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- 12 January 2008
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That's all you need for a trade.
I'd be careful if you're only going for 1R with most of your trades. An occasional quick one is OK if you think the RR acceptable or the probability very high.
I think it is worth the risk.
That's all you need for a trade.
I'd be careful if you're only going for 1R with most of your trades. An occasional quick one is OK if you think the RR acceptable or the probability very high.
Thanks Peter,
Going Sideways at the moment. Looks like traders are waiting for the Nondefense Capital Goods report later tonight.
I knew this one was going to be a grind, so in hindsight I should have waited for a better entry, with improved risk reward ratio.
I am trading in direction of 4hr but daily can go either way . Ref to USDCHFI do tighten exit stops but I've found that this is the wrong thing to do in the FX markets. As long as your trading with the higher timeframe trend then leave your trades alone. Much easier said then done. It's one of my biggest weaknesses when trading FX.
Sorry, I didn't reply to this part of your question. Yes, I do drop down to the 1hr chart to look for tighter entries. My higher time frame trend is the daily more so than the 4hrly. I prefer the trend that is clearer. As you know it can sometimes get tricky, like the USDCHF this morning. Is the trend up or down? The daily trend is down but there's been a rally off the low to switch the 4hr trend to up. Which direction do we trade or do we pass and find another easier to read chart?Peter2 , you drop down to the 1hr for tighter entries in the 4hr,
I did look at AUDUSD this morning but disregarded it as I thought it was too far away from the EMA"sSorry, I didn't reply to this part of your question. Yes, I do drop down to the 1hr chart to look for tighter entries. My higher time frame trend is the daily more so than the 4hrly. I prefer the trend that is clearer. As you know it can sometimes get tricky, like the USDCHF this morning. Is the trend up or down? The daily trend is down but there's been a rally off the low to switch the 4hr trend to up. Which direction do we trade or do we pass and find another easier to read chart?
Earlier this morning the AUDUSD and AUDJPY were showing clear up trends in both the daily and 4hr charts. The AUDUSD didn't get very far but the AUDJPY rallied strongly.
would you consider going to hrly TF once 2R is reached? or just close at 2RI do tighten exit stops but I've found that this is the wrong thing to do in the FX markets. As long as your trading with the higher timeframe trend then leave your trades alone. Much easier said then done. It's one of my biggest weaknesses when trading FX.
I thought you traded the 4 hrly trend in the same direction as the daily TF?Sorry, I didn't reply to this part of your question. Yes, I do drop down to the 1hr chart to look for tighter entries. My higher time frame trend is the daily more so than the 4hrly. I prefer the trend that is clearer. As you know it can sometimes get tricky, like the USDCHF this morning. Is the trend up or down? The daily trend is down but there's been a rally off the low to switch the 4hr trend to up. Which direction do we trade or do we pass and find another easier to read chart?
Earlier this morning the AUDUSD and AUDJPY were showing clear up trends in both the daily and 4hr charts. The AUDUSD didn't get very far but the AUDJPY rallied strongly.
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