Harold
will you be in the trading room tonight?
if so what time....
will you be in the trading room tonight?
if so what time....
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Dislikedto avoid repete questions to new comers i will post the entire method here. for those who want to continue to trade the original mint trade thats on post 1 this method in my opinion and experience does better than that one. the key to trading is to have a well thought out plan which includes entry exit stoploss and target areas. next you must have a money management in place because we are trading to MAKE MONEY. thirdly we must have a logical mental psycology in place also. with that said here is THE METHOD:
i trade the gbpusd,eurusd and the eurjpy thats it. can you trade other NO i wouldnt you can but that would be another method .i begin trading at 00 gmt (beginning of asian session ) i would stop trading at 1400 gmt or 10am est. the chart indicators are as follows 5 ema of close 8 ema of open rsi set at 13 and a 50 level a dinapoli stochastic which you can get on post 1 or for those who trade wireless they can use the relative vigor index set at 7 it seems to be extremely close to the stoch. these indicators are the filter to confirm the entry and nothing more. they indicate something and nothing more than that. ok the trade setup is go to daily chart and at the close of a daily candle see if emas are crossed and if rsi has crossed the 50 level. DO NOT LOOK AT STOCH ON DAILY CHART!!! for example purposes lets say we are looking at the eurusd and we see the ema's are crossed to the downside and the rsi is below the 50 level like on thursdays close beginning thurday night 00gmt time we begin to look for the 123 patternon the 5 minute chart. the 123 pattern in reality is the right shoulder of a head and shoulders pattern. what we want to see is price to trend in the opposite direction of the daily trend which in this example is up since the daily is down. this is what is meant to sell high or to buy low once we see this trend up we look for the 123 pattern i will enclose charts so dont worry. once we have the setup we will enter on a break of the #2 point only if the ema's have crossed and the rsi has crossed the 50 level as well as the cross of the stoch if only 2 of the 3 have crossed dont enter. if they are enter with a market order then you can put in the limt and stop.once in the trade go and do something else. thats the setup now onto money management: if you have a method that can give you consistently 60% or better over time then its all about wins and losses to make your money. i trade 3% of my acct per trade. here is and example if you have 5000 and trade 3% of that that would be 150 as your risk and target so if you have 15 trades a month at 60% means you have 9 wins and 6 losses for a +3 wins or 9% so in a little over 9 months you double your money. o by the way i have been trading at about 76% since january and have gone with out a loss this month so you do the math. the mosts trades i put on in a day is 2 if i have a win then its 1 if i have a loss then its 2. thats the money management part. the money management is the logical psycology if you see what i mean its all a mater of percentages. not traders intuition which there is no such thing. think about intuition is saying that you can know the future sorry but only GOD knows that kind of info we are looking for high probability setup that are consistent to making money. well thats it i will put charts up for you to seeIgnored