Dear SJ and Lastingwell and other seniors, I'm asking few general trading related questions (not directly related to TMS) as few others apart from me also might be facing these dilemmas. Please have patience and advice me.
1. I have 10 pairs, 3 amigos and EJ, UG, GJ, GA, EA, EN and GN, last 4 only because of the higher ATR Pips they keep flushing ... Is it alright to have so many pairs?
2. Though, I have been trading since 3 years (for past 3 months, I have not done live trading. I was going through all the posts by you guys, Phx62, Emmanuel, MrAussiefx, making notes, going through posts again etc), I have never ever traded higher TF's. That way, I do not have the expertise or experience of doing top down approach from M downwards. I'm greatly influenced by 1H accuracy and education by Phx62 and planning to stick to 1H for minimum 1 year. My trading day starts at 6 30 am ( about 2 hours in to Tokyo session). I look at ATR values of these pairs and short list those pairs to trade for the day. I look at 4h TF for the immediate (see left side) and mark those areas. I'm trying to trade only London session. Is this analysis enough?
3. I have heard a lot that having too many Indi's will slow down the MT4 terminal. I have 4 different profiles. 1 for 15M, 1 for 1H, 1 for 4H and one more with pipware that shows all these TF's in the same screen along with TDI and candlesticks in the same screen. Will this also hurt MT4?
4. When you say, be with the trend, which TF are you referring to? For example, now EJ is coiling around multi year High, in OB in M TF in TDI also and above all important 200 MA. Common sense says, after reaching that high, a huge correction should be in place. but technically it is in very strong uptrend. So what to do?
5. As I trade ONLY 1H, is it not enough to look at 4H trend?
6. I have downloaded long term Guppy (30 ma to 60 ma) and studying their actions, reactions etc. I find them more compatible with 4H than 1H. am i right?
7. Can you please advice any link / site to study applying Fib, how to recognise possible ABCD formation ...
SJ, you were talking about 2015 plan. As of now I have a 10,000$ account (I'm 40 now and work as India head for an IT Infra company) ... My plan is to increase my skill and expertise in next 3 months to increase my account size by adding another 15,000$ ... Retire from professional life and trade for my retired life ...
Thanks in advance ... I know that I have asked a lot from you guys ...
1. I have 10 pairs, 3 amigos and EJ, UG, GJ, GA, EA, EN and GN, last 4 only because of the higher ATR Pips they keep flushing ... Is it alright to have so many pairs?
2. Though, I have been trading since 3 years (for past 3 months, I have not done live trading. I was going through all the posts by you guys, Phx62, Emmanuel, MrAussiefx, making notes, going through posts again etc), I have never ever traded higher TF's. That way, I do not have the expertise or experience of doing top down approach from M downwards. I'm greatly influenced by 1H accuracy and education by Phx62 and planning to stick to 1H for minimum 1 year. My trading day starts at 6 30 am ( about 2 hours in to Tokyo session). I look at ATR values of these pairs and short list those pairs to trade for the day. I look at 4h TF for the immediate (see left side) and mark those areas. I'm trying to trade only London session. Is this analysis enough?
3. I have heard a lot that having too many Indi's will slow down the MT4 terminal. I have 4 different profiles. 1 for 15M, 1 for 1H, 1 for 4H and one more with pipware that shows all these TF's in the same screen along with TDI and candlesticks in the same screen. Will this also hurt MT4?
4. When you say, be with the trend, which TF are you referring to? For example, now EJ is coiling around multi year High, in OB in M TF in TDI also and above all important 200 MA. Common sense says, after reaching that high, a huge correction should be in place. but technically it is in very strong uptrend. So what to do?
5. As I trade ONLY 1H, is it not enough to look at 4H trend?
6. I have downloaded long term Guppy (30 ma to 60 ma) and studying their actions, reactions etc. I find them more compatible with 4H than 1H. am i right?
7. Can you please advice any link / site to study applying Fib, how to recognise possible ABCD formation ...
SJ, you were talking about 2015 plan. As of now I have a 10,000$ account (I'm 40 now and work as India head for an IT Infra company) ... My plan is to increase my skill and expertise in next 3 months to increase my account size by adding another 15,000$ ... Retire from professional life and trade for my retired life ...
Thanks in advance ... I know that I have asked a lot from you guys ...