-Trades usually last 5 min to an hour depending on momentum.
-My goal is a mininum of 400 pips per month.
-Currently I've modified my trading hours to trade at all times except 11am CDT to 7pm CDT
My Trading DO's
Use price action, candle patterns and highs/lows to determine entries
Use price alerts 15 pips from entry
Avoid news releases (30 min. before or more if highly volatile release like NFP)
Avoid tight ranges/slow/indecisive price action
Avoid trading the session that has a bank holiday
Use logic and discipline to trade
S/L 100 pips regular trade
T/P 50 pips regular trade, 100 pips double tops/bottoms
Use the 1 hour chart
Avoid abnormal volatility
Trade outside of the highs/lows of the most recent price swing of 100 pips or more
Avoid taking the first trade on a range break or trend reversal (these are tricky)
Use a clean chart with lines indicating entries
Use s/r lines and trend lines only as needed
Above all, WHEN IN DOUBT, STAY OUT !!!
WHAT I'M DOING NOW.....
I am currently testing trades on the 4 hour chart using the same strategy. Also I am monitoring the average number of pips on the break out of double tops/bottoms, triangles and range breaks (after dips or rallies). Because these patterns take a long time to set up I am tracking the results in my private blog. I won't risk much on some of these tests until I have at least 10 set ups or more of the same pattern to compare.
Helpful free links and sites:
www.babypips.com (good basic education)
www.forexfactory.com/calendar.php (fast calendar)
http://www.alpari-us.com/en/metatrad...o-account.html (demo w/ alerts no expiration)
www.forex4noobs.com (great site, free chatroom, free ebook, free signals, free education)
-My goal is a mininum of 400 pips per month.
-Currently I've modified my trading hours to trade at all times except 11am CDT to 7pm CDT
My Trading DO's
Use price action, candle patterns and highs/lows to determine entries
Use price alerts 15 pips from entry
Avoid news releases (30 min. before or more if highly volatile release like NFP)
Avoid tight ranges/slow/indecisive price action
Avoid trading the session that has a bank holiday
Use logic and discipline to trade
S/L 100 pips regular trade
T/P 50 pips regular trade, 100 pips double tops/bottoms
Use the 1 hour chart
Avoid abnormal volatility
Trade outside of the highs/lows of the most recent price swing of 100 pips or more
Avoid taking the first trade on a range break or trend reversal (these are tricky)
Use a clean chart with lines indicating entries
Use s/r lines and trend lines only as needed
Above all, WHEN IN DOUBT, STAY OUT !!!
WHAT I'M DOING NOW.....
I am currently testing trades on the 4 hour chart using the same strategy. Also I am monitoring the average number of pips on the break out of double tops/bottoms, triangles and range breaks (after dips or rallies). Because these patterns take a long time to set up I am tracking the results in my private blog. I won't risk much on some of these tests until I have at least 10 set ups or more of the same pattern to compare.
Helpful free links and sites:
www.babypips.com (good basic education)
www.forexfactory.com/calendar.php (fast calendar)
http://www.alpari-us.com/en/metatrad...o-account.html (demo w/ alerts no expiration)
www.forex4noobs.com (great site, free chatroom, free ebook, free signals, free education)
Discipline will take you where luck can't.