Pft
Notes
The first weekly updated statement has been posted. Once or twice a week, I will also post personal notes I make of how and why PTF results were affected.
Even though my USD/JPY short position is positive, I made a mistake taking this position, as well as the NZD/JPY position. Due to the nature of the Japanese economy, I will always only sell JPY against any other currency from now on.
No stop losses were set because, as you can see, the currency pairs' prices have not come even close to the difference between the most top and most bottom line.
Ok, I updated my statement. Check WeeklyUpdatedStatement.zip in first post. I appologise for not posting it earlier, but for the past two weeks I have been moving myself from the midwest to the west coast. Things have finally settled down a bit. Hence you get my updated statement.
I will only post my charts and trades if someone requests them as I am too lazy to save and zip all my charts.
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Power of Four Theory:
Choose any currency pair...
1. Open price chart with time frame bigger than or equal to H1 such that you can read 4 weeks of data on.
2. Identify support and resistance.
3. Calculate: High (resistance) - Low (support) = Stop Loss
Stop Loss / 4 = Pips Targeted
Stop Loss / 5 = Consequent Entry Orders
4. Switch to Daily, Weekly and Monthly chart. Long term trend? Long term oscillations?
a) If the currency pair has a long term trend, trade only in direction of long term trend when price gets close to the support/resistance the time frame you chose in step 1.
b) If long term charts show oscillations, pick one direction and enter trade when price gets to support/resistance.
I will post results and entries every Sunday between 23:00 and 00:00 PST.