I am in a long now, with a rather big stop (but risk is still 1% max and I will take partial losses if trade goes against me). Targeting the thick green grid level. Doesn't look very promissing at the moment, but that's what I see.
Update: Took half the load off at +13 pips and moved stop up:
Attached Image (click to enlarge)
Final update: Closed +10 on second part. If it's not doing what you expected it to do, it's probably going to do the opposite
Just thinking about how traders are all interested in making as many pips as possible. And I was wondering: is that your goal? is that why you started trading? to make pips? do these pips pay your bills?
Let me expand on that. Let's say trader Joe uses a fixed 50 pip stop loss, risks 1% per trade, and makes 2000 pips a month. That would be over 40% growth. Trader Bill, on the other hand, places his stops in strategic places, and it varies between 10 and 20 pips, so an average of 15 pips SL. Risk is still 1% per trade. He makes 600 pips a month. Guess what? He makes the same amount of money as mister Joe. Pips are less than half of what Joe has, but does that really matter?
My advice is: think in percentage gain rather than pips, BUT NEVER FOCUS ON IT. When you start entering trades based on your greed, you will not get too far...
Typical Grid trade after a few Effort With No Results patterns on the M5, M15, H1, signaling a top on the EURUSD. Sold as price was holding below the red grid level. Perfect exit at grid levels intersection
Just thought I'd share today's live trade, an example of how you can use multiple timeframes along with my free Planetary Square of Nine indicator (you can get it from the Market Tides website) and the Sacred Grid.
Useless to explain what happened later with the EURO . More details coming up in the following month. I have been working on this idea since two years ago and it is shaping up.