I dont exactly know the entry point but I do know the direction. It is time to monitor the shorter time frame in order to find the best possible entry and to minimize stop loss.
It may take sometime but I dont care. I have been waiting for this moment almost 2 months. Look at the charts and see the formation of daily, 4 hour, 30 minute and 5 minute. You may see something that took me over 2 years to see.
Only time can tell if my calculation is correct. At the moment I am still waiting for the 5 minute chart to give and entry signal.
Good luck to us all.
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As for forex I am playing the short term game. 5 minute TF to be exact. It is much safer since my internet is not stable. Its a intraday system trading the 30 minute trend with a 5 minute signal for entry and exit. So far so good.
Actually the system is simple. It is based on MA and RSI only. Even trading is simple for me nowadays. It seems that experience changes me. I am no longer sitting in front of the PC hoping for miracle. There is no miracle in Forex. It is just knowledge and study so that the direction can be expected.
The longer I trade the more I understand. After all I am still learning with every trade. Now I understand how people can trade from candlestick alone. This is because the best indicator is not on the screen but in your head. Use your brain, the best indicator of all.
By the way just wanted to invite you to my flickr page. Just an old hobby given new life with a new DSLR A350. Now I have 3 camera, each one with its own unique features. Do check out my flicr page and tell me if you like my photography style. Just needed to find a model for my portrait shot.
Back to Forex its in ranging mode now but the daily chart is showing a weakness is trend. EU is a downtrend but is weakening at the moment. 30m chart is still showing a downtrend at the moment with 5m chart is supporting it. So for today the best bet is to short EU but watch out for the long term trade.
- Single loss is not your fault. Its not even the markets fault. And its not your systems fault. Its just a loss. No trader or system can guarantee 100% winning rate. So, losses should happen. If you lose then your system works. It may even lose again, but that wont change the full picture. Trading doesnt work with a single loss or win; it works with the loss rate and risk-to-reward ratios. So, next time you lose, remember that there is no one to blame, because there is no guilt in losing.
- If the losses prevail over the winning positions then check your risk-to-reward ratio first. If each of your losses is less than a third of your single winning position then maybe your system is intended to work with 65% of your positions in the red zone? If your risk-to-reward ratio doesnt compensate your poor loss-to-win ratio, you still dont have to blame yourself, the market or your system. Probably, its just the wrong system for the market you are trading in. Time changes and the old systems stop working, while the new ones are created. Just switch to something else and continue your pursuit of success.
- Single winning position is not an indicator of your success. The same as with the losses dont treat a single win as your accomplishment. Its just a part of the routine process of trading Forex.
- If your winning rate is high during the long period of time and the risk-to-reward ratio is rather low then I can congratulate you with finding the right strategy that worked fine for the kind of market you were trading on during that period. Thats it! Stick with it until your winning rate declines below the satisfying level. Then look at the number 2.