greengp, great how you trade, I like so much because no indicators and profitable, just still don't know like you draw lines of consolidation, mean how many attemps and pullback we need for draw line
greengp, great how you trade, I like so much because no indicators and profitable, just still don't know like you draw lines of consolidation, mean how many attemps and pullback we need for draw line
Ignored
There is nothing just keep quite let them uprise or down and draw the lines and take that big jump that it all matters
I considered getting in around the 1.1697 area or somewhere around there but was waiting on all of the news to settle down. I ended up taking a nice EJ sell down for +40 though it ran to my initial target of +57. I had to leave and didn't want to get stuck in a trade over the weekend. Never let a winner turn into a loser :-)
Bring in that big boys attitude in your trading. Who are those big boys could be bank/financial Instituation/big time investor/news/country/POLITICS/ etc
Read their mind through your chart and the way they moved and the possible way they could move and u move accordingley
Having said that how I read their mind step one
starting from M5 chart spot those big candle either bull/bear and check in that M5 how further away or further down they travelled.Those travel up or down again draw the line whcih is basically will be the support or reisestnce for you to pull out that 10 pip
As soon as you open your computer dont use your mouse to click the buy or sell
Even M5 chart could be daunting for you or you are bored with it and those are the times we can call as consolidation means no one has taken the view or the direction. These is the time you have to move just above M5 to M15 or M 30 or to H1 or to H4 or even daily and analyse
if you are in EU trader for 24 hours or that matter of any currencey for 24 hours it is easy pizzey(I LOVE THAT PHRASE)
Try to go in one direction to get that maximum out of that situation
Stop loss very important
additional order if you are dam right will bring in u more money. Start with small order and then add more on to it . do not glare in your computer screen that I am happy I got 10 pip be alert to pump in that situation to create more qty within ur budget
What are thoese additional order nothing but retracement . Retracement does not mean that the price is going to fall down/move up at great length
Say for eg there is no news on everyday basis for companies like google/apple . The news for them could be monthley or 3 months basis result or one of the big gun went away from that company and the market panicked and we take the advantage. No Indivdual is important for the comapany it will run even without him because they have the basic foundation to move
The news is created on an hour to hour basis . You know what are those news
I put a buy order it got clicked and I saw 1 pip green and I went for a smoke and it got vanished/ Your chart view is not correct
I got up from the bed and i saw the EU went up or down by 20 pip shit I should have been their /Then these the time you have to be alert and look out for that retracement
I got Pizzed on that day say last thursday the EU went up by 100 pip and I was not in my trading desk because I went with my girl friend or famley outing.Not to worrey you have another day in ur trading desk
Sorry for my english or spelling
Every trader has a day/
Confidence/ Practice/ patience is very important in forex
