I trade the GBP/USD almost exclusively. Today, you should have made at least 200 pips with the big moves it was making. Had you been on a 10 or 15 chart you would have made alot more than a paltry 22 pips.....
hmmm..interesting post...please explain as to why a 10 or 15 minute chart is better than the 5 minute I usually use?...please share your insight on this as to GBP/USD trading...thanks...
On a 10-15 min time frame with 3-5 min time frame for entry along with use of fibs/pivot points, you would give yourself the opportunity to ride the market for a longer period of time, hence the more pips you make
thanks...on the fibs...from what high to low do you use...meaning...from high after a certain time in the morning or a weekly, daily?...to keep it current enought to be relevant etc.
I set the fibs on hourly chart in the morning..using the high of the day( about 3-4am eastern time) down to the low of the day(about 8-9 am eastern time).
thanks man...cool stuff...what % of the time would you say it sticks within the fib retracement levels?meaning provides some pretty good boundaries if you will...