prochargedmopar wrote:What I've been waiting 8 mo. for....
By simply adding $150/mo to your trading account you would have tripled your profit potential...
your problem is not even technical analysis so I don't even know what you are paying for.
Nearly all the power in ones trading comes from position sizing, money management, and a trading plan.
1) You simply take a unit of risk, say the 150, and you risk it all on one idea.
2) You might think about its probability of survival and divide it into three units of 50.
3) You take the $50 and turn it into 10 lines.
Open a daily, H4, and H1 chart and allocate: 4 lines to the H1-, 3 lines to H4, and 3 lines to D1
risking lines and making lines.
I use some % of the 48 period ATR of the hourly for line widths, double it for H4, again for D1, etc
(DL the indicator for details).
4) AFTER you have destroyed all of the lines in all three periods THEN refill and retry using 50 more
You can take trades when price is between two lines ("good areas" to go long/short) or when price touches a line,
there is no 3rd option.