Strongest pattern are on daily time frame. In my opinion, day trading, scalping, HFT, arbitrage, should not be used by new traders because of difficult to build and manage those kinds of strategies.
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it is called âgapâ check this article from BP Gap Definition | Forexpedia⢠by BabyPips.com
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What kind of strategy are you going with here?
Looks like it was a risky trade as on your chart image it looks like the market seems to have been ranging. I think it would be better to follow a trend rather than just hope the price will continue to hit the support and resistance levels.
Hi, honestly, thatâs exactly what I have been hoping - that it bumps down from the resistance on the 15 min TF; see here:
My initial thought was to Buy for a longer duration (days) and swing-trade as itâs nearing a major support zone on the 1h TF:
But as itâs nearing an all-time-high, i decided against that trade.
You didnât know that today at 14:30 GMT+1 a major news release was set. The Non Farm Payrolls report (NFP). Many traders - like myself - avoid trading on a NFP day because markets tend to range until the news releases - like today - and after the release it is often an erratic, untradeable chop chop. There are traders who trade the NFP release successfully, like @THE_GOATE .
What happened to your trade? Your stop loss order is basically a market order. You defined a point where your broker should close the trade at the next available price. In times of high volatility - like during the NFP release - there can be major slippage. Your order executed at a price worse than you initially set.
Check Economic Calendar | Myfxbook before you trade to avoid this.
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1D candles would take too long for me to collect a meaningful samplesize to judge my (dis)abillty, so im trying to get experience mostly trading the 15 TF, but throwing in a few swing trades as i realy like this style of trading.
Damn, i didnât know such things could happen. I suppose such âslippageâ could not affect me positively, and simply is a fee taken?
What would you guys do if you HAD TO trade the 15 TF on USD/JPY right now?
No there is positive slippage, too. If it had hit your take profit.
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That is not how it works. As a poker player you dont play every hand do you? Today is a fold. Your chances are not high enough.
I think a great way to determine an overall trend is to use a couple moving averages, first check the D1 to obtain the trend, then confirm the trend on the H1 and then reconfirm on the M15. If all 3 charts arenât showing the same trend itâs better to stay clear.
Maybe use moving averages set at 5 and 20.
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While you are right with your statement, i was just inquiring as to what great minds like yourself would do.
Well i my great mind doesnât trade today 
But if i had to i would wait for a breakout like this:
Maybe i should reconsider about not to trade NFP days.
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Hi, and welcome to BabyPips. Look for the School of Pipsology at the top of the page under Learn Forex and you will find an excellent series of self-teach schooling exercises from Kindergarten to Graduate. 
As a professional poker player, you already possess certain skills and attributes that can be beneficial in your journey as a trader. While trading and poker are different disciplines, there are some key principles and habits that can translate from one to the other. Here are some important facts and considerations for you as a novice trader with a poker background:
1. Risk Management: Just as in poker, managing risk is crucial in trading. Understand the concept of bankroll management and apply it to your trading capital. Set appropriate risk limits for each trade and avoid taking excessive risks that could jeopardize your overall trading performance.
2. Discipline and Emotional Control: Poker players often need to make rational decisions under pressure. Similarly, in trading, itâs vital to stay disciplined and avoid letting emotions dictate your actions. Stick to your trading plan, maintain a cool mindset, and donât let losses or wins affect your decision-making process.
3. Probability and Expected Value: In both poker and trading, understanding probability and expected value is essential. Analyze the odds, potential returns, and risks associated with each trade. Make informed decisions based on the expected value rather than relying on mere gut feelings.
4. Adaptability and Flexibility: Poker players often adjust their strategies based on opponentsâ behavior and changing circumstances. Similarly, in trading, you need to adapt to market conditions, learn from mistakes, and refine your approach. Be open to new strategies, tools, and methodologies to enhance your trading skills.
5. Continuous Learning: As a professional poker player, you already understand the importance of constant learning and improvement. Apply the same mindset to trading. Read books, follow market news, study successful traders, and keep expanding your knowledge base. Stay curious and strive to enhance your trading edge.
6. Record-Keeping and Analysis: Just as in poker, keeping records of your trades is vital. Maintain a trading journal to track your trades, record your thought process, and analyze your performance. This will help you identify patterns, strengths, and weaknesses, allowing you to refine your trading strategies over time.
7. Patience and Long-term Focus: In poker, short-term results can be influenced by luck, but long-term success is determined by skill. Similarly, in trading, itâs crucial to have a long-term perspective and not get swayed by temporary market fluctuations. Stick to your trading plan, remain patient, and focus on consistent, sustainable profitability.
Remember, transitioning from poker to trading involves learning a new set of skills and understanding the unique dynamics of financial markets. Take the time to gain practical experience, seek guidance from experienced traders, and be prepared for a continuous learning process. Best of luck in your trading journey!
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Markets closed. What will i do with my life?
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When the markets are closed I focus on drinking beer
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Do you guys have any course youâd recommend, one that maybe has made you profitable?
Study D1 price charts and learn technical analysis. Plan you strategy. Focus your risk management rules. Rest well. Exercise well. Eat well.
Aim to spend more time on these things than on live trading.
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Studying 1D price charts, i assume you recommend swing trading? Thanks for the good advice!