I've been trading for 10 years and nothing to show for. I lack discipline and wisdom and maybe intelligence. I have resources and am resourceful. So my focus is on accumulating big wins and small losses. Strategy is trading high low of daily candlestick. Setup is buy strength when price crosses and close on the high of day and buy weakness if price does a pullback before or near the high of the day. Entry is place a buy limit of the high of the 2nd candlestick after the first had cross and close above it. Stop-loss is at the low of the first candlestick....
Ignored
Actually 10 years shouldn't be considered newbie...........
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Joined May 2013
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Status: Conscious Incompetence
|127 Posts
I left off early because I've stretched my limit on money management.
I don't think Asian session offer any reversal as they have always been pretty conservative and not as testosterone driven with deep pockets as the EUR or US.
I'll remember the session.
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You're going to pay a price for every bloody thing you do and don't do
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Joined May 2013
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Status: Conscious Incompetence
|127 Posts
If you are trading and the market goes against you. Be objective.
If you are trading and realise your trade is not going anywhere. Leverage on market behaviour.
Today I learn about session behaviour. Especially when it comes to Asian sessions. Just before Sydney closes.
Asian will not change status quo. So if there is a pullback due to session change from Sydney open to Tokyo open. Its merely a pullback. If there is a London close to New York open. Its only a pullback. This is not cast in stone as news releases does put new ideas into traders.
Next time your losing trade turn profitable. Be objective, wanna breakeven or cut your profits? Anticipate market turns at big hours like London open or Sydney closes. Hold on to your profits then.
You're going to pay a price for every bloody thing you do and don't do
