I call it PositionFX
I developed this approach to intraday trading about 6 years ago and since then I have been using it successfully. It combines some elements of different technical analysis and old well known strategies as pivot points. Since it's a intraday trading We would like predict daily support and resistance levels. Same as floor traders do. Although system generates few signals every day I pick only ones with biggest probability to success - I trade only when odds are on my side along with market geometry and major trends. After all forex is a game of probabilities and We risk with Our own money.
Time frames and indicators
It's an intraday trading. I focus on single sessions. I feel most comfortable at 15 min charts but I keep an eye on everything from 1 min to daily charts.
This is how my work chart look like. Although I keep my main account with one of well known ECN broker I use MetaTrader software for my analysis (I have one account with MT4 broker also - one you can see in register users area). I simply don't like java based charts. I should mention that I stay away from all major news realesses, although they generate big movements its more like a lottery then investing.
Money Management
The idea is to minimize risk. Don't take every trade. Over trading is one of the reasons why traders often fail. Patience and experience are necessary. Even thou my stops are hit from time to time I still prefer to keep them narrow. Losing is calculated part of the game and that's why even best strategy will fail without proper risk management. There are plenty money management systems more or less sophisticated - I like the simplest one. My risk is 0.5% of my account on given trade. It gives me peace of mind that I can sustain few loses in a row until I must rethink my strategy. Right money management and understanding my system allows me to trade with great deal of confidence and profit from it.
