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- #710
- Edited 6:18pm Apr 7, 2011 5:59pm | Edited 6:18pm
This post could have saved me a lot of pips this week. This is my first week live trading this method and I've taken every decent looking 4 hour candle for just about every currency pair. It has resulted in some pretty disastrous consequences.
The reason I've done this is, because of my day job, I only have very limited time to trade. I can only trade NY open (8am EST 4hour candle, the asian session up to London open at the latest. These 4 hour candles seemed to be the "best I could get". This morning's news affected USD/CAD and EUR/USD quite...
Hi Jason,
Patience is a virtue, especially in this business, I have day job and therefore I am in the same boat as you. I got burnt too when I first tried out this method with my personal twist, i.e. take every green candle as set up (guilty as charged
). because I felt that i may be missing the boat. however, what I realized is this, by taking a green candle that is not the bottom turn of the retracement or a breakout candle, I am risking more in the sense that the bull will run out of steam sooner, but most importantly, that my position have higher chance of getting taken out when retracement happens. vice versa for shorti think nomask's quote fits nicely here
Do not try too hard to see.
If it is not easy to see then it is not easy to trade.
If it is not easy to trade then it is not worth to trade.
If it is not worth to trade then you will be wasting/losing your money.
i dont know you what your time zone is, but I am in the eastern time zone, so i get 3 closing times. US close candle as setup, watch the close of half of the asian session. go to sleep, wake up in the morning and watch the close of half the london session, go to work. LOL
due to my time constraints, I also watch the daily close, and use that as a set up candle as well, although not in the same way as nomask's method, but the concept is the same, wait for a good daily close set up bar in the direction of the trend, and I use 15min bars in this case for entry, and reduce my normal lot size by half.
I currently have a eur/usd position at 1.42251, and the entry occurred in the asian session, double bottom 15 min pin bar. as you see, I had to baby sit it for a while before it took off. but the set up candle was from the us open but the entry was in the asian session.
My advice to you is, if the market doesn't want to go down, it is very likely it wants to go up and vice versa. but we need a confirmation of it going up before looking for entries. and we will never know where the opportunity for entry will be (pinbar, engulfing, 2 bar reversal, etc). I agree, asian market is more calm and less violitity, thats why i also look at the 15min chart during the asian session for entry points, with reduced lot size, I see it as the price you pay for 10 more minutes of information.
again, I am a newbie, and these are just my take on it. hope it has helped you a bit.
Hi Jason,
Patience is a virtue, especially in this business, I have day job and therefore I am in the same boat as you. I got burnt too when I first tried out this method with my personal twist, i.e. take every green candle as set up (guilty as charged