Do you need the MACD to read price action? I suspect not. My original mentor told me that MACD's are always late to the party. I've never seriously considered using them since then. Just a thought......
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
The following user says Thank You to PandaWarrior for this post:
@PandaWarrior thanks for the advice on MACDDBB's. I may wean myself away from them.
Executional Score: 4
I waited for price to come down to support and deep Fib area. However, in playing at the edge I went for a two head fakes. There wasn't really a bar setup until the forth move up, the one that did go. I calculated that this would likely be a range day, but without much certainty mostly because Forex is new for me. It turned out to be that way.
Emotional Score: 4
After two stop outs I thought, "Oh, here we go again...going to reckless abandon in sim." However, I then settled down and waited for a good combo of signals and sure enough there was a real reversal.
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Execution Score: 2
Created new 5 minute chart. Fumbled around, made long trade when I wanted a short, just terrible. However, I recovered and placed the short for a nice gain. Learning about Elliott waves.
Emotional Score: 4
I feel confident about the track I'm on. Despite fumbling errors did not get too upset with myself. I stuck with my trade idea and it worked out.
I'm changing my trading style. Big Mike and PandaWarrior recommended simplification, also trading Forex micro lots cash for low-risk practice, i.e. $5 a trade.
I've ran into a good chat thread on Forex Factory. I've adopted Fib Channels and see them as quite effective, at least in Forex. Here's a description: Trading EURUSD only - Page 508 @ Forex Factory. The indie is in MT4. I haven't found a Fib Channel indicator for Ninja, BTW.
The following user says Thank You to HighRise1202 for this post:
I agree, demo trading is not very useful, one should rather trade micro lots live. I would suggest to trade a lot more not just 1 a day. When I was practicing I made 1000 trades in 2 months. You need experience.
Btw I think currencies are different to stock or bond futures, news are more frequent and pairs also affect each other, so it's much more complex to trade currencies than bonds or stock indexes.