Simple strategy..Suggestions..?

[iridium]

Hello There!!
I need to know what simple strategy I need to employ base on the following facts.

I am a newbie
1. I have an access to FXCM practice plarform.
2. I can only place practice trades early in the morning 4:30 - 6:00 am. than leave for work, while at work entry positins w/ stop and limits are unattended.
3. Home by 3:30pm to look at the results.

A- What time charts I need to study in the morning ( monthly, weekly, daily, hourly etc.)
B- What pivots points (PP) I should use on what charts/ using Peter Bains trading strategy. His strategy is to place daily PP on 15min. chart and weekly PP on daily chart and also placing weekly PP on 60min charts. I basicly need to scale it up or similar to my time frame charts as mentioned above.
C. What technical indicator(s) I should use.

At this point I want to keep it simple. Master this techniqe first and than move to higher level. I also dont care about profits that much since I am paper trading. As you may know one can learn a lot from loosing games than from winning games. My tennis coach at ASU (AZ State Univ.) told me that many times.

Thank You Rudy the Iridium

[Nader Moustafa]

Originally Posted by iridium

Hello There!!
I need to know what simple strategy I need to employ base on the following facts.

I am a newbie
1. I have an access to FXCM practice plarform.
2. I can only place practice trades early in the morning 4:30 - 6:00 am. than leave for work, while at work entry positins w/ stop and limits are unattended.
3. Home by 3:30pm to look at the results.

A- What time charts I need to study in the morning ( monthly, weekly, daily, hourly etc.)
B- What pivots points (PP) I should use on what charts/ using Peter Bains trading strategy. His strategy is to place daily PP on 15min. chart and weekly PP on daily chart and also placing weekly PP on 60min charts. I basicly need to scale it up or similar to my time frame charts as mentioned above.
C. What technical indicator(s) I should use.

At this point I want to keep it simple. Master this techniqe first and than move to higher level. I also dont care about profits that much since I am paper trading. As you may know one can learn a lot from loosing games than from winning games. My tennis coach at ASU (AZ State Univ.) told me that many times.

Thank You Rudy the Iridium

Hello Rudy,

A- Obviously you dont have much time for tracking and managing your trades,that imposes a certain 'position trading' approach,i.e: you basically are trading weekly/daily/4Hr charts, and probably would look into 1Hr for more details,however, trading in such atmosphere requires some sort of a 'larger than average' stop losses,as well, If I am trading with such parameters I'd not open positions upon setups but rather place pending orders with what I think is 'the best deal' as per entry and stop,if we get filled on the order its a function of stop & target;If we dont, then no harm done while away.

B- I have no clue about Mr.Peter's strategy, so I cant help that much here :-)

C- As per indicators I personally dont use them primarily,as I think 'Price is King', the real truth is the candle that says clearly that market 'Open-ed here, went as High as..,as Low as.., and Close-d at...' while indicators are just different interpretations of price action.
Keep it simple, plot supports and resistances on weekly / daily, build an 'imprerssion' about the dominant trend and finally Buy supports if trend is up, sell resistances if we're in a down trend, do both if we are range trading :-)

Good luck Rudy, feel free to ask about anything anytime

[iridium]

Thank you kindly for your excellent and keen feedback ..sounds good to me ..let me try it and lets see what happens.

Rudy the Iridium

[Cyclon]

Originally Posted by iridium

Hello There!!
I need to know what simple strategy I need to employ

Here is an Old Reversal Strategy

Hi all,

This little 'something' the market does became a building block of the most advanced trading system ever discovered. You will find it is, well, 'something'.

Anytime there is a move you think may be over and good for a bounce in the other direction this is what to watch.

You will check on the timeframe you are on and also check it again on others. What you look at is how price trend pullbacks interact with the 13 ema. Look to see if the price has pulled back and just touched it or just crossed it by a bit and THEN set a new trend high or low. (Slicing way beyond it for the first time is a sign to get on a larger timeframe.)

If it hasn't just touched it or just crossed it by a bit and THEN set a new trend high or low the move cannot be over.

If it has then staying on that timeframe watch on the pullback for when the price CLOSES thru the 13 ema in the direction away from former trend. Once that bar's close takes place just count the bars and if the price does not reverse back toward the former trend and set a NEW trend high or low WITHIN 5 BARS it is a reversal.

How long will that reversal last? That depends on the wave pattern you have just entered on this reversal. It may be a big move or just a bounce. But it is only in the forming stage at this point and depending on how quickly one can catch a ride it should have at least the rest of this move or 'stage' and then the next 'stage'. The second stage is often best because market gets convinced.

I've heard so called experts say a reversal can be judged in 2 bars. <-- Not!
They must not have traded the middle of the day in any particular session.

But now you know the real forward guard for any trend in forex... the 13 ema.

Here is a chart showing this in action:
http://www.supertradesystem.com/13ema_chart.htm

This is an excellent example. The red ma is a 13ema. This is a 10 minute chart of GBP/JPY from 3/27 thru 3/30/08.

Just to the right of the second gridline on left you have your 1st close thru the 13ema. after it goes back up thru the 13 again it sets a new high within 4 bars.

The next time it closes thru it is setting new ground in 2-3 bars.

And the next time... it doesn't.

Good trades all.