tjenarvi
TFG Forum Junkie
OK I understand nowI closed it out after the pin bar formed
thanks
OK I understand nowI closed it out after the pin bar formed
not a bad idea here, higher time frame trading confluence with smaller time frameHere are 2 trades past week with EU and GU sold of previous days high resistance and with it also being a valid high of the day with a close bearish.
Hi Guys,
I've finally had a little time to post this method, sorry about the delay. First off let me say this is not my method and I have learnt this from another trader. I am going to show you the basics of how to trade this method and what to look for with both EU and GU charts from last weeks trading. Now this is a day trading method and requires your attention from 8am London open until end of the day New York close if you are holding trades this late into the day. Some trades will be left over night but mainly are closed out the same day. We only trade these 2 pairs as they are the most active during these hours.
This method will required for you to hedge your position on some trades, this means we have tried to sell or buy at the low or high of the day and have got it wrong and price reverses against our entry. Here we are looking to recover our loss at best and get some profit along the way. In most cases you win more on your hedge position than your losing trade. But with every thing forex there is a risk of having both trades stopped out, which has happend a couple of times to me.
So we mark the high and low of the asian session range and look for price to make a new high or low of the day with a opposite candle. We are then looking for price to make a new high or low in the opposite direction for a profit, but on some occasions this will need to be hedged if we dont have the high/low of the day.
Once in a trade on the first reversal candle if in profit we move our stop to break even to protect the account. Then let the profit run and lock in more as price moves. I will leave this up to you how you manage your take profit targets, either a fixed or let it run. I personally will lock in a 1:2 as soon as a 1:3 has been hit and let the trade run.
Below are trades from last week using this method, any questions just let me know.
joffie
Added rule that I use is not to trade into or touching a round number, the best trades come when traded with room or bouncing off or near a round number . If I now trade near a round number I will move to break even once hit or breached rather then waiting for a reversal candle if in profit of course, other wise i look to hedge.
Trading Rules
1. Need a new high or low of the day during london and US sessions
2. Then look for a reversal candle of this high or low of the day
3. Need to see price near, bouncing off, spiked or a fake break of a round number
4. EU only traded after the 1st hour of euro session
5. GU only traded after the 1st hour of london session
6. Entry must trigger on next candle or trade is to be canceled
7. Require space for trade.. in other words room to the next round number
8. Break even on first reversal candle and let trade run
9. If a reversal after entry, hedge the trade in oposite direction, locking in a 1:1 once closed past
10. Lock in a 1:2 profit once a 1:3 has been hit and let trade run locking in profit
11.Lock in profit once a 2nd reversal candle, but giving trade still room to move
So you are use 60 minute man strategy .
HiAs I have said all along I was taught this method from another forum, one of the three traders on the forum who all trade in different methods of price action trading strategies, and I found I picked it up quickly, but adding parts to suit my own trading minset. I had never heard of the 60 miniute man strategy until you posted it here, I dont know why you are so keen to keep telling me this, I learn't from a trader called Darren who I feel to be a great mentor, and if anyone wants to learn this way of trading I sugest you google it.
Honestly I don't know what fxvictory wants to achieve by his insulting comment. Joffie categorically stated from the onset that this method did not originate from him. We believe him and have benefited immensely from this method and other contributions from him in the past. People like fxvictory will discourage genuine traders who are out to help others in this forum. fxvictory or what are you called please stop it.So you are use 60 minute man strategy .
I did not say I have not. I just tried to tell. This strategy is that if you know to bake the trader, this strategy has started. very goodHonestly I don't know what fxvictory wants to achieve by his insulting comment. Joffie categorically stated from the onset that this method did not originate from him. We believe him and have benefited immensely from this method and other contributions from him in the past. People like fxvictory will discourage genuine traders who are out to help others in this forum. fxvictory or what are you called please stop it.