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Announcements

This site is currently inactive as I have decided to move away from exclusively trading Forex in 2010 and as such will not be taking on new coaching clients in this area.

 



I have resumed my focus on coaching as a stock market mentor where I run a success guaranteed stock trading mentorship program

 



Additionally, you can now get access to what I consider to be the best stock options daily trade alert service.

 



Of course, I am biased and with a success rate fluctuating between 68.2% and 72.4% it is hard not to be biased.

 



If you do want to follow along with what I am doing every day you can get access to my daily stock market report 

 

 

You can read the step-by-step Bollinger Band Trading Strategy Guide - this is my main active trading strategy



Until next time


happy trading 


Mr Phil Newton or on LinkedIn Phil Newton trader

Month Comm 1 June 06

BroadSword's picture
I never got around to posting anything on this thread last month, which is a little remiss of me really, as I'm only trading the longer TFs! I've been using a two chart approach for a good few months now, with reasonable results starting to come through. Everything I've read about a trading plan stresses the need to develop something that sits happily with your own psychology and the other constaints in your life, and I've long given up trying to trade entries off very short TFs in a considered manner, I just havent the time. So, my entry TF is the shortest TF I can reliably watch, which is 8 hr. At first I was trying to use 8 hr as a kicker into the daily chart, but there just isn't enough difference between 8 hr and daily. So, my overhead TF is weekly, to give the directional bias of the trend, with entries taken from 8 hr. So I'm basically looking for the previous bar hi / lo to be broken on the weekly chart, at which point I'll have (my opinion only, obviously) a potential continuation or 1-2-3 reversal signalled. I'll then look for an entry on the short TF. This is why I found the excellent video Phil did on the MA strat very interesting, because there are clear similarities in what I've developed, but I haven't used the short 5 period MA filter. I've put it on the chart just to see how it sits with what I'm doing here, hope that's OK Phil! I'm pretty happy with this, with the one exception of the fact that stops can still be quite wide on 8hr TF, and I don't have the intraday involvement to get keener entries. As Phil and some other folk will know, I did get into the 20 pip RN entry / stop technique, but have found it difficult to manage administratively whilst at work...it was sods law that I'd be out of action for a while, take the whips and miss the move that ran........ :roll: Anyway, this is how I'll be looking at the bigger picture in the days and weeks to come.