Magpie Trader
Saturday, August 27, 2005
Trade Selection
It's just so easy!... ;o)
Joe Ross says that the reason he's successful as a trader is due to his trade selections, as he has a very small window of criteria that have to fit before he puts money on the line, it stops him from over trading and leaves him profitable more times than not.
The attached gif (from EURJPY 12th August) shows a powerful down trend and if you're prepared to be patient, look at other pairs that fit this criteria and stare at the screen a while then you literally can't lose over time with a decent money management policy in place.
To determine the trend for me is simple, is the 17 EMA below the 34 EMA and the angle of separation increasing? = Yes - then it's an down trend (reverse for an up trend), work this down through the charts from 4Hr downwards and enter off the 15 or 5 minute chart.
This simple set up is:- 4HR chart in a down trend, 1HR chart in a down trend, wait for 15 min CCI to turn over/break it's trend line while price approaches the 17EMA (red line). With patience there's at least 5 set ups like this a week across the main pairs, at 10-20+ pips a trade, that's a healthy monthly figure to bank away and put towards the plasma TV fund.
// posted by Magpie @ 12:38 pm 
