I'm trying to adhere to No Brainer Trades thread egy, that can be logical and down-to-earth for me. I tried many different approaches and not one of those profitable in the long run.
Trading 0.01 - 0.02 lots to have real money at stake and not virtual money. When I'll achieve consistent profits, I'll begin to use bigger amount of lots.
Overview of No Brainer Trades is attached. Copyright by Billy Ray Valentine Ironman Attachment 1990085
Normally only limit orders used. 1hr/1d/1w timeframes for placing S/R and then 15m for price action close to the S/R to choose if large money orders are still there.
Normally only majors gold. Synthetic crosses/minors for retail Currency Market traders are not traded by fat s, and so S/R amounts there aren't dependable.
Source: Page 4 of the Currency Market hub report attached.
Squawk reside news service is essential to gauge the sentiment. Sentiment may change in a flash.
Legend:
1. Red = daily support/resistance
2. Magenta = a week S/R
3. Orange = hourly S/R
Fibo only daily if very obvious. Trendlines only daily if evident.
S/R are original and fibo trendlines are only auxiliaries.
Best if there is some fresh story in the market I trade then I follow long or brief using SR.. For instance I'll play pullbacks to the SR in the direction of the sentiment for this particular day until something else will come up.
Issues I have as a trader:
1. Over-trading by entering trades on impulse (chasing movements). I have to manage the intuitive mind.
2. Taking profits too early or exiting positions that go little against me. Doing a break when standing is nicely behind the half of TP and SL moved to BE will mend it on the beginning. Normally when I leave the situation without tinkering with it, TP will be reached by it.
https://www.forexforum.co.za/attachm...1150995299.pdf