Good morning traders and Happy New Year to everyone!
A new year generally tends to bring reflection and for a trader it is no different. I have found myself thinking back to the mistakes that were made and ways of reducing them this year; analysing the trades that I took and working out whether the logic was sound or whether it was just a gut feeling and a gamble. I have found myself praising the good decisions and the improvements I have made and it now makes me think; what are my goals for 2016? I need to think a bit more about it.
What are your trading goals for 2016?
Although I was away from the articles for a week or two, I was still able to get to the computer and make some trades in December and I liked the look of the current setup.
Looking at the 30 minute chart, I took a trade to go long with the stop just under the most recent low from 27th December. It’s not a nailed on trade, it can easily get stopped out, but I like the risk reward. I am long from 10707, currently down 13 points, TP 10833 and SL 10619.
My current entry orders are
Long USD/JPY @ 117.500 SL114.000 TP132.000 Swing trade entry
Long GBP/AUD 2.03925 no TP or SL decided
Long USD/CAD 1.37000 SL1.35964 TP1.38000 Swing trade entry
My main concern at the moment to going to long is that it appear we are coiling up (looking on the weekly chart) into a diamond after touching trend resistance. Daily chart has also shown us touching trend resistance. The 4-hour chart looks to be forming a triangle and struggling to get out of the range. So the trade may end up sitting for a while, if so I may just remove it. In the immediate short term, the 5 minute chart moving averages paint a clearly bearish picture as well. So don’t blindly follow my lead here.
Thank you for the messages
Thank you to everyone who sent messages over the holiday period. I have attempted to answer every single one, but a few of my replies bounced due to incorrect email addresses. One name in particular I can remember, because it happened today, is Trevor (toon), so Trevor if you’re reading this, can you contact me again please? I have answers for you. Same goes for anyone else who is wondering why they haven’t had a reply.
Skype & DaxTrader RSI EA
The RSI EA is now live again on my VPN and I have chosen to use it on two time frames (five minute and 30 minute). The five minute settings are based on a 34 period RSI with 90 and 30 levels to automatically trade for a 100 point profit risking 75 points. The 30 minute settings are based on a 21 period RSI with 90 and 30 levels to automatically trade for a 100 point profit risking 75 points. The chart below has the RSI Indicator as well as the RSI EA.
Dax Automatic Trading Settings
Forex & Commodity Automatic Trading Settings
For these below I am using 5 minute charts, and various OB and OS settings, but the forex markets are set to go a 34 period RSI, buying 0.10 lot sizes. 100 pip TP and 100 SL. 1:1.
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