How would you trade this formation?
May 01, 2015 at 13:54
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3 Replies
forex_trader_236107
Member Since Mar 10, 2015
116 posts
May 01, 2015 at 13:54
Please be advised high impact news will hit in 6 mins from the time you see.
Member Since Oct 21, 2012
6 posts
May 02, 2015 at 09:20
My experience with trading these situations is... just follow your original trade plan.
Price wasn't behaving as it was in the last few days. Very whip-sawish/no clear trend on the 1 min chart. I hypothesize that this correlates with trend reversals, though I can't be sure without doing testing.
But in reality I followed by trade plan and tried to go long several times. Didn't work out because of the whipsaw and took some losses (3% total). One of the worst sessions I've had. The great London Open balanced it out though. :)
Price wasn't behaving as it was in the last few days. Very whip-sawish/no clear trend on the 1 min chart. I hypothesize that this correlates with trend reversals, though I can't be sure without doing testing.
But in reality I followed by trade plan and tried to go long several times. Didn't work out because of the whipsaw and took some losses (3% total). One of the worst sessions I've had. The great London Open balanced it out though. :)
Member Since Oct 11, 2013
775 posts
May 04, 2015 at 04:40
markets can become irrational at times, especially during news announcements.
forex_trader_236107
Member Since Mar 10, 2015
116 posts
May 04, 2015 at 12:16
alexforex007 posted:
markets can become irrational at times, especially during news announcements.
I would agree with you 100%, but they only being irrational when we have expectation to what they should do. Simply look at the formation which I have posted above. No matter what tf you trade, the same formation will appear, although news on the formation above caused the drop, it simply speed-ed up the process in which it occurred.
Once I am done trading today, I will share some things which hopefully people will take interest to. It is so sicking how forex is mostly about 'Selling EA's' then people trying to profit by themselves. If you can learn how to look for the patters and ONLY trade those patterns, then your account will reflect it.
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