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Just wanted to reply to your trade questions. As to your trade, look back to my rules and I specifically said to trade WITH the osc, not against it. Very important. In order to trade against it, you must drop down one time frame and reapply all the rules.
I am attaching a screen shot of what you should have been looking for today. Also, I don't know if you actually use your charts zoomed in that far but I suggest you back out at least one. It gives you a better picture of what is going on.
I may start another thread for my system because it really is different to the Randy Candles and I don't want to get people mixed up. I will post for all if I do.
Thanks for making the effort to explain dude. Really appreciate it.
Just want to make dead sure - when you say trade WITH the oscillator, you simply mean that when I wanna go long, I gotta make sure the osc is ABOVE zero, right?
Plus, yeah I think it would be a wise idea to create a new method for your thread.
My work day begins at 6am mtn time with the EurJpy chart. I spend a few minutes reviewing the charts of the usdjpy, eurusd and the eurjpy starting with the daily, 4 hour, 1 hour down to the 15 and 5 min. I then review the upcoming news events to determine what may have an affect on my trading. Many morning there is a 6:30 report to consider. I never trade the news and wait 5-15 minutes for a trend to develop after the news. I also have a minor bias in my mind about where I think the pair is going based on where it's been etc..
I use a color change red to white-white to red as my alert and then drill down to the indicators to get confirmation. When I enter a trade I know exactly where my stop loss is - usually based on 5 min support and resistance. I also trade 5-8 standard lots so I'm looking for 10 -12 pips once or twice a day and that's it-
Finished~ If I fail to make my goal I will usually look at the Asian open for another whack at it using the same pre-game rituals. Occasionally, I stay up for the GrandDaddy of them all and trade the London open but that is rare.
I'm convinced that trading is about 80 % mental and the other is knowledge and luck. It's a game of averages. Win some lose some-use good money management techniques and pay yourself often.
Vegas is probably developing good skills but lacks 78.99% of the 80%
confidence level needed to be successful.
My chart shows- green vertical lines 6am to 7:30 am- my workday. The red line horizontal shows a short and the green horizontal shows my long. With 4 pips for spread on each trade, I walked away with a net 18 pips today.
That's my 2cents worth and I'm sticking with it.
Good Luck
Nice summary of your trading plan.......gives everyone something to think about.