M1 Scalping examples:
Practice moving SL to BE or a little profit when there is room, and if you want to go for TP2.
Okay, who rode the JPY news?
Life would be so much easier if the central banks just told us when they’re getting ready to pull off some craziness.
160 down to 154. Wow.
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MA so simple, yet very accurate in comparison to other indicators and oscillators imo.
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This morning:
Trade 1 - Long. Entered at yellow (7ema) crossing over lower blue (25ema set to “low”). Closed at Cap Channel mid point line.
Trade 2 - Short. Entered at yellow crossing below upper blue. Closed at bottom Cap Channel line.
Trade 3 - Long. Entered at yellow crossing above lower blue. Closed at upper Cap Chanel line.
Great few trades here! Where was your StopLoss placed on each of these?
Hi scottrobo23.
The SL depends on how you like to trade. For newer traders who are worried about taking any significant losses on a trade, I suggest on Trade 1 to have the SL just below the lower orange Cap Channel line. For Trade 2, just above the purple 200ema. For Trade 3, just below that lower Cap Channel line. If you use the blue order block / support indicator - place the SL inside of them. Move SL to break even at earliest opportunity.
When the price is close to one of the exit points, you can move the SL to lock in some profit.
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For people using Tradingview - a substitute for the Cap Channel could be ENVELOPES. Looks like you would set it to 50 smoothed at maybe 1 atr.
*This is for M5 timeframe.
Awesome!
What a way to start off May!
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Any JPY trades for you. More shenanigans in the last hour and a half. Crazy PA.
Strangely, I still have no jpy pair trades going. They have been scaring me away because I can’t tell where the resistance is. Best I can tell is going all the way to the monthly chart:
Did you have a good trading day today?
Week was going great. Up 7% until like the last couple hours.
Couple of 100+ pip 5 min candles since 4PM. What the heck!
BOJ is doing BOJ things. I wonder how long they will keep buying.