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Thread: What works for me

  1. #1
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    What works for me

    I have been trading for the better part of 2 years and have taken more of a risky approach towards trading in which I would place heavy lots on a small account. At one stage I had a 50k account from a 2k start but in the end the market took what was due.

    I have bounced around from system to system and even had a 'mentor' in the form of someone I paid to provide trade signals and advice.

    After all this I have found what works for me is a naked chart with 3 emas, those being 8, 32 and 200.

    I begin my trading session with a top down view starting at daily, 4 hour, hourly and then 5 min (entry) chart.

    Looking at the daily I look at simple price action with regards to the ema's to determine if there is any trend.

    I then drop down to the 4 hour to see if price action corresponds to the daily with regards to trend.

    If all looks good on the 4 hour and I can see potential for upwards or downwards movement I move onto the hourly exclusively using the emas to find price points that correspond to the emas.

    Generally I use the 8 and 32 emas as a maybe trade. If I find price action reacts strongly to these I will chose to view the 5 min chart for an entry.

    For a higher probability trade the 200 ema is where its at. If I can see price on the 1 hr chart reacting to the 200ema coupled with a previous structure point this will be a high potential trade in which I will use the 5 minute price action for entry.

    The key to this system is using price action with exponential moving averages and structure points.

    The main price action I look for is a bullish or bearish englufing, although there are other signs that are worth trading on if price is at a structure point and you want to get in early with low risk.

    I realise I haven't covered the entire scope of my system, it's very personal to me and alot is based on instinct.

    I place my stop loss at the top or bottom of the previous candle or at which point I realise that if price hit that point I would then be in the wrong.

    The most important part of my strategy is patience and waiting for the right setup. I couldn't count on my fingers and toes how many times i've entered long or short before the candle has closed and lost the trade.

    I'm posting this because I am always searching for information, and would welcome any advice.

    Thanks

  2. #2
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    yes it is true that if you have patience and you can wait then it is best strategy and effective one too. So always stick on your strategy and do not forgot to follow it.

  3. #3
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    forex is a good business of the world and we can make good money if we have knowledge and skills. having knowledge is very important if we want to make good money then we should learn the forex first.

  4. #4
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    The Forex road is a very bumpy one at the onset, i have had my fair share of the beginners experience in Forex, blown account, constantly changing strategies, heavily relying on indicators and all sorts. But in four years i have come to know that trading the market is really not that difficult. it's just a matter of how much reliable information u have.

  5. #5
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    I particularly trade pure price action but i never overlook the fundamentals. My best indicator is the all timeframe Murray math line, though unpopular but very reliable and i trade 4hr and above, in my opinion it's easy to stay profitable trading the longer timeframe (swing trading). Swing trading has helped me overcome the temptation of overtrading.

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