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Replies to #19097 on FOREX TRADERS
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Capitalist

01/29/08 4:05 PM

#19167 RE: Ataglance2 #19097

Still hovering around breakeven. I'm up 1 or 2% one week and down about the same the next. That's an improvement over going down most of the time, LOL.

I just finished a big 3-part research project on price action and structure, so I've just started using the results in my trading. Mostly using stats to get an idea when a price leg is more likely to be exhausted and ready for a turn around.

I'm running 2 strategies using the same concept. One's a long term strategy off the daily charts where I use any swing profits to add to 3 long term carry positions, NZD/USD, AUD/JPY and GBP/CHF. The other one is scalping with EUR/JPY, starting with very small positions and "earning the right to trade larger." Whenever I get 10 profitable sessions in a row, I'll increase the trade size to the next level, and every time I get three losing sessions in a row I drop one level down.

I like the time frames at the long and short ends because that way I don't have to sit around all day watching the screen waiting for a signal to happen. With my long-term strategy I only have to check in once a day, and with my scalping I'm in and out of all my trades in a single session of an hour or two.

I just started doing both in the past week or so. Hopefully I'll soon start seeing my equity curve heading up more often than down.