I would like to start a thread about Bill Williams "Trading Chaos" style.
If you are unfamiliar with this style, there is a complete set of information/signals available on the Alpari website:
Using this style I generally trade the first 6 hours from London open (giving me the first hour of NY also). I trade the following pairs on the hourly chart (or 30-min if things are looking good there):
GBP/USD, USD/JPY, USD/CHF, EUR/GBP and USD/CAD. This gives a comprehensive (but de-correlated) market profile to cover, profits in multiple currencies (allowing for a smoother equity curve) and generally keeps me busy.
The main reason I like this style is it allows me to continue living my life, only need to check the computer about 5 minutes every hour and place buy stops and sell limits appropriately. The use of stops/limits also keeps me from buying on sell days and selling on buy days (famous pit trader advice).
My main strategy is simple:
To follow all the BW signals on the pairs I have decided to trade that night. At the end of the evening I do a quick EW count on the daily chart and if my positions are against what I believe to be the current or next wave, I will cash them in. Otherwise exit half at profit and let the rest ride at reduced risk. For example, if we are in corrective wave on a daily, I will generally cash positions in. If I am lucky enough to be holding longs at the beginning of a wave 3 move up, I will try to hold those positions at reduced risk.
So let's start it off (a bit earlier today), all the pairs listed above are in corrective mode on the hourly except for EUR/GBP (and the inversely correlated GBP/CHF). So I will place a buy stop at the most recent fractal high + spread (because I am using a bid chart) + 1 pip. Trailing stops at the MAs (gator).
The bullish divergence on AO is my impetus to buy rather than sell.