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I believe that my forex trading strategy is unique in the way I have structured how I enter the market.
At the moment as stated I am long in GBP/USD.
My primary strategy for this trade is using time-tested and solid technical analysis - such as using a candlestick chart to identify patterns, two or three classic forex indicators.
I now have what I call a “secondary” signal from one of my proprietary forex trading chart setups which I named “one chart wonder” because it transposes on to a single chart a system I took more than 1 and a half years to perfect to the best of my ability.
Finally, although I am in the trade, I am waiting for a breakout of the resistance at 2.0345 which keeps being tested…
I believe there will be upside towards 2.0360 at least.
I am even tempted to stay in my trade through the news locking in 10 pips profit if possible because of the forecasted figures for US housing being lower than last time.
This is not the reason for my staying in the trade if I do that though.
Rather, I am taking a “chartist” or “technical analyst” line.
That is to say that using technical analysis assumes that all matters fundamental get factored in and are reflected by current price.
If a distortion occurs due to the announcement then it will be my fault.
What I do know now bthough is that I am in profit by 12 pips and we are at a resistance identified by my “tertiary” (3rd degree) strategy which has not signalled.
If all three strategies line up, I am fairly assured that with my experience and skill I will make a lot of money today. If not, I have already made a considerable amount and that is enough for me to say “I’m happy” and go out for a treat - either reading a book at my favorite coffee house, taking out family for a walk, round of golf, movie or even a little shop.
Which reminds me, I went to an NLP seminar about a year or so ago. At that seminar, we all were trained to react on the sound of a bell by standing up and shouting “I love to pay my bills!” - and it is with gratitude that I am able to pay my credit card bills - in advance these days…
At which juncture I now have all three signals of my long and am 20 pips in to profit.
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Now we have hit the 2.03360 target I have just mentioned.
Actually I am out of the trade by limit order…
20 points profit. Nice.
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