My Path To Financial Freedom

hey guys, thanks for the support

i have been working on my own strategy for about a week now, it only includes trendlines, support/res lines from major highs/lows, fibonacci lines.. basically KISS by just using price action
What i do is write out the major levels then replot them as just horizontal support/resistance lines and levels like u see in the ones i give at 3am.
I will be looking for a match up of resistance/support levels w/ the bids/offer levels given at 3am from rob.

First, thank you for the advice Whitenights, the thing is w/ my trading i will usually have stop losses of 40-60pips so i try to keep my profits above 40-60 pips to keep my risk to return ratio good. But i move my stop loss to breakeven at the first opposing support/resistance level.

oh and sorry i missed the levels last night, i got home at 6am i slept over my gf's place

here were the levels, they looked very good last night
perfect buy at 1.9918

these were my levels from price action support/res. today, they matched up pretty well
(this is a 1hr chart so look all the way to the right, i didnt mark where 3am was)

heres robs levels for today followed by my levels

Since price is trending UP and recently broke a long term resistance trendline which has now become support (1.9900-1.9910 level)

I will be looking to buy at 1.9908 since that matches robs level
I will place my stop at 1.9876, which will allow me to enter 3 lots and keep my risk below 2%

Price did find resistance (double top) at 1.9957, which was my resistance level from the 61.8% fib. level on the daily chart

1. Buy @ 1.9908-- (-5 for spread) – 3lots

a. Stops: 1.9876 (risk -37pips)
b. Lot 1: Target—1.9958
c. Lot 2: Target—1.9983
d. Lot 3: Target—1.9998

i. Moved stop to breakeven at +25pips
ii. Hit breakeven
Cumm Earnings: -225pips

Im very happy with this trade since i got in at 1.9908, which price has bounced off 3 times, 1 pip away from todays low

It was good for a move of almost +30pips.. also i was glad i was able to use a smaller initial stop loss keeping my risk below 2% using 3 lots

heres todays levels, ill be waiting for entry again at 1.9908

interest rates at 7am so i will trade accordingly to the time frame

I am week in the business. I cant make or understand charts. I still do not undrstanding fully the functions of my fxsol trading platform. I have a mini account of US$225 but scared to trade. I am from Nigeria, so the cost of books,CD's or training is prohibitive. Can someone send me books/Cd's,advise or anything of value. This is my first post. Thank you.

1. Buy @ 1.9910-- (-5 for spread) – 3lots

a. Stops: 1.9876 (risk -39pips)
b. Lot 1: Target—1.9958
c. Lot 2: Target—1.9983
d. Lot 3: Target—1.9998
I will probably move my targets before the news release at 7am

i. Hit stop for -39pips on all 3 lots
Cumm Earnings: -342pips



looks like another one that just went almost 100% the wrong direction... this will be the last trade for this month since i started on the 11th
price broke through 3 major support lines (23% fib, 1.9900 whole number, and the resistance trendline turned support)
It is now finding support at the 38% fib. line. at 1.9955




so far down about 800pips total, not what i expected, but im following the rules and learning

i actually just placed a buy at 1.9855 since the levels matched up as todays low, i only used 2 lots as it is not what i normally do

$225 is not enough to trade full mini lots, but beyond that I must disagree with brxxt, it certainly IS enough to trade with.

Learn money management (position sizing) and you'll find that you can do just fine trading 1/10 to 1/5 mini lot.

In fact, I recommend it. Trade with real money, but keep it very small until you are consistently profitable. Then slowly add to, and grow the account, and the trade size.

yes, this is true, good suggestion
I have just never used a demo/live account that lets you use less than a full mini lot size

1. Buy @ 1.9855-- (-5 for spread) – 3lots

a.Stops: 1.9816 (risk -44pips)

its a good thing the weekend is here, I will THOROUGHLY go through my trading in the past 2 months over this weekend to organize my money management, i feel that my losses have been too big for how big my wins are.. I set my targets so that my win:loss ratio is higher than 1:1, but i only ever hit all of my targets like 10% of the time, which defeats the whole purpose of it

I feel like i may be bringing my trades to breakeven too soon, which is causing me to get stopped out at breakeven a lot, but then again when i look back at the trades i have been better off trading this way since many of the days have been choppy and it has saved me from losses.

Any suggestions would be helpful.

a.Hit stop for -44pips on both 2 lots
Cumm Earnings: -430pips

.. thats what happens when you break the rules... definitely time to take a break to review this weekend

hi Brxxt,

I am curious why you only count # pip for the trading results. Why not $ and %? Trade to make money right?

well a pip = $1 the way i have it set up.. so wherever you see pip just put dollar