My method is very simple. Usually the simplest strategy is the best and most profitable. I have 3 uncorrelated strategies based on different edges. I could not reveal much but I could tell you that my edges are based on breakout (one system), and market's behaviour/nature (2 systems).

I am not sure how long you have been trading and how familiar you are with trading, so I am not sure how to help.

I believe you are a technical trader. So, technically technical trading is divided into 2. One is mechanical and the other is discretionary.

Mechanical trading is usually based on statistics, probability, maths.
Discretionary can be statistical or non-statistical.

Let me know your approach.


I didn't take the trade.

prepare to sell usdcad, look signal at crude oil m15 if chance appear.

strong crude oil = strong cad

au forming ascending triangle, soon!

Let us know how it goes when you short USDCAD at 1.3000.

This post has been edited by carrer: Oct 14 2015, 10:32 PM

Thank you Carrer. I don't really know the correct way of forex trading, i just based on the following approach, please advise is it proper or you have better approach to share :

10 PRICE ACTION CANDLESTICK PATTERNS
http://www.tradingsetupsreview.com/10-pric...erns-must-know/

Candlesticks
http://stockcharts.com/school/doku.php?id=...to_candlesticks

Bollinger bands
http://www.fxkeys.com/how-to-use-bollinger...-stock-trading/

Stochastic Oscillator
http://www.dailyfx.com/forex/education/tra...Oscillator.html

Retracement Or Reversal: Know The Difference
http://www.investopedia.com/articles/tradi...etracements.asp

Is there any ebook/book available which I can buy or any expert here can offer any good books?

Thank you Carrer for your attention.

weak crude oil no effect, strong crude oil so big effect

just look at crude oil m15 and prepare your finger click sell.

Firstly, price is the most leading and probably the best indicator in forex (in futures we have orderflow as the leading indicator). Therefore I don't use any other indicators.

Some traders trade price actions, some support and resistance, some patterns, etc.


It's not wrong to use an indicator(s) however you have to make sure that you have a statistical edge. The only way to test if it has a statistical edge is to backtest your indicator (manually or automated). If it has a positive expectancy after about 500 trades then you are good to go.

But again, indicators are prone to curve-fitting. It may work now, this year, this month, but probably not the next.

Regarding books, I don't think anyone would want to reveal their edges publicly. Take a look at The Turtles System, it might not be working anymore but worth a read.

Thanks a lot Carrer for your guide and advice.
Really appreciate your precious time and efforts.

Welcome.

One more thing to add. There are 2 types of edges.

1. Temporary = based on certain market behaviour for a period of time or certain pairs.
2. Permanent = based on the overall nature of the market.

I remember there was one thread in Forexfactory showing a temporary edge. It's something like if the price has traveled a certain pips from the open, enter the trade. You can try using this if you don't have an edge. But I am not sure how long it will last. It works on most pairs.

Thanks a lot again, Carrer.

almost... almost...

daily chart

do your own analysis too, dont blindly follow

that nzd power

short EU anyone? tonight news long back

EURCAD long

still sideway to me

what do you guys think about this?