Hi guys
first of all i must apologize for my English since it's not my first language (or even second or third for that matter) you'll probably have a hard time understanding me.
As you can probably say from the date i join FF, i'm a complete noob so there is not going to be anything in this journal for those of you who are here to learn something, this is simply my very first step in the journey of mastering the art of trading.
A little about myself:
up until a while ago there was not a single thing that could grab my attention. I didn't know what i want to do with my life. but all that changed since i read the "Technical Analysis of the Financial Markets" by John Murphy; i was dazzled by the beauty of market it was as if i finally knew what i want to do, i could imagine myself spending hours after hours looking at charts, reading about new systems and theories about market and researching market for the rest of my life. i'm not here to find the "holy grail" (not that it exists) and i know that it's going to be a hard, long, tiring and lonely journey and my chances of making it are really slim but i'm here to enjoy the ride and if i ended up making a living out of it... well perfect, but if i couldn't do it at least i spent my time doing something i enjoy.
What's my system and how i'm going to trade it:
i'm going to scalp 1 min charts on EUR/USD pair, my system (well right now it's more like a simple idea) contains three TMA Channels (M1 , M5 , M15) and daily pivot points. This is not really system; all in all i'm going to trade price action and S/R levels and the indicators are simply here to give me some perspective on where to price have been. Normally when the price touches TMA band it changes direction and goes to the opposite side of the TMA band. this is the idea i'm using for my system so in short it's some kind my channel surfing system with dynamic S/R levels.
why i started the journal:
1. To find like minded traders
2. To become more accountable
3. To become more disciplined
4. To have veteran traders look at my trades and point me to the right direction
5. To gather the date needed for fine tuning my system
System rules:
Right now there are not so many rules, but a good system not necessary needs lots of rules any way.
1. Trade EUR/USD (lowest spreads / highest liquidity / slower and more predictable than most crosses and exotics)
2. Trade from Frankfurt open to London close
3. Go short when the price touches the upper TMA band (TMA does repaint so you can't back test it)
4. Go long when the price touches the lower TMA Band
5. Stop-loss should be the previous high when shorting and previous low when going long. (Maximum stop-loss size is 5 pip with spreads and commission / less than 3 pips is preferred)
6. Move the stop-loss to BE as fast as possible
7. Trail the move with your stop-loss (1-2 pips)
8. Your TP levels is the TMA M1 band in the other side
9. When the price is near the TMA bands from higher time frames it's more likely that price breaches the lower TMA to touch the higher one.
there are other things that i found out about price action by watching the market with this indicators but since i'm not really sure how to write them down i stop for now.
