My apologies for not being on here for a while but I thought I should give a quick post about what I have been up to.
I have been working away full time on a old forex strategy which I am looking at again and adding what I have learned over the years.
Basically, my viewing arena consists of a 1hr canvas to which I place higher 4hr turning points and look to trade a series of compounded trades using smaller 15min turning points within the 1hr channel until the next 4hr turning point is met. I am not used to this type of trading so I am having to adjust my habits and apply myself to this strategy. What I do like about it is the ability to compound and I have always believed this to be the only way to make serious money in forex.
I am still working away on this strategy but once I have ironed out all the kinks then I will gladly post it here for everyones perusal. it will no doubt be several months before that happens but I believe that the wait will be worth it.
In the meantime here is a 1hr chart of Gold, hopefully it will give you an idea of what I am talking about.
Also, added todays valid BUY trades off the blue channel. In theory I would not take the previous white marker trades as they were not on a blue line and chances are that price may go further down in order to hit the blue line (which it did). Also consecutive trades taken actually on the channel line tend to never retreat past the line so the risk on the trade is minimal unlike trades taken not on the line.
Plus the beauty of this strategy is that you get the maximum move available as you enter on the highest or lowest position of the trade (food for thought).
Please note, I will not be posting on a daily basis, I will post once I have a fully working strategy.
All the best