I thought it might be a good time to actually bring up some of my posts from the past.  For the first time, I started reading some from last year.  I want to start to repost some in an effort to capture the hope and success of past.

From January, 2006:

This week was my most profitable since I started "the project" 5 weeks ago.  I profited 289 pips for a total of $2450.  This was a 22% increase of capital. 

By week, here are my profit % of balance:

week 1    +6.5%
week 2    +7.0%
week 3    -0.5%
week 4    -2.0%
week 5    +22.0% 

I made a lot of my trades this week using the 30, 60 and 240 minute charts of 5 currency pairs: EUR/USD, USD/JPY, USD/CHF, GBP/USD, and GBP/JPY.

I relied on making trades near or at support or resistance mostly using CCI, RSI, and momentum as confirmation along with a couple of other indicators.  I don't know if you would call this a trading system but nevertheless, this has worked for me over the weeks.

1.   Identify support/resistance on 240 minute or daily chart
2.   Draw upper/lower trendlines on RSI and CCI indicators of 30/60/240 minute charts.  
3.   If bounce off CCI trendline, take the trade direction of bounce
4.   Confirm furthur with RSI and momentum
5.   Place stop (1 pip + pip spread) above resistance.  If the stop is at a round number move the stop another pip; same process for support
6.   Use fibonacci or 8/21/50/100/200 EMA's to set target price for exit

This method is nothing new or exciting.  I'm applying very common principles here.

I hope everyone had a great trading week.  Let's do it again on Monday.  Have a good weekend.

http://www.forexproject.com/Blog/Investing_and_Trading/Week_5_Performance/

Read or add comments about this item.

No. 1 :

I have been following your progress and frustration. I have the same goal as you, to leave my corporate job and be a full time trader. I also share the same frustrations. I am going to use the 4 hour and 1 hour charts using 5 SMA and 21 EMA, bollinger bands and 14 period RSI. I will use support and resistence for targets.

Submitted by Don • 2006-10-29 11:07:35

No. 2 :

I also have the same goal, I ditched all the indicators except trendlines & resistance. I now suck slightly less, still not where I would want to be though.

Submitted by Craig • 2006-10-29 12:55:18

No. 3 :

I was following this thread and made a few trades based on the steps above.

Can you please elaborate step # 4 getting confirmation from both RSI and Momentum?

Submitted by Eric • 2006-11-10 03:34:36

Please keep your comments brief and on topic, and remember that this is not a discussion thread.
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