Trading EUR/USD Daily Hi & Lo
- Thread starter JSSPMK
- Start date
question.....why are you still using the May 11th trading range?
Wouldn't you use a new range since this one is no longer the closest congestion range? Obviously I don't know the entire details, but i've read the thread and this last trade confuses me.
I would think you would be short from the 7/5 range.
Wouldn't you use a new range since this one is no longer the closest congestion range? Obviously I don't know the entire details, but i've read the thread and this last trade confuses me.
I would think you would be short from the 7/5 range.
EDIT to previous post.....
I guess what I'm saying is it looks like sometimes in the thread you are trading a move out of congestion but other times you seem to choose a high/low that is not in congestion, is there a specific reason for those types of trades, the ones not in congestion?
If you look at the first page on the trade you took on 1/21 you went long then short, while short paid off I'm just confused as to why you chose this range as there seemed to be no real congestion.
Great thread, keep up the good trades.
I guess what I'm saying is it looks like sometimes in the thread you are trading a move out of congestion but other times you seem to choose a high/low that is not in congestion, is there a specific reason for those types of trades, the ones not in congestion?
If you look at the first page on the trade you took on 1/21 you went long then short, while short paid off I'm just confused as to why you chose this range as there seemed to be no real congestion.
Great thread, keep up the good trades.
learn forex pairs setups here.
www.elitetrader.com/vb/showthread.php?threadid=223293
a full time market trader since 1975.
cheers,
s
www.elitetrader.com/vb/showthread.php?threadid=223293
a full time market trader since 1975.
cheers,
s
The main thing to remember about this method is that an expectation of actual profit is increased upon each loss. Most trading systems work in opposite way - you need to be consistent. Here you need to be inconsistent to reap bigger rewards. Yes, there is risk of a blow out, but I can assure you that at least I am psychologically ready for it & if you were to ask experienced profitable traders they would tell you that mastering your fear of a loss is one of the key ingredients in trading.
Take this range as an example, yes I could have settled for a 400 pip gain, but at £4 per pip I wasn't enticed enough. Maybe that was a mistake, let's face it we only realize an error has been made after the fact, so why would I admit to it before?
Now I would rather take a 200 pip gain at £64 per pip
Take this range as an example, yes I could have settled for a 400 pip gain, but at £4 per pip I wasn't enticed enough. Maybe that was a mistake, let's face it we only realize an error has been made after the fact, so why would I admit to it before?
Now I would rather take a 200 pip gain at £64 per pip