Showing posts with label fx. Show all posts
Showing posts with label fx. Show all posts

Tuesday, January 6, 2009

Trading Pattern - 15 Minutes

Look for main trend on the 4 hour chart
Trade using the 15 min chart
If the trend on the 4 hr chart is down then enter only SELL trade
If the trend on the 4 hr chart is up then enter only BUY trade

4 hr chart setup
EMA 5,10
S 10,3,3 slow and simple
RSI 9 and simple

15 min chart setup
EMA 5,10
S 10,3,3 slow and simple
RSI 9 and simple
MACD 12,26,9 exponential histogram

BUY:
EMA 5 cross above EMA 10
RSI > 50
S is heading up and not overbought
MACD goes from negative to positive or negative and increasing value

SELL:
EMA 5 cross under EMA 10
RSI < 50
S is heading down and not oversold
MACD goes from positive to negative or positive and decreasing value

Trading Pattern - 30 Minutes

30 mins chart setup
EMA 4, 60, 200
S 20,3,3
MACD 5,25,1

BUY:
EMA 4 cross EMA 60 upward and price is above EMA 200
MACD and S must be going UP
Do not trade if EMA 4 crossed EMA 60 more than 90 minutes ago

SELL:
EMA 4 cross EMA 60 downward and price is below EMA 200
MACD and S must be going UP
Do not trade if EMA 4 crossed EMA 60 more than 90 minutes ago
Do not trade within 2-3 hours of a major news and more effective if traded between 1am - 11am
Valid but risky if above/below criteria is not met but price is at least 30 pips away from EMA 200

Terrible Day

I stepped outside of my trading scenarios yesterday and I lost all my profits in 10 minutes. I was tired and my judgment was terrible. I need to stick to the trading pattern and not deviate from it. I need to add a new rule to stop trading if I suffer a large loss. I will post the transactions summary tomorrow.