So let's get to the bottom of this.
Purpose of thread: a journey of massive chin stroking proportions. Let's see those mandibles shine.
I will be trading what is left of my tiny ?500 OANDA account which is down approx 10%.
So here is trade number 1. See how price has already risen, a lot. by the time the bar has changed black. This is not a complaint, perish the thought, but a mere observation that hindsight coulda, shoulda wouldas w.r.t near to bar formations on these charts are, irrelevent
I have yet to see how to react to the bars in real time - whether this thing works on the close of a bar (but the theory is that closes are not relevent as they are random (point of logic, in that case the high and low of the bar are random too and all points between, so what is the basis for analysis? Some more things for me to poinder
Tada: It's all chuffin random isn't it??
So here is a long entry, reasoning: look at the daily chart.
Bar formation, low, inside bar, break to the upside.
Why the hell am I going long into that when there's a downside swing? Because I see 'traditional' patterns fail as often as work.
Using my primitive understanding of space (the fibo tool while great works with fixed sizes, you've got infinitely adjustable size with OANDA and I won't be re-sizing when something goes against, I'lll be in and out.
So here I'm using 40 pips space off yesterdays low.
Red line is my LIS.
1% acct risk (actually a bit more) = 50 quid over 40 pips giving me a size of 0.01: 1000 in OANDA speak.
Position, lotsize, expansion
If you don't know where to start, start here! Don't be afraid to ask questions.
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