Some suggestions for you.
You could open an account with $150 at VantageFx.
A True ECN account has 0.2+ pips spread and 0.4 pips commission, so you would have a total of 0.6-0.8 pips on a round trip on EUR.
Also, their margin call level is starting at 80%, not 100%, and you can choose your own leverage. They also open earlier and close later than most other brokers.
While you are learning, use 1:100.
The image shows configuration ideas.
That’s all for now,
The one size fits all is the furthest thing from my thinking.
I have traded Natual Gas, Stocks, ETFs, Futures, weekly options and a number of Forex pairs, and I know that they have nothing in common.
I try to capitalize on my familiarity with EUR/USD as well as its way below 1 pip cost. I specialize.
I don’t care for anybody’s models that I have no understanding of. I invent mine.
Here you can see on one chart what it would eventually lead to if you are trying to hedge apples with oranges. There was a good documentary online, but cant’ find it now.
Try to get this concept of Wave 5 making a beat over Wave 3.
Price stops progressing at the end of Wave 3. Inertia carries it a bit further on a back test, but the size of the beat rarely exceeds 16 pips or 1/2 fluctuation size.
So, when you see a Wave 4 print with the lower low on RSI, you know what is about to happen, and have an approximate expectation of where price is likely to fail moving any further.Picture the 3 above the last swing high and add 16 pips.
Look at your 15 minute chart and identify the measuring leg, the divergent leg and the beat that make up wave 5.
Also check the exhaustion print on the daily CI with 7,1,7 settings. Exhaustion + beat = turn
Remember what I said when you have a wave 3 and wave 4 printed, how to estimate the target?
There are 16, 26, and 36-pips beats. 16, is the most common, 26 is the second.