Yea i do not focus on 5 min either. I think the only way to block out all the market noise is to trade on the daily chart.. only problem is i have no idea about when to take profits and how to identify whipsaw before it is to late..
an awesome book I am currently reading is called "Following the Trend".. Although he (the author) goes through alot of important information regarding trends he never spells out any methods. Almost like he wants us to figure it out for ourself but at the same time he gives us every piece of the puzzle we need and all his readers have to do it put it together..
If you trade trends please be so kind as to shed some light on my situation..
I took some time to do some backtesting and if i followed an MA trend model to a T and ended up with +5,200 pips profit over a period of 4 years
..here are the P/L for each trade.. I think I did this on the GU, cant remember, it was late at night:
233
117
91
-191
45
988
-97
925
-65
-114
-156
688
300
200
-251
800
400
150
-70
900
-80
-280
824
-180
-130
70
220
550
some positions were held for months others for a few days..
if anyone knows how to outperform what I have here pleaseeeee tell me!!
Before I start to trade this live I want to make sure I have all my pips in a row
lets pull this together FF!!!!! to hell with indicators!!
personally, i use 1 hour charts to monitor my trade cos i believe it gives better info within a reasonable period of time.
i apply the MA to determine my trend and i have come close to the conclusion that its the better guide for trading ( until it bends anyway )
tyr the period at 89 and at 144 to determine the direction of the trend.
for now its doing well for me,,,,, you might want to tyr it out yourself to know if it favours you.
