Been on FF for a while now. Decided to start a new journal. I might succeed or I might fail, only time will tell, lol.
My trading Strategy consist of scalping using the 5m, 15m, 1hr and 4hr chart. I execute on the 5m. At the moment I mostly trade some jpy pairs because they are some of the fastest moving pairs with relatively low spreads. Jpy can literally trend for days with minimal pullback sometimes. I try to trade in the direction of the 4hr candle most of the time but I'll honestly go where ever the flow of the H1 takes me. I Watch out for major support and resistance to minimize the amount of trades I take since I am a scalper and don't want to accumulate losses. Price tends to get choppy when it approaches support and resistance.
Everything in Forex clicked for me once I decided to create my own entry strategy, my own exit strategy and my own money management strategy. For me... money management is my exit strategy 95% of the time. Of course I pay attention to news and fundamentals as that is what create trending markets but the charts allow me to see whats happening at the very minute. I usually trade 2 hours during Asia session and 5 hours during US session. I have an issue staying consistent at posting in forums but I will do my best to stay active and post from time to time in this one.
My trading Strategy consist of scalping using the 5m, 15m, 1hr and 4hr chart. I execute on the 5m. At the moment I mostly trade some jpy pairs because they are some of the fastest moving pairs with relatively low spreads. Jpy can literally trend for days with minimal pullback sometimes. I try to trade in the direction of the 4hr candle most of the time but I'll honestly go where ever the flow of the H1 takes me. I Watch out for major support and resistance to minimize the amount of trades I take since I am a scalper and don't want to accumulate losses. Price tends to get choppy when it approaches support and resistance.
Everything in Forex clicked for me once I decided to create my own entry strategy, my own exit strategy and my own money management strategy. For me... money management is my exit strategy 95% of the time. Of course I pay attention to news and fundamentals as that is what create trending markets but the charts allow me to see whats happening at the very minute. I usually trade 2 hours during Asia session and 5 hours during US session. I have an issue staying consistent at posting in forums but I will do my best to stay active and post from time to time in this one.