Hi, awesome forum you have here, I just started to get into Forex again, and actually want to be successful enough to open a mini account. I've tried a few different strategies, but I haven't found one that I like yet. I was trying to do the SRDC technique, but I'm having some problems.
- Do you put a limit on your orders, or do you use a trailing stop loss, I'm not sure when to take profit and how much to take?
- I read in the SRDC doc that you put a stop 20-30 pips above your entry, would I have to have a limit of at least (stoploss + spread + 1/2 pips)to break even, or win most of my trades.
- Can you go in the trade anytime of the day using the previous candlestick?
Here's is a picture of my attempt at the SRDC method
On the EUR/USD: (Daily Chart)
Entry/Sell Order at 1.2925
Stop loss at 1.2950
Limit at 1.2895 (not sure if this is right)
http://img208.imageshack.us/img208/5128/eurvb6.jpg