Forex Trading Reflection: 2019
December
Queenie Wu
Trading routine:
Step 1: Read commentary on tradingview.com;
investing.com; fx168.com
Step 2: Set trading zone by considering the
support and resistance level in DAILY chart
Step 3: Check daily diagram for the key
levels
Step 4: Use support and resistance
indicator and the TMA channel indicator
Step 5: Follow the trend direction in the
higher timeframe and use the lower timeframe to enter. Confirm with Ideal Trend indicator on
different timeframe
Step 6: Consider the current location and
the strength of the candlesticks
Step 7: In H4 or H1 diagram,
enter market only if all the indicators are showing the same direction (after
checking the candle strength)
Indicators used:
THREE time zones, Zigzag, Ideal Trend, TMA
channel, RSI 3TF, FTrend, Pivots
Currency monitoring:
Mainly EURUSD, GBPUSD, USD Index, EURUSD
future, GBPUSD future
Strategies:
1.
Small reversal strategy: e.g. At
the ceiling of the TMA channel channel -> Sell
2.
N buy and N sell: set Buy stop
or Sell stop at the breakout level
3.
Trendy strategy: Place order based on current strong trend, using
FTrend indicator. I am thinking how can
I use the trendy strategy to conduct carry trade to earn. Still under investigation.
4.
US session 15:00 strategy
5.
Pair trading strategy: Trade
EURUSD and GBPUSD at the same time. Still
under investigation
6.
Grid strategy: Tried DPG EA in
demo account for several months. Grid EA
can generate high profit in short period of time, but as we all know that “high
risk high return”. If there is a long
trendy market situation happen, the grid may fail finally. Must consider the RISK involved!!
Reflection:
This is a very good exercise to write down
my trading strategies used every week.
Generally speaking, the small reversal strategy’s winning rate is very
high. Only one or two trade in a week. Enter the market close to the ceiling of the
TMA channel after the confirmation of the reversal happened is a very good
strategy. The necessary condition for success
is PATIENCE!! In real trading, it is really difficult to keep the trade open
and wait for the TP level. I am so
IMPATIENT to wait.
Another concern is the timing problem. As it is impossible for us to monitor the indicators
all the time, we usually missed the best timing to enter / exit the
market. Maybe using EA trading could be
a possible solution.
Targets:
1.
Improve the skill of small reversal
strategy. Train up the patience of
waiting
2.
Test the use of iCustom
EA. This can help trading with customize
indicators
3.
Spend some time to test the
15:00 strategy. This is a good strategy
worth to test
4.
Time is insufficient. The only method to automate the FOREX trading
is by using EA!
Summary of 2020 Jan performance: 0.1 Lot EURUSD
Summary of 2020 Jan performance: 0.1 Lot EURUSD
Backtesting of 15:00 game 2018 Q4 XAUUSD: 60 TRADE 45 WIN winning ratio = 75%
If the trade lose, let's immediately do reverse trade with double lot size, win 100%
