Made GBPJPY trades (Asian Session) strictly on trending momentum vs. looking for 100 pips opportunity setups (wasn't convinced of continuing upside potential above R2). Closed positions when momentum stalled. Last trade (GBPUSD) entered when price reversed to the downside. 2 charts, trades summary
If you've gone back through my charts, you noticed I've been trading the GBPJPY almost exclusively. I started playing with the GBPUSD only recently. I could return to GBPJPY at any time. The only advantage with GBPUSD (or the other majors) is that the spread is half the cost, which might be a consideration if you're fairly new to forex, or your stake is small. Otherwise everything's the same: trading is hard, not as hard other days, always hard; but same approach and strategy as used with GBPJPY. We're in a trendless environment for the moment, lot's of swings, chop. That means a trend is not far off, right around the corner.
Hey Greg, I'm a little confused, here your sayin you look to stoch and macd as momentum indicators, i thought only macd was consider a momentum indicator and stoch was consider an Oscillators indicators.
From reading all your post, my understanding is that your looking for trending momentum through looking at candles. and the indicators are used to confirm it.
ie consecutive bull or bear candles, or transition from consolidation/range periods into a clear trend of contrasting candles.
My advice is always use the indicators as you see fit and have come understand them so that how I use them won't confuse you. To me, stochastics and MACD are momentum indicators. Stochastics indicate whether the market is oversold or overbought, whether the market is moving up or down, and, depending on the slant and gap between the K period and D period lines, often how fast or slow price is moving in a particular time frame. P.S. Both MACD and stochastics are oscillators, oscillating up and down.
Nice trades on the sunday session Greg. I managed to catch the ride down from that spike up to R3. Also notice how the weekly is appearing at the moment - Clear double top and price continuing to move down. If i was long term trend trader i would be shorting and holding. Anyways keep up the good work.
I'm always just watch if they are overbought or oversold,cross overs, never thought to consider what you said. so the greater the slope and the bigger the gap means there's more momentum.
My advice is always use the indicators as you see fit and have come understand them so that how I use them won't confuse you. To me, stochastics and MACD are momentum indicators. Stochastics indicate whether the market is oversold or overbought, whether the market is moving up or down, and, depending on the slant and gap between the K period and D period lines, often how fast or slow price is moving in a particular time frame. ...
