Hi all,
Im new here but I actually tried to start a thread in the getting started section a couple of days ago but for some reason there appears to be no trace of it at all....
Nevertheless, I just wanted to ask a quick question as I am new to this game.
I dont have any intension of trading using anything other than a dummie account for the next three months but I came across what I was told is a strategy for FOREX trading and would be interested in hearing everybodies thoughts on it..
obviously you have your techical/ fundamental split so its important to keep on top of rolling data releases that can effect the market but as far as technical analysis is concerned:
calculate the PP, r1,s1,r2,s2 for each day (which seem simple enough) and then trade off break outs from the PP, whilst putting in a stop just under the point of entry to minimise losses.
I have backdated this strategy looking at cable for a few weeks, trimmed down the hours I observed to between 8-5.30pm, was brutally honest about at which point I would bottle it and close or have my stop filled and even inbuilt a 10% error rate to appreciate when I have not been quick enough on the draw when the markets have turned.
I still calculate that using a standard SB account, going pound per pip, this strategy is worth about 4-500 quid a week
however, I imagine that there is a lot more to this than what I have unearthed so far.
Would any of you be able to enlighten me as to any flaws in my prospective strategy?
any areas upon which I can improve my analysis (i vaguely remember talk of falling angels and triangles being mentioned)?
what other strategies are common place? do you have any links?
Thanks a lot, really appreciate your advice.
Best Regards
G
Im new here but I actually tried to start a thread in the getting started section a couple of days ago but for some reason there appears to be no trace of it at all....
Nevertheless, I just wanted to ask a quick question as I am new to this game.
I dont have any intension of trading using anything other than a dummie account for the next three months but I came across what I was told is a strategy for FOREX trading and would be interested in hearing everybodies thoughts on it..
obviously you have your techical/ fundamental split so its important to keep on top of rolling data releases that can effect the market but as far as technical analysis is concerned:
calculate the PP, r1,s1,r2,s2 for each day (which seem simple enough) and then trade off break outs from the PP, whilst putting in a stop just under the point of entry to minimise losses.
I have backdated this strategy looking at cable for a few weeks, trimmed down the hours I observed to between 8-5.30pm, was brutally honest about at which point I would bottle it and close or have my stop filled and even inbuilt a 10% error rate to appreciate when I have not been quick enough on the draw when the markets have turned.
I still calculate that using a standard SB account, going pound per pip, this strategy is worth about 4-500 quid a week
however, I imagine that there is a lot more to this than what I have unearthed so far.
Would any of you be able to enlighten me as to any flaws in my prospective strategy?
any areas upon which I can improve my analysis (i vaguely remember talk of falling angels and triangles being mentioned)?
what other strategies are common place? do you have any links?
Thanks a lot, really appreciate your advice.
Best Regards
G
