Fxprotrader

THE IMPORTANCE OF A SOLID STRATEGY PART 2

FX:AUDUSD   Australian Dollar/U.S. Dollar
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Part 1

The Importance Of A Solid Strategy PART 1
Website: http://clivityfx.com/
FREE Trading Channel: https://t.me/clivityfx/
Thanks for the words of advice. It is much appreciated. Have a good weekend.
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mujunaeem mujunaeem
Just to add on strategies I used for trading, I look at Price actions, market fundamentals, and sometimes naked trading. I suppose naked trading is more dangerous than anything else, but I have found it to be useful for short timeframe trades and scalping.
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Ok, great to know ;)
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You are welcome mate :)
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I follow your trades very closely as your setups most closely resemble mine. But I have learned so much more with stop placements and take profit targets from you. I used to be so conservative with both, moving stop loss to break even far too quickly and being stopped out of so many profitable trades. Also taking profits too early is a big problem for lots of traders and also myself. My set up will set TP at, say, the .618. It will reach the .50, start to retrace and I'll take profits manually.

I really enjoy looking for trading setups. I stick to higher time periods starting with the daily, 4H and more precise positions on the hourly. I try my best not to watch the trade too closely throughout the day, just on each 4H closing of a candle.

My strategy is currently really simple. Support and resistance, Fib levels, Pitchfork and channels, trend lines, price action. My knowledge increases day by day and I have to say I've gone back through pretty much all of the trades you've posted to analyse your theory behind each one.

I'm thirsty to become far more accomplished with my existing strategies and am currently looking for bullish and bearish flags in trades to add to profitable trades.

My next step is to learn harmonic patterns. I shall take your advice and do one pattern at a time in this order:

- Gartley
- Bat
- Cypher
- ABCD? or is that all part of the above?

I may then move on to wave patterns. I don't know why but I find myself quite sceptical of these patterns. I find that there's a lot of "wishy washy" analysis surrounding this. Eg - the trade is going in this direction and it may go up for a bit before going down for a bit, or it might just go straight up and not come back.....basically predicting all eventualities just so you can come back and say - see I told you. It went up for a bit but was always coming down. Sure you're right - it did go up for a bit before coming down - but that's true of markets. The fact it went up 150 pips before coming down means your prediction / analysis is not tradeable. ANYWAY - I digress in my rant.

Thank you for your ideas and comments. Love to know your thoughts on wave patterns and how much, if any, it comes in to your analysis.
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Thank you peterfx for your thoughts..! it seems to me that you are on your way becoming a trader who consistently makes money in the forex markets if you aren't already one :) Now as for patterns, it's a little difficult to explain in a comment which one to choose or how to trade each one of them. Very soon i will have my brand new website live, where i will moderate a live trading room with daily webinars. There will be a ton of training during the sessions and there we will see how to trade wave patterns and harmonics.

As for your last question wave patterns and harmonics are what i watch for to enter the markets when price is in a high probability reversal zone. The patterns i use have specific rules, so there is no guesswork as you said wishy washy :) Everything should be crystal clear when the time to risk your money has come.. Talk to you soon..! Keep studying, you will only get better..!!
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THANKS SO MUCH!!
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How can I don't give you a "Like". Great word for people who wanted to trade with Harmonic Pattern; one pattern at a time. In fact, few common one is good enough.
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Fxprotrader PRO JumpJumpBunny
Thanky you mate ;) There is a quote from Bruce Lee saying : "I am not afraid the one who has trained 10,000 kicks once. I am afraid the one who trained one kick 10,000 times"... Master the gartley, find key levels where it may complete and you may dominate the markets..!
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Very nicely thought and educational. Thankyou.
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