with renewed appreciation for what I am already doing, I begin the process of working on a different setup for the Japan open. Why a new system? Still looking for ways to trade effectively a daily chart. What I am working on comes from a trader I ran accross in one of my online searches for a daily. The trader didn't apply his method to the forex but it got me thinking.
Today, spending the day in a trading class validated the basic premise of what I am thinking about. Now to work on the risk reward parameters and what makes a good entry and so forth. This is so raw that it will take quite a while for me to come to trust what I am working on. Basically though it is a gap open system. Now creating a gap open in the forex is an interesting thought given that it is a 24 hour market.
I only made one small trade today while sitting in the classroom. One that was exactly the opposite of what the instructor was talking about - he he he I loved it. To be sure though, the trade was totally within my parameters and what I look for, Neg divergence at a pivot point. I have to give the instructor his credit - what he talked about a couple of years ago was the basis for what I look for - 80% of the time the market is range bound and forms a daily high or low during the new york session, respect 50's and 00's and look for price action to give you the highest probability trades.
Today, spending the day in a trading class validated the basic premise of what I am thinking about. Now to work on the risk reward parameters and what makes a good entry and so forth. This is so raw that it will take quite a while for me to come to trust what I am working on. Basically though it is a gap open system. Now creating a gap open in the forex is an interesting thought given that it is a 24 hour market.
I only made one small trade today while sitting in the classroom. One that was exactly the opposite of what the instructor was talking about - he he he I loved it. To be sure though, the trade was totally within my parameters and what I look for, Neg divergence at a pivot point. I have to give the instructor his credit - what he talked about a couple of years ago was the basis for what I look for - 80% of the time the market is range bound and forms a daily high or low during the new york session, respect 50's and 00's and look for price action to give you the highest probability trades.
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