That’s what I’m talking about!
Posted on September 5th, 2008 by Mayson
At last. Am I on the right track? I don’t know, but the trades with my new trading system are looking yummy.
I realise that for the last two weeks the market was trending well, and majority of trading strategies work well in trending markets, but I’m glad that my system was able to get me in and keep me confidently in the trade while trend was pausing and later developing again.
I’m having big hopes now that I’m cooking the right strategy. Long term testing will tell, but for now I’ve a pretty screen shot to remember the moment.
I’m inspired! Wish you the same!
Filed under: My trading performance
2 Responses to “That’s what I’m talking about!”
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Tell us wats your strategies,behavior trading or anything that u could share with us.
To be honest, I don’t feel like being a Santa now :), but I can
shed some light on the strategy in general.
What I can say is that I’m cooking a daily system, pretty much because I hate sitting in front of the charts long. I used to in the past, when I traded live for the first time, I was trying to guard my trades and also I looked for multiple trading opportunities withing an hour and less. I got tired of this market watching very soon. May be also because there was not much profit earned, but tons of time spent every day. So I looked elsewhere.
Now it is a daily trading with only 3 min per day for analysis.
My system is based on swing trading, where I like to see standard MACD and CCI indicators be on my side. I use daily candlesticks patterns and additionally watch monthly support and resistance key levels.
My trading behaviour is simplified to following the rules of the system. I tried to write down every “IF” and “IN CASE” situations, so that I don’t make anything on my own.
Oh, and also I leaned about price gaps not so long ago and now use them too.
For example, daily candle of October 26, 2008 opened as a large exhaustion gap, so I immediately closed my Short trades and stayed happy.
Cheers