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- 16 June 2009
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Hi
I've only been studying forex for 2 weeks now. I've got alot of info from this forum and thought i would make my first post. i started paper trading with a few printouts of systems this week and a screen full of indicators. Below is the first draft of my first trading plan with the indicators and techniques i have found most useful so far:
15 Minute Chart System
Indicators
5 EMA
10 EMA
Stochastics 10, 3, 3
Techniques
Trend:
do not trade against the simple trend, check 4h and 1h chart to get general trend
Stochastics:
Do not buy sell when overbought >80 or oversold < 20
When overbought/sold and starts to hook around reversal, look for IB’s to support
Inside bars (IB‘s):
when bar fits inside the one to the left of it and the next bar supports it
EMA:
when 5 crosses 10 may indicate a new trend
Stop loss:
most recent swing or equal with take profit
Take profit:
equal with stop loss or manually keep moving up stop loss bar within 10pips of price
Entry/Exit Price:
try to exit at 50 or 00 prices, try to enter at non 50 00 prices?
Candle pattern:
use long wicked candle patterns at top or bottom of trend, especially if colour change
Breakouts:
look for breakouts of support and resistance lines
Shoulder: shoulder patterns etc for general trends
Other notes to self
Maybe trying to trade on reversals too much, trade with general trend more, against it less
Need to create spreadsheet to track
Work out money management system
Look into which pairs suit my time frame
Investigate losses and try to find if there was a mistake
Try also with 5m chart, always start with 15m
If any techniques disagree don’t trade, need 3+ techniques to agree to trade
It still very rough and obviously needs alot of work, you can only learn so much in 2 weeks! I plan on simplifing this plan a bit and put in some more solid rules after next week when i get a better idea of which of the techniques are working for me and which aren't. Comments/suggestions will appreciated...
I've only been studying forex for 2 weeks now. I've got alot of info from this forum and thought i would make my first post. i started paper trading with a few printouts of systems this week and a screen full of indicators. Below is the first draft of my first trading plan with the indicators and techniques i have found most useful so far:
15 Minute Chart System
Indicators
5 EMA
10 EMA
Stochastics 10, 3, 3
Techniques
Trend:
do not trade against the simple trend, check 4h and 1h chart to get general trend
Stochastics:
Do not buy sell when overbought >80 or oversold < 20
When overbought/sold and starts to hook around reversal, look for IB’s to support
Inside bars (IB‘s):
when bar fits inside the one to the left of it and the next bar supports it
EMA:
when 5 crosses 10 may indicate a new trend
Stop loss:
most recent swing or equal with take profit
Take profit:
equal with stop loss or manually keep moving up stop loss bar within 10pips of price
Entry/Exit Price:
try to exit at 50 or 00 prices, try to enter at non 50 00 prices?
Candle pattern:
use long wicked candle patterns at top or bottom of trend, especially if colour change
Breakouts:
look for breakouts of support and resistance lines
Shoulder: shoulder patterns etc for general trends
Other notes to self
Maybe trying to trade on reversals too much, trade with general trend more, against it less
Need to create spreadsheet to track
Work out money management system
Look into which pairs suit my time frame
Investigate losses and try to find if there was a mistake
Try also with 5m chart, always start with 15m
If any techniques disagree don’t trade, need 3+ techniques to agree to trade
It still very rough and obviously needs alot of work, you can only learn so much in 2 weeks! I plan on simplifing this plan a bit and put in some more solid rules after next week when i get a better idea of which of the techniques are working for me and which aren't. Comments/suggestions will appreciated...