hi @Pharley what time frame you trade?? some people said daily chart is most accurate to predict the price action.. but sometimes i lost the moment to entry the market...how do you think about it?
I use the weekly charts and zoom out. Then I draw major support/resistance (supply/demand) areas.
Then when price gets near those I go to daily charts - I want to see set ups on the daily - pins bars, engulfing etc, but always at these areas.
Entries are taken off the daily or 4 hr charts. Most often on 50% retracements, or retracements back to minor support/resistance areas (taken off 4 hr charts).
As I look across perhaps 10 pairs, there is normally something happening not far away. If I want some more action (and can have some time in front of screen), I take the 4hr charts, draw S/R areas, and trade the 15m or 1 hr chart.
But when I'm in a trade, it's how I go about it that produces huge gains. If I'm entering off major S/R, then I enter multiple times during a run. In effect for a run of say 500 pips, I can gain double, triple or 4 times that amount of pips.
The key thing to this is risk management and how I manage it. Targets are determined by major S/R areas but risk mgt during the trades is absolutely crucial. I keep risk at a minimal level at all times, no matter how many trades I've entered on a run. If my risk is 3%, then even with 5 trades open, my risk is still 3%.
By doing this and using price action (S/R, channels, candlesticks) I can normally get 50% gain on the account during a run.
Now I've taken off my cTrader account from myfxbook, as it kept producing the wrong figures - showing a 99% loss when I'd actually gained 60 pips etc. Otherwise I'd show it - perhaps I'll link it again. I changed brokers 6 weeks ago so decided to start myfxbook and the account is currently up about 210% during the 6 weeks which I'm really pleased with. And that's not taking any more risk than normal.
You really don't need to take big risks to get big gains - you jut need to work out the way to enter multiple times, protect the gains you get, manage the risk and manage the trades. Once you know how to do it, you're always on the lookout for those types of runs. I've a thread on forex factory explaining how to do.