DislikedHey Pip Dawg,
Talking of overnight trades ...did you waited for the pullback after the breakout or did you entered a anticipated order?
Also, would you skip a trade if a setup hasnt fully materialized even late night and there is no way one can stay up an further to watch whats happening? I have been stopped out all the times (with loss) whenever i have tried to place overnigt order ... now i a begining to think that if i cant watch the trade there is no point in placin a antcipated order.
Would you share your thoughts on this . Any other...Ignored
Most of the time I would not do a trade unless I could monitor it to some extent. I have been stopped out more times than not at the London open so I'm really not comfortable not monitoring the intra-day trade.
I'm in the US and in eastern time so the London open is at 2am where I am so it makes it difficult to trade because you really need to see that open and see the sentiment. It is, as Hector explains in the videos, the largest forex market.
Just to give you an idea where my head was at with this trade...I also work a full time job and had been busier than normal this week which caused me to miss some market action. EUR/USD had been in a downtrend on the 4H and had solid breakout of the countertrend on the 1H trigger chart. I saw the retracement back to the 00 of the 1.3700 level and that was also a fib line and recent support as well. So I thought my chances might be good that that level would hold and the downtrend continue. I placed the trade with a stop above the 1.3700 level and a target at the next 00 level of 1.3600. I go into these trades that I don't monitor with the idea that I'm giving up these pips.
I would say that if you are placing an intra day trade and can't monitor the trade somewhat then it is best not to place it unless you are comfortable with getting stopped out on it.
I have not been able to keep up with this thread this week so I have some catching up to do but I noticed that EntropyLad has posted a motivational poster and I would like to post my own. Since trend trading requires patience and waiting for the correct time I think this is appropriate.
Don't forget that studies have shown that staring at breasts will increase your life by 5 years so it stands to reason that staring at ugly girls will decrease your life by 5 years. If they are twins then it will decrease your life by 10 years.
If you don't believe me this has been proven by science and posted previously in this thread by EntropyLad.
Attached Image