After my losses this morning I have been looking at another indicator (Stochastic) as many of you will know this is more of a true indicator as it is leading where most of the other indicators that are used (MACD for instance) are lagging indicators.
Had I used the stochastic indicator earlier today, I may not have incurred the losses that I did. As many of you know this indicator shows oversold and overbought levels. Again had I used this indicator on my earlier trades the one trade that I did win, I would have got out with the maximum available pips (22).
Do you really want to see the charts...? Oh go on then rub it in.
After this I did not trade for the rest of the day. I was watching some very nice trending and I predicted 2 further trades. One long for 15 pips and the other for 30.
As I was not around for either of these trades I did not enter
Predicted trade 1 was long at 16290 – 16305, this trade started at 09:35 and would have been finished at 10:05.
Predicted trade 2 was short at 16270 – 16240, this trade started at 15:00 and would have been finished at 15:10.
I have shut down my trading station for the evening and am off to learn Fibonacci Retracements.
To your Trading Success.
The Investor Guru
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