The Majors are considered to be
AUDUSD
EURUSD
GBPUSD
NZDUSD
USDCAD
USDCHF
USDJPY
Notice the USD is in each pair.
Crosses or Minors.
Are all of those crossed with each other.
The main pairs usually do have better liquidity but your minors move just fine and have normal swap fees.
Exotics
Are anything that only has one or none of the main currencies.
Their spreads are usually wider just depends on the market. And swap fees are higher as well or pay a little better, just depends on the interest rates of the countries.
The main currencies are like you mentioned above.
AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD
I don’t know too much about him yet but he seems like a F’ing trail blazer! Providing so much knowledge for free. I’m going to get his book when it comes out too
Most of the time my trades are open between 16-36 hours so the open volatility doesn’t play a role in how I trade.
And there are times I miss a better entry waiting on a 4HR candle to close due to a big move being inside of that candle, just how it goes. I know I can’t catch every single one of those moves. Like a few weeks ago when I said I was switching to looking at entries on a 1HR chart but still trade off the 4HR. I ended up not liking the added risk I was taking on of getting in a fake out, compared to the few more dollars I would make by getting in a little earlier.
I think your idea of playing the open of each session is suited better for a 1HR chart and below since you’re looking to ride that momentum. And I wouldn’t say it’s a tip off on the direction of the overall day though, just take a look at the chart and see how often it changes from your the opening part of the session.
My personal experience is I’m still not very good at trading on 1HR chart, every time I backtest (which I do a chart replay so I don’t know what’s coming) I struggle pretty bad. Now that certainly doesn’t mean you can’t, just I’m not that good at it at the moment. But I don’t have an interest in going down a timeframe either.
I do believe the lower the timeframe the smaller your TP and SL need to be and if you mark support and resistance on those time frames be prepared for them to be broken a good bit. Not a bad thing just be ready to react to it.
Here is my weekly roundup post. Was a tough week, realized by Tuesday I really wasn’t into it. So I took the rest of this week off but will be back at it come Sunday evening. Just got to know when to take some time away. Rough week, but how it is at times.
I don’t see the trigger for a short on the 4hr.
(maybe the previous High at this level on Sep 20?)
I would be looking for a Lower High before considering a short, maybe at 1.2740 level?
I can see the short on a lower TF, such as 30mins.
ok. yes, I see it on the daily.
I was looking for a Pin or an EG.
But, yes, the price seemed to be constricting at that level.
Good trade if you took a bite out of that.
