robwin
Active member
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Markets are open but I’m not trading, I’m watching waiting and sharpening my claws for the new year. But that doesn’t stop me posting charts and back testing this system on pairs I don’t watch or trade, something I spend many hours doing burning the midnight oil……so new year’s resolution… get a life!!!
Let’s reappraise this journal and examine the reasons for starting it and the reasons for continuing to spend my time updating it.
I started this journal for my own benefit to lay down the rules of this method in black and white so I can go back and reread them every day. Rules have to be clear precise and unambiguous. Rules are the foundation a system is built on. Tested over time they have to be strong solid unmoveable, bend the rules and the whole system starts to collapse.
The charts I post are traded strictly to the rules laid out with entries and exits clearly explained. I post these charts for my own benefit to go over them again and again, it gives me the confidence to pull the trigger on a trade without hesitation, to enter at the correct level which can be vital when things are moving fast on a 5 minute time frame.
My charts have just three indicators, a 50 ema channel to keep me on the right side of the trade, a cheeky little 15 ema that zips around the channel telling me if it’s the right time to enter which also btw does a pretty impressive job acting as a strong support and resistance line when in a trend and, finally the macd, which is a coloured histogram showing the strength of the trend what's happening on a longer time frame and gives a clue as to when the trend may be about to change.
Occasionally I will draw in a strong S/R line that when broken may act as a directional indicator and when this lines up with an entry level - according to the rules, then things get interesting!
So there you have it what more do I need! Why fill my charts with noise and pointless indicators that often contradict each other, the less the better in my book and the fact is the only thing that really matters is price action, where the price is now and where it’s likely to go in the next couple of hours!
Well enough waffle……time for some more charts…………
Let’s reappraise this journal and examine the reasons for starting it and the reasons for continuing to spend my time updating it.
I started this journal for my own benefit to lay down the rules of this method in black and white so I can go back and reread them every day. Rules have to be clear precise and unambiguous. Rules are the foundation a system is built on. Tested over time they have to be strong solid unmoveable, bend the rules and the whole system starts to collapse.
The charts I post are traded strictly to the rules laid out with entries and exits clearly explained. I post these charts for my own benefit to go over them again and again, it gives me the confidence to pull the trigger on a trade without hesitation, to enter at the correct level which can be vital when things are moving fast on a 5 minute time frame.
My charts have just three indicators, a 50 ema channel to keep me on the right side of the trade, a cheeky little 15 ema that zips around the channel telling me if it’s the right time to enter which also btw does a pretty impressive job acting as a strong support and resistance line when in a trend and, finally the macd, which is a coloured histogram showing the strength of the trend what's happening on a longer time frame and gives a clue as to when the trend may be about to change.
Occasionally I will draw in a strong S/R line that when broken may act as a directional indicator and when this lines up with an entry level - according to the rules, then things get interesting!
So there you have it what more do I need! Why fill my charts with noise and pointless indicators that often contradict each other, the less the better in my book and the fact is the only thing that really matters is price action, where the price is now and where it’s likely to go in the next couple of hours!
Well enough waffle……time for some more charts…………
robwin
Active member
- Messages
- 126
- Likes
- 2
Although there have been some great moves over the past few days on Euro I’m still waiting for the new year to start before trading again with money and at the moment I’m just watching and analysing the charts to keep my eye in and check the system is behaving itself. I’ve decided to shorten my trading day from eleven hours to eight that’s 8am to 4 pm. Analysing four pairs on five minutes takes concentration and eight hours is more than enough. Maybe it’ll mean sometimes missing the start of a trend but in a good trend an entry level will always present itself somewhere along the move.
A couple of trades presented themselves today on EUR/USD with mixed results.
A couple of trades presented themselves today on EUR/USD with mixed results.
