Hi
I am trading last few months with the logic of achieving 10 pips move in any pair on a give day which on given day I think will give me.
Lot size: 100k--> 10 pips-->100$
Stop loss--> 30 pips--> 300$
I know some of you will say risk reward ratio is wrong.
To clear this, this SL at the start of trade and if I see trade is not going I close early.
No free lunches as said, to achieve 10 pips in a day, I need to do allot.
Not easy believe me.
1) I follow SPX , US dollar
2) if US dollar is 9810 from 9780 range, It will pull back for sure more often than not and pair if broke level 1.3100 level (1st time), chance is it will go down once, same opposite if pair is 1.2980 chance is it will go UP once to 1.300 to take stops. No trades which are not with flow of SPX futures
3) Follow news,twitter djfxtrader,reuters,bloomberg
4) I don't trade big news
5) I see end of the day SPX down Asian market will open lower and if AUD/USD at key level I short it for quick few pips
I observer ASIA and North America session and some days UK session to earn this 10 pips in a day.
It's hard not easy method since I follow price action. Yes I do see 4 hr chart donchian channel breakout also if I get a chance.
More often than not simple price action seeing all the above help me to get 10 pips on any pair I think
I like to hear from seniors/experts.
Do they see something wrong with this idea, since this is now consistent with me from 2 months
Thanks
Kaps
I am trading last few months with the logic of achieving 10 pips move in any pair on a give day which on given day I think will give me.
Lot size: 100k--> 10 pips-->100$
Stop loss--> 30 pips--> 300$
I know some of you will say risk reward ratio is wrong.
To clear this, this SL at the start of trade and if I see trade is not going I close early.
No free lunches as said, to achieve 10 pips in a day, I need to do allot.
Not easy believe me.
1) I follow SPX , US dollar
2) if US dollar is 9810 from 9780 range, It will pull back for sure more often than not and pair if broke level 1.3100 level (1st time), chance is it will go down once, same opposite if pair is 1.2980 chance is it will go UP once to 1.300 to take stops. No trades which are not with flow of SPX futures
3) Follow news,twitter djfxtrader,reuters,bloomberg
4) I don't trade big news
5) I see end of the day SPX down Asian market will open lower and if AUD/USD at key level I short it for quick few pips
I observer ASIA and North America session and some days UK session to earn this 10 pips in a day.
It's hard not easy method since I follow price action. Yes I do see 4 hr chart donchian channel breakout also if I get a chance.
More often than not simple price action seeing all the above help me to get 10 pips on any pair I think
I like to hear from seniors/experts.
Do they see something wrong with this idea, since this is now consistent with me from 2 months
Thanks
Kaps