Thanks 1R! I really hope this thread will not only improve my discipline, but becomes useful for readers too!
This is hard to say exactly, but average profit objective is I'd say around 20-25 pips. As for discretion - this is even harder to say. The reason is from one side I use simple textbook setups to trade, but from the other side really decide which to trade based on experience, which is result of great help of some people and also 3 years of an average of about 12 hours of screen time per day. When you get the proper mindset and see the market breathes for so long it becomes quite readable. Of course 3 years is nothing, so I have a lot to learn more and increase my results, and working on it, but at least now it's like when you're not Shakespear yet, but already can read instructions to Microwave oven. I always think of my trading as a kind of sport. There is a theory (smaller part) and a lot of practice (most important part). I live in Russia and we have many TV shows about how our famous tennis players have become who they are. Well, in 100% cases thats a result of not just talent, but first of all, result of practice for like 10 hours a day, EVERY DAY for many years. So trading is about the same. Of course there are good working mechanical systems as well, but I simply don't know any which would be able to outperform human for now. If i had one, I'd maybe never spend as much time looking at charts. As for charts, I actually look at many timeframes at once. From time to time take a look at 30min, spend most of the time switching between 1, 3 and 5 min and sometimes even take a look at 1 pip P&F charts. Not forgetting weekly and daily of course (more like for overall picture to keep in mind). Hope this helps...
Thanks for the detailed response. Did you ever consider trading other liquid pairs like usdjpy, gbpusd?
NP, I'm glad if this info is useful for you. As for other pairs, no, I have found that they usually have wider spread and that is critical when trading such small moves. But I diversify the other way - trade NQ and DAX futures and sometimes some stocks (simply if in a stock mood ).
Pretty choppy opening so far... And no setups as a consequence. Hopefully this unspent market energy will give birth to something good later.
The market is fighting hard to try to find support. If 1.571 holds it can trade up to as high as 1.581 before encountering serious resistance. A Double Bottom could be forming, with confirmation when price trade through 1.576. Good trading
I think there's an upward bias to PA, FWIW. Weak resistance is at the top of the triangle, stronger resistance is at 1.581 ... it's already making its move even as I'm typing.