Read through the entire thread today. To me, this is the way trading needs to be. I am much more of a scalper, but since this thread was started with Feb using more of a 30 minute chart, I thought I would find a trade of my own using the M30 with some S/R lines. Someone else had mentioned using pivot points as well.
Since Feb had just mentioned the 50 and 00 levels, I thought it was very interesting the weekly pivot was at 3648. So to me, that was an ideal place to watch for a trade setup. Sure enough, you can see how price worked it's way to that level, as well as my support line. I entered the trade long at 3650 with a target of 3700. The white circle shows an area or cluster of price action with candle open or close that I felt would make an ideal target for my long. As you can see, that target was accomplished.
Feb, I have used a style very similar to this to trade shorter time frame charts for quite some time. This thread is a brillant addition to Forex Factory. I am so thankful that a trader of your caliber posts here and that you have helped so many traders learn a way to approach trading that is easy to visualize and put into practice. Not to merntion the fact that your posts have been inspiring to me.
Dear Feb,
Have read all your threads and feel I have finally found what I was looking for especially System 11. Never had so many winning trades without stress in three years of trading. Love your system and your style of teaching.
I know you have health problems and send you positive thoughts. I hope your threads never end, they are addictive. Have never posted ever before anywhere, but was so grateful, had to say something instead of lurking in the background. Thanks again from Australia
Hi, Just completed another trade 40 pips. Have had two small losses last week not analysing chart and one was chasing a trade. I think I was just too excited to trade. Losses are - 5 and -6 pips and wins are now +22, +19, +35 +40, and these are just a few of winners. I like to let the good ones run especially if they have good momentum bars to start with and are off oos and 5os levels.
Thanks again
Thank you so much for yours today's trade examples, Dear Feb!
I will re-think some times again your example to grasp the logic better. I like to think and re-think a lot ... lol... this helps me to grasp your ideas.
Ah! i was looking to go short off the resistance area around 3815.... I was already short... and suddenly momentum hit my SL above.... Wow! What a move.... I try to not give the market to hit my Stop-Loss orders, but this time - the market was faster....
Sorry for my posting here 5min chart TF.... this is more like a system II trade... but.... I like to trade short term today... May be too much coffee....lol
Not sure...
Sorry for posting a day late but I thought I'd share two trades I did yesterday on simulator. I'm still trying to get the hang of this. I'm using 30min chart only, and not looking to a lower timeframe. I'm trying to enter as close to the level as possible and I use the DOM to help time my entry.
And here is a 5min chart showing my entries. I'm not looking at this to enter really but it's visible on my screen. Timezone is European time. My exits were at 1x & 2x risk. when I get more comfortable I'll try holding the 2nd to get a bigger move.
Thanks to everyone for posting their charts & thoughts, it's very helpful to lurkers. I'm also simming System 2 on a 5min chart with mixed results. So far System 3 makes more sense to me and more importantly let's me have a tighter stop so less risk.
