My Manual Trades Blog - Justlooking
Hi guys,
As you have seen in my forexlexus and fapturbo threads I was throwing in manual trades now and then. But as this side of my trading is getting more serious I would like to start here a seperate thread to show you what I am doing, with the goal that you can learn yourself as well and show you this is much better then all these scalping robots that are coming out every week or so. No hype just plain facts, try to understand what I am doing and try yourself.
I have signed up with a very educational Blog hosted by a professional full time day trader (he actually makes his living from daytrading forex.. so it IS possible guys!). He teaches all kinds of methods that can be used in all kind of different market conditions.. and what is important.. He does NOT use scalping, Actually he only enters trades when he can see potential of 40-50 pips or more (a LOT more!)
last week I have been seriously manual trading using his techniques and I made about 150-200 pips profit this week, where the Robots did have a difficult time, due to news break outs and indecision in the markets.
My biggest profit was 193 pips out of one trade on GBPJPY. This pair was squeezed into a triangle the last three weeks, so it had to give someday, and it did thursday.. I catched the ride and made this profit.. What I hope for that this pair pulls back to about halfway its move of friday, wait for signs it goes down again and get in for another ride to the downside.
Another technique that works pretty well is the london break out from the asian range. Look for a pair with a very small range during the asian session between 21GMT and 06GMT, determine the high and low of this range. Then wait for break out and close above or below the range, then wait for pullback and enter the trade (long when break above, short when break below) A very easy but effective method, stops can be very small so risk is limited as well. Won about 100 pips using this, but also stopped out a few times.
All in all I made about 300 pips last week ($153 in my case, I have still a very small account), fapturbo never did that!
Ok, I will show with screenshots later what I do starting monday.
Oh BTW, I would appreciate any comments, tips, whatever.. if you have questions, ask them, maybe I can help.