So here is the very BASICS behind what I do, I have a lot of other things that factor into my system, it's very discretionary however I have a full fledged plan that I am currently refining. The spreads I use for buy in etc. depend on the currency pair. Drawdown is VERY minimal and this system allows your profits to run to a point. The basis behind it is you don't assume the direction of the market, you let the market buy you in when it decides to, and you will more than likely be bought in, in the direction the market decides to move. Like I said I have a lot of determining factors that are not shown, I trade off of a 3minute chart ONLY based on the information I determine off of the 30min, 2hr, and daily charts. This system pretty much the opposite of what I see a lot of people do on here. Most of what I read are people determine the general direction of the market, they buy in then set a X pip stop loss and then another X pip target and hope the market moves in their direction and hope it doesn't hit their stop loss. I'm not saying there is anything wrong with this, it just doesn't make sense to me. So please, any feedback is appreciated. I won't give out all of the other details and determining factors behind my system as theres quite a bit more but like I said this gives you the very basica idea.
NOTE: Once the market buys you in, you manually set a trailing stop loss that you move to 2 pips or so (depending on currency) below newly formed S/R levels as your riding the wave.
NOTE: Once the market buys you in, you manually set a trailing stop loss that you move to 2 pips or so (depending on currency) below newly formed S/R levels as your riding the wave.
Attached Image(s) (click to enlarge)
