DislikedHi Mike,
This post is deadly serious!! You must read the forum and practice before trading live! Your trade on CAD was GREAT! & you did a really nice job with it....Congrats on the pips!
This method is always discretionary. You need to analyze the chart using your perfered method of finding S & R. Also, identification of TL....
When counter-trend trading (i.e. going long on cad)....you want to be less aggressive w/your initial profit targets and protect profit early (have you moved your last position to break even?)....You seem to have a good understanding of the market rhythm....That is AWESOME!!!!
Once you have protected profit, or moved to BE, you have positioned yourself for a further move or break out.
The settings are applied to close and the initial times were when Philip traded b/c of his schedule.
OK....I really want to encourage you to continue trading, but you absolutely have to demo trade first. Please tell me I have misread the post, and you are demo trading. You need to figure out how you will determine your support/resistance zones; How you will place your stops (which must be outside of support rather than on support). Your support lines/resistance lines will provide you with TP's in addition to the MA's. Some traders use pivots, Inside tops, fibs, etc. You have to figure out what works for you. We also analyze the emotion in the market via candlesticks. Look at price movement and then confirm w/the MACD. PLEASE read through the thread to get a feel for the system, listening to all of Phillips MP3's posted on pages 289 and 290.
USD/CAD is difficult to trade b/c it will give you a really nice RB only to turn into a TC around the 0800 GMT candle. I call it the fakey....and CAD is great at it!! Looks like a double bottom has formed, and price very well could be going to the 89....especially w/Canada's Independence day over the weekend and ours tomorrow ....the volume is thin in trading....
Hope this post is helpful to you....You really did great!! Please take your time and practice trading before using real money. It seems very easy....but it is amazing how fast one can blow through their first account.
Wishing you all the best in your trading education,
PipsIgnored
hey man,
thanks for the great encouragement and feedback.
are you kidding me? trading live with real money...it's just over a month since i've 'gone' into forex. been demoing for almost a month and learnt really serious lessons ...2 margin calls, putting trades without stoploss, impatience, emotional ....you know all the psychology stuff...
yeah i wasn't sure about the rest of the pairs...none gave signal when i was analysing the live charts earlier...only USD/CAD...all 3 lots have been closed...1st was auto - 1st TP, 2nd was the highest ...somehow i just thought it wouldnt hit the 2nd TP (too high) and lastly the 3rd , i changed my stop loss higher and managed another 20 odd pips...
i liked this system as it proved easy to understand and execute...only thing that it has many discretionary add-ons...like fibs, channels etc...which i want to understand them one by one...taking a step by step learn and demo trade at the same time. well for at least 6 months and until i have at least understood and practiced proper money mgmt , discipline and techniques b4 going in micro.
i'll definitely post 'live demo' trades as n when i spot one and hope to learn from experienced traders like you and phillip. actually i seriously want to learn! i'm sure many others here are great...will get to know each and everyone at a time.
hey but thanks a lot for the encouragement and advise...really appreciate it! cheers.
Be happy trading!
Mike
p.s by the way, what's TL, TC and RB?