9729. Somehow I counted that stop with help from the ATR. Today I moved the stoploss up to 1.9880 a point I found at the hourly chart. (Some more reading reqired)
My target for this trade is around 2.0460 but I feel very insecure about that. Maybe I should take profit earlier. Don’t want to loose my first “real” trade. (Only demo but it feels more real than when I stumbled around without a system.)
No I will go on reading Trading in the Zone and a lot more in the newbie forum.
Regards
Diane