Generally speaking, and I dont trade currencies but I often get trade setups at inflections points and sometimes my system get the initial direction wrong and I will take the loss at my stop price but also will REVERSE at my stop price. You'd be surprised how often this trade ends up being very strong directionally. Not suggesting anyone trade a "classic" patterns without any other analysis (and expect to have an edge in that direction) however these setups often become big trades if you are willing and able to reverse the position (my system is 100% objective on these but many are afraid to pull the trigger and reverse). If your system gets you in early on the break (up or down, depending on the setup), reversing at a stop should result in a relatively small loss and riding the momentum in the opposite direction. If you find yourself often in trades that quickly reverse and run the other way (as if it seems like clockwork), do NOT get frustrated. You've identified a key moment in the day. Many times the mkt oscillates in a range and then busts out. If you get it right the first time, ride the move. If you are in and the mkt leans for a moment and then reverses, stop out and reverse. You should find this works well. But please do your own research first, don't blindly do anything anyone says to do on a website. Just focus hard on these moments and learn all you can.
Oh you do, do you...? Why don't you change timeframes and see if they're still as obvious... Everyone looks smart in hindsight... He who guesses right looks awesome...!
Thank you for your thought out answer... but you already know what my response is to this don't you...? Right... It's unreliable... If you look back at the 1hr JPY it looks like a "bull flag" on the 1hr or a "cup and handle" pattern... I know my TA really well... I stopped using it a long time ago obviously... Trust me... both marketsurfer and I know our stuff... So here's the question... UP or DOWN... anyone want to guess off of TA...?
These folks must have supernatural abilities to do what they claim---- maybe they do, I don't know-- but I do know:
Just like NoDoji, I see you are well read in trading books and well versed in "trading wisdom"---- are you a book author or other TA guru? If not, you parrot them very well-- but don't answer the questions posed to you. very typical. surf
Really? Trust you??... because both of you cannot making trading work for you and, in fact, both failed a paper trading combine. To say you guys "know" your stuff is laughable. You clearly have not crafted a system that works but yet seem hell bent on stamping your feet in disgust. Take my advice or leave it, I couldn't care less.
He can't answer your question. None of the TA folks can because there is no edge in TA. Its something that keeps retail coming back with more and more money despite losing again and again because it just looks soooo good on the chart. Dude, i was a card carrying member of the MTA, was hired by a hedge fund manager to "teach" him TA--- untill I saw the light that it simply does not provide an exploitable edge in the real world. surf
I don't read any trading books, this is all based on my own trading experience. Something you have very little of but for some reason pretend to have. Baffling behavior.
I know... I noticed none of them want to guess UP or DOWN in real time... I'm going to go with the "cup and handle" theory... Bought USDJPY @ 79.78 SL 79.67 TP 80.10...