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Riverside, California
Posts: 7 since Jun 2013
Thanks Given: 5
Thanks Received: 1
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Welcome to Jon and Andre's Forex Indicator journal! Here at JAFI we follow 7 major currencies, comprised of 21 pairs.
Our goal is to analyze these 21 pairs, chose the best best charts to trade, and find targets for entry on the daily/4 hour chart that would be good swing targets.
With those entries, we also look for good day trades to take based off of market profile analysis.
So, we scale a day trade into a swing trade and try to take profits along the way.
Profit Taking: The goal for every trade is to have 3 targets.
1. 1/3 on your entry
2. A technical target i.e. trend line, fib lvl, previous day hi/low, 200D, 200 4hour
3. An extreme that would represent asymmetric risk vs reward in the opposite direction (this target does not always get hit, but represents the maximum greed/hold target)
Overall Goals:
1. Execute all trades at predetermined levels
2. Take trades with a minimum/average risk v reward of 1/3-max usually 1/5
3. Use the trend indicator board to select the strongest currencies vs the weakest currencies and trade in the right direction
4. Use News events as a time to pay attention to the market, use the volatility created as an opportunity to enter advantageous trades
Methodology:
Use Technical indicators to provide good areas/zones to pay attention to price action. Then when those targets are active, pay attention to the market profile software which will provide a signal for a good day trade. Take the day trade with a risk 1 to make 3 + enter positions to turn into a swing trade at this location.
Will continue to update!
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