DislikedHurst Your emails are actually very educational. Your clearly speaking from experience which is a lot more than a lot of these so called training companies. Regards BLIgnored
That's really nice of you, thank you. I spent a lot of time at this about 8 years. What I learnt was don't chase a move, look for the trend, trade off support and resistance and forget indicators, ask yourself "if I wanted to buy or sell a currency where would I buy to fill a 100 million order"?
If you buy anywhere you will run the market against you, so you have to buy or sell where the volume is to fill your orders. Dealers can see where orders are clustered, so when you get stopped out you are selling to the market makers. That's why you often see a market move to a high or low, hit your 20 pip stop and then go in the direction you thought.
I am hoping the US traders want to sell the EURUSD at a higher price so first they have to buy them high so they can sell into a declining market. Most traders will have their stops above 1.089 so add 20 pips to it and you get to my entry level. I calculated the level from the high and low using my own method, but you can get to the same point, just by looking at support or resistance levels and adding about 15-20 pips to see where the dealers might run the stops.
Yes these trades are valid for the day only and if I am not in by about 16:00 then you should be careful, although brokers will tell you you can trade any time, in reality you only want to bother with the UK and US open
