All trends begin with the smallest time frame
- #128
- Mar 7, 2012 7:35am Mar 7, 2012 7:35am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
I have no bias. I just look at key levels. So if not for the news I'd be hoping for a move down to 3100 for a buy or a move up to 3163 for a sell. It depends on the strength of the move, the angle, and the obviousness of the price stalling at that level if it does get there.
Yesterday we were lucky to have a nice tight range to trade but today it's not the same so I am looking at the recent extremes. A return to those recent extremes and some stalling will get me in.
I'm probably not a true scalper in the true sense of the word whereas you definately are a smash and grab guy.
I'm more of a 1 minute swing trader if there is such an animal.
That being said I like the idea of trading counter trend bounces for q quick 16 pips
Feel the Fear and do it anyway!!!
- #130
- Mar 7, 2012 7:40am Mar 7, 2012 7:40am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Feel the Fear and do it anyway!!!
I am keen to get 2:1 plus trades so like to catch the 1 minute trend especially when lines up with 5,15 & 1hr in that I seee that as a higher probability trade for 2:1 plus returns.
I'm probably not a true scalper in the true sense of the word whereas you definately are a smash and grab guy.
I'm more of a 1 minute swing trader if there is such an animal.
That being said I like the idea of trading counter trend bounces for q quick 16 pips
I know you like to go for 1:2 RR trades, which is great. I only want 5-10 pips, never more than 10 per trade. My hit rate is high at this RR so it works well. If I went for 1:2 my hit rate would be much lower. There is a smaller chance of the market moving 20 pips in your favour than there is of it moving 10 against you. So the "I only need to be right 50% of the time, so it's just like a coin flip" mentality doesn't work. It is much harder to be right 50% of the time with a 1:2 Risk Reward ratio because the market is required to move twice as much for a win as it is for a loss, so a coin flip with 1:2 is a losing system.
- #139
- Mar 7, 2012 7:52am Mar 7, 2012 7:52am
- Joined Nov 2010 | Status: Trader | 4,484 Posts
Price came up to my 200 ema so sold it but not looking too clever
Feel the Fear and do it anyway!!!