After being a learning observant to this great forum, I've decided it is time to put some real money into trading forex. I've been in forex trading since 2003 to not much of success, but has learned enormously at heavy cost to my finance. I'll look at it as the cost of my education, an expensive one indeed.
This trading journal will force me to be a disciplined trader to place my trading results and its performance.
The idea is simple:
Between 3AM-4AM GMT, time for analysing the day activity. Then mark the daily S/R...these levels will be used to determine to place the SL/TP....analyse the candlestick formation of the three hourly candles during London open...based on bullish/bearish reversal pattern of the three candle bars, place the buy/sell order with a minimum of 1:1.5risk/reward ratio. If r/r is less than 1:1.5, no trade is taken for that day.
Only one limit order per day...close any openning order after NY close at 4Pm EST.
Attached is the basis for my trading analysis. It is somehow another variation of DIBS method in the trading system forum.
So between 4-4:15AM(8-8:15GMT), I will place my order for eurusd.
This trading journal will force me to be a disciplined trader to place my trading results and its performance.
The idea is simple:
Between 3AM-4AM GMT, time for analysing the day activity. Then mark the daily S/R...these levels will be used to determine to place the SL/TP....analyse the candlestick formation of the three hourly candles during London open...based on bullish/bearish reversal pattern of the three candle bars, place the buy/sell order with a minimum of 1:1.5risk/reward ratio. If r/r is less than 1:1.5, no trade is taken for that day.
Only one limit order per day...close any openning order after NY close at 4Pm EST.
Attached is the basis for my trading analysis. It is somehow another variation of DIBS method in the trading system forum.
So between 4-4:15AM(8-8:15GMT), I will place my order for eurusd.