Towards the end of February of 2015, I started a demo account to experiment with trading forex on the one-hour chart frame. I wanted to see if trading the one-hour charts was easier than trading the lower time-frames I had been accustomed to trading. I trade with a fixed 0.1 lot on every single trade, and the stop never exceeded 50 pips. I try to take profit at support and resistance levels that I deem relevant, and that are also at least 100-150 pips away from my entry point. I also move my stop to break-even after a trade goes about 40-50 pips in my favor, sometimes sooner, if price is approaching a technically important level. The moving of the stop to break-even is very subjective and it is difficult to give any specific rules/criteria for how I go about doing this, call it instinct. Most trades were taken in accordance with specific candlestick formations that I have previously described in my
forex trading videos. I have posted the trading statement bellow that shows all the trades since the start of the trading account. The account was started with an initial demo deposit of $3000, the account currently stands at $3933.64.
Lessons Learned:Trading the higher time-frames does have many advantages; you don't get bored as much; you have more free time to do other things; not as stressful
. I have been staring at the chart for several year now, and it seems that candlestick patterns are a lot more predictable on the higher time-frames. The same patterns also work on 5-10-15 charts, but it seems to me that the one hour candlestick patterns seem to be more reliable. Maybe its the fact that everyone sees the same thing!
Full Statement:
https://www.dropbox.com/s/hwuzu2i29nfpv7u/DetailedStatement.htm?dl=0
