NZDUSD SL hit, it was not a good setup.
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A very simple system - trade with arrow
- #6,603
- Feb 5, 2020 11:29am Feb 5, 2020 11:29am
- Joined Aug 2012 | Status: Trader | 18,665 Posts
the cautious seldom err....C
- #6,604
- Feb 5, 2020 11:35am Feb 5, 2020 11:35am
- Joined Aug 2012 | Status: Trader | 18,665 Posts
the cautious seldom err....C
- #6,607
- Edited 1:30pm Feb 5, 2020 1:02pm | Edited 1:30pm
{quote} its much trouble to ask you what pairs I should trade as a newbie for this method? I am trading emmanuel7788 pairs from here https://www.forexfactory.com/attachm...4&d=1563797020 its why I have gold too, because you told me to stay away from gold because its manipulated like oil I wil trade what pairs you tell me if you think it improve my profit results I am waiting for your advise
Important questions is whats your timetable for trading and time zone.I assume you are EU on GMT+1. That's my time zone ,so I have FO at 8 00,LO at 9 00 NYO at 14 00 and NYSE at 15 30.
I'll tell what I do with times.All times are GMT+1.
Usually I do not open trades before LO,however sometimes you can get nice scalp before that.If I open trade a after FO, 8 00,I always try to close it before LO 9 00.London boys are know for quick screwing trends on opening.
I usually do not open trades about noon till NYO, 14 00.I'll wait for NY guys,what's theirs intentions.
Another important hour is 16 00 (GMT+1).It's time when trends might to change. When NY guys have lunch 18 00,I usually do not enter trades,because is slow.Last time is after 20 00,when some move can happen.
I mostly waiting for new hour candle to enter trade.Always wait at least one 5M candle and I try to catch momentum on 1H candle entering on 5M TF.
IF there is quick spike, I always try it to get on spike,because they have tendency to retreat.They might move further in your direction,but in might take another hour or two.
I try to watch pairs with lowest spread.I stay away from all GBP pairs except cable,also NZD pairs don't work for me.
Check ADR on pairs.Pairs with higher ADR have tendency to give 10 pips pretty quick,but they always take them away much quicker
. Pairs with lower ADR you have to wait longer to get 10 pips,but you won;t loose them quick.Right now I watch, AUDCAD.AUDCHF,AUDJPY,AUDUSD,EURUSD,EURJPY,GBPUSD,USDCAD,USDJPY,DAX,UK100.
This week I did most my trades only on AUDJPY,EURAUD.EURJPY
Usually I pick up 2-4 pairs I find trending best on 1 H TF and watch them for chance to enter trade.When 1 aud pair is going to trend mostly all of them do,some stays for another "siblings",but I pick the one or 2 and stays with then.
Another important thing is money management,but I not sure if here is place to talk about it.
Today 3 trades 5% of my equity
Whether you think you can, or you think you can't,you're right. H.F.
{quote} emmanuels choice is good for 4h and daily TF. Important questions is whats your timetable for trading and time zone.I assume you are EU on GMT+1. That's my time zone ,so I have FO at 8 00,LO at 9 00 NYO at 14 00 and NYSE at 15 30. I'll tell what I do with times.All times are GMT+1. Usually I do not open trades before LO,however sometimes you can get nice scalp before that.If I open trade a after FO, 8 00,I always try to close it before LO 9 00.London boys are know for quick screwing trends on opening.
its very detail explanation
Iwould kill for 5% daily
emmanuel target is 20% per month if I dont mistaken
but its not discussion for this thread
- #6,609
- Feb 5, 2020 2:58pm Feb 5, 2020 2:58pm
{quote} thank you simply-me its very detail explanation Iwould kill for 5% daily
btw the 5% daily it's not that hard with this method and you don't have to risk more than 2% per trade.
Whether you think you can, or you think you can't,you're right. H.F.
