GBPJPY & GBNZD M5
So you made 15 pips on GBPJPY M5 - big deal! When I saw all that resistance on my chart I ran for the next pair. Yes you made 15 pips but it is not trend trading and repeating this will not put you in the "consistently profitable" column. What was your PLAN? If you haven't the time to devote your full attention to trading then don't trade! This looks like "desperation to trade"
4 pips loss on GBPNZD? You deserved more! Why would you BUY INTO RESISTANCE?
In both cases, there is NO TREND ESTABLISHED to trade pull backs on!
Being in PST, you have the same problem as I when trading M5 which is why I WAIT for New York to CONTINUE the TREND ESTABLISHED by London. If New York does not continue the established London trend then it is NO TRADE for me.
In my early days on M5 with PASR I did exactly what you are doing and ended up in the LOSERS column. This is why I now have a strategy with rules for MY M5 trading in PST.
Disliked{quote} Closed them before targets. Heading out for work. GBPJPY 15 pip gain {image} {image} GBPNZD 4 pip loss {image} {image}Ignored
4 pips loss on GBPNZD? You deserved more! Why would you BUY INTO RESISTANCE?
In both cases, there is NO TREND ESTABLISHED to trade pull backs on!
Being in PST, you have the same problem as I when trading M5 which is why I WAIT for New York to CONTINUE the TREND ESTABLISHED by London. If New York does not continue the established London trend then it is NO TRADE for me.
In my early days on M5 with PASR I did exactly what you are doing and ended up in the LOSERS column. This is why I now have a strategy with rules for MY M5 trading in PST.
15 YEARS OF PASR ON FOREX FACTORY!
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