My Price Action Trading Strategy

CRS220 · December 2, 2021, 4:14pm

yeah i also love GBPJPY, it usually has great range. all GBP pairs do lol

CRS220 · December 2, 2021, 4:49pm

yeah you’re right, Tom is pretty aggressive. i would be too if i was as good as him. he’s straight up confident AF in his trading lol

FXpipsdragon · December 2, 2021, 8:37pm

What are the forex majors?
I know the GBPUSD, EURUSD, EURJPY, etc.
But, is there a definitive list of majors?
I want to explore all liquid major forex pairs.

Are the minor pairs less liquid, or just have too wide a spread to trade profitably?

FXpipsdragon · December 2, 2021, 8:40pm

Duh!
Is it the mixes of the 8 listed pairs on the MarketMilk Currency Meter?

Combos of EUR, USD, CAD, GBP, CHF. AUD, NZD, JPY?

CRS220 · December 2, 2021, 8:45pm

yeah the ones you listed. and USDCHF USDJPY
i like the range GBPJPY and GBPAUD GBPNZD GBPCAD offer. EURCAD too can move an easy 100 pips. EURAUD and EURNZD ain’t bad either

CRS220 · December 2, 2021, 8:48pm

seems like Tom likes to trade the Indices at open. thats cool hell trade his session over there while we’re sleeping and then he’ll trade again at 9:30 when the bell rings over here

Alg626 · December 2, 2021, 8:54pm

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

Alg626 · December 2, 2021, 9:05pm

Yea, he’s just seems to be very transparent in his trading. You see he loses a good bit too and just helps knowing that’s part of it.

CRS220 · December 3, 2021, 1:30am

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

FXpipsdragon · December 3, 2021, 11:10am

Alg262 specifically, but any others please comment also.

Do you take any consideration of the opening sessions when trading?

I mean, the first 30mins of Tokyo open, the first 30mins of Euro open, and also the New York open?

Especially if you’'re trading 4hrs, you might miss some moves, or maybe the big move is contained within the 4hr bar??

Just wondering whether trades taken at structurally volatile times give an edge to possible direction for rest of session.

I am gravitating to only taking trades with respect to opening volatility, and treating other moves as noise?
Does this sound logical?

I am going to practice no-indicators on the 1hr I think, to get a feel of this.

Alg626 · December 3, 2021, 12:14pm

@FXpipsdragon

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.

Alg626 · December 3, 2021, 12:26pm

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.

EURAUD