I'm not going to give you a system, but I will give you a framework by which you can stop being a muppet and stop losing money.
There are a million ways to make a million dollars, and looking at chart patterns is not one of them (else you wouldn't be reading this). This approach is just a simple thesis to get you off the muppet train and into a positive P&L.
1. Look for an artificial move, either a clump of shorts/long that goes against common wisdom and all fundamentals (Bloomberg, Financial Times, and whatever else muppets who lose money read, are NOT fundamentals). Look within a one week time horizon. E.g. all fundamentals point to EURUSD going long, but pair went short for the week.
2. Look for either confirmation that 1. wasn't an artificial move (trend keeps going) or for traders taking profit. Because we can't see volume in an OTC market, we'll have to use price action to make an educated guess as to whether the price movement indicates profit taking or not.
3. Use the dumb f*ck money going in the artificial direction (that has now ended) as liquidity to take the other side of the trade. I find the 62 fib presents a pretty good price.
4. Use the dumb f*ck money jumping at the end of your move as liquidity to get out of the trade.
The bread and butter of this approach put simply is to find price imbalances from short term, artificial moves. I find that depending on volatility, you can be in and out of a trade between 3 days - 6 weeks. Perfect for the short term trader.
Attached example of 2 weeks ago on USDCAD. You get your 3:1 in just over a week, which from a stress point of view, is pretty damn great.
There are a million ways to make a million dollars, and looking at chart patterns is not one of them (else you wouldn't be reading this). This approach is just a simple thesis to get you off the muppet train and into a positive P&L.
1. Look for an artificial move, either a clump of shorts/long that goes against common wisdom and all fundamentals (Bloomberg, Financial Times, and whatever else muppets who lose money read, are NOT fundamentals). Look within a one week time horizon. E.g. all fundamentals point to EURUSD going long, but pair went short for the week.
2. Look for either confirmation that 1. wasn't an artificial move (trend keeps going) or for traders taking profit. Because we can't see volume in an OTC market, we'll have to use price action to make an educated guess as to whether the price movement indicates profit taking or not.
3. Use the dumb f*ck money going in the artificial direction (that has now ended) as liquidity to take the other side of the trade. I find the 62 fib presents a pretty good price.
4. Use the dumb f*ck money jumping at the end of your move as liquidity to get out of the trade.
The bread and butter of this approach put simply is to find price imbalances from short term, artificial moves. I find that depending on volatility, you can be in and out of a trade between 3 days - 6 weeks. Perfect for the short term trader.
Attached example of 2 weeks ago on USDCAD. You get your 3:1 in just over a week, which from a stress point of view, is pretty damn great.