Testing a 1 minute timeframe strategy - High Leverage

Thanks magix.

Purely lost it on greed and didn't stick to my plan. Should really have not took trades past the london/ny sessions.

If i had only left the one trade open instead of trying to add to it, i could have still been in a trade.

Price is close to the monthly low and todays price movement as it stands is contained in yesterdays hi/lo. I think that over the next few days price will tumblle and break the monthly low.

Was only a $10 account, nothing major. Another $10 wont hurt let's try again!

Without getting all analysis crazy here, Paul...

It is a bit of a difficult trade area and definitely a reactionary line....

Look at the area that we have just completed...pretty serious trend and trace.

But look at only the last candle in the mix. Keep in mind, this is a weekly candle and we are at Friday.

If price is above open, we are long.
If price is below open, we are short.

Coming in to weekly close, and London and NY both agreeing that the week is going to be long, selling into it, is definitely a risk. Much as the overall trend may be against longs...the immediate as applied to the faster frames is telling ya to buy.

DAMN STRAIGHT!

A little skin in the game and another kick at the cat!

The pin bar entry i took on the 4hr chart turned out to be profitable, it would have hit my TP for around 50pips. I just got a bit too greedy and opened to many trades and whilst the trade went against me for a bit, the leverage i was using soon turned against me. It is a lesson learned.

the best quote i have heard ever!

I did double the account in 2 days so should have really left it at that for the week.

Magix, with what your telling me, could we apply this to the 4hour candle and take entries on the 5min?

eg: If 4hr candle is red, only take shorts on 5min?

Thanks again, have a great weekend

Paul

Revised the strategy and tweaked it a bit. Im also gonna move it upto the 5 minute charts. Mondays a new day, lets do it

excited

Hi Paul, how are you going with it? Liking the 5 min price action? Post some charts if you would. Thanks.