Horizontal Line Psycho Trades

[zapzinig]

It took me a month to pick this one trading plan. There are so many great methods to choose from here it is easy to get distracted.

I get easily confused, so I decided to focus on only one method.

Trading at 00-25-50-75 horizontal lines with the H1 candle color

You only need one trading plan that works for you.

I started Feb 02 2009 and I am focusing on only this method only on 3 pairs: EUR/JPY EUR/USD and GBP/USD

At the top of the hour I pick the best opportunity of the three pairs and trade with the candle color as it crosses the nearest horizontal psycological line.

Results are amazing!!

I log each trade, time, pair and price entry and exit in a notebook.

I do not care if the trade is profitable at this point. I am just focused on acting on the trades as I see them happen. Getting in at the right time and price and exiting based on what the price is doing.

I enter at the line cross and exit when momentum appears to have dried up or the candle color changes on me.

My first day, +77 pips - 7 total trades, 6 wins:1 loss
2nd day +88 pips - 11 total trades 10 wins : 1 loss

Thanks TRO for making it so simple.

--Gary

Here are a few screen shots:

[TheRumpledOne]

"You only need one trading plan that works for you."

You're welcome.

[JESGPY]

Zapzinig .

How many pips do you let your trades go against you.??

JUAN

[zapzinig]

Zapzinig .

How many pips do you let your trades go against you.??

JUAN

Max 20 pips against me. When a trade is going to work out well ie make it the next 25 pips in the H1 direction, it usually does not go against you more than a few pips of noise and then it pushes in the H1 candle color direction.

If the candle color changes I will usually exit immediately. Then wait for the next hour or other one of the pairs I am watching for a trade that meets the rules.

Gary

[JESGPY]

THANKS MAN!
Very helpfull. I'll let my trades run a little more.

JUAN

[zapzinig]

There was a lot of choppy entries today.

9 trades 5 wins 4 losses -20 pips on the day.

Gary

[TheRumpledOne]

Choppy?

You only need 1 or 2 trades a day.

Trade when the market is active.

Look at the chart...

Notice when previous candle is NOT the same color as next candle, there are usually more pips to take.

Notice what happens at the start of each market session, price usually makes a steady move in one direction.

Be selective. You do NOT have to trade every hour.

[zapzinig]

TRO,

Thanks for the pointers.

TRO_24Hours_Stats_Range shows the H1 range by hur for the last 24 hours.
Is there a stat indicator/setting that will display the average hourly range by hour for the last 240 bars to pick the most active hours of the pair?

Or would just trading the open bars of each market center surfice for active bars?

Gary

[TheRumpledOne]

TRO_24Hours_Stats_Range shows the last 24 hours.

But it is simple... London and NY opens are most active.

I think OANDA has stats.

[zapzinig]

Tro,

Today I was more selective and traded the NY open.

6 trades 4 wins 2 loss +41 pips 8% gain on acct.

Less trades of better quality is what I am looking for now.

I waited for the cross of the line opposite th last candle color and just doing this I eliminated 2 trades that would have been a loss.

I am learning the simple stuff and doing it over and over correctly each day.

Thanks,
Gary