Trading the Opens - page 4
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mp -- going back to bed with open trades !
YES, NO, MAYBE !!
the BEST trading (IMO) results from the euro market trading the Japanese market and then into the US market, from approx 3am to noon, EST.
that said, right now Im keeping "normal" EST times and sleeping during some of the best action there is, which annoys me a bit but until I begin trading the "golden" hours, I have to do something else and that "else" is placing trades overnite !
a number of people have spoken of "predictive" indicators and I also use them on my charts, although most of the time moving averages and prior resistance areas are pretty obvious, so at night I establish the H4 (sometimes H1) trend, verified by the daily chart and simply place my trade, which tends to hit its tp by the middle of the european session. In the rare cases that the chinese rough up the asian markets, KNOWING IM MOVING IN THE DIRECTION OF THE MAIN TREND, I simply hold that trade, wait for any counter move to end, BUY the now lower priced currency and get out with double the profit !
its about TREND, not knowing how the pair ranges, but if you want to try something, place a demo HEDGE trade on GU at around 8pm, est for 10 pips in each direction. Your success rate will prob exceed 95% and any losers will become winners within one or two days !
Forex, unlike equities, tends to be HIGHLY PREDICTIVE --- moving from one side of a channel to the other --- now when you see a breakout or breakdown from the existing channel, take a look at the weekly or monthly chart and you will see that the move is expected, rational and will reverse, because the NATURE OF MONEY is to INFLATE over time, not deflate ! (short term yeah, things change but were speaking of the long haul here !) If I use a stop loss, and a sudden dip takes out my stop (or some broker), THAT MONEY IS GONE FOREVER --- if i play the trend, THAT MONEY WILL COME BACK IN PROFIT !
and ROI is the most impt thing for me as I run a small financial trading corporation in New York's Hudson Valley, and clients dont want to hear excuses ! (LOL)
Nah, I sleep like a baby cause I have a basic understanding of how forex moves, and I pay a LOT of attention to support, resistance and trend !
but of course, i mention this only for those who might wish to take a look, NOT as something to run right out and do !
BUT, test it and see what happens !
enjoy and trade well
mp
I understand that you trade without a stop, if it's your own system and you know the typical movements during that period... You'll probably know when to exit.
However, you say: "Go back to bed"
I would never ever ever open a trade without a stop and going to bed.
And the second reason is that Money Management doesn't work or atleast the way I do MM. It's not about pips but all about ROI.
Merry Christmas everyoneI like to trade forex without stop loose for GBP/USD and GBP/Y and I never lost, the trick is only the money we have in our account. Wait till the price bounce back to your direction... He..he...he..
MP -- trade the "bounce"
above i mentioned it, but reading it myself again and i can see it doesnt really say anything.
If i miss the tp point (i try not to, but when the McGiver sisters come for a visit, ANYTHING can happen !) and im long, lets say, I wait for the next intraday reversal (10am, 12am, 5pm EST) wait for the currency to head back up, note the tp point and BUY the DIP with enough lots to drop my basis price significantly --- in another scenerio, i could most likely leave the trade dangling but if i want out quickly, AVERAGING DOWN allows me to get out of a losing trade with a profit as long as I can identify the new and upcoming tp point !
i try not to have to "defend" my position, but those McGivers are downright irresistable !
enjoy and trade well
mp
I like to trade forex without stop loose for GBP/USD and GBP/Y and I never lost, the trick is only the money we have in our account. Wait till the price bounce back to your direction... He..he...he..
You tell 'em, MP!