Simple,
A very well stated strategy. I only look at the 15-minute candles (trend confirmation with the 1hr and 4hr candles) and when I suspect a future trend based on the 15-minute chart, I move. I can make up to $1,000 between 6pm and 9pm (CT). I wake up at 12:30am to see if more trends are apparent and again at 2:30am when the MMs change shift. Finally, I wake up at 4:00am to get ready for work. I get to work at 7am and spend the next hour trading trends and typically make another $1,000 or so until it is time to do my day job (biological research). If a trend goes against my bet, I know it will turn around again eventially (99% of the time it will) so I enter more trades in that pair (a sort of cost averaging) until it turns around. At the same time, I get out of all other trades as soon as I can and take those profits even if the trend says to stay in because I must preserve my funds to chase the "reversed" pair until it goes my way. For the ones that go my way, I set a 15 to 20 pip criteria and get out when it hits that point. I start with 20 or 30 mini lots so 10 pips gets me between $200 and $300 as a minimum per pair. In the case of the pair that goes the wrong way and I keep adding to my position, I may end up with 150 mini lots (that's $150 per pip folks) before the trend turns in my favor (that happened yesteray through this morning when I put an order in for 20 mini lots of GBP/JPY last night and it kept going up so I kept adding to my position until it finally reversed this morning and I got out of it and took 7 pips totaling about $1,000 and thanked God for helping me get out without losing a bunch of money).
The big "ahah" moment for me came when I realized that I must preserve my funds to nurse a reversed trend pair back to "health". Before that moment, I would be up $7,000 to $9,000 for the day just to lose it all when I had too many positions open and kept doubling down to cost average. Then the dreaded margin call would kick me out of my positions.
As I said before, this strategy is definitely not for everybody.
All the best.
Richard
AI
