How I flipped my trading around! I read James thread in addition to no brainer trades thread. Using s/r is quite important. Now I had been a sucuessful scalper from the minis-( index futures) but needed to escape the futures transitiion into FX. It was a challenging road, since I'm used to scalping in and out all day long. I tried that using fx and was getting slaughtered. Then I took time and read the two above threads in addition to another thread on another forum about using inside and outside bars. I wanted something easy with out many indiors and found it. I do not call it a system since it is just chart pattern recognition. I had been using 15 minute charts which seemed eternally to me personally since I had been used to tick charts and 1 min charts in the minis. Now what I do is look just into a 30 minute chart and 1 hour chart. I see pretty much four pairs though you can use any pairs along with some other device actually, this is nothing new. I look for morning and evening stars on the charts and exchange the change. When using these charts it had been hard for me since I had been so used to trading 20 days a hour then waiting for an hour to exchange. This was the toughest thing for me personally but it helped my patience and worked superbly, it kept me out of crap and left my trading simple and a lot less stressfull and compelled me to take just excellent setups. I visit the first installment pub then the next bar which could be a doji or hammer or shooting star. Then the 3rd pub if going long I wait patiently for it to come above the body of the prior pub ( shooting star or doji) then go long, as a short I wait patiently for it to come beneath the body of the prior bar( shooting star or doji) then short it. I typically place the first stop above by some pips, or at the top of the 2nd pub ( the shooting star or doji and then as it goes my way I immediatley bring the stop down. On occasion the 3rd pub will for example if we are looking for a long, be above the next candles body and maybe the high and then come beneath the body of this shootin star or doji( 2nd pub in this series) at the point I wouldnt take the trade. I need good setups just. As I mentioned before this is nothing new not the holy grail. Just something that has worked for me personally. I used to look for these things from the futures trading I did, but they did not have as much prevalence since I had been trading off a very low time period. But now with these greater time frames comes greater probabilities these work. That was what was standing in the way of my sucess the inability for me to switch to greater time frames becuase what I had been used to, and my only problem which was preventing me from sucess was my patience. I fought long and hard and made the transistion which has helped me as well as some of the threads combined within this forum which edued me into this type fo trading. Now for even better profitability I utilize s/r amounts from time frames of 60 min 4 hour and daily and that swings it in my own favor. Still it's a challenge to wait it out but it is worth it in the long run. An older mentor I had when I had been trading futures told me the less you exchange the more you will create and less stress you will have. I trade full time for a liviing and am trying and almost will make the complete switch from futures fx. Additionally, it allows me not to worry as much as to the spreads of this fx broker and so called cease searching by them, but to me personally when I lost scalping fx it had been my doing,. It seemed the broker was out to get me since everytime I place on a commerce it immediatley transferred against me like it had been waiting for me to place the commerce on and then take off the wrong direction, but it was just me being dumb. So this is just a little advice for those who choose to explore it for yourselves. It is worth while, simple. Trading is simple part, then mental field is the toughest part for me personally. I fought agaisnt this type all together and refused to beleive this can work, and when I eventually opened my head and eyes to the basic things that could function it was a ephipany for me personally. Enjoy.
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