Hey James,

I like how you are using multi time frame analysis to get a feel for the overall markets and then using the shorter term timeframes to pick your entry point. I also like how you seem to have an entry point and level picked out before your stop before you enter the trade.

You actually sound like you have traded before, are you new to trading in general or just to the FX Markets?

For the EUR/USD trade what I don't see in your explanation is a target for the trade. It sounds like you may have just been trading the break and then bumping the stop up behind it as it moved in your favor. While I like managing the trade like that personally I like to have a target picked out so I know when to pass on trades that present a poor risk/reward. It does n't have to be a hard target since in this instance if I were trading your style I would be bumping my stop up behind it so I could let it run past the target but would be taken out on the stop if it traded against me.

I personally also feel that the 1 minute timeframe is a little too minute for indicators to be the only one that you use it on. I would like to have confirmation on at least the 5 min if not the 15 as well for any indicator I was basing my decision on.

Outside of that, assuming you did not breach any of the money management rules that I outline in module 6 of the basics of trading course, then I personally feel that this is a broad overview of a good strategy.

Same goes for the USD/JPY trade. Anytime you would like to post your analysis and trades as you have here I would love to have the opportunity to follow your progress as I am sure the community would benifit from watching you develop your style as well.

If there is anything I can do to help let me know.

Best Regards,
Dave

***Disclaimer: All of my posts are for educational purposes only. I am not an investment or trading adviser so please do your own research before entering any live trades.