The top are the most recent trades, let me start from the top for easy referencing.1) EUR/USD 4hr chart: Look for trend Higher-Highs and Higher-Lows of candle. A very clear uptrend here breakout at 1.2758. I could have entered earlier at 1.2646 as it confirms the uptrend, missed that wave. As long as it is an uptrend and not ranging, we then proceed to look at 30min chart, don't have to look for breakout of the wave.
EUR/USD 30min chart: Confirms uptrend at 1.2758 breakout. Could have entered earlier when it breakout at 1.2653.
EUR/USD 5min chart: Enter trade on next HH of candle wave. Could have done better as mentioned earlier, look at the previous run up. Took profits too early at 1.2822, 30pips. Should let the profits run until there is a clear sign of wave reversal then take profits.
I still have not grasp the concept yet, as you can see my thoughts are not very clear. Still learning. I missed out on the earlier entry and entry at 1.2653 is the correct one. Cut loss should be at the previous wave valley at the base line of chart.
4 comments:
What is your money mgmt with $500 capital?
You need to paper trade with only $500 too if you are really serious about it.
I will uncle88, starting next week, trades will be managed if I were to invest in real capital.
So you are into speculation and diverge from value investing.
Forex is never an investing instrument and zero sum game.
Forex is a technical and speculative game. I will speculate intelligently. :D
I still see value investing as the compounding tool for long term investment. I can't do it in forex. I decided that I wanted to learn both FA and TA and forex will teach me better TA than stocks do.
I'm still searching for my investment philosophy. Am I wired to TA, FA or both? I decided not to restrict myself and learn everything. Warren Buffett knows both, he started from TA. I will manage my risks well. :)
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