EUR

4 hr stochs not played out...splain 40-50%

digi...

well not sure about that 8 hour being long...
good luck if you're going long now....

digi has had good charts for many years

Quiet day today so we can expect some ret or at least some chopping backwards and forwards.

Yea, work the channels and keep enough of the older channel to see where previous support becomes potential resistance and previous resistance potential support etc. If you have parallel line tool in your software keep using it. Sometimes you will need a wide channel and a narrow channel depending on what timeframe you are trading. Implement Sir Ignore's one hour and 4 hour models and monitor for at least 3 months in line with his formulated rules. These two things give you the basis of a perfectly good system and ultimately you will want to make changes to suit YOU. No one system suits all traders. Some folk are comfortable with set-ups requiring 60 pip stop, others much tighter and others claim to not mind 500 pip drawdown, wow. So much depends upon the timeframe you will identify best suits Chloe and how good you can become at catching momentum.

On my own charts the daily timeframes need updating every few days and working down from there an intra day 15 min t/f for example would need regular revisions. If I were scalp trading 10 to 20 pips the degree of fiddling is constant. The smaller the t/f the more concentrated the focus. I might only look at monthly chart once a week or fortnight just to refresh memory. Same applies to weekly charts. Eventually you will find your feet with this but in the meantime take advice to focus on not more than 4 instruments to perfect your own personal system.

When you think about it you only need to be trading one instrument to make very good money. The more familiar you become with the chosen sob and the more refined your TP and system, the greater your confidence and success becomes. The greater your confidence and success the more you increase size. The more you increase size (well within your comfort zone) the less pips you need to win to make your 100K per month target or whatever. Imagine building up your trading account to 1 mil, the 2% rule becomes extremely adequate.

The reason I monitor multiple instruments is I like to be very selective about entry set-ups and these have to suit my pattern work etc. I might scan 10 x the number of instruments I will consider actually trading and forex is only a small part of my trading portfolio. That kinda comes later when you have proven your personal edge but only if you actually get satisfaction from charting and pitting yourself against the odds besides the making of dosh.

One further thought.

The worst thing that can happen to a novice trader is to experience some beginners luck. Be sure to look after that 60K margin account you have. Your initial success was quite extraordinary and not likely to be repeated at the same rate of knots. You have to make your account last long enough to develop your edge and that is likely to take many trades. The 2% rule should be considered absolute max.

yep..since jan 9