Good point about the 5 minute timeframe and shorter timeframes in general, particularly when paired with a strategy that stops into positions. Have to use it sparingly and at the right times. Intraday, forex seems to be ruled by the hourly charts and higher.
Exited this one just now at .9010 for 28 pip gain. No intraday trades currently open now. Only the short positionals.
Typically the daily 20 MA is fairly flat in a ranging market and on a steady slope in a trending market. I know it sounds simple, but that's it.
but say you see that the 20 ma is fairly flat. why do you think that it will continue to stay flat when you put on a rangy market type trade. also, does it bother you that 20 is an arbitrary number? or is it not an arbitrary number to you?
The 20 is the middle line of the Bollinger Bands. The 20 is most widely used due to that fact. There is no way to know whether or not it will continue flat or not. Your best way of trading is using my RSI grail coupled with the MACD, Histogram, and Bollinger Bands aaand just be patient. The Fx Futures offer a tremendous oppportunity for relatively easy money. The Cash/Spot Forex does not.
Looking good coach. I suggest a trailing stop here of 1.8771, so your stop is right there!--that is if you are using hourly charts. On the daily chart, my stop recommendation is 1.9028. I think this latter stop would be the one to employ to get the Pound down to 1.8200 as you want it to. (and I as well).
Yeah, if we keep falling then I will move the stop to breakeven. What I really want to do is take profit at 100 pips and replce the futures position with an OTM put with NOV or DEC expiration. Perhaps an 8500 strike...