Well, was going to do a post on trading against bias but I think I'll brag instead! This is why I like this style of trading so much. Just made 6% in 3 trades over 3 hours and nothing happened yet. ECB interest rates are still and hour away. But who needs to trade now. Probably will anyway.
The techniques I'm posting are there as guides only. Designed to get a new trader going in the right direction. The one thing I can't stress enough is that;
Price action trading on the tick chart is a purely subjective style
The only opinion that matters is your own and you have to justify every decision to yourself. This is truly the domain of the discretionary trader. The human brain is a wonderful thing and if you are prepared to persist, practice and have the patience it learns very quickly. To quote Bob Volman:
"As much as technical skills will contribute to a trader's survival in the markets, it is the way he handles his open positions that will ultimately determine the degree of his consistency. "
So today trades. Today I have no market bias because firstly I know what data is coming up and secondly the tight ranging market we are in according. So I am basically going to use range trading techniques. Sell at the know resistance levels, buy at the support levels. Trade what I see. This is what I saw
The first trade occurred just after a double bottom. The 1.3150 level was offering a strong resistance and when the price broke below a box pattern near this level I exited. Then seeing a double top at the 1.3150 level decided to go short. Got spooked on this trade and exited early on a false long box pattern break. Realizing this quickly another opportunity presented and took it. Bit of a wild ride but put faith in the system and waited this one out.
So interest rates are out, press conference held and what a movement that was. Picked up another 50 pips before losing 30. My fault for getting greedy. Learnt a lesson. Hope you made some.