Based on the trading experience in the past few weeks I change my strategy as it follows:
1. Instead of the forex majors I will focus on currency pairs that are ‘native’ for the European trading hours. The reason for this is that due to the 24-hour market trading in currencies I often get stopped out in the Asian trading hours just to see that the price continues in the trade’s direction. I am still doing some analysis which European currency pairs I should put on my watchlist.
2. After analyzing my trades I noticed that after I enter into a position I keep monitoring the trade in the lowest timeframe which results an early exit on both sides. Either the stop level is too tight knocking me out too early or the profit taking is too soon leaving me out from the bulk of a profitable price movement.
3. Even though my trading strategy is discretionary I’m still handling my exits too much like a system. I change for more ‘loose’ stop exits to see if I can improve my gain/loss ratio.