Strategy: Pattern formation, 15EMA/20SMA/26EMA/BB 50 2 Crossings, Tried Support/Resistance Levels (but failed miserably, was advised to STOP using these – never again)
Forex Charting: Freestockcharts.com – Changed to actual candle sticks this time by Joe’s request, I don’t actually use the candles for what they are, I just use them to form the patterns… which is probably bad.. LOL..
CLEARLY, I overtraded today..
AUD/USD – 1 & 5 Minute Chart (Expiry 6am)
AUD/USD – 1 & 5 Minute Chart (Expiry 10am)
AUD/USD – 1 & 5 Minute Chart (Expiry 4pm)
EUR/USD – 1 & 5 Minute Chart (Expiry 10am)
EUR/USD – 1 & 5 Minute Chart (Expiry 4pm)
EUR/JPY – 5 Minute Chart (Expiry 7pm)
Overall success rate: 18/24 = 75%, +$241 from previous day. (Would’ve been 81% and + $255 had I not made those last 3 trades.)
But that’s alright, overall, very happy for today’s performance with the exception of my sheer stupidity YET AGAIN with the “omg it’s going in the other direction, I should place a big opposite order… FAIL”. The rest of the day was fine though, I stopped doing that.
As noted in the spreadsheet, I used a lot of pattern formations with a few 15EMA crossing 20SMAs along with 1 bollinger. The support/resistance levels kinda failed, so won’t be doing that again. Also, started to incorporate hourly chart to see where the long term trend is heading for the “lucky” trades.