@s22d
i LIKE that attitude.
My screenshot was H1. I still think it looks promising.
I just have to deal with worrying about it all night. But, on the plus side, volume is low overnight and I get up around London Open time anyway.
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Seems to me that you did very well getting 100 pips out of that one. i do find I am down 200 pips fairly often and it hasnāt been a problem.
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It all comes down to staying disciplined with your risk management. No one trade should make or break your account.
Just imagine if you had big positions open, you would be having cold sweats with every new low the price would make.
Keep an eye on it on 4hr chart. Itās less stressful that way 
14 entries, cumulative
Now, I get it. 
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@s22d
Absolutely.
For this trade, I was actually setting it up to go with the trend. Which means I should have set a stop loss. I didnāt because the H1 looked like an overall up trend and I was prepared to have to make it a counter trend on the M5. I just was hoping price didnāt nosedive so far. No way would i not have the SL on a trend trade when I start trading with normal lot sizes in Juneā¦
Hereās the big picture
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Thatās what happens when there is a news release. I prefer to have no open positions prior to news release.
But nonetheless, it will eventually turn around and give you an opportunity to close in profit sooner or later.
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@rocktrucker
i was thinking the same thingā¦
it is pretty obvious that work starts at 8am for bankers and that, so they will be filling orders that were requested overnight i assumeā¦
meaning, there is almost, if not always, guaranteed volatilityā¦
so price will definitely move up or down a certain distance.
which makes me wonder,
what if we set up buy stop and sell stop above/below price, 1-2 minutes before 8 am,
and martingale the other order if one is filled inā¦ set a tp of x $ profit in each directionā¦
like 0.1 lot buy stop at 1.600 and sell stop at 1.500, but after letās say the buy stop gets filled, we add a double sell order where the last was, so the 0.1 lot sell stop at 1.500 becomes 0.2 lot.
if price returns to our sell stop and fills it in, we then set a 0.4 lot buy at 1.600 and so on, with a tp of whatever $ amount in profitā¦
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34 consecutive hours on my H4 chart of red candles on my BUY trade for Gbp/Jpy, and virtually no price movement for the last 5 hours.
Nice.
Congrats! GBPUSD hits your TP today. Your counter-trend trade finally worked but I donāt think I will be joining the bandwagon. 
Welcome to the 4h waiting club. It could go on for few more days. Stay strong bro.
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@froghunter it did in deed. However, I closed my position yesterday at about 10 pips profit mainly for two reasons.
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I was feeling frustrated and annoyed for being in a trade that would tease and then turn around again for 5 straight days.
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US CPI news was going to be realeased.
However I had my eyes on EURGBP and today it made me easy 50 pips.
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i like your decision to close yesterday. I believe the cost of losing on some profit is smaller than the lost potential by not being able to continue trading daily.
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@AmericanTrader agreed. However, I would rather make no money on a day than to lose money.
This system allows so much flexibility that you can sit on a position for days and get multiple opportunities to either close at a small loss, small profit or big profit.
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Here is my reversal theory on 8.35-8.50 on the euro/usd playing out today, taking out everyone who bought at 8.00 am
This is EUR/JPY
This is the Dollar Index
I donāt know if anyone finds this stuff useful for their trades?
You mean useful as in noticing that the market changes direction at the same time often? I find it very useful for trading indices. Iāve noticed trends that one big candle often reverses another big candle, or even the same candle at about that time. I had a trade on the DAX this morning. When the price went against me at 08:00 I was happy because it suggested that Iād be in profit very soon haha
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I have heard that some people say on trading boards that trading indices wonāt make you money? I donāt think it is especially as you can use the KOF strategy on any financial instrument. So well done for getting in to indices.
I think the point I am trying to make here is for everyone to be mindful if you have a trade in running before 8.35-8.50 A.M in the morning as the big players have their own agendas.
My wife got caught out this morning as she had been buying the euro and took the kids to school which I didnāt think was the best idea with a trade in play, by the time she got home at 9.10 she had been stopped out and it was all over for her.
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If a market moves, you can make money on it. Indices tend to have big spreads, but volatile ones like the DAX make the spread irrelevant.
Almost all indicators and strategies were derived from trading stocks. Indices are groups of stocks. It stands to reason that indicators work better on Indices than currencies.
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Thanks for that bit of advice. Yes I might investigate doing that as I am glued to them anyway. I sent you a PM by the way, just reply back to it, otherwise it disappears on here for me (still getting to grips with BabyPips).
Okay. I think I am learning a valuable lesson in real time. My open trades have me down about $600. I donāt have the type of balance where I can keep adding several more entries to the 16 I already have in place.
So the decision, as usual, is to wait and Hope for price to go my way. Or, free up available margin to be able to place additional orders.
Now I get it. I can always take a little loss on a few of my initial entries to free up room for entries where price is at now. So I should never have to take a $600 loss. This could have me down $1,000. And I can still choose to take little losses to free up capital in exchange for a win at the end.
I think I can relax a lot more when trading and getting stuck in a situation like this now.