In this thread, I will be showing a very simple trading method which is based purely on a Money Management tactic........................ No complex technical or fundamental analysis or price level predictions ................ plain and simple chart reading and equally simple entries and exits ............... only one technique and that's it.
Look at this chart and this usd/jpy short trade that was taken just few minutes ago.
Seems like 122.00 level may remain the top for quite some time. The price may go near to this level before continuing down. Since anything can happen in forex, it is possible that:
1. Price continues going lower. No worries, we have entered a short at the current level
2. Price may go near 122.00 before continuing down. No worries, we will enter another short near 122.00
3. Price may go higher than 122.00. No worries, we will close our shorts and will wait for next move.
4. Price may remain range bound. No worries, we will sit back, relax and enjoy.
The chart:
I. Shows the first entry with risk less than 0.25% of account equity if it goes to 122.00
II. If it goes to this level, a second short will be entered. The lot size of second entry will be the same as that of first entry and with the same risk level i.e. 122.00.
III. This is where the third short will be entered. Again the same lot size and with the same risk level.
IV. It is too early to say anything about the fourth step. If I tell you now, why will you visit this new thread again?
Look at this chart and this usd/jpy short trade that was taken just few minutes ago.
Seems like 122.00 level may remain the top for quite some time. The price may go near to this level before continuing down. Since anything can happen in forex, it is possible that:
1. Price continues going lower. No worries, we have entered a short at the current level
2. Price may go near 122.00 before continuing down. No worries, we will enter another short near 122.00
3. Price may go higher than 122.00. No worries, we will close our shorts and will wait for next move.
4. Price may remain range bound. No worries, we will sit back, relax and enjoy.
The chart:
I. Shows the first entry with risk less than 0.25% of account equity if it goes to 122.00
II. If it goes to this level, a second short will be entered. The lot size of second entry will be the same as that of first entry and with the same risk level i.e. 122.00.
III. This is where the third short will be entered. Again the same lot size and with the same risk level.
IV. It is too early to say anything about the fourth step. If I tell you now, why will you visit this new thread again?
Attached Image (click to enlarge)
The Thief of Wall Street
