by User » Fri Jul 03, 2009 10:52 am
Forum transfer: Submitted by Koos on February 5, 2008 - 23:38.
hi, i agree that this a great site. I am only do day trading, and normally i am average 30 min in a trade. Sometimes if my signals stay strong, i might close half my trade, and let the other half run. I use 3 indicators to enter,Stochastic,3,8 Ema's, and then the most important a 25 Ema for trend direction. I never trade against the trend. In my early trading days i have really lost many trades, and a lot of money.To exit my first half, i make use only of two indicators. An aggressive Stochastic, set at 8,2,2 and the default RSI(14).
If Rsi start moving in new direction, and Stochastic cross, i immediately close my first half of my trade.Then i use RSI(21) and default setting on stochatic to exit my other half. Normally stochastic must stay crossed for at least 2 more candles, then i will exit.Mostly for me EUR/USD pair has the least fake signals, and many times, i catch up to 50 pips, even when trading on the 5 min timeframe. My biggest run was early Jan, 140 pips. This trade was for about 7 hours active, but was worth every second.
Well thats it. Take a nap and try. I hope all of your guys will get to the top.
Koos
South-Africa