hallo again, this is my second account, hope i got profit this time.
this is my login acc :
i will trade using daily candle, this is very simple methode to trade, i will watching daily candle open and close. if yesterday market move in positive way (candle is green, Up) so that's mean market is ready for bullish action, otherways if yesteday market move in Negative point (yesterday candle is red, Down) so market ready for brearish action.
this methode would be good if yesterday market is moving sideways, i mean market up and down with no big moving yet and today there is big news. news can be a triger for those big movement but as entering market on news is risky so i prefer to enter on the morning before US market open.
and because this mothode using daily candle so yesterday high and low become strong support and resistance to place SL (i don't use SL on this contest but on real acc i do so)
i will explain it farther more if i don't get MC on my first trade
i clear my position on small profit because friday candle is red. (very simple analysis huh..that's how i trade)
base on my last pic, this week EU maybe still on correction wave, it may goes up and down all time, don't use high and low daily candle as a stop loss (on correction wave price may hit daily high or low before go another ways)
---------- Post added at 06:13 PM ---------- Previous post was at 10:47 AM ----------
i re-open position on EU
buy 250 lot = 50+50+50+20+20+20+20+20
reason : tonight draghi going to say something, if he can't make sure the market about 'when' is farther decrease on int rate or bond buying program or spending money or anthing about 'money printing' so EU may fly,
btw this is a hard contest, because we can't close position on the same day. i'm a swing trader and mostly after market move i will place stop loss to BE (whice is can't be done in here because will break rule on contest)
after you are in profit you can move stop loss to BE, and open another order.
let take example,
you open order buy 1 lot eu on 1.5000, stop loss in 1.4950 (50 pips)
price move to 1.5020 (profit 20 pips), open another order 0.5 lot SL 15950,
price move to 1.5050 (profit 50 +30 pips), open another order 0.1 lot SL 1.4950
and so on and so on...
by this methode you will have big position (lto size) with same Risk per trade.
SL willl usefull to control your position and your lot size keep on good RR.
on real trade, a swing trader doesn't mean can't close position so soon, if you think your analysis is wrong so get out from the market as soon as possible.
important rule for a swing trader is, do not open another position if you are in loss. only open another position if your trade in profit and your analysis is right.
ps :i don't want to debate about the rule on this contest, it just to give you some view about swing trading,
---------- Post added 12-17-2013 at 08:37 AM ---------- Previous post was 12-16-2013 at 06:13 PM ----------
i clear yesterday position on loss,
reason : daily candle is green but GU looks like going to break the low, on strong trend it should be move at the same direction.
balance 7.7xx will enter another pair maybe.
---------- Post added at 07:31 PM ---------- Previous post was at 08:37 AM ----------
i enter market again
sell GJ 100 lot
reason:last two days is red cadle.
i should wait till tommorow (japan open) to enter but i want to exit tommorow so i make order today before news from US comming.
GJ position, when japan open i set stop loss on entry point and it been hit since GJ is flying.
now i buy EU 150 lot.
tonight there is FOMC meeting, it is a big news, what they going to said about US economic will give much impact on the market.
this month is end of the year, they might talking about US econimic in 2013.
last report about unemployment is on 7, so i wonder what they going to said now, 7 is really good number (even they talking will tappering if unemployment is on 6.7)
many analyst say the fed won't stop the stimulust program, it is to risky because euro still in crisis.
i got margin call on FOMC meeting, US decided to decrease stimulus 10 bill/month. no one know what going to happen after the fed start tapering, this is the first time happen, so watch carefully what will happen this time because for every meeting market going to talk about when is the next tapering, market will move almost the same as yesterday (when they do it again).
because i got margin call on this contest so i will continue to explain my mothode on the next mt5 contest.
you can read about QE and tapering on my blog here (i willl update my blog soon, sorry i was so busy last few month..hehehe)
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