Well you have the advantage in the US given that things just start to move for me in the UK after 21:00. Sundays can be lively as you get all those institutional orders that have piled up over the weekend. There can be some quite big moves and mostly PA obeys the rules.
Thing is we’ve had a big move north last week and a serious retrace is perhaps overdue. The 1h GU chart center line boll has levelled out. So I expected a certain amount of bouncing in between those red S/R lines I posted last week. But sooner or later its got to break out. I think south but we will see. I placed a short at 1.6339 and have brought my stop to BE so will now leave it overnight.
BE? Sorry noob question lol. I did a sell myself…shoulda kept it but i still got some pips…and now i have another sell but it keeps going back and forth.
Haha,I dont think there is any advantage being in US compare with London with respect to forex trading.You are better off being in UK than being in US.You only need to sleep late but wake up early to trade London session.My target is always 3-4am EST(Tokyo-London Session) and 8-12pm EST(London-New York Session)
Yeah. Thanks for that S/R you posted last week. That was what i was using myself. The S/R is a game-changer for me. I adopted the style to my 1hr chart and it fits in perfectly.But i noticed also that the middle BB has levelled and that PA is moving up and down around S/R in 5m chart.
I placed a short also but got out after 10pips gain because if this erractic movement.
What are you looking out for in relation to 4hr,1hr 15m and 5m charts other than the S/R interaction viz-a-viz PA?
Problem is Im pretty deep in…trying to wait it out a little and hope it drops down again…right now it looks like its having problems going back up and this may be a new Resistance point.
Haven’t been around this evening till just now. Just entered a short at 1.6337
stoch and linear regression both pointed down. my 1h redMAs are below center boll, although looks like they are trying to cross above it so a little uncertainty there. 5m and 15m are currently pointed up but don’t think it will last much longer.
Yeah carter said earlier we were do for a nice drop…unfortunatly i lost a nice amount earlier on a short so im looking to regain it and than some. Talon whats your main indicator that you use? Because I currently watch the MA’s too cross and keep an eye on the Boll’s…im not too great with S/R’s.
I will post some background info and a chart shortly on reading boll bands as I think some are incorrectly trading the boll bands particularly in relation to the differing time charts looking at some of the recent posts.
Ok from reading some posts I notice some may be placing trades on the 1h chart and closing when PA goes against them by a few tens of pips? The problem here is if your placing a trade on the 1h chart and following the 1h chart the trade should last around a 1-2 days.
On the 1h chart, forgetting the MA’s for a minute and just looking at the bollinger bands. Say you wait until PA has broken the upper 2 std dev bollinger line and has wicked in between the 2 & 3 upper bollinger line. This might be a good place to place a short trade, especially if the center line bollinger band is horizontal or starting to slope down.
Ok we are now in a short trade on the 1h chart. If we are trading this 1h chart we will probably remain in this trade typically 1-2 days.
Now we look to either the 5m or 15m chart (I prefer the 15m). Where is PA in relation to the 2 std dev bollinger on this chart? Should be in the upper area as you have just entered a short on the 1h chart in the upper boll bands. Ok now we follow PA on the 15m chart. We are of course ok with PA heading south as our 1h trade is short. But when PA hits the lower 2 std dev bollinger on (in my case) 15m chart, I will look to see if its going to retrace. If it starts too, I will place a long hedge. If you don’t have hedging capability you might want to close the trade. A hedge will only ever cost you the spread. If PA retraces up against your longer term short 1h trade your saving lost pips. If you get it wrong its still in real terms has only cost you the spread and virtual pips you would have otherwise gained had you not hedged. In other words its a safe counter trend trade.
When PA resumes the longer term down trend you take off the hedge or re-open your position. This is the way to trade the 1h chart.
The other way is to trade the 5m or 15m chart. In this case you open a trade in accordance with the bollinger and close the trade in accordance with the bollinger. You can of course use the 1h for guidance of when to enter a trade on the 5m or 15m chart.
If your trading the 1h chart you must except that PA can move the full range of the upper/ lower bollinger whilst still heading in one overall longer term direction. Likewise with the 5m and 15m chart. The key difference on trading the 5m and 15m charts is that the pip range is less.
If you look to my 1h short trade that I placed last night PA has retraced by around 50%. Had I been on the ball I would have placed a long hedge on the 15m chart to offset this retrace.
Might help if you go to 200% on the word doc attached to see it better.
Take a quick look!
