Last trade for the week EURGBP HTF https://www.tradingview.com/x/T38hZGzd/ LTF https://www.tradingview.com/x/HzV3LYsn/ Result: Won https://www.tradingview.com/x/9ElpNlE9/ Something like this? How about purely using horizontal levels? That's what I'm doing now
Also... Consider applying at prop firms that trade equities as well as the ones that trade futures. I think your goal is to be a winning trader more than being set in stone about what you trade. Just be sure to post on ET asking about firms you consider. And post the deal AND training they offer you before putting down money or signing anything. ___ I am not saying stocks are better than futures or visa versa but I would check out both types of prop firms and come back here and let us know what you find.
They also work when they work and when they don't work which is more often broken, better have answer beforehand. You look at any chart and pivot highs/lows often get broken by either a little or much. Back testing wise, for me horizontals work the least and shallow trendlines, unless it is part of a congestion, you are trying for that double bottom/top and with other price patterns double have better chance of working, but just sticking out of some pivot and waiting for it to bounce, unless you are going to hedge, I rather look for better opportunities.
Update: Am making some changes to my system, for e.g. changing of timeframes and identification of levels.
New trade EURAUD HTF https://www.tradingview.com/x/02ObINld/ LTF https://www.tradingview.com/x/UllXBKKJ/ Result: Pending
I think your reversal signal is valid. I presume you just entered the trade during mid / end Asian time. Most likely the big boys are not around. some comments: > trade only when the big boys are around. You can look at the volume but I doubt FXCM provides volume daata. I look at currency futures volume from CME. This is something you might want to consider next time. > check euraud day range. some cross pairs have very poor day range and difficult to profit from trading such pairs. do note FOMC meeting is coming soon. currencies might not move before the meeting. But big boys might decide to move it before the meeting.
Yes I entered during Asian time. Why can't the big boys just trade whenever they want? What tool do you use for day range? ATR?
big boys trade early part of Asian session, throughout European session and early US sesion. They might trade outside those sessions depending on circumstances/news/events ... What do they do when big boys are not trading? No idea. Perhaps they take tea breaks, snooze, go home ... day range. you can create the formula to calculate day high - day low. if not, do it manually.