Hi Guys
This journal is for my own reference.The method I am posting is still under testing.Please,feel free to try this if you guys can understand it.I am posting this journal in order to keep track of my thoughts.
Aim:
I want to be a position trader but this doesn't mean that i don't take short term trades.I will take both long term and short term trades.
Philosophy:
1)Cut your losses as early as possible but let your profits run.
2)Save your capital so that we can fight for another day.
3)If you loose more than 30% of your capital then stop trading.
4)Don't panic or get excited when you,let the trade take you to your destiny.
5)Not less than 1000 pips per week as growth is an achievement but aim is to achieve 10000 pips per week as growth
Long-Term Rules:
Rule1:
Rules are not to be broken.This are not the rules laid by government but this rules are laid by oneself so No breaking the rules .Do or die.Be a Million Dollar Baby.Achieve what you want.
Rule2:
Price should obey the rules universally.It doesn't depend on any time frame.As we know 200 EMA is used by many traders so our aim is to take a look at 200ema.
Step-1:Look at 200ema in monthly see whether price is above 200 ema or below 200ema.
Step-2:look at 200ema in weekly time frame see whether price is above or below 200ema.
Step-3:look at 200ema in daily time frame see whether price is above or below 200ema.
We follow this steps for all the currency pairs and we will write down the price action on a piece of paper at starting of the month.We are more interested in pairs where there is contradiction in price action behavior in different time frames(egrice action is above 200ema in monthly and price action is above 200ema in weekly and price action is below 200ema in daily)As per the example there should be correction either in daily or in higher time frame.
Step-4:So,we look for this abnormal behavior and we look for weakness in candles i.e., pin bar,BEOB ,BUOB...ect.
Suppose as per above example we know that correction should happen either in daily(i.e., price should go above 200ema) or price should come come below 200ema in weekly time frame.
Step-5:Now we look for weakness in the trend i.e., we look for pin bar or BEOB in order to confirm that weekly trend is changing and it will make correction as per daily or we look in daily and see the weakness candles out there and confirm that this will make correction according to weekly.
This one of the ways i will define the trend.There are some more ways to define the trend which i will cover in the next post.
Cheers
Prakash
This journal is for my own reference.The method I am posting is still under testing.Please,feel free to try this if you guys can understand it.I am posting this journal in order to keep track of my thoughts.
Aim:
I want to be a position trader but this doesn't mean that i don't take short term trades.I will take both long term and short term trades.
Philosophy:
1)Cut your losses as early as possible but let your profits run.
2)Save your capital so that we can fight for another day.
3)If you loose more than 30% of your capital then stop trading.
4)Don't panic or get excited when you,let the trade take you to your destiny.
5)Not less than 1000 pips per week as growth is an achievement but aim is to achieve 10000 pips per week as growth
Long-Term Rules:
Rule1:
Rules are not to be broken.This are not the rules laid by government but this rules are laid by oneself so No breaking the rules .Do or die.Be a Million Dollar Baby.Achieve what you want.
Rule2:
Price should obey the rules universally.It doesn't depend on any time frame.As we know 200 EMA is used by many traders so our aim is to take a look at 200ema.
Step-1:Look at 200ema in monthly see whether price is above 200 ema or below 200ema.
Step-2:look at 200ema in weekly time frame see whether price is above or below 200ema.
Step-3:look at 200ema in daily time frame see whether price is above or below 200ema.
We follow this steps for all the currency pairs and we will write down the price action on a piece of paper at starting of the month.We are more interested in pairs where there is contradiction in price action behavior in different time frames(egrice action is above 200ema in monthly and price action is above 200ema in weekly and price action is below 200ema in daily)As per the example there should be correction either in daily or in higher time frame.
Step-4:So,we look for this abnormal behavior and we look for weakness in candles i.e., pin bar,BEOB ,BUOB...ect.
Suppose as per above example we know that correction should happen either in daily(i.e., price should go above 200ema) or price should come come below 200ema in weekly time frame.
Step-5:Now we look for weakness in the trend i.e., we look for pin bar or BEOB in order to confirm that weekly trend is changing and it will make correction as per daily or we look in daily and see the weakness candles out there and confirm that this will make correction according to weekly.
This one of the ways i will define the trend.There are some more ways to define the trend which i will cover in the next post.
Cheers
Prakash
I am a hunter...i kill both bulls and bears...