Cornix's Forex Trading Journal

Quote from targus:

I trade with Oanda on a 5sec chart so I can see the momentum in price action and get a feel for the thrust or otherwise, forex eur/usd, alongside oanda platform I have mt4 platform so I can draw trendlines and put ma's on them. My background is far removed from anything remotely trading, I found forex purely by chance a few months ago. I tend to also use a DB channel which I find helps me with the s/r zones.
More...

5 sec is pretty hardcore scalping. :)

I use 1min as a minimum timeframe for entries.

Also use MT4 for longer term charts etc.
 
5 Sec ! .... that 15 minute bar method you posted must not fit your personality very well. A few months ..... First I suggest you stick to SIM trading for a while, save your money til you figure out your method/personality ..... (from a guy who just gave back $200 of profit) :)
 
Ya, I definitely would not recommend to trade real $ until you are consistently profitable on sim. Maybe only if that's Oanda and you trade really small notional value size to risk like $1 on a trade (which makes it basically the same as sim but with some emotional involvment which makes it more realistic).
 
You are quite correct. I trade a notional amount with Oanda, the reason I use Oanda is for speed of execution and so I can see the price momentum, it gives one a feel for the sentiment. I actually go off the 1min on another platform but place a quick scalp with Oanda.
I put a DB channel on the one minute (assuming we have an overall uptrend on the daily) wait for the price to go to the bottom channel and then buy for a few pips until it reaches the top of the 1m channel, often gaining 5-10 pips, sometimes price will shoot off in an uptrend.
Having already charted/tried all the other timeframes, the 1m is good for scalping when I use it with the DB channels. If I catch the 4hr with a good setup in place I sometimes trade this.
 
You must log in or register to reply here.
Back
Top