Hello everyone!
I decided to start a public trading journal, as I feel that having people follow my trades will give me more discipline. Hope I'm right!
Currently I will only be trading 4 currency pairs, EURUSD, GBPUSD, EURJPY and GBPJPY. Eventually I might introduce more pairs, but now I think 4 pairs is optimal number for me to follow.
My trading system is pretty simple. I only use 1 indicator, 5,3,3 Stochastic. I trade primarily on 1H charts, but I also watch 4H and Daily charts. I use Stochastic crossing on 1H chart as an initial signal for entering a trade, and after that I start looking for more signals. Things like Stochastic being overbought/oversold or Stochastic divergence add more weight to the trade. But what I mainly look for, is some major trendlines or support/resistance levels on 4H/Daily chart around the area, where I start seeing Stochastic cross happening. If there is a major trendline or support/resistance level, we got a setup candle.
After we got a setup candle, I usually enter a trade using stop order. I place an order 10-15 pips lower/higher than setup candle's low/high. It's just one additional safety net.
When the trade is triggered, I usually wait two 1H candles (including the one, that triggered the trade) and then check, what's the situation. If the trade moved in my direction, I will move stop loss to break even or to small profit and then continue trailing the stop loss. This way I can bag quite many pips, if the movement is strong.
If, however, after two 1H candles, trade had moved against me, but haven't hit the stop loss yet, I would add the take profit on entry price (or very close to it), so that I have a chance to leave this trade without a loss.
When it comes stop loss, I just check some lows or highs, close to current price and place it 10-15 pips bellow/above those levels.
I have a few more safety checks, that prevent me from entering some trades, but I will talk about them later, when I actually start posting my trades. And I will be posting some charts with some of my trades, so that my trading system is a bit more clear.
Thank you in advance for following me!
I decided to start a public trading journal, as I feel that having people follow my trades will give me more discipline. Hope I'm right!
Currently I will only be trading 4 currency pairs, EURUSD, GBPUSD, EURJPY and GBPJPY. Eventually I might introduce more pairs, but now I think 4 pairs is optimal number for me to follow.
My trading system is pretty simple. I only use 1 indicator, 5,3,3 Stochastic. I trade primarily on 1H charts, but I also watch 4H and Daily charts. I use Stochastic crossing on 1H chart as an initial signal for entering a trade, and after that I start looking for more signals. Things like Stochastic being overbought/oversold or Stochastic divergence add more weight to the trade. But what I mainly look for, is some major trendlines or support/resistance levels on 4H/Daily chart around the area, where I start seeing Stochastic cross happening. If there is a major trendline or support/resistance level, we got a setup candle.
After we got a setup candle, I usually enter a trade using stop order. I place an order 10-15 pips lower/higher than setup candle's low/high. It's just one additional safety net.
When the trade is triggered, I usually wait two 1H candles (including the one, that triggered the trade) and then check, what's the situation. If the trade moved in my direction, I will move stop loss to break even or to small profit and then continue trailing the stop loss. This way I can bag quite many pips, if the movement is strong.
If, however, after two 1H candles, trade had moved against me, but haven't hit the stop loss yet, I would add the take profit on entry price (or very close to it), so that I have a chance to leave this trade without a loss.
When it comes stop loss, I just check some lows or highs, close to current price and place it 10-15 pips bellow/above those levels.
I have a few more safety checks, that prevent me from entering some trades, but I will talk about them later, when I actually start posting my trades. And I will be posting some charts with some of my trades, so that my trading system is a bit more clear.
Thank you in advance for following me!
