I started putting positions like suggested in this thread. You need to put in positions at 5 p.m. EST and basically wait what happens.
Someone mentions in that thread that you shouldn't trade in a ranging market and after a few days I see why. I put the positions in with USD/JPY and have been moderately successful.
1.Would you step out of the market when it starts to range? Or better: you made a small profit (lets say 14 pips) and it starts to range, would you take the profit?
2. If you put in orders with a fixed time frame (put in order on 8/16 at 1700 pm and let it end 8/17 at 1700 pm), will MT4 just end the position with the profit or should it have taken the t/p first and you end up with nothing?
3. Based on what candle do you decide the market ranges? So far I've been watching H4 and step back to H1 and M15 to make a decision. (Assuming that you put in positions that run for 24 hrs)
Thanks!!
Someone mentions in that thread that you shouldn't trade in a ranging market and after a few days I see why. I put the positions in with USD/JPY and have been moderately successful.
1.Would you step out of the market when it starts to range? Or better: you made a small profit (lets say 14 pips) and it starts to range, would you take the profit?
2. If you put in orders with a fixed time frame (put in order on 8/16 at 1700 pm and let it end 8/17 at 1700 pm), will MT4 just end the position with the profit or should it have taken the t/p first and you end up with nothing?
3. Based on what candle do you decide the market ranges? So far I've been watching H4 and step back to H1 and M15 to make a decision. (Assuming that you put in positions that run for 24 hrs)
Thanks!!
Argue for your limitations, and sure enough, they're yours. Richard Bach