Count me in lawgirl! Will set up a new demo account as suggested $10,000.
What are your SL and TP levels?
Pete
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What's your risk level? I don't want to go into MM here, I'm assuming that everyone knows recommended levels of risk on any one trade is 2-5% of account. My risk tolerence is pretty high.
Start reviewing charts and posting potential trades. Last week was a real profitable one....this week seems to be taking a breather on most pairs so far.
The first two trades were during the same week yet opposite directions. Are you changing your weekly directional bias mid week?
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Depends on what day trend is checked..weekly trend does indeed change. I have found that it is not "reliable", meaning it is not totally set, until about midweek. I re-checked the RSI for these 3 trades on all TFs and it was, indeed, showing the bias of the trade. I do know that I made money on that one pair on those three trades. Missed the big jump up though. But that's ok.
Depends on what day trend is checked..weekly trend does indeed change. I have found that it is not "reliable", meaning it is not totally set, until about midweek. I re-checked the RSI for these 3 trades on all TFs and it was, indeed, showing the bias of the trade. I do know that I made money on that one pair on those three trades. Missed the big jump up though. But that's ok.
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Checking weekly doesn't seem to do much especially, as you mentioned, it really doesn't show the overall trend until well into the week and that can be seen by just looking at the last couple daily bars and looking at that price action. Basically looking for HH/HL or LL/LH to get your directional bias. And using RSI (3) if you look closely it just follows the bars. If it's an up bar rsi is signaling long and if it's a down bar it's signaling short. Flat seems to only happen when there is a doji or the like and which can all be seen by just looking at the bars. The most important part is the 3 touch which is buy a bounce sell a rally. Anyway, not trying to be picky or anything, just commenting. Good trading to you.
Come on, you already have the 3 taps trading group, why add this to the mix?
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Why not? Each is different with different styles of trading..this one looks to PA more than the 2 others that I have seen. How many trend trading methods are there? Probably 100's. How many breakout systems are there? Probably 100's....I could go on and on..
Why not? Each is different with different styles of trading..this one looks to PA more than the 2 others that I have seen. How many trend trading methods are there? Probably 100's. How many breakout systems are there? Probably 100's....I could go on and on..
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Oh come on, you are spoiling my fantasy of two great gals, trading in one place...preferably wearing something very comfortable....*wink*.....you know...with names like "three taps"..."almost naked"....you give me ideas....
that is not very intelligent. if you still dont get it, check "too much redundancy".
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Mate, the same can be said about the thread you created called 'Forex Techniques Development Group'.. everything there has been said and done before on these forums and I'm sure you dont need anyone going into your thread and telling you that it's unnecessary to 'add this to the mix'.
I, personally, havnt read the other "3 taps" threads, but I believe a child could follow the points presented here for this method. It's easy to understand and straight to the point..
Checking weekly doesn't seem to do much especially, as you mentioned, it really doesn't show the overall trend until well into the week and that can be seen by just looking at the last couple daily bars and looking at that price action. Basically looking for HH/HL or LL/LH to get your directional bias. And using RSI (3) if you look closely it just follows the bars. If it's an up bar rsi is signaling long and if it's a down bar it's signaling short. Flat seems to only happen when there is a doji or the like and which can all be seen by just looking...
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The trendlines ARE LL/LH, but most new traders are confused by that. Of course trendlines ARE directional bias. RSI merely is a visual to confirm, that most people can look at and understand instantly. Of course RSI directions ARE following the bars, so do the trendlines. Dojis ARE a candle denoting indecision (neutrality) So is the 3:00 RSI. The three touches ARE bounces and rallies. You merely confirm this trading method. Thanks. And thanks for your good wishes.
Examples of support/resistence levels. Take a look at this chart. Monthly, weekly, daily and H4 trends are all down. PA is going sideways (consolidating). I like these patterns because sooner or later there will be a breakout to one side or the other. HOWEVER, PA is at a 3 year low level. (zoom out and take a look at the weekly chart).
Price should go lower according to trend, but will it? A three year low is a very, very significant support level. An interesting chart to watch.
Pretty much the same chart as above. All TFs are long. PA is in consolidation. Breakout will occur sooner or later. Should be to upside where there is alot of up room. But will it break long? Another interesting one to watch.
I'm currently in this trade. PA finally broke out of the tight range and is headed down as I believed it would. It was a long wait though. Notice the weeks before when it did the same thing. That was a very profitable trade.
Well, I'm in. Thank you for your strategy. I shorted the $/Y @84.09 around 08:40 CDT. Missed the 3rd tap but the down trend looks strong and all 3 RSIs were down so as I said, I'm in (and hoping.) Thanks again. p.
edit: I unexpectedly had to leave & couldn't monitor the computer so I closed the trade (my 1st with this strat.) for +13 pips. I traded 1 micro with real $ so it wasn't much but better than the last few days of trading short term. I like this.
Well, I'm in. Thank you for your strategy. I shorted the $/Y @84.09 around 08:40 CDT. Missed the 3rd tap but the down trend looks strong and all 3 RSIs were down so as I said, I'm in (and hoping.) Thanks again. p.
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Good job. Looks like we are going to make a little money on this pair. Almost at my TP now.
Trade What You See - Almost Naked Trading
