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!!!
-Stop-Loss/Pips- how to work this out on the platform
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.
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.
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.
I have to remember to ask Rodehard about buying a home there as a way to avoid taxes.
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.