Trading with range bars ichimoku cloud & awesome oscillator

Truthfully I would recommend a little more patience. Was this you r first trade of the day? Only trade of the day?

That's right; first and only forex trade ever

Eur/Aud was generally very slow today showing no real bias today after yesterdays bearish move in other words consolidating. So generally what is available would be small range bound moves. You will be better off trading pairs that are showing some volume and more consistent movement,
Also you can trade range bound pairs but in this case the range today is about 35 pips not large enough, I would say minimum of 50+ pips is workable.

In that case you need to let some early trades run using your full stops. Just do it trading micro lots so your losses/wins are small and you learn to deal with emotions of trading.
After you get more used to dealing with those emotions you can start increasing lot sizes slowly. People I teach I generally start at .1 lots then increase them slowly .1 at a time till they are ready for full lots.

Thank you Rocky!

You are welcome Minnesota, hang in there be patient.

My last trade with this hit breakeven SL.

A losing Dax morning ( finished at 10 am UK time )
I get them regularly but still resent them

Turnip,

This is why I mark the 1st 5 min high/midpoint/low and 1st 60 min high/close/low (aka Clayburg Lines) of the first trading hour of any futures contract I trade. Why? Statistics! You'll know the running average over, say, the last 20 trading days of each range so you can track what is typical and what is not for your market. You'll get a better sense sooner of the kind of day you're in for (volatility-wise). There's a "battle" in the 1st 5 mins of the open for dominance and the first hour high and low tend to be defended before larger breakouts occur. Many big funds in the US will sit out the first 30-60 mins.

There are other benefits. For example, I put them on the 3 e-minis I trade: NQ, YM and RTY (Russell 2K). I can quickly see how in-sync they are for any highly correlated trend run based on what price has done and where it currently is in relation to these lines on their respective charts. I may start out the day trading one e-mini but switch simply based on a quick look at what price is doing in relation to these lines on one of the other's charts.

[You can lookup Clayburg Lines on the Internet, but I don't use them the way they describe. I mention the actual name for crediting purposes, not to shift attention away from RP's stuff. I don't care how they were originally intended to be used. I know what they're good for...for me. I guess you could call this the futures version of the currency pairs "power meter" you guys look at but a little more detailed in what it can show.]

Hooray for the Dow - bad UK morning on Dax but better afternoon ( UK time) on Dow.

Just looking at the way price was stuck in there pre KO told you it was going to be a stinker (I said as much in Billy's thread). It happens but it's usually easy enough to see it coming..

Didn't get stopped out this time; closed the trade for a 1 pip loss. EURUSD wasn't moving and I got tired of waiting

Its hard to trade pairs where volume is so low. You need to trade more active pairs.

When you trade you will get whipsawed, but when a pair is that slow its like a slow death.

Heres a chart with tradeable volume and price action

Forgot Minnesota as to your Pm use the cloud as support and resistance areas for exiting trades, you can exit if price enters cloud or breaks through the cloud.

Glad to see u back and the lions didn't get u Rockypoint.......... I have a question as to your previous post and the determination of volume. I am supposing you determine it by the timescale on the bottom of the charts and the actual difference /interval between the values forming(hence a slow or fast chart). Do you have a rough figure /value you look for in determining the volume. Also the height of the awesome oscillator gives an indication as to volume,is this so?
Cheers

Great Advice! Thank you Rocky!

Hey rockypoint,

Appreciate your advice throughout the thread. Is it possible for MT4 to display tick data?

Awesome oscillator is similar to MACD its moving average based the 5 and 34 to be exact. So height of bars is showing separation between the moving avgs. not volume
I have no idea if mt4 has any tick data I have never used the platform. Maybe others here would know.
I have no specific numbers for determining volume for it visual. Btw I will trade slow charts with one condition there is a trend showing.

Eur/Jpy Chart when opened clearly shows over 24 hr period very slow.
Eur/Cad shows medium volume
Eur/Aud show medium volume and price action you should not trade, example of an ugly chart.
Gbp/Cad volume is fine, not a great trading charts has a trend but very twitchy. Tradeable but many people especially noobs would find the back and forth stressful.