Daily trading seems hard at the moment or is it just me?

[mark8par]

I don't know about anyone else but i am finding the daily difficult atm. Good setups appear only to be wiped out a day or so later by some news and nervousness in the markets. TFG,are there any ideas you have for trading 4 hour and not staying in trades as long. I know you have probably had this question a million times but i thought it worth asking.

For example I'm thinking at swing points on 4 hr with a good pa signal.

 

[danny]

just wanna share my view about this. With the money management in place i don't really care about the news wiping out good setups. Although if lets say there's is a news say NFP coming out during that particular day and based on your backtest the market usually go hairwire after the NFP news, then what you can do is avoid trading on that particular day.

from my backtest experience, i would lose more trade than win, but still i make profit. And this is thanks to TFG money management advice. during backtest you don't know what the news is (unless you go and check the previous news released on forexfactory.com for that particular day on your backtest).

with regards to h4, i can feel the stress. so daily is my choice

 

[mark8par]

Hi Danny, i wasn't referring to news like NFP, just in general tbh. I am finding the market is moving around quite a lot at the moment and not giving any real direction, even with medium impact news.

 

[hafizhanif84]

dale have warning us about this issue..whenever we feel the market not catch our eyes, leave it..i learn to be patient when i use visual alien method..sometimes only 1 trade perweek..LOL

 

[TheForexGuy]

I can understand why you must be frustrated and I really think it comes down to this.

The way I look at it is like so; The market cycles between moving and flat conditions. We've just come out of some nice trending conditions where nailing a good trade is much easier. These conditions come and go, but what happens is you keep trying to trade with the same intensity and expectations when the market flattens out.

I believe this is one of the hardest challenges of Forex trading - backing right off after a set of nice wins, because naturally you want to keep pushing forward once you get traction. The market doesn't work like that though. Right now the markets have mostly gone into a holding pattern until the next big event kicks fresh momentum off.

Here is an illustration of what I mean on the current EURUSD chart...



So grabbing a good trade will be more difficult, not impossible. Generally there is less reward on the table and it is slim pickings.

So it's a hurry up and wait situation.

In regards to 4 hour trading. I used to be into it quite a lot because I used to monitor the charts more fiercely. Now I've gotten a bit lazy and just been sticking with daily charts.

I wanted to extended the candle painter and get it monitoring the 4 hour chart for candlestick formations and alert the trader. Which I still intend on doing.

Mark what I suggest you do is open a new thread in the intraday strategies section and call in 'price action trading on the 4 hour chart' where we can all get together and talk about signals there.

 

[Kenny Kristo]

It’s not even required to do this, so if you are finding it tough than why you want to do that? I mean the best way is to trade when you find opportunity to make profit. Now it’s okay if you are able to spot on daily basis, but if you are unable to do that than just stay away or perhaps if you are addicted to trading than operate on demo accounts once you are uncertain. I always trade on my free 200 USD welcome bonus account by Nova FX whenever I am uncertain.

 

[RF1508]

I'm also having a hard time finding trades.
However, I have learned to be patient now and trade according to the rhythm of the market.
Last week I only took two trades. One closed with profit and one still open and in profit.
A year ago in these situations I would over trade, resulting in a lot of losses.