yes. I have been experimenting with the short term chart simply on support and resistance and am ready to put the plan in to action. I will stop out quickly but with each successive loss, I will add (not double--that would be Martingale), until I have the big winner. I will stop myself in again here at 1.31590.
Daily EUR/USD trades
- Thread starter romik
- Start date
yes. I have been experimenting with the short term chart simply on support and resistance and am ready to put the plan in to action. I will stop out quickly but with each successive loss, I will add (not double--that would be Martingale), until I have the big winner. I will stop myself in again here at 1.31590.
yes, but with this intraday method that I just described, I will also reverse at my stop outs and go the other way. I will do this for a couple of weeks and see how well it works. My stops losses now will be very small compared to the position trades etc that I make. It will be an experiment==a forward test-- with real money. I did similar to this in the beginning pages of the ES Journal and was successful. Let's see how it works. Yes it is different from the system I normally use. I am basically using a trailing stop system as entry. There will be no profit targets --only stop outs/ins.
Quote from romik:
right, you slagged me off for doing this and now you are doing almost the same
Yes , except with this method, I am putting away the indicators totally for intraday and only trading on pushes outside reaction lows/highs. I will be taking small losses and increasing position size with each loss in search for the big winner. Probes if you will like I was using at he beginning of the ES Journal except I am adding the reaction highs/lows to the mix, where before in the journal I was trading divergences etc. . Mind you, my system for longer frames is still my main system, but I will try this intraday only on the 2 and we'll see.
IMO your current long looks to be a good one, looking at 1 min chart you have flat 20MA, long grails, MACD divergence.
You see the only problem I see at the moment is the uncertainty of what's happening with USD, once that's resolved your system should be pretty fruitful, especially as you showed prior in the ESJ in same direction as the trend. Problem is, what is the trend at the moment?
EDIT: Now that you explained more, I see what you're getting at
You see the only problem I see at the moment is the uncertainty of what's happening with USD, once that's resolved your system should be pretty fruitful, especially as you showed prior in the ESJ in same direction as the trend. Problem is, what is the trend at the moment?
EDIT: Now that you explained more, I see what you're getting at
That is becoming a good question, although I still believe that long term , it is up. I am tired of getting my head handed to me on the intraday trades. This is why I stoped before. Even though I am profitable, it isn't anywhere near what my position trades net out. This is a stress free, brainless system and I'll run it for 2 to 3 weeks to see how she runs. Trades will be taken at all times of the day and I will be adding to winners on breaks above and below resistance/support.