These lines sound magical. Continue to post the result. Thks for sharing.

Magic Lines...?

I agree with Ted. Volume is the key. If you are trading EUR, GBP, CHF and USD. You will find that there are usually large movement during London Open, London Close, New York Open and New York Close as these are timing where the traders start work ...

Why does market times affect FX pairs??

Hi Pixie As a trader, fear and greed is always around you. There will be time when you will constantly adjust your stop loss so that you will not get stop out hoping to see the price reverse and move in your favour. This is the number one killer for ...

My Story, Need Advice

For a beginner, I find the 10 Essentials of Forex Trading very useful. You can also read up on Fx Bootcamp as well. For technical analysis, you can read up on Tom Demark "New Science of Technical Analysis". This book is pretty hard to read but the ...

Good book about Forex?

Fibonacci levels are great support and resistance to note. I like your way of using the confluence of various fib levels to increase the strength of the level and increase the chance of a reversal. Great stuff

Simple fibs confluence setups

Hi Feb I am also using this idea in my trading plan. Past supports turns into resistances and past resistances turns into supports. Most people thought that the reversal should happen exactly at the point of support or resistance, but there are time ...

The System III (Oh no!)

Forex is not a scam! I used to think like this during my fourth month of my trading. This is because my account has been wiped out twice in a row causing me couple of thousands. However I decided to give myself one more chance and I decided to spend ...

Is Forex only a scam

I totally agree with flotsom. You should not have a target profit as this may pressurize you into entering trades everyday just to achieve that target. You may find yourself entering trades that is not according to your trading plan and this is ...

What Is A Reasonable Daily Target?

Personally, I am getting pretty good result from Elliot wave analysis. I usually use them in higher time frame to help me have a grasp of the trend so that I can place my trade based on the trend on the lower time frame. Elliot wave is definitely ...

Honest Question about Elliot Wave

I usually use the Exponential moving averages as I find them more dynamic and responsive to market movement. One good way of using them will be to plot a 50, 100, 200 and 400 EMA on all your time frame. If there are stacked nicely with good angle ...

Moving Averages

This sounds like me when I first started trading a few years back. I had the same problem as you. I make a couple of hundred pips from the volatile GBPJPY after a few days of trading and lost them all within hours. For my case, it has to do with ...

Psychology in trading

The main difference between demo and live trading is the emotions. You will not feel the heat when you get stopped out in a demo account and you will always allow the profit to run fully. However in live trading, you are dealing with your own real ...

Demo trading vs Live trading

I think it is not which indicator that work best with which currency. It is the integration of various indicators into your trading system that makes it work for the currency pair you are trading with. When you trade a currency pair long enough, you ...

Which indicators work best with what currency.

I do use PSAR for all my timeframes. However it is very dangerous to enter a trade simply based on the PSAR alone, I use it together with MACD and Stochastic to get a better entry. Let say you have a up trend but prices in forex market do not move ...

Parabolic SAR

I personally love to trade breakout due to its profit and simplicity. However there are some thing that you have to take note when trading breakouts. The number one killer of breakout trade is fake out which is the sudden movement of the price ...

Breakout Strategy - The Pro's Way

Glad I read this one. You were right, a winning strategy is not one that is complicated like what most new traders are looking for when they first joined. In fact, successful traders make money out of simple trading plan that most people will ...

How my Trading took BIG turn...

Elliot wave really works! Recently from the 14th January 2010 to 31 January 2010, you can see the working of the Elliot wave on the hourly chart of the EURUSD pair. I actually see the formation when it is forming the 5th wave and it helps me to grab ...

Interesting Article - Does Elliott Wave Work

Do not be discouraged. I was wiped out of my account twice in a row when I first started trading a few years back. Then I decided to be serious and treat trading like a business and I spend time learning from online courses and reading some forex ...

Tired of losing money in forex

I totally agree that there are a lot of support and resistance level in a chart but the key lies in the major support and resistance and not simply any support and resistance levels. For me, I uses 3 types of support and resistance 1. Identify swing ...

How do you select your support and resistance levels?