DislikedLondon's, it's also ranked like this(?): 1. AUDUSD (still the first?) 2. GER30 (what TF's better for DAX ?) 3. GBPUSD 4. USDJPY ...now I'm thinking to give a try to DAX (next to AUD) if you're saying is working smoothly on LondonIgnored
however do NOT trade the first 2 hour of Frankfurt (first hour London) !!
the volatility picks up dramatically, the setups usually still valid .. but if the Dax goes against you 100 pips in 1 minute .. that means you 300$ in the hole.
kind of a large risc for a 15-30$ trade
usually i trade the dax Gap .. (on another account) right if the bell sounds in Frankfurt, and then let it go for 2 hours ..
as the London opening will give it another punch .. .. after that .. its pretty much "normal" till the market closes ..
- avoid News of course (they are pretty much predictable, but thereis almost always a large swing in the oposite direction).
timeframwise ... after the big wave is over .. go in with M5 .. then zoom out to 15-30 till german afternoon) .. then back to M5
actually even the big swings are easy to capture .. but its going pretty fast, sometimes i draw the extension on the same candle ..
like watch the price pulls back ... draw extension .. and place pending order already .. and then just keep moving it with the price ..
many times i had +2% Trades in just 1 M5 candle
but that requires really serious attention.
also, also iam much better Shorting than Buying .. (also no clue why that is) as the setups work in both directions.
if i have 10 long and 10 short setups .. i usually take 8 of the short setups but only maybe 3 or so of the long setups.
usually the outcome for long and short is the same ... but i being alot more confident with going short.
it's maybe a psycological thing ... because i draw the extention anyway .. even if i not take the trade .. thats is good for training ..
especially the realtime drawing needs training ... if raw the extention .. and mark where you would have placed the order .. helps alot.
instead of the trade i just put a box there where the order would have been filled .. so i can see if the trade would be a winner or looser ..
see picture ..
helps alot.. especially if you draw the extention in unfinished candles, as afterwards there is no way to re-evaluate your entry reasons
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