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Back from Hiatus...

Wow...it's been a while since I posted anything regarding trading. I've got a new strategy(for me anyway) that's quite simple and so far, has been quite successful. I'll be posting images of live trades as they come along starting tonight. Trading is a tricky business to master. Typically it's the psychology of trading that's the most difficult area to progress through. The next most difficult area for me is trade management, of which 50% of that falls under trading psychology. I'll be adding my thoughts of why I entered a trade, thoughts during its progression, and why I exited the trade to my posts. My hope is that folks who visit this blog will get an understanding and possibly a bit of education as I progress toward my goal as a full time currency trader.
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The Trading Strategy....

Here is the way I trade to make money. I apply this strategy to the four currency pairs I monitor. The strategy: Open a cable(gbp/usd) 5-min chart, set it to candlesticks, apply pivot indicator with standard(R3, R2, R1, P, S1, S2, S3) and mid-pivots(M1, M2,...) enabled. Apply the RSI(Relative Strength Index) indicator to the chart. Set it to 14. Set levels to 30, 50 and 70. 70 is overbought and 30 is oversold. Change chart to hourly peridocity and determine the dominant trend. It will be one of three things: ascending, descending or ranging. If the trend is not apparent, change to the daily chart and determine the trend. Mark it on your chart with a trend line. While at the daily and hourly charts, make note of support and resistance(s/r) levels. You can use previous highs/lows, fibonacci retracements, pivots, round numbers(00 or 50) or all of the above in any combination you find price reacts to. You can mark previous high/lows and round numbers on the chart with horizontal lines. As...
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Cable to the Rescue...

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During an incredibly slow Asian session I was fortunate enough to find this little nugget. A nice short entry off a lower high at the weekly high. Inside bar on the 5m chart was my signal. Price sat there not moving for nearly three minutes then dropped very quickly.
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