DislikedGreat trading. One question why so 'late' entry on CHF/JPY? wouldn't 115.200 OR 115.150 be less riskier entries?Ignored
Look at the M5 chart below.
1. I dont trade during the first M5 candle, but let the market decide direction first. At London Open, CHF was very weak and JPY very strong indeed. Candle Open was at 155.501 and the DP near at 115.413. After the first 5 minutes candle closed at 115.399
2. When the market opens, theres 2 things you can do in these cases, jump in straight away or wait.
Jumping in straight away is a gamble at best. So basically when gambling, one can have 2 outcomes, a sore ass (Stoploss) or TP in no time. What would have been the consequence of jumping in straight away ? In this case a TP.
3. If on the first M5 candle the pair I wanted to trade would have made a TP in the first "burst", I will walk away and not trade it until the next hour.
Pls bear in mind that this is what I do, its not saying its the right or the wrong thing, I dont care because I have made it my rule.
4. At London plus 1 hour, DP cleared, CHF weakness and JPY strength were still there so I took the trade at the next possible level (BRN) marked on the chart with a thumbs up.
Late ? Yes, but profitable, +6.7
Green pips to you.
LuXing
Wisdom begins in wonder