Hi Travpip,
I've seen the market change in the last two and half months. From September through January, there were clean, compelling 100 pips trades every session, and I often executed my trades and walked away, with a stop loss set at breakeven, and a profit limit stop set to my target.
I agree, the market is tougher now. For example, if you look at the daily chart, you'll notice GBPJPY has been trendless for ten days. That means momentum is slower: as a result there are many more pullbacks, chop, etc. So I have to pick my trades more carefully. I frequently need to be be ready to jump out before price reaches my target because of pullbacks, etc., and then to reenter if things look right again (i.e., trade has returned to progressing with momentum to target).
Under the current market conditions I cannot just walk away, I have to stay at the computer. (Maybe I could have walked from the trade off the channel high yesterday evening once I was to the good 60 pips or so, thus allowing enough room to be safe from a deep pullback. But I didn't get in until price was about to drop below the CPP. Lot's of pullbacks on the way down to S1).
Greg
I've seen the market change in the last two and half months. From September through January, there were clean, compelling 100 pips trades every session, and I often executed my trades and walked away, with a stop loss set at breakeven, and a profit limit stop set to my target.
I agree, the market is tougher now. For example, if you look at the daily chart, you'll notice GBPJPY has been trendless for ten days. That means momentum is slower: as a result there are many more pullbacks, chop, etc. So I have to pick my trades more carefully. I frequently need to be be ready to jump out before price reaches my target because of pullbacks, etc., and then to reenter if things look right again (i.e., trade has returned to progressing with momentum to target).
Under the current market conditions I cannot just walk away, I have to stay at the computer. (Maybe I could have walked from the trade off the channel high yesterday evening once I was to the good 60 pips or so, thus allowing enough room to be safe from a deep pullback. But I didn't get in until price was about to drop below the CPP. Lot's of pullbacks on the way down to S1).
Greg