Hello all
Sorry for my poor english
First time I want to give my thanks for all of you in the FF because I’ve learned a lot from you. And now is the time I share my idea.
There are 3 questions you must answer before you enter the market (according John Murphy’s book):
-Trend
-Entry point and exit point
-Money management
I’m a newbie in forex and very difficult for me to know, to identify the trend, the entry point, exit point, money management… so that I try to find my way to do and seem that I found my own
For the trend, I know that everyone have their own trendline and their own way to identify the trend and I use PSAR default
The entry point I use FRACTALS which give me the peak and the trough
Stop loss base on the peak or the trough of FRACTAL and then move along the PSAR
I use the 1:2 RR ratio for the target
Let’s me explain more:
For entry long position:
Sorry for my poor english
First time I want to give my thanks for all of you in the FF because I’ve learned a lot from you. And now is the time I share my idea.
There are 3 questions you must answer before you enter the market (according John Murphy’s book):
-Trend
-Entry point and exit point
-Money management
I’m a newbie in forex and very difficult for me to know, to identify the trend, the entry point, exit point, money management… so that I try to find my way to do and seem that I found my own
For the trend, I know that everyone have their own trendline and their own way to identify the trend and I use PSAR default
The entry point I use FRACTALS which give me the peak and the trough
Stop loss base on the peak or the trough of FRACTAL and then move along the PSAR
I use the 1:2 RR ratio for the target
Let’s me explain more:
For entry long position:
- Wait for PSAR under the price
- Then FRACTALS shows the trough
- Entry after the close of candle which the FRACTALS shows the trough
- Put stop loss just below the trough given by the candle show the trough
- Use the RR 2:1 to find the target
- After take profit for a half order volume in target point, I will trail the stop along the PSAR
- Exit immediatelly when the PSAR reversal (not the FRACTALS reversal)
- Vice versa for the short position
- Timeframe: all timeframe but I usually use it on the 30 min chart and I usually trade gold (because this metal attracts Vietnamese a lot ^^)
I think it’s the way to trade the correction of the trend
I’ve just practice my system on the demo account and I need all your help to complete my system
Let’s me show the example:
http://inlinethumb59.webshots.com/42...600x600Q85.jpg
I've found that sometime the fractals redraw the last one so that I attached a new version of fractals which it not redraw anything
Attached File(s)
Price action is the most important thing
