Discussion in 'Forex Trading' started by bigmrfrank, Jun 29, 2006.
Too bad for you if you didn't ... 140 pips in 45 minutes. Think I'll buy a few new jet skies.
the forex trades 24 hours and one person cannot watch all those hours, you'll have to eat and sleep too. Did you catch the move at the globex open today? Did you catch the move the other day at 3AM? And the 19th had a good move too, did you catch that?
Too bad for you if you didn't...
I think I'll buy a new ferari this weekend or shall I make it a lear?
I will say there are very excellent ways to make money in the currencies when price breaks out either side of a measured and backtested range. With the nature of the currencies to explode out of short term tight range periods, there are numerous times a month per currency to take advantage of.
The chart example you have is just one of many moves per month that have excellent decisiveness to the move - this also gives you more horsepower per tick.
I suppose anything tongue in cheek flys directly over your head.
I love the volatility of the 50+ moves that appear on a daily basis. I don't follow the ranges ... just my indicators most of the time. I don't even need the candles to trade my systems, just give me a reference point before I start putting on positions.
Exactly the reason you need a trading system. Specific parameters/criteria based on a back tested algorithm.
Otherwise emotions (fear & greed) will betray you sooner or later. IMHO.
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