Bolimomo et al don't get me wrong, I'm not slagging off your system. If it works for you that's great. I might work for some other people too. To me your chart looks a bit of a mess, but maybe I'm just a bit thick and can't see wood for the trees! :cheesy: I'm not gonna get into a silly debate about my system being better than yours or vice versa. I'll just say that my profits speak for themselves.
OK, so here's my system (it's no secret, but I don't know if I can explain it properly without hundreds of illustrations).
I use an hourly and a 5min chart for each instrument I trade, SMAs 12, 24, 36 and Support Resistance lines.... that's all. I wait for well known TA patterns to develop in the hourly chart and use the SMAs/SR lines for confirmation and check that I've got enough room to make my target price. I have fixed stop losses and limits for each trade (25/50 points) so instrument selection is very important. I just make my trade forget about it and look for more TA patterns elsewhere. According to my records 65% of the time I make wins. Oh, I almost forgot about the 5min chart which I use just to time my entry points more accurately.
So that's about it in a nutshell.
Like I said before it works for me, but probably won't work for everyone.
OK, so here's my system (it's no secret, but I don't know if I can explain it properly without hundreds of illustrations).
I use an hourly and a 5min chart for each instrument I trade, SMAs 12, 24, 36 and Support Resistance lines.... that's all. I wait for well known TA patterns to develop in the hourly chart and use the SMAs/SR lines for confirmation and check that I've got enough room to make my target price. I have fixed stop losses and limits for each trade (25/50 points) so instrument selection is very important. I just make my trade forget about it and look for more TA patterns elsewhere. According to my records 65% of the time I make wins. Oh, I almost forgot about the 5min chart which I use just to time my entry points more accurately.
So that's about it in a nutshell.
Like I said before it works for me, but probably won't work for everyone.