Finally giving it (another) go

Edinburgh Trader

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Hi all,
The purpose of me starting this thread is to become a better trader.
I'm going to post my trades on here and will let you know how I trade.
I am no guru, and my no means an expert trader, so please don't copy my trades!
I'm hoping that by posting here some of the more experienced members may wish to comment and help me along my journey.
 
My story I guess is very familiar.
I've been trading on and off for years.
I've tried just about every system out there, and never had CONSISTANT success.
I've had good wins, and big losses. I've tried all sorts of things and jumped from one system to another.
I have now taken 2 months off work to try and trade full time. I have no illusions that I will end up been a full time trader at the end of those two months, but because I an a contractor I have managed to find a two month window to dedicate myself to trading.
 
In the past I've tried delta, the market matrix etc, and as much I found these truly fascinating I simply couldn't make consistent profits from using these methods.
Knowledge wise, I would say I'm reasonably clued up on technical analysis, but no expert.
I will be trading off a five minute chart, with direction coming from the hourly chart.
Essentially I will be keeping it simple. Trading in the direction of the hourly chart, entries taken on the 5 minute and stops to be pretty tight (10-20 points)
 
We are bouncing around, and starting to wonder if I should have waited for price to go the the round number of 1.63 first???
 
Slowly coming back to break even.

Its at times like this I wonder if the stop to breakeven is a good idea or not?

That said, I was 10 points in profit when I moved it and I only risked 10 points, so seemed reasonable to me?
 
Ok, so i'm stopped out for no profit, but no loss either!

May tried this one again soon if we break and hold the 1.63 level
 
What is your latest whizzo system ?

Are you a YES or NO man ?
 
The way I search for opportunities is to look at the hourly chart with a 8 and 34 moving average to help determine direction, then an 8 period moving average on the 5 minute to determine entries.

Essentially if price is moving up on the hourly (as determined by MA's) I will would for price to fall below 8 MA on 5 minute and and buy when it comes back above it.

Also have a MACD histogram and stochastic to help guide.

Not exactly complicated, but might just work (ish)
 
Rather annoyingly the GBPUSD is now rising again. If I hadn't moved the original stop I'd be in a nice 20 pip profit.
One part of my game I need to sort out!!!
 
Not going to chase it. Will see if it comes down and see if it gives another signal.

Might consider buying gold above 1238
 
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