I am not using any indicator except Bollinger Band. My support and resistance will be defined by the reaction highs/lows only. he PSAR has a tendency to be broken when the price does not break the actual reaction high/low, so I will not be using PSAR. The idea behind the strategy is that for the price to go up or down it must break a recent reaction high/low. I will be trading intraday only on strength or only on weakness. I do not care which way with this system whatsoever and will not let my longer bias effect me in the least. It's brainless and automatic and will force me to get out of losers.
Daily EUR/USD trades
- Thread starter romik
- Start date
I am not using any indicator except Bollinger Band. My support and resistance will be defined by the reaction highs/lows only. he PSAR has a tendency to be broken when the price does not break the actual reaction high/low, so I will not be using PSAR. The idea behind the strategy is that for the price to go up or down it must break a recent reaction high/low. I will be trading intraday only on strength or only on weakness. I do not care which way with this system whatsoever and will not let my longer bias effect me in the least. It's brainless and automatic and will force me to get out of losers.
Today I was stopped in extremely well at 1.31800, but my 10 minute and 60 minute chart lagged just enough that my reaction low was farther away than my profits. he same situation occurred last Friday and I cannot let that happen again. Any trade taken on the 10, 60 and up must be a position or overnight swing trade. I should only be taking trades on those frames if I want to hold overnight. My mind set on both of the last two Fridays was not that, it was to let it run to the end of the day and I got my head distributed in front of me. No more--- Thise trades will be chosen much more carefully and the supprt resistance system here will be used on a quicker time frame. That quicker frame would have had me out with profits both of the last two Fridays and would have increased profit due to the brainless execution of two sided trade.
I feel a sense of calm this afternoon as I head down the coast , waves splashing to the left of me. No more can the market make me look like a fool who has never traded before
( intraday). ( Of course, I am the only one who can make myself look like a fool--not the market) ---I imagine that I will get a good whackin on a stop fill from time to time, but these last two Fridays have taught me what I need to know about intraday.
( intraday). ( Of course, I am the only one who can make myself look like a fool--not the market) ---I imagine that I will get a good whackin on a stop fill from time to time, but these last two Fridays have taught me what I need to know about intraday.
