Surfing the Forex wave

[Mr X]

Hello,

In January I will be starting a Forex trading journal.

Strategy
Horizontal support and resistance using the 4hr time frame. I also look at the daily and 1 hour time frames but most trades are based using the 4hr.

For the Eur/Usd (and ocassionally Gbp/Usd) I also use supporting trendlines on the 1hr and daily time frames. Bids are placed on the third touch of the trendline (see attachment below). There are some criteria I look for when using these.

I follow the very basic fundamentals and news releases just to keep me out of trouble.

I do not use indicators or candlestick patterns. I just look for areas where I think the big entries and exits will be, jump on the surfboard and hope to "surf the wave". Think this is known as the microstructure of the Forex market.

Money Management
Risk will usually be between 1% and 5% per trade with stop losses of 20 to 40 pips. Aiming for for Risk:Reward of at least 1:3

See you in January.

 

[Spinx]

Hey I'm starting an FX journal too. Are you trading a live account or demo?

 

[Mr X]

Hey I'm starting an FX journal too. Are you trading a live account or demo?

Live.

Good Luck!

 

[john fisher]

Your strategy is very nice and I think also common.
the time frame, the money management..

you are just getting started I think it's the best way to start - defense.

 

[Splitlink]

Hello,

In January I will be starting a Forex trading journal.

Strategy
Horizontal support and resistance using the 4hr time frame. I also look at the daily and 1 hour time frames but most trades are based using the 4hr.

For the Eur/Usd (and ocassionally Gbp/Usd) I also use supporting trendlines on the 1hr and daily time frames. Bids are placed on the third touch of the trendline (see attachment below). There are some criteria I look for when using these.

I follow the very basic fundamentals and news releases just to keep me out of trouble.

I do not use indicators or candlestick patterns. I just look for areas where I think the big entries and exits will be, jump on the surfboard and hope to "surf the wave". Think this is known as the microstructure of the Forex market.

Money Management
Risk will usually be between 1% and 5% per trade with stop losses of 20 to 40 pips. Aiming for for Risk:Reward of at least 1:3

See you in January.

I always keep an eye on the journals. These old eyes aren't what they used to be
and that chart is very dark. Could you do something about that, please?

 

[Mr X]

I always keep an eye on the journals. These old eyes aren't what they used to be
and that chart is very dark. Could you do something about that, please?

I assume you clicked on the attachment so is this one any better?

 

[Splitlink]

I assume you clicked on the attachment so is this one any better?

Much better, thanks.

 

[Mr X]

Sold Aud/Jpy 79.49 sl 79.79, 1% risk. For yen trades I like orders at numbers .00, .25, .50 and .75 (but I need to see support and resistance)

 

[Mr X]

Sold Aud/Jpy 79.49 sl 79.79, 1% risk. For yen trades I like orders at numbers .00, .25, .50 and .75

SL to breakeven. I may adjust it though.

 

[Mr X]

SL to breakeven. I may adjust it though.

SL hit at BE

 

[Mr X]

sold gbp/jpy 120.08, sl 120.33, 1% risk

 

[Mr X]

sold gbp/jpy 120.08, sl 120.33, 1% risk

SL to BE as its late and the 120.10 level is getting hit a few times.

 

[Mr X]

SL to BE as its late and the 120.10 level is getting hit a few times.

SL hit at BE.

 

[Mr X]

Bought Aud/Jpy 79.01, sl 78.76, 1% risk

 

[Mr X]

Bought Gbp/Usd 1.5561, sl 1.5521, 1% .

UK data at 0930 and France's bond auction.

 

[Mr X]

Bought Aud/Jpy 79.01, sl 78.76, 1% risk

Bought Gbp/Usd 1.5561, sl 1.5521, 1% .

Both SL hit.

 

[Mr X]

Bought gbp/usd 1.5472, 40 pip sl, 1% risk. Confluence with horizontal resistance and "old" supporting trendline on the daily.

 

[Mr X]

Bought gbp/usd 1.5472, 40 pip sl, 1% risk. Confluence with horizontal resistance and "old" supporting trendline on the daily.

sl to breakeven.

 

[alexaherself]

Good luck, Mr X. Watching with interest, here.

I always find it interesting to see "where/how people draw lines on charts" ... but I like this sort of trading, and wish you well with it.

 

[Mr X]

Bought gbp/usd 1.5472, 40 pip sl, 1% risk. Confluence with horizontal resistance and "old" supporting trendline on the daily.

As noted, SL was moved to BE. Have now added take profit at 1.5552 for risk:reward of 1:2. This may change but its Friday and NFP.