Update:
As of now my methodology is currently trading 15m charts, basic support/resistance and chart patterns, as well as Woodies CCI trades. I've found that this indicator setup has worked very well for me. As for 15m charts, they work just as well for me and price moves just as nicely as it does for daily charts, except that I get a lot more setups. Here is the first trade where I'm using my current methodology:
http://www.forexfactory.com/showthread.php?p=1608855
Original post #1 follows:
This will be my trading journal. It is currently for a demo account on InterbankFX. I have been toying around with trading and learning a LOT of information since March 2007. Almost too much to soak in... I am a full-time dancer, and I have still managed to sink in probably 8-10 hours a day on learning forex and markets. However, as dancing is my passion and forex is my vehicle to fulfill that, I will be trading mostly daily charts, although at times you may catch me up at 3AM (like right now) :-)
I have tried systems, systems, systems--all different kinds, every TF imaginable, every indicator you could imagine, I've traded the news, gotten heavily into fundamentals, etc., etc. But:
Major breakthrough #1 was when I discovered the James16 price action group, which focuses on price action, trendlines, channels, pivot zones, and the occasional fib retracement/expansion. It's simple, requires some know-how, but overall is flexible, works on any chart, any market, any timeframe. That's why I like it.
Major breakthrough #2 was when I purchased Mark Douglas' "Trading In The Zone" and read it all in one day. It helped me realize the key to successful trading, and that I already had it, I just had to harness it. Hopefully I will look back to this as the moment that put me in control of my trading and that enabled wealth to flow into my trading business.
Starting balance: $3000
Broker: Interbank FX, mini account
Platform: MT4, also in wireless PDA (AT&T 8525)
Trading TF: Daily, sometimes 4H, once in a blue moon Weekly
MM: Risk no more than 2% on each trade. Figure out S/L, than set position size such that max risk is 2% of total account.
My system at the outset of this journal will be as follows:
Entry: Pinbars, inside bars, and support/resistance to determine when to buy/sell. I will primarily trade with the trend, though if a really good price action setup comes along, I will counter-trade.
SL: SL will be placed above/below the pin for a pinbar, or at appropriate S/R levels.
TP/Exit: I will set an initial TP level that is fairly large, just in case a huge move occurs, but I prefer to manually move my stop so that I give price room to breathe and hopefully catch large moves. In general, I don't want to close a trade, but let my stops do it for me, or TP if that happens to be the case. I will be using ideas from mbqb11's "exit strategy" thread where he uses a two-bar count.
I will be updating my net pips, account balance, and all that good stuff every month, so check around the 1st of the month for a cumulative update.
All are welcome to post here, as long as it is constructive, and not off-topic!
As of now my methodology is currently trading 15m charts, basic support/resistance and chart patterns, as well as Woodies CCI trades. I've found that this indicator setup has worked very well for me. As for 15m charts, they work just as well for me and price moves just as nicely as it does for daily charts, except that I get a lot more setups. Here is the first trade where I'm using my current methodology:
http://www.forexfactory.com/showthread.php?p=1608855
Original post #1 follows:
This will be my trading journal. It is currently for a demo account on InterbankFX. I have been toying around with trading and learning a LOT of information since March 2007. Almost too much to soak in... I am a full-time dancer, and I have still managed to sink in probably 8-10 hours a day on learning forex and markets. However, as dancing is my passion and forex is my vehicle to fulfill that, I will be trading mostly daily charts, although at times you may catch me up at 3AM (like right now) :-)
I have tried systems, systems, systems--all different kinds, every TF imaginable, every indicator you could imagine, I've traded the news, gotten heavily into fundamentals, etc., etc. But:
Major breakthrough #1 was when I discovered the James16 price action group, which focuses on price action, trendlines, channels, pivot zones, and the occasional fib retracement/expansion. It's simple, requires some know-how, but overall is flexible, works on any chart, any market, any timeframe. That's why I like it.
Major breakthrough #2 was when I purchased Mark Douglas' "Trading In The Zone" and read it all in one day. It helped me realize the key to successful trading, and that I already had it, I just had to harness it. Hopefully I will look back to this as the moment that put me in control of my trading and that enabled wealth to flow into my trading business.
Starting balance: $3000
Broker: Interbank FX, mini account
Platform: MT4, also in wireless PDA (AT&T 8525)
Trading TF: Daily, sometimes 4H, once in a blue moon Weekly
MM: Risk no more than 2% on each trade. Figure out S/L, than set position size such that max risk is 2% of total account.
My system at the outset of this journal will be as follows:
Entry: Pinbars, inside bars, and support/resistance to determine when to buy/sell. I will primarily trade with the trend, though if a really good price action setup comes along, I will counter-trade.
SL: SL will be placed above/below the pin for a pinbar, or at appropriate S/R levels.
TP/Exit: I will set an initial TP level that is fairly large, just in case a huge move occurs, but I prefer to manually move my stop so that I give price room to breathe and hopefully catch large moves. In general, I don't want to close a trade, but let my stops do it for me, or TP if that happens to be the case. I will be using ideas from mbqb11's "exit strategy" thread where he uses a two-bar count.
I will be updating my net pips, account balance, and all that good stuff every month, so check around the 1st of the month for a cumulative update.
All are welcome to post here, as long as it is constructive, and not off-topic!