Hi guys, I have tried lots of different strategies in the fx markets, but have recently begun having more success than ever with an Always In approach. Just wondering if anyone else uses similar tactics while daytrading? Literally as soon as I turn on my screens I'm looking for which side has the edge, then just start scaling into a position ASAP and try to hold it open no matter what. At least a small position at all times. EURUSD m10 charts usually. The theory being that, when the currency markets are not trending they are compressing, and are likely to suddenly explode in 100+ pip moves before long. I find that always having some kind of exposure, and reversing (rather than getting stopped out and then being flat waiting for a setup in the new direction - like a pullback) when my view of the market direction is proved wrong is way more profitable than scalping for 1R or 2R or whatever, as I'm always exposed. So I try not to get stopped out, nice wide stop under/above a major previous swing high/low, and also try and avoid the temptation to take profits with a limit order, intending instead to take profits while reversing. It's been great recently in the EURUSD, with almost every day having been a bear trend day lol, and is also ok to good on trading range days where the range is wide enough, but can be unforgiving on tighter range days, and would therefore be a nightmare on an instrument like the ES.
intraday with Eurusd price are perfect setup for almost 2 years. it;s has a rally trend each weeks. had a check with their daily range, it's getting shrink each year. it's much better if you care to share your current chart workspace, many traders been move into PA method and put a quicker while exiting their trade.
I used this approach some months ago. It was not a perfect system, but I did grab some pips as quickly as possible. Unlike you, I grab the profit once it is reasonable enough. Greed is one thing I have learned to control while trading.
pretty much similar with my currrent EA system, works with EURUSD and USDJPY (lowest spread at my current trading platform). the idea are simple, put pending order at most market session, stand by awaits for market to make a sudden move before the initial wave to come. real tight SL given (15 pips), as for greed control system I use trailing stop with step adjust to current market price. run the auto system on my VPS (week 2), use 0 pips stop order level to get better result upon TL modification process.