I am a new guy here so I want to be very careful to say at the outset that I am not proposing any system. I am asking a question. In doing so I will explain what I have been doing during my first five weeks of trading.
I am an American retired and living in Thailand for many years. I have found that my time zone has given me a unique advantage, or so it seems. I have been trading only one pair, EURUSD. Since I am new at this I wanted to learn the dynamics of one before moving on. What I have been doing is to do my analysis in very conventional ways to determine the likely high and low for the days trading. Nothing new there as there are hundreds of posts and many sites dedicated to giving the basics of predicting those numbers.
I then take my two numbers into the beginning of the Tokyo market with the intention of picking off the best bet of the two. If the high number crosses I wait till it tops and take a sell position. If the low number crosses I wait till it bottoms and take a buy position. I then ignore the rest of the Tokyo market unless I see a better position by at least ten pips arrive at my present position. If that occurs I take a second position in the same direction (yes I have taken a third on occasion). I do not sell anything on the Tokyo market I only grab a position and perhaps multiple lots on that position.
I carry these positions forward into the German and London market overlap which is typically the highest traffic period for this pair. Then I just sit back and wait for the trend to go in my direction and run itself out.
This has been working for me consistently for five weeks. Hardly a defining period, but it has been very profitable. I have only had two occasions in the past five weeks where I could not exit at a profit.
So here comes the question; has anyone else been doing this? I look around the forums and see a hundred systems with many experts involved and never have I seen this approach. Maybe I just found something that has already been done a thousand times by more experienced people? That is really what I want to know? Maybe my short term success with this has just been well, short term. It has been working for me so well I would really like to know if anyone else has experience with this approach?