We are up 30% since the start and 21% so far this year.
Over my holidays I read all eight trading books by Laurentiu Damir. Seven of which are short e-books written about four years ago. He teaches simple, conservative trades. His more recent book ‘Price Action Breakdown’ provides a good trading concept.
Laurentiu recommends the higher timeframe charts – such as 4-hour or daily charts. This, as he explains, is because of the effect that multiple news events throughout most days has on the lower (such as 5 minutes) time frame charts.
Laurentiu teaches reading a chart that is a time frame appropriately above your price action chart. For example, He would take the ‘bigger picture’ from the daily chart but use the 4-hour chart for price action set-ups.
We use (and reading between the lines I think Laurentiu does too because trading is what he does) the 1-hour chart for market cycle and the 5-minute chart for our price action – and we keep a good eye on the news events that can affect us.
As Laurentiu explains: the thing with trading is that all of this is a guide. Flexibility based around a solid concept is key. It may be the 1-hour chart but on the day it may be the 30-minute chart. Price action may be 5-minutes but again this may be from the 15-minute or even the 3-minute chart. It’s whatever fits.
We cannot trade by numbers and be successful, we have to know and understand a lot and, of course, practise a lot – then keep it simple and adapt.