darktone
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Hehe, well, i seem to doing my level best to make a mess of things atm, more on that later.Hi Darktone,
It seems as though the strategy is proving itself, I am still not experienced enough to take on something like this but as I said before I could incorporate it at a later date. Do you only use the DAX for these trades or is the strategy suitable for more volatile forex markets too?
The dax is what i trade mostly but im looking at getting more involved in other markets. Theres no reason why the general method shouldnt work across the board. Large timeframe for direction and profit, small timeframe for loss control, these are sound principles in any market imho.
Will definitely pop in and have a look soon.That is what my trading strategy will focus on (among some other things as mentioned in my thread) I am looking to have a strategy that revolves around key support/resistance points of the EUR/USD that are confirmed several times over a variety of timeframes. This makes long term trade movements seem logical. I will keep a close eye on news (for example ECB announcements) to make sure the trades remain in profit. I will be looking for a variety of 5/10 point moves depending on the strength of the line. In terms of an exit strategy I will set stop losses just above my lines with an acceptable tolerance.
Obviously this will be refined further as time passes, but I am looking forward to getting started. Like you I believe that a simple approach to trading is all that is needed. Let me know if you would like more info on the strategy and any feedback would be great. I will keep an eye on this thread for any developments.
Thanks
Tom
Cheers
D