DislikedIt's not that easy for me Pip...
For example yesterday I got in early on a long, set my TP @ 1.3188 right under the day before's top, and a easily acceptable exit point considering the Pivot and Fib line.
It only hit 1.3180 and it dropped down, I'd figure it would range. It didn't, I lost on it.
Today, Ok I realize I completely ignored the fact that 1.3180 was a 61.8% fib line, can't believe it.
I get in on a long, it gets past 1.3150, which is a fib line, I figure it will easily test 1.3180, so I set my TP @ 1.3178. Spikes 40 pips the...Ignored
Your only objective trading forex is to make money. Let us start with a know saying in trading that works.
The Trend Is Your Friend
There can be no trend in a 1 minute or five minute chart and maybe even a 15 minute chart.
I ALWAYS trade with the Trend PERIOD !!!
Now what trend am I talking about ?
I establish the Trend in my mind based on events. As we all now can see the trend in EUR/USD for the last week was down.
I only short EUR/USD at the TOP of the range that I choose. I use a 1 minute and five minute and 15 minute chart for my day trading.
My TRADE PLAN and trading opportunity for TODAY was only at THREE AM when EUR/USD hit the High at 1.31521
Once we got through the news after 10:00 AM EST there was no more trades to do. My next trades might be when it next touches 1.3100 if I decide the Trend is still down.
It was pretty easy this past week to trade this pattern. Only going short and covering would have increased your profits and you would not have had as many decisions to make going long and short in untradeable trends within the 1 and 5 minute charts.
I hope you understand and will consider this method that works for me surely as I deposit money in my bank account.