Disliked{quote} no 5min (if volumes are low) and 15min(for better volumes), use the 1min to make sure you open in the right direction. eitherway - but which ever suits you.... correct RSI/ stoch must have crossed... infact its worth noting when I started trading this market i would always wait for the RSI to point at 2 oclock (long) or diving for 4 oçlock(short)... thats a sign some great movement is enroute. ps. i think this market could be traded on the 4HR /Daily but if you look at Daily ADR you would have to give your trade alot of breathing room and...Ignored
- #5,870
- Edited 5:24am Jul 9, 2020 2:03am | Edited 5:24am
- Joined Aug 2018 | Status: Trader | 343 Posts
{quote} Smartvin - would also like to hear what Marcus says - I don't find it profitable to trade the DAX any other time that the futures open (1 hour before London FX open) and onwards. The spread to profit ratio is just too bad at any other times for me....not saying a profit is not to be had outside these hours, just that the cost/profit ratio is whacked before London openings.
*To get a clear headsup of the spike that comes at market open you would need to be following the 1 minute RSI shows it few secs before* you can ride that wave
SEE ATTACHED - LIVE SPIKE AT 0900 on the dot 09/07/2020Avoiding the spike: Patience is key let the market confirm direction - Know the Support and resistance zones very important. (You can catch a fake breakout by checking the 1 minute, 5 min will also later alert you; dont hold on because 15min is hinting on a continuation signal. Been there got the T-shirt lol
Trade only decent size candles, confirm RSI has crossed and is pointing correctly mentioned above, look at TMMs are the volumes there; must be good volumes to go with the RSI . Now on the 5min a good size candle is good for 20 pips, on the 15 TF - 30pips. Now when youre banking your profits direction is confirmed, dont open another trade unless you've seen next candle looking good and RSI still looking good - retractions are part of the game; you will get caught on greed and be left holding something that is flying back the other way - or you'll be giving back your profits. Study price behaviour history it will show you the bounces or breaks at key zones.. (if you cant study previous history behavior then you will be unprepared to understand how this wild stallion behaves, which really is unpredictable, but you've got your instruments and thats all you need as R.H says fly them like a pilot uses his flying in fog/ mist or clouds)
WORD TO THE WISE -
Now the key to winning on this Asset (if youre able to give time 0900 - 11 & 12/1300 - 1530 GMT+2, if you look at price history you will see that there is good movement at these times - trade what you see on the indicators dont get sucked into trying to be clever about price direction. If you calculate catching 5 - 8 market moves going in and out "on each move" with precision i.e. even though there appears to be more PIPS on the move - humble you is happy to bank your 10 to 25 pips per move and wait for the next.... you can achieve what I believe this asset requires; which is "that you float like a butterfly and sting like a bee" the art is not to get sucked into looking for more!!! catch your confirmed signals, then wait for your next opportunity after retraction etc... you will need a firm and solid plan, YOUR rules that you learnt in demo mode, that you will follow religiously. we lose money when we break our rules, always know that!
This is why on this wild horse asset: if you can not control yourself and grab your greed by the scruff of the neck this asset is not for you, forget about what you read that you need to ride youre winners theres no time here unless youre trading with a trailing stop / profit lock indicator that you just keeping opening and it will lock pips and protect your balance at the same time ive played with many and none are able to catch pips in profit and lock erm in the movement is quite fast for these indicators to work, however they will act like a stop loss giving you 1 - 4 pips profit.... I managed once but i found I wasnt able to bank efficiently as Id like so I do it manual.
Sorry for the long message once again, but I feel its my duty to mention the above for anyone considering this asset. i felt it only fair to share my findings maybe it can also be of some use to someone, because i saw conditions on other assets for the time being is bad so this is where I am...lol
Best of luck - Trade Safe.
PS. Heres a daily Profit idea, test in demo mode catching the confirmed trend and direction between 09 00 - 12 00 , aim to bank 20 - 30 pips which will most likely be 2 trades if you bank like I do once direction is confirmed and the asset is moving.... Open a lot size that is 5 - 7% your equity balance locking in 15pips per trade those 2 trades will give you 10% per day.
Trading the H4/ Daily I would do 5 to 10% per day, with this asset and strategy I'm able to do 20 - 25% per day, I'm just putting in the work to pull out the weeds (i.e. indiscipline) to follow the tweaking that ive made to the strategy, which ive shared here with you. Ive refined it over the last 3months and this info is the key to having the edge over this volatile asset.
The more you learn, the more you see
- #5,871
- Edited 4:30am Jul 9, 2020 4:01am | Edited 4:30am
- Joined Aug 2018 | Status: Trader | 343 Posts
{quote} 100 Correct. German market open 0900 GMT +2 (well from an hour before that there is good movement too). ..... {image}
Anyway; Proof of the results behind the strategy, using only RH indies.... and the ideas shared of how Im trading it now... so basically you have my last 3 months research to help lol
, i pray this may be useful to you too good luck & god bless.Trade Well.
The more you learn, the more you see
