Joined Oct 2010
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Status: Dr. Constrainment
|619 Posts
I used another system to catch these moves (posted in choros thread) but even this system would have given good money. Note that the sells are at lows but after considerable period of consolidation- so acceptable.
Character of your currency- this is also important. some currencies are known to churn while some give good breakout moves
Ignored
I watch 6 pairs at a time to get best trades. but i recommend you start with one pair so you get accustomed to "character" of currency. I highly recommend start with EU and dont touch GU till you are comfortable. Gu is a "churning" currency that likes to retrace deep.
Making money is easy- Just dont take losing trades
As requested, following is a chart from this morning. I was trading the EURUSD London and NY sessions. During the overlap period I tend to scalp the M1 chart and enter position trades for 15-20 pips on the M5.
The attached chart is a particularly busy one due to the volatility this morning. This is a snapshot, not the whole morning.
I am not yet a purist, able to read the Price Action without any assistance from an indi. I do make use of a moving average cross over to assist me with entry and exit points. You will see that I get impatient waiting for the exits and get out a bit early at times. On the M5 trades, I generally set the entry, SL and TP and let it run.
Congrats on your success and starting your own successful thread. I'm a long time reader from back in the day of "The Dance" with Clay, then with Kostas in the CHOROS thread (I just don't post a lot). I too have struggled with the touch trades from time to time (sometimes they are everywhere and other times I can't seem to catch one...probably normal though) and follow your posts about constrainments. I think constrainments are very powerful! I guess my question is ... I know you still look for constrainments (I was following your USDCHF one yesterday morning), are you solely focusing on Price Action Momentum Trading now or will you still try to nail constrainments?
