after a pair of weeks studying and testing, I've decided to set up my demo-trading account for long term experience, with the aim of going live once I've mastered the techniques loz has taught us.
I will be starting with EUR 200, therefore my demo account starts with that size, leverage 1:500.
Even if I know it's a bit risky - maybe more than a bit - and that in the first videos Loz strongly advised us not to trade over 0.1 lots initially, I'll be trading 0.5 lots per trade, with the mission of gaining an average of 10 pips per trading day.
During the day I usually have time on early morning, at lunch, and on evenings to check my laptop, so I've decided to basically plan my trades by switching between 4h/1h timeframes. The idea is simple: once I wake up (around 7.00 AM, GMT +1 - I live in Italy) I check the graphs and see how the trend goes; if there's options, I already put some pending orders to be triggered whenever a particular situation I foresee happens. At lunch I will be checking how the morning's gone, and eventually correct/delete the above orders. On evenings, when I come home (around 6.00 pm), I'll close my trading day and possibly learn (profit) from it.
This said, I must admit today I had a bit of luck Below you can find today's trade, which was based: 1- on a guess (I'd better say bet probably) that the EUR was going down against USD after a few days consolidation around 1.5070 area, without breaking clearly that key resistance; 2- on the development of strategy 4, video number 9, confirmed by the ADX indicator crossing with the red line and the trend strenght signal (white line) above 30.000 value.
The initial stop loss was at 1.5100, which I've then moved below to 1.4880 to secure profit. Sell price was at 1.4980, which was below the previous low on the trend line, take profit at 1.4840, which was a little above previous key support. The trade is actually still running.
I'm happy with the result, of course, but I know I've been mostly lucky today. Surely I was not expecting such a drop! Best thing to do now is to keep calm, with feet firmly rooted in the ground. And still focusing on the 10 pips per day objective.
today was another successfull day on the EURUSD pair... I took profit of the strenghtening of the dollar, for another 29 pips. I'm still playing on a support-resistance strategy: sell stop was placed below yesterday's support of 1.4840, with take profit around 1.4700 area, and stop loss at previous rejection area (1.4900).
Price indeed came down, and eventually tested 1,4770 before a minor consolidation around 1.4800. I decided to exit with a +29 pips trade. Nice and smooth. Below the graph for today's trade.
I also had some set-ups on GBPUSD and JPYUSD pairs, but none of them got triggered, therefore I cancelled them.
let's hope this good trend of my trades continues...
good day folks, and welcome back to the show today was another rallying pips-gaining momentum. I just wish it was real money
there were 3 setups for todays trade, all based on trend continuation showed in the past few days: 1st - eurusd - sell stop at 1.4770 (right below yesterday's low), tp at 1.4700 2nd - jpyusd - sell stop at 91.05, tp at 90.70 3rd - gbpusd - sell stop at 1.6250, tp at 1.6180
first set was quite obvious to me, since I was convinced that the downard trend initiated yesterday had still power to go. There has been consolidation today before the break of yesterday's support, and if you look at 1HR chart there's a nice doji white candle at 15.00 server time.
second was based on the observation of 4h chart, which was clearly indicating a downward trend already since monday, with no sign of reversal ahead. I was looking for a clear break of support at 91.57 to go in, and there it goes. Currently we're at 90.56 I think there might be further rally to 90.30/90.00 area in the next couple of days, but not before a minor consolidation movement.
the third, the only one which did not get triggered today, was the gbpusd trade, which I thought could be falling slightly after the sideways movements of yesterday and resume the downward trend from 1.6650 area. I'm quite puzzled, since it's acting a little weird... maybe is just preparing for another big fall, right now on the 4h charts the bullish movement has broken the northern bollinger band, so the reversal could be on the way but of course it needs careful confirmation. any other ideas on this are welcome.