The CHF has been by far the best trend trade of the year taking 6000 pips plus. I trade only on the daily chart. Positions are opened on pull backs and break outs. A compound is opened only after the previous trade is risk free. What that means is I open up a position based on a 2% risk which gives me a stop loss and a target. When price hits the first target the stop loss is moved to entry. The trade is now risk free. In a trend a pull back offers an aggressive entry. A break out offers a conservative entry. The risk of going in on a pull back is that you get stuck in a consolidation with your 2% tied up. But in a trend you get in early and bank more profits. The trend is then repeatedly compounded until the trend comes to an end. With 3 positions running at the same time 6000 plus pips are handed out by the market. Time taken 15 to 30 minutes a day. August the 8th and 9th would have handed out 1000 pips alone for simply going with the trend an letting my trades run. I use a moving stop loss to lock in profits. Stochastics helps to confirm but price is always number one.
Feel free to ask any questions.
http://i332.photobucket.com/albums/m...Trades/CHF.png
Feel free to ask any questions.
http://i332.photobucket.com/albums/m...Trades/CHF.png
Trading is simple but not easy!