A great quote. The rest of it is, "... Always spit on the house." This was a weaker trading weak. Balance is $2648.78. Trades were closed early before the TP was reached. Meanwhile, 2 more books and the MT5 tutorial completed: Visual Guide to Candlestick Charting (2012) and FOREX Trading Techniques (2003). That's 36, but who's keeping count?
The easily grasped ideas included some of the major types of candlesticks including dojis, hammers, hanging man, the long bodies with little or no shadows (wicks), and many combinations of two or three candlesticks that act as signals for a change or continuation. It's also important to see the patterns relative to other timeframes. Candlestick charting confirmed some of the things taking shape during my own chart analysis.
This weekend's assignment is like unto last week's. Trades will be planned out after analysis of this week's events. Having a good understanding of how these currencies are moving is the goal. With fundamentals being built into the MT5 platform, references will be paid to past events and notes for ones to come.
1) analyze the week's movements - candlesticks, chart timeframes, biggest movements (size and time of day), compare to previous week
2) note any fundamental movements
3) set up trades for the next week.
Work was back in gear this past week, hindering trading action. It was a nice break, a needed change after what... 2 months now?
The new book is Essentials of Foreign Exchange Trading (2009). Time is also being spent studying different active traders online. "A family that trades together, stays together." Fibonacci seems more reasonable to utilize now, and there's much more interest in adding automation beyond SL and TP; i.e. automated entries and exits. Trendlines, support and resistance levels, and technical indicators will be used this weekend, and we'll see what the profit looks like.
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