Lately, I’ve been aimlessly wandering from using fxDreema to looking at Signal providers and basically working without any plan or direction. So now it’s time to structure a plan and project of some kind and get it going. These are some realizations that I have come too;
- My Hedge Fund idea is impossible without significantly more capital. I need to focus on getting more capital at this point otherwise there is nowhere to go with this
- I usually use 1 HR charts but I want to change to 4 HR or Daily charts because I want to only trade in the evening and “place my bets” at that time
- I should spend more time looking at fundamental information to “frame” my overall strategy (ie: the dollar should weaken shortly)
- I still want to develop a very simple and reliable EA, even it only trades once a week or two. The idea is to run several of these small EA’s at the same time on the same chart.
Project One
I still like moving averages to provide the overall TREND information but NOT for BUY or SELL signals. For those, I need to keep working in PRICE ACTION. This will probably be just the one Moving Average as we aren’t really concerned about crosses although we made need two for the EA to determine direction unless we are simply looking at PRICE in relation to the MA. For example… if the PRICE above the 200 MA then the TREND is UP… BELOW then the TREND is DOWN.
So my work will involve finding good sources of fundamental and technical information from knowledgeable and trustworthy others… then looking at the market of currency pairs for opportunities. In short, we want to BUY or SELL at a good level… usually buying on pullbacks from long-lasting and string TRENDS. I will be looking at 4 HR mainly with a reference to Daily and Hourly.
Market Stalkers
LONG GBPNZD at about 1.92890 PROFIT TARGET 1.94900
I placed 3 LIMIT orders well below where Dee placed hers so IF they get hit then I have a good value BUY. I used my SCRIPT (3-30-30-V1.5-100-TS-40-30) (definitions)
My LIMIT orders are at 1.92592 (.01) 1.92292 (.02) 1.91992 (.02)