I will be going over a very simple trading technique that newbies can use.

Pair: EUR/USD
Time: 2am - 11am EST
Charts: 5M/1H
Indicators: Fractal, 100 SMA (Simple moving average)

Add Factals and 100 SMA (close) to 5M and 1H charts

If price is above 100 SMA (+ 100 SMA Slope UP) going long
If price is below 100 SMA (+ 100 SMA Slope DOWN) going short

If price breaks last high fractal up +3 pips - go long for 10-15 pips on 5M Chart , 20 pips on 1H Chart
If price breaks last low fractal down -3 pips - go short for 10-15pips on 5M Chart, 20 pips on 1H Chart

For more refined entries, less trades , higher accuracy , ... only enter trades if Fractal is broken when last 2 high/low price difference is less than 20 pips on 5M chart , less than 40 pips on 1H chart ... , go long on 5M chart only when 1H bar is Green , short on 5M when 1H chart is Red ...once all above criteria is met


Note: I am a trader not a writer, hope this is clear enough ... if chart is setup you will see


If coder available to code this into an

This post has been edited by junglist00: May 12 2009, 04:04 PM

for newbies .... do a google search on this user TheRumpledOne (TRO) ... he has some interesting teachings/indicators ... he have been banned from most forums however threads are still there to be read. check posts 'Never Lose Again' and 'Drain The Banks' .... don't try to read too much into the charts ... just go thru posts and get an understanding ... this is one way of looking at trading and not the only way.

The Dollar fell to a month low against a basket of currencies on Wednesday, after the largest chip maker, Intel, came out with stellar earnings which fed the belief that worst is behind the American economy.

A data release also helped boost morale as New York State factory orders posted gains that brought them to their highest levels since the recession began in February of 2008.

This key release undermined safe haven demand for the Dollar and sent Forex online investors into higher-yielding currencies and equities.

Well, I did not take my own advise ... I over leveraged on all my accounts and now i am paying for it. Really got hit with the bearish mentality of the USD. Got to find a JOB now.

NOOOOOOOOO, not a JOBBBBBBB

you weren't risking a max of 2-5% of your account per trade?

fear and greed murder us here...i am not immune, i tell you that

Greed and not following trading plan. Also, did not respect the market.
Just have to regroup myself and get back into it. Just not that easy to day trade if I have to work.

I believe the absolute most anyone should ever, ever, ever risk on a forex trade is 2%. Some people risk more; others risk less. For me, 2% is the absolute max. Most professionals risk less than 1% each trade. Of course, they are trading millions and millions of dollars, so they have to trade a bit differently than small players like you and me. But if you want to stay in the forex game for any length of time, do not over-leverage your account.

discipline discipline...money management is the key.

I don't risk 1% per trade...and always look at the risk reward ratio. Are you risking 30 PIPs to get 10 PIPs? Or risking 30 to try to get other 30 or more?

And always stick to your trading plan!

Well the another way of managing your money is by analyzing and understanding the amount of risk you can take. It is believed that higher the risk, higher the profit. But this may not be true especially if you lose money on a high risk investment. This can lead to your account getting low on balances thus putting your money management strategies out of order.