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My first post on Fxfactory and first journal

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  • Post #141
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  • Apr 10, 2007 2:33am Apr 10, 2007 2:33am
  •  brxxt
  • | Joined Dec 2006 | Status: Member | 331 Posts
Set a Buy stop at 1.9715 (ask price) because there are 3 resistant lines at around 1.9690 to 1.9710:
1)Resistance trendline that began a week ago today.. so pretty strong
2)whole number 1.9700
3)50% Fib. retracement line at 1.9705

Trend manager is saying long, so i will avoid going short for now because i do not want to vary from my strategy since i will be going live in a couple days and want to remain consistent
 
 
  • Post #142
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  • Apr 10, 2007 11:49am Apr 10, 2007 11:49am
  •  brxxt
  • | Joined Dec 2006 | Status: Member | 331 Posts
moved stop to break even at previous support line that was broken and now became resistance at 1.9745, which was after the market moved up 30 pips for me

Stop was hit at break even

Although i've been feeling like i have not been sticking to my strategy as well as i should, now i think about it, I am better off using price action more in my strategy, since no indicator will beat a long term major trendline...

So I will still go into trades according to the direction trend manager shows, but if it is in a situation like these where it is w/in say 20 pips of a major trend line, i will wait for it to break that trend line by at least 5 pips to make sure i am not going to watch it hit the trend line and retrace

Price action is king.. will never forget those words

If anyone is reading, I want to know if people agree/disagree with this adjustment to my strategy.

It seems to have been making me hit breakeven much more and i have missed out on a little profit
 
 
  • Post #143
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  • Last Post: Apr 11, 2007 9:24pm Apr 11, 2007 9:24pm
  •  brxxt
  • | Joined Dec 2006 | Status: Member | 331 Posts
Money is in my live account!
heres the thread for my live journal:
http://www.forexfactory.com/showthre...651#post269651
 
 
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