Forex Gp's Daily Trade

Hi everyone.
I have 4 very simple trading methods that I apply to: Trending markets, Ranging markets, Inside a Ranging Market and No Trade markets. I didn’t invented any of them, the posts in this thread is just how I trade them. I will post my daily trade, the trade rules and any other information that is relevant to this thread. I hope you find it as helpful and I do.

But first, a little about me and why I’m starting my thread. I’m 64 years old and have been in my own business for over 40 years in a wide spectrum of businesses, mostly financial services. In addition I have played bricks and mortar poker for almost 50 years ; online for just over 6. Poker and the Forex have a lot in common. To be successful, you have to think long term and be disciplined and consistent

Like most people when I came to the Forex I spent a ton of time learning indicators, strategies, watching you tube and webinars. Tech analysis, fundamental analysis, volume spread analysis, scalping, day, swing and position trading. Three years later I’ve come up with a trading plan that is comprised of: 4 trading methods, 1 money management strategy and application of the first two with patience and discipline.

My Method, Money management and Mindset are based on these principles. 1. Your trading career does not depend on: One trade, One session or One mistake. Decisions need to be based on the Long Term. 2 Nobody ever went broke closing a trade in profit. Don’t try to pick tops and bottoms, pick profit. 3. People are allowed to have their own opinion, but not their own facts. Learn the difference. 4. All decisions need to be based on F.O.E. Relevant Facts, Relevant Options and then Picking the least of the Evils.

On to why this thread? Simple. In my opinion one of the most important things you can do is to be consistent and always try to learn something new. Being active in my own thread helps me to do that. Any how I hope you like the thread.
Gp.

Here’s a thread I took last night. It was on the EURCAD. The pair was trending down based on my rules. In a trending market, I apply a customized Fibonacci tool, 60 SMA, Support and Resistance.


Trend Strategy
Works on all pairs and time frames.
Rules
1. Check Economic Calendar for announcements in the next 24 hours to eliminate any pairs that have non farm payroll or interest rate announcements up coming.
2. Wait until all major announcements are posted for the current 24 hours for the time frame you’re trading. On the default screen, add 60 period Smooth Moving average as well as major support and resistance lines for the time frame you want to trade.
3. Start scanning currency pairs on whatever time frame you want to trade plus 1 higher and 1 lower. You are looking for price to be moving in the direction on all 3 time frames.
4. If Price is above the 60 SMA’s on all three charts, you only enter long. If price is below the 60 SMA’s on all three charts, you only enter short.
5. Go to the time frame you want to trade and apply the Fibonacci Tool. If price indicates a long entry you would apply the Fibonacci tool from the nearest swing low to the nearest swing high If price indicates a short entry, you would apply the Fibonacci from the nearest swing high to the nearest swing low. If you are having a problem with nearest swing high or low, add the zz_orlov MT4 indicator.
6. Entry. You would enter anywhere between the 50% retracement level and the 61.8 % retracement level. Your Stop loss would be between the 63% retrace level and the 75% retracement level. Your first Profit Target would be at the 0% retracement level. Your 2nd and third Profit Targets would be at the, 23.6% and the 38.2% extension levels.

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Source.

 

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