hi,everyone
I did a demo trade on uj based on 4h MACD strategy, but this one is something special.
First let's look at daily chart. You can see clearly that price has been supported by 50% fib, we can anticipate some bullish trend.
Then look at 4h chart. We can see price has formed a channel upward, I use aqua to show you. Till 12:00 GMT+1 today, it has formed a hammer, we can also say it still is in the previous channle or can draw a new support line. Meanwhile, the MACD has high probabliltiy to form a BOZ during this 4 hours. But it is still under 89sma, so I have an idea about money management.
I use 1.5% risk to open a position at 12:00 GMT+1 which is almost 90.42, and I set the sl with only 20 pips which is only under previous some candles, I think price can't go back to test this support. Then, I set TP with almost 40 pips where is at 90.82, it is near previous high peak but still can give me 3% ROE.
After my broker allows me to use 0.01 lot and obtain EXCEL file from Phillip which can caculate the open lots with a setting sl, I have make a great progress with FX trading. I only have $2000 and only could open 0.2 lot before, the lowest one is 0.1! Thus I have to face many difficulties.
So I think my mistake before is always money management, people should pay more attention about it, and know where we are in the intermediate trend first. This can let you make progress
I did a demo trade on uj based on 4h MACD strategy, but this one is something special.
First let's look at daily chart. You can see clearly that price has been supported by 50% fib, we can anticipate some bullish trend.
Then look at 4h chart. We can see price has formed a channel upward, I use aqua to show you. Till 12:00 GMT+1 today, it has formed a hammer, we can also say it still is in the previous channle or can draw a new support line. Meanwhile, the MACD has high probabliltiy to form a BOZ during this 4 hours. But it is still under 89sma, so I have an idea about money management.
I use 1.5% risk to open a position at 12:00 GMT+1 which is almost 90.42, and I set the sl with only 20 pips which is only under previous some candles, I think price can't go back to test this support. Then, I set TP with almost 40 pips where is at 90.82, it is near previous high peak but still can give me 3% ROE.
After my broker allows me to use 0.01 lot and obtain EXCEL file from Phillip which can caculate the open lots with a setting sl, I have make a great progress with FX trading. I only have $2000 and only could open 0.2 lot before, the lowest one is 0.1! Thus I have to face many difficulties.
So I think my mistake before is always money management, people should pay more attention about it, and know where we are in the intermediate trend first. This can let you make progress
Plan your trades and trade your plans
