Nancy,
Thx for you thorough analysis of my charts.I like your idea to wait for open to be above/below MA and Pivot Point.
The reason I'm trading 5min timeframe is fact that I'm heavily undercapitalized I'm trading minilot just to get knowledge.I agree that higher timeframes are better,less volatilited and clearer to trade however I can't afford to have stop-loss bigger than lets say 20-30pips.I mean,I can but it is against reasonable Money Management and Profit/Risk ratio.
The other problem is fact that all these paterns fullfilled AFTER I placed my order so at that point I couldn't have known that it will be 1-2-3 pattern but I agree,it was too early to trade,especially near such strong support as 114.00 psychological level and 113.99 fib
Thx Nancy
P.S
http://img413.imageshack.us/img413/3307/usdjpy3xr5.gif
Here is a trendline I draw.It shows current situation - I think it is quite important one but I would like to know how you define breakout of such trendline ?
Do you look at 5,15,30 timeframe ? I know that the minimum is CLOSE below it (or even OPEN but what timeframe you look at ?
Remember that I'm minilot man So confirmation on 1h-4h chart are not for me
Thx for you thorough analysis of my charts.I like your idea to wait for open to be above/below MA and Pivot Point.
The reason I'm trading 5min timeframe is fact that I'm heavily undercapitalized I'm trading minilot just to get knowledge.I agree that higher timeframes are better,less volatilited and clearer to trade however I can't afford to have stop-loss bigger than lets say 20-30pips.I mean,I can but it is against reasonable Money Management and Profit/Risk ratio.
The other problem is fact that all these paterns fullfilled AFTER I placed my order so at that point I couldn't have known that it will be 1-2-3 pattern but I agree,it was too early to trade,especially near such strong support as 114.00 psychological level and 113.99 fib
Thx Nancy
P.S
http://img413.imageshack.us/img413/3307/usdjpy3xr5.gif
Here is a trendline I draw.It shows current situation - I think it is quite important one but I would like to know how you define breakout of such trendline ?
Do you look at 5,15,30 timeframe ? I know that the minimum is CLOSE below it (or even OPEN but what timeframe you look at ?
Remember that I'm minilot man So confirmation on 1h-4h chart are not for me