Surfing the Forex wave

This is a discussion on Surfing the Forex wave within the Trading Journals forums, part of the Reception category; Hello, In January I will be starting a Forex trading journal. Strategy Horizontal support and resistance using the 4hr time ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Dec 22, 2011, 9:30pm   #1
Joined Dec 2011
Surfing the Forex wave

Hello,

In January I will be starting a Forex trading journal.

Strategy
Horizontal support and resistance using the 4hr time frame. I also look at the daily and 1 hour time frames but most trades are based using the 4hr.

For the Eur/Usd (and ocassionally Gbp/Usd) I also use supporting trendlines on the 1hr and daily time frames. Bids are placed on the third touch of the trendline (see attachment below). There are some criteria I look for when using these.

I follow the very basic fundamentals and news releases just to keep me out of trouble.

I do not use indicators or candlestick patterns. I just look for areas where I think the big entries and exits will be, jump on the surfboard and hope to "surf the wave". Think this is known as the microstructure of the Forex market.

Money Management
Risk will usually be between 1% and 5% per trade with stop losses of 20 to 40 pips. Aiming for for Risk:Reward of at least 1:3

See you in January.
Attached Thumbnails
chart_eur_usd_hourly_snapshot.png  

Last edited by Mr X; Dec 23, 2011 at 3:42pm.
Mr X is offline   Reply With Quote
Old Dec 22, 2011, 9:51pm   #2
 
6 Posts
Joined Dec 2011
Re: Surfing the Forex wave

Hey I'm starting an FX journal too. Are you trading a live account or demo?
Spinx is offline   Reply With Quote
Old Dec 22, 2011, 10:11pm   #3
Joined Dec 2011
Re: Surfing the Forex wave

Mr X started this thread
Quote:
Originally Posted by Spinx View Post
Hey I'm starting an FX journal too. Are you trading a live account or demo?
Live.

Good Luck!
Mr X is offline   Reply With Quote
Old Dec 25, 2011, 11:49am   #4
Joined Dec 2011
Re: Surfing the Forex wave

Your strategy is very nice and I think also common.
the time frame, the money management..

you are just getting started I think it's the best way to start - defense.
john fisher is offline   Reply With Quote
Old Dec 25, 2011, 12:01pm   #5
Joined Nov 2001
Re: Surfing the Forex wave

Quote:
Originally Posted by Mr X View Post
Hello,

In January I will be starting a Forex trading journal.

Strategy
Horizontal support and resistance using the 4hr time frame. I also look at the daily and 1 hour time frames but most trades are based using the 4hr.

For the Eur/Usd (and ocassionally Gbp/Usd) I also use supporting trendlines on the 1hr and daily time frames. Bids are placed on the third touch of the trendline (see attachment below). There are some criteria I look for when using these.

I follow the very basic fundamentals and news releases just to keep me out of trouble.

I do not use indicators or candlestick patterns. I just look for areas where I think the big entries and exits will be, jump on the surfboard and hope to "surf the wave". Think this is known as the microstructure of the Forex market.

Money Management
Risk will usually be between 1% and 5% per trade with stop losses of 20 to 40 pips. Aiming for for Risk:Reward of at least 1:3

See you in January.
I always keep an eye on the journals. These old eyes aren't what they used to be
and that chart is very dark. Could you do something about that, please?
Splitlink is offline   Reply With Quote
Old Dec 26, 2011, 3:57pm   #6
Joined Dec 2011
Re: Surfing the Forex wave

Mr X started this thread
Quote:
Originally Posted by Splitlink View Post
I always keep an eye on the journals. These old eyes aren't what they used to be
and that chart is very dark. Could you do something about that, please?
I assume you clicked on the attachment so is this one any better?
Attached Thumbnails
chart_eur_usd_hourly_snapshot.png  
Mr X is offline   Reply With Quote
Old Dec 26, 2011, 4:28pm   #7
Joined Nov 2001
Re: Surfing the Forex wave

Quote:
Originally Posted by Mr X View Post
I assume you clicked on the attachment so is this one any better?
Much better, thanks.
Splitlink is offline   Reply With Quote
Old Jan 3, 2012, 12:54pm   #8
Joined Dec 2011
Re: Surfing the Forex wave

Mr X started this thread Sold Aud/Jpy 79.49 sl 79.79, 1% risk. For yen trades I like orders at numbers .00, .25, .50 and .75 (but I need to see support and resistance)
Attached Thumbnails
chart_aud_jpy_hourly_snapshot.png  

Last edited by Mr X; Jan 3, 2012 at 2:27pm.
Mr X is offline   Reply With Quote
Old Jan 3, 2012, 1:42pm   #9
Joined Dec 2011
Re: Surfing the Forex wave

Mr X started this thread
Quote:
Originally Posted by Mr X View Post
Sold Aud/Jpy 79.49 sl 79.79, 1% risk. For yen trades I like orders at numbers .00, .25, .50 and .75
SL to breakeven. I may adjust it though.
Attached Thumbnails
chart_aud_jpy_hourly_snapshot.png  
Mr X is offline   Reply With Quote
Old Jan 3, 2012, 4:03pm   #10
Joined Dec 2011
Re: Surfing the Forex wave

Mr X started this thread
Quote:
Originally Posted by Mr X View Post
SL to breakeven. I may adjust it though.
SL hit at BE
Mr X is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Elliott Wave Forex Scalping JahDave Discretionary Trading 273 Jun 7, 2014 9:03am
Surfing the wave and the big break. robwin Trading Journals 159 Mar 20, 2011 6:48pm
Surfing The Trend ilia king Technical Analysis 10 Jan 5, 2011 11:49am
Surfing Brilliance Ingot54 The Foyer 3 Oct 28, 2009 3:08am
Surfing Offline topdog Forex 0 Sep 19, 2005 6:01am

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)