2 Trades, 1 Hammer, 1 Doji

Today I entered two trades and pyramided both.  I got in the first trade after a doji, which followed an uptrend, was confirmed by a long bearish candle.  The secon trade came after a hammer (which is a strong reveral signal) that negated the previous downtrend.  I am doing great, and I can envision a not so distant future where I will be making great money!!!

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Things to read up on

-Candlestick patterns

-Money Management

-Stop-Loss/Pips- how to work this out on the platform

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Bullish & Bearish Engulfing Patterns

After observing the charts for the past few days, it seems that bullish and bearing engulfing patterns are good places for me to enter trades.  I can definitely make profits from just entering at these spots, if the past few days are any indication.  I will watch closely for these from now on.

As always, I will wait for confirmation from the next candle after the pattern.  I will not enter a trade without receiving this confirmation.

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Today’s trade

I took at trade (buy) after seeing a bullsih engulfing pattern.  This resulted in 3 consecutive white candles (4 white candles in total)- a minor uptrend.  Ended up making about $48.  In the future, I will add 3 to 5 lots to a trade whenever I see something similar to this.  It ended up in good profits the last time I did.

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Will % R and Scalping

Will % R definitely helps me to scalp more efficiently.  The most important thing is that scalping must be done when there is a clear trend in place, not in a sideways market.  It has to be either a strong uptrend or a strong downtrend.  In this way I can add lots and really up my profits.

The main thing I learned today is that more trades aren’t better.

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Virgin Islands

I have to remember to ask Rodehard about buying a home there as a way to avoid taxes.

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Pyramiding

I think for now my plan for pyramiding is this:

-add 3 to 5 lots on clear and strong trends

On weaker trends, 1 to 2 lots is the amount I will trade.  I will stick to this because it is my trading plan.  I will not deviate from my plan.

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