maybe slightly premature, but as all RSi arrows pointing down , took a MT short on USDJPY....lets see
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The only thing that I would wait for on something like this is a more promising looking D1 candle. The long wick from yesterday also portrays indecision for the pair. If we can get a movement 20 pips south, I'll probably jump in.
However, I play these a little more cautiously than some that have been finding success as well.
I really cant understand the money tree method. We open our trade at the beginning of the new candle everyday if 4 HR and D1 confirms. And then put our stop loss to 30 pips. Almost every pair comes 30 pips back even if continues after. Please someone help me.Thank you.
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Hi everybody. Does anyone has any answer to my question? Thank you.
Your new daily candle starts already? I still have another 4 and a half to 5 hours before I enter any MY trades.
(That's 2 and a half for new candle and then ~2 for daily direction to be established.)
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I would start thinking about a new trading day like the rest of the financial market sees it. Check out when the first markets open (New Zealand/Australia/Japan) and when the last markets close (New York or maybe west coast US) and then use that daily cycle to determine when you should be looking to get into a big move.
Hint: My research and availability have lead me to trade from now until around when London session opens.
On the other hand, LG takes these trades almost 24 hours/day.
I would start thinking about a new trading day like the rest of the financial market sees it. Check out when the first markets open (New Zealand/Australia/Japan) and when the last markets close (New York or maybe west coast US) and then use that daily cycle to determine when you should be looking to get into a big move.
Hint: My research and availability have lead me to trade from now until around when London session opens.
On the other hand, LG takes these trades almost 24 hours/day.
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Doesn't MT rules specifically say to take the trade within the first few hours of the NEW daily candle, to capture as much of the day as possible?
Doesn't MT rules specifically say to take the trade within the first few hours of the NEW daily candle, to capture as much of the day as possible?
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Aye, I think it does. However, just think about when the big moves are most likely going to start to happen. I would say 3 hours from now is probably the best time to look for the start of a big move (EUR and GBP sessions are opening).
I'm no expert, my personal opinion is that you should trade around what makes sense to financial market open/close times and not a broker's time zone.
LG might provide more insight. She is a much more technical-focused trader as I tend to take into account fundamental happenings a bit. I think both mindsets have their ups and downs, you need to decide what works best for you.
I think the one thing for sure is you shouldn't look to enter in between 8pm GMT and 111pm GMT. The reason is none of the big players are trading during this time.
Trade What You See - Almost Naked Trading
