this is perfect,! I missed the entry but it was very clear, especially on the 15min chart. I tend to go there for extra confirmation before placing my trades
Better Miss than make mistakes
of course, no money lost lol
If you use 15 min chart for confirmation , which time frames do you use to chart for direction ?
I sometimes use the 15min for confirmation because you get a clearer picture on what price is doing, I always enter on the 1hour, for overall direction I look at the 4hr >
USDCAD, 05-06-2019, Monday , at US session.
I don’t like trading on Monday very much，Unless the signal is very obvious.
Prices reached yesterday’s high that is S/R, tested twice, and signals appeared.Move stops to protect profits.UK did not reach my target before UK closing, but it was time to leave.Never be greedy, we will earn as much as the market gives us.
Most of UK business closed Monday 6th for public holiday.
Thanks for you words. This is an important reason.
Hi,
Can you please explain a little bit more on these charts? Thanks.
Be patient！Waiting for the signal to appear. Don’t trade when the first signal occurred,beacause large stop loss.
Signal occurred again,it was easy to make S/L.
Always keep S/L tight,avoid risky.
Breakout…pullback…waiting for signal…Entry…
Great analis learn where and how to look charts… Was so confused i’m newbie still learning and reading babypips school but found really great info in your analis apreciate much. I made 30pips on that movement but not sure how i catched…
I see you are saying people to avoid trading news. Why?
Most big institutional traders do not trade until news is released.
They were having breakfast at that time.
Risk is uncontrollable, like standing in front of a locomotive.
That’s a flawed way to see news trading. Those big institutions basically trade news especially the important data like CPI,Retails sales , Interest rates and Employment figures. Even in the stock markets they are very active during the earnings season because big moves are derived then. Big moves = big gains or losses .
I used to shun news in Forex but came to realize that’s when you can make a huge profit or loss.
Like every strategy news has its risk but with due diligence it’s very profitable.
First of all, thank you very much for your suggestion，but I never trade news, because I have no ability to guess the data results!
This is not my dish.
I am concerned about the sustainability of profits, not the short-term violence.
For me at least, news trading is like gambling.
What I understand is that the trading time of large institutions is after the announcement, not before the announcement.
Can news trading bring you profits? Maybe you have your strategy.
Good luck with your trading！
Whether news trading is good or bad, it is definitely short-term. And that is bad.
The only people who should move into short-term trading are profitable long-term traders.