Pips are still flowing reasonably easily.......the M1 is giving up pips and the M5 had a pretty good day yesterday.
Like anyone, I try to improve this system all the time. As the system stands, it does very well, but in ranging or consolidating markets, it struggles a bit. The M1 system I use handles these markets types pretty well, but some of the moves are fast and you have to be 'on the ball' if you are to exit some of the trades with a small loss, or a small profit if the PA turns back on you.....and it can do on the M1 charts.
Knowing when to trade and when to rest is another important point. I can't trade USA session, as most of you know, because that session doesn't start until 2am my time, but I imagine the following will apply there too.....someone can correct me if I'm wrong. Anyway.....the opening of the Asian market sometimes gives up pips......most often it doesn't give much, and sometimes it gives nothing.
If the first 2 hours of Asia gives up nothing......or even if it does give up pips, I close the platform and get on with other things in life. If there is any action in Asia, it will be all over after the first couple of hours.
I fire up my platform again about 1 hour before Frankfurt opens (Frankfurt open is 1 hour before London opens) and I keep trading until about 4 hours after London closes, which is 1am for me. It's about then that the market quietens down again until USA comes on line....but I'm asleep by then....zzzzzz.
Perhaps someone has identified a pattern to USA session???
So much for the market hours. Now we know that this system works, and works well during normal trending markets, but it struggles a bit during ranging/consolidating markets. We also know that trending markets only account for about 30% of the time (I think that's right), so that leaves us with 70% of the time we are trading in (more or less) unsuitable conditions.
What shall we do about it?
There are 2 options that I can see.
Option 1 is to trade the M1 charts as I do......but *only* during suitable market hours. You can't trade 24 hours because the market doesn't work that way. If you try, you'll lose....simple as that. You have to identify when the market regularly gives up pips in your time zone.
Option 2 is to modify the M5 system (if the M1 is too fast for you) to suit the conditions. Remember, the system as on page 1 is fine as it is......but how can we improve it for the current (crappy) conditions? Are you even trying????
I have found that by using Evals system, PLUS my (beloved) stochastic oscillator AND arrow AND SMA......AND MJ's Experimental Symphonie Spikes, I am getting some pretty good signals. I know that sounds like a lot of indi's on the charts, but actually it's not, and it's easy to read.
Yesterdays M5 gave up 106 pips pretty easily.....and about 85 pips of that was before NY open.
I have my charts set to a fixed 10 pip scale, so I will try and stitch together yesterdays charts with Photoshop to show you what I'm talking about.
Be right back
RJ
Like anyone, I try to improve this system all the time. As the system stands, it does very well, but in ranging or consolidating markets, it struggles a bit. The M1 system I use handles these markets types pretty well, but some of the moves are fast and you have to be 'on the ball' if you are to exit some of the trades with a small loss, or a small profit if the PA turns back on you.....and it can do on the M1 charts.
Knowing when to trade and when to rest is another important point. I can't trade USA session, as most of you know, because that session doesn't start until 2am my time, but I imagine the following will apply there too.....someone can correct me if I'm wrong. Anyway.....the opening of the Asian market sometimes gives up pips......most often it doesn't give much, and sometimes it gives nothing.
If the first 2 hours of Asia gives up nothing......or even if it does give up pips, I close the platform and get on with other things in life. If there is any action in Asia, it will be all over after the first couple of hours.
I fire up my platform again about 1 hour before Frankfurt opens (Frankfurt open is 1 hour before London opens) and I keep trading until about 4 hours after London closes, which is 1am for me. It's about then that the market quietens down again until USA comes on line....but I'm asleep by then....zzzzzz.
Perhaps someone has identified a pattern to USA session???
So much for the market hours. Now we know that this system works, and works well during normal trending markets, but it struggles a bit during ranging/consolidating markets. We also know that trending markets only account for about 30% of the time (I think that's right), so that leaves us with 70% of the time we are trading in (more or less) unsuitable conditions.
What shall we do about it?
There are 2 options that I can see.
Option 1 is to trade the M1 charts as I do......but *only* during suitable market hours. You can't trade 24 hours because the market doesn't work that way. If you try, you'll lose....simple as that. You have to identify when the market regularly gives up pips in your time zone.
Option 2 is to modify the M5 system (if the M1 is too fast for you) to suit the conditions. Remember, the system as on page 1 is fine as it is......but how can we improve it for the current (crappy) conditions? Are you even trying????
I have found that by using Evals system, PLUS my (beloved) stochastic oscillator AND arrow AND SMA......AND MJ's Experimental Symphonie Spikes, I am getting some pretty good signals. I know that sounds like a lot of indi's on the charts, but actually it's not, and it's easy to read.
Yesterdays M5 gave up 106 pips pretty easily.....and about 85 pips of that was before NY open.
I have my charts set to a fixed 10 pip scale, so I will try and stitch together yesterdays charts with Photoshop to show you what I'm talking about.
Be right back
RJ
Doing what you like is Freedom. Liking what you do is Happiness.