South Winds, Red Skies & Clouds in the West
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My first two attempts failed dismally, but I'm going to take another crack at it anyway.
This looks like a pullback in an otherwise northbound pair (USDJPY):
There are no other major pairs for me to trade at the moment. They've all already made their moves. A review of price action from earlier today has crystallized everything in my eyes. I can stop posting now and simply trade as soon as OANDA finishes processing my deposit. God willing, I do believe my proprietary Forex trading strategy is just about as fully developed as it can be.
I adjusted my stop loss and take profit as dictated by my read on the typical price range per oscillation and picked up about 10 pips of profit.
There are no other major pairs for me to trade at the moment. They've all already made their moves. A review of price action from earlier today has crystallized everything in my eyes. I can stop posting now and simply trade as soon as OANDA finishes processing my deposit. God willing, I do believe my proprietary Forex trading strategy is just about as fully developed as it can be.
I adjusted my stop loss and take profit as dictated by my read on the typical price range per oscillation and picked up about 10 pips of profit.
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Is three times a charm? Time will tell, but this group of picks (Post #64) was much more in line with my expectations.
As a matter of fact, intra-day trend does appear more reliable than basing decisions off of market structure and the longer-term trend, and at this time, it suggests to me that GBPJPY might be ready to drop some more:
This screen did much better. I added KSS and PII to my make-believe portfolio yesterday, and PII offered quite an overnight return! Today's additions are CGI and LLL:
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OANDA finally processed my deposit, so I will start trading "for real" beginning Tuesday. (I don't want to start on a Friday nor on a Monday.) I thought I was essentially finished refining my system, remarking that "my...strategy is just about as fully developed as it can be." But perhaps it was overly developed in that when I looked at my charts this morning, my "crystallized" view somehow had an enhanced clarity that led me to actually strip away a couple of elements.
If my last few trades are an indication that I have made the transition now from how I used to read my "tried and true" setup to the best way to read this newer version (so I can reestablish my former 80% to 90% success rate), the last thing I'm going to need to do is adjust how I'm dealing with risk so that my average losses are no longer greater than my average gains.
(P.S. Wait a minute...the above results amount to about an 81% success rate, so I'm already back on track. But I'm pretty sure I can do a little bit better than this.)
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