I've been fumbling around now with forex for a few months and I haven't been doing too well at it. However, I have recently found Forex Factory and I have to say that I feel much more confident about at least applying a consistent system to my trading. Whether that system yields any positive pips, well, that's another story...
Being narcissistic as I am, I am going to refer to my current trading method as the "Bodger". The Bodger was inspired by the Fozzy method, which now has a large following. However, I've made a few tweaks.
My attached chart shows the trade that I just took - short on AUDNZD. I have employed a 61-pip trailing stop (70% of the ATR) and I am trading it because of the negative cross on the CCI.
If you've read up on the Fozzy, you know that it employs an 8-period EMA on the RSI. I put the 8-period EMA on the CCI and I only trade crosses that take place above +70 or below -70. I will close the position as soon as the direction of the CCI turns against me.
Being narcissistic as I am, I am going to refer to my current trading method as the "Bodger". The Bodger was inspired by the Fozzy method, which now has a large following. However, I've made a few tweaks.
My attached chart shows the trade that I just took - short on AUDNZD. I have employed a 61-pip trailing stop (70% of the ATR) and I am trading it because of the negative cross on the CCI.
If you've read up on the Fozzy, you know that it employs an 8-period EMA on the RSI. I put the 8-period EMA on the CCI and I only trade crosses that take place above +70 or below -70. I will close the position as soon as the direction of the CCI turns against me.
Attached Image
