My # of trades have decreased but raising the profits.
Total net Pips on the closed orders since last week
378 PIPS
Current Open Orders
Swissy Shorts at 210 pips
NZD/USD shorts at 5 pips
AUD/USD shorts at 34 pips
Sorry to mess your journal.
Can you discuss your approach. Since you started journal, are you currently in profit.
Due
Hello Tradestar,
My approach is quite simple,nothing fancy in it and I don't use many indiors as well. I search for candle formations and momentum of the market at the point. I believe in trendlines and they form a core of my trading. They've a magnetic effect on the price action especially the daily trend lines. According to conclusion I place an order in the trendline support or resistance to test the waters. Thats always 1 lot with a tight S/L typically just above or below the next highest or lowest support or resistance online (thats judgmental). If I am in the trade and not ceased out I intend to add additional lots on the close of the days candle. If I believe the market is moving against me for the very first lot I take profit and try to follow along with the existing trend. (The price action will surely halt at the trendline resistance and obey the trend lines for a few pips (50-75) and then it might reverse or go in the existing management of this trend).
My yesterday's Short order on Eur/JPY was a classic example. I had put it in 158.30. The market came into the trend line and just like a stop sign halted there and reversed until the 157.50 area and again went up ahead into the 159 area. I shut my shorts for 45 pips. And am long again using the trend.
Same story happened with my NZD/USD shorts in the 0.7009 area.
Additionally the trend line resistance is more powerful on the third price hit on the trendline. In other words we've got a new trendline forming about the dailies on the preceding two highs or lows and when the price hits the trendline again next time, probability is quite high that the price action will obey the trendline. This notion can be quite useful to take positions within a larger trend because the trend lines keep on changing. And imagine what trendlines are constantly there to be broken up and you may expect it any time after the third strike.
Additionally to gauge momentum of this market you can use a MACD histogram. The level of this histogram will say momentum in that direction and you may expect big price moves if all seeds of momentum are not there. We will need to be in a position. Also you can gauge the momentum by simply seeing the length of those candles. A lot of times price flows within a channel which are formed by the price action in the past. Typically the centre line drawn within the channel is the first target and the next target is the channel trendline.
Additionally I sometimes place Linear regression indior to get the sense of momentum and management of the market
Please feel free to ask additional questions if you've