I dont see new highs by NY open....but that could do just about anything overnight. It is setting up for a bounce here at 1.5815....with your apparently tight timeframe, I would be aware of that potential bounce. As for how I am doing.........I am working a 9-5, making enough to live on and not a lot more. I am hoping to get more active as I build up some cash and am trading EUR at night in the hopes of getting my discipline in tune with my method. I tend to fight the trend, If I can get myself go with it....this will work. One question....why trade minute charts as opposed to tick or volume? Especially at night, when there is so relatively little movement.
Spin: I will answer your point in a next post or I will PM you. EUR/JPY has sold off 100 pips. It makes sense to see the EUR sell off first against the Yen as it is in a down trend, and also because it is asian session (JPY). I am now watching EUR/USD again. It took my stops off. I am now watching if it will top on the 15 minutes chart or not. In order to time it on the 15 minutes, there are many ways. One can go to the 1-minutes chart or a simpler way is to check whether the low of previous 15-bar has been violated. If it has and the prior high (of few ago) was not taken, then it is goind on 15 minutes.
Yes it will top no higher than 1.5850...if it even gets that far. I should take my own advice, that trade long from 1.5815 is what I am looking for. Night trading usually doesnt give much. I should of taken that setup but 1.5815 was just below a band and it seemed to be riskier at the time. If it gets to 1.5845 or so, I will look to short it. I think I missed that trade by a few minuts, the local high may be in for this cycle.
Spin: check what happened on 15 minutes chart on Oanda. As soon as the low of precious 15minutes got taken, it sank 20 pips. The first challenge is now at 1.5817 where the bulls on 15 minutes may be hiding. The second challenge is at 1.5810 low of earlier this evening. The third is 1.5805 where the 30 minute followers maybe waiting to buy. If a retreat takes place, on 30 minutes, a test of the high would take place. If not, the next station is 1.5740.
I am using IB and it never got back to 1.5845. More importantly the cycle I was watching on one my entry charts was not set up exactly right. I hate trading with such a small risk tolerance...it is just necessary, for now. I do agree....one of these down cycles could be significant, it will probably be after I go to sleep though. I need to find out which market tardes the best until midnight EST.
Spin: I think you should open an account with OANDA. The major advantage is that you will be able to scale, and also you can blow many small accounts if you want to test something. I have blow up three time one hundred account each just playing currencies on OANDA three years ago just to learn forex. You can trade $1 lots. Also you may want to look at STW (Taiwan Index traded in SIngapore). It moves well. I do not trade it so far, but I am watching it to see whether it follows technicals, and whether asia behaviour is similar to US behaviour. Also trade EUR/JPY and GBP/JPY at around 8PM, when it moves (if any move).
The EUR Bulls: call trichet to save the EUR! 1.58 is in the pocket. Next destination should be mile 1.5750. I moved my stops to 1.5825 to lock a 15 pip profit (on the short).