I have always liked the KISS method of trading, meaning, Keep it Simple Stupid.
Have been trading for 5 years now and have liked the break out systems the best. I have never believed we have to be a rocket scientist to get trading forex to work but many will have you believe you must be one.
I have had chart setups with so many lines and indicators on them it looked like a bomb went off on my charts. Terrible disaster trying to watch all that crap just to determine if I can get into a trade or not.
This system looks and makes a lot of sense to me. I have never been very good at getting in on the nice big "Trending" trades but the daily chart with this setup can really help out.
Of course, we all need to remember one thing on the longer time frames. Some of you are asking about SL and where to set them.
A daily chart is going to require a pretty large SL because of the large movement in price throughout the day. If you don't use a large SL you will get stopped out much more than you can imagine. You must give the market room to breath.
When I say large, I am suggesting at least 85 pip SL and probably more and depending on what pair you are trading. Especially if you are not able to look at the chart once in awhile throughout the day.
Thank you for sharing this method.
I will be using it starting out on Sunday evening.
Dan
Have been trading for 5 years now and have liked the break out systems the best. I have never believed we have to be a rocket scientist to get trading forex to work but many will have you believe you must be one.
I have had chart setups with so many lines and indicators on them it looked like a bomb went off on my charts. Terrible disaster trying to watch all that crap just to determine if I can get into a trade or not.
This system looks and makes a lot of sense to me. I have never been very good at getting in on the nice big "Trending" trades but the daily chart with this setup can really help out.
Of course, we all need to remember one thing on the longer time frames. Some of you are asking about SL and where to set them.
A daily chart is going to require a pretty large SL because of the large movement in price throughout the day. If you don't use a large SL you will get stopped out much more than you can imagine. You must give the market room to breath.
When I say large, I am suggesting at least 85 pip SL and probably more and depending on what pair you are trading. Especially if you are not able to look at the chart once in awhile throughout the day.
Thank you for sharing this method.
I will be using it starting out on Sunday evening.
Dan