It's great to count on ur approval of suggestion!
Fx trading Trading model
I track fundamental economic data for 18 (in the process of including 10 more economies) countries. On the technical side I use a combination of SMAs and EMAs (total of 5), bollinger bands, stochastics slow (parameter range: 5,3,3 to 9,5,5), Parabolic SAR, candle patterns, trendline breaking and bouncing, miscellaneous support resistance, fibonacci (but only in clearly trending situations, as I can't put it up to good use in ranging markets). Also, I'm working on refining intermarket-relationship techinics, because most books teach which markets correlate to one another, but they fail do develop thinking further, for instance, what would happen to the loonie if Canadian economy faltered but oil skyrocketed (trying to go back and observe past reactions in order to learn & earn from it).
Summing it up I have some indicators that are critical to me (stochastics slow, bollinger, SMA, EMA, Parabolic SAR and miscellaneous support/resistance), others I use occasionally adn still others are in testing phase.
USD/CAD
Final confirmation is here, but still, have to improve on psychological factor, as my position was closed some momments ago, a nice trip of little over 1%, but could've yielded more if I had sticked to the plan.
I'm kind of weary about being too bullish on the loonie because oil prices are already high and not much bullish prospect in terms of demand (commodities I have come to learn are mostly influenced by demand in the long-run, supply woes have limited short-term influence| i.e. weather for grains).
I guess I'll be going for technical trading in this pair, if trade it again soon.
Eur/Usd
Still waiting for PT to be reached at 1.4883. but by the end of today will re-evaluate my decision on this position. Here it is really up to marketparticipants to decide where price is to go: rally above 149...150...or break down on the outspoken technical bear. I feel range bound trading will end soon if not over yet. My bias now is on the down side technicals are starting to favor a bear break, but still need more confirmation to go along with this opportunity.
Anticipation is key, but too much will turn the system's win/loss ratio very ugly and since my average winner is not much bigger than my average loser, not going through with it.
Chf/Jpy
I'm looking for a bear stochastic divergence in the 1hr and daily. Weekly is close to upper bollinger band and and fundamentaly quite even, though slightly in Swissy's favour (in my opinion).
Expectations for this possible opportunity are of fast, small-to-medium profit (around 0.75% to 1.5% price move).
Still on the look out...
Journal weekly discussion
I would like to propose setting a topic on Friday for the next week: it could be a startegy, brokers, software... and for the week: articles books, discussions, ideas are posted.
Well, about ur comments: going full-time is my dream. Specially in such a knowledge based business, there is a lot to read investigate, test, create...
I have the same not-being-in-front-of-computer-at-the-right-momment problem. Tried mobile communications but the connection speed is just overwhelmingly slow and most m-applications have very bad graphs, which would still make a computer necessary for trading, guess we'll have to wait for technology to rise up to our necessities. One possible solution is small-sized notebook, but the convenience is just wiped clean (in comparison to m-trading).
I currently am focusing on Fx trading strategies, for full-time trading with annual net returns of around 1.8 (180% net profit) times the money each year.
Also I use my standard approach to managing fx positions in a balanced fundamental/technical model, using daily timeframe as the cornerstone for deciding trades. With the assistance of the indicators referred to earlier.
In the meantime am learning options: I must say that have been getting very hopeful about this since it has the ability to turn trading into a much more certain business, besides I still think that options (namely complex strategies like "butterflies" and "condors" are a very important milestone, like the accomplishment that can give a karate practicioner her blackbelt).
Any idea for a topic to dicuss along trades for this week?
Everything was apparant enough to have easily caught the 4 aforementioned pairs in trend if reversal was missed. In my case I was off computer Friday at CAD/JPY reversal so missed it.