There's been some talk of pyramiding positions here, and I wanted to throw out an idea of mine for good entry schemes in order to achieve maximum pips by pyramiding.
The idea is to wait for a trend to develop on your 4-hour(3-hour) chart. Then get on your 1-hour chart and get some nice entries.
Look at this post Christmas example of EUR/USD.
On the 3-hour chart, an uptrend just formed. It looks pretty nice and it's pretty obvious what's happening. Then zoom to the 1-hour chart and look at the nice entries you would have. Of course this is an ideal example, but pyramid away if you can
Also, if you can stay around a while, why not 30 minute entries, or possibly even 15-minute. You would only want to trade with the trend assuming it is strong, you would do pretty well with multiple positions focusing on one or two pairs. Personally, I don't have time for this, but I'm just throwing it out there.
Another thing, applying the strong trend filter, that is waiting for a trend to develop, could result in higher probability trades if we were just to trade as normal without multiple timeframes except only with the most recent strong trend.
Best of luck,
Kevin
PS. Don't PM me about indicators that would filter out bad trades! What is my thread called?!
The idea is to wait for a trend to develop on your 4-hour(3-hour) chart. Then get on your 1-hour chart and get some nice entries.
Look at this post Christmas example of EUR/USD.
On the 3-hour chart, an uptrend just formed. It looks pretty nice and it's pretty obvious what's happening. Then zoom to the 1-hour chart and look at the nice entries you would have. Of course this is an ideal example, but pyramid away if you can
Also, if you can stay around a while, why not 30 minute entries, or possibly even 15-minute. You would only want to trade with the trend assuming it is strong, you would do pretty well with multiple positions focusing on one or two pairs. Personally, I don't have time for this, but I'm just throwing it out there.
Another thing, applying the strong trend filter, that is waiting for a trend to develop, could result in higher probability trades if we were just to trade as normal without multiple timeframes except only with the most recent strong trend.
Best of luck,
Kevin
PS. Don't PM me about indicators that would filter out bad trades! What is my thread called?!