you see day trading any in any market is tough and stupid because the market may be moved 1% up or down intraday without any reason and the regulator will say 'noise'. but i have no choice and so far in forex i have not seen that kind of senseless volatility at least in eurusd usdjpy audusd gpbusd except in times of news release
1994 U.S. Investing Championships... 3 honors 1st place in Mutual Funds, $500K... mutual funds overall... and $500K overall. A few years later I likely would have won the MMVR*, but the contest was discontinued mid-year because of SEC hassles. * Money Manager Verified Ratings"... the rules were, "$1 Million to enter, trade anything you want". I made 144% that year. The prior contest best from other years had been 108%. Ahhh... if only it were always thus!
there are impulsive moves and corrective moves. A corrective move on a 4 h may be an impulse move on a 5 min. In corrective moves there may be impulse moves which are 1M impulse moves
Padutrader, You do realize that to others it sometimes sounds like you are a devotee in the cult of Al Brooks. Al Brooks = Jagad Guru. I have lived in India for about 10 years of my life and I have noticed how some people put on blinders and become fanatic followers of supposed Godmen only to find out later that the Godman just was a debauchee. You seem to be more intelligent than the average villager but I am wondering if you have made Al Brooks your Godman. Guru mile lakhe lakhe shishya mile ek. Either he is a trading guru and you are not a good disciple (disciplined) or he is a bogus guru and you are being exploited for his own profit, adoration or distinction. Another thoughtful post from Elite Trader?
Momentum , has a rhythm,a repetition or a cycle where by the strength of the move gradually wanes in each successive wave, and then stops totally, and moves in the opposite direction, before resuming again usually in a powerful spike,which usually catches the traders who traded the opposite move totally off guard. this cycle is what i am trying to recognise and trade.As is usually the case there are cycles within cycles: for example a single bar spike followed by a number of smallish bars which then usually ends in another spike,causing a channel over shoot ,the channel being formed by the number of smallish bars;or the move may gradually peter out in 2-4 waves of movement,slowly dieing with a whimper. sometimes the whole cycle may play out in 5-6 bars,then a correction and again another cycle all this may seem obvious to the experienced but i felt a lot of traders are mystified by exactly what i am trading and what i mean: so this explanation
what has momentum got to do with Brooks though the whole of technical analysis has been addressed by Brooks in his many books and videos,the only thing being he has changed the names. Brooks has some unique points such as using micro trend lines for entering very rapid moving trends which every trader could benefit from. i have read over 100 authors in my 30 years and all of them describe the same market using new names such as phoenix high 2 etc. So how on earth can you avoid being a disciple of some guru since all them are teaching the way to the same GOD?
I guess one could just allow the market itself to be one's guru and only listen to it instead of allowing their mind to hear the voices of 100s of trading gurus spewing their regurgitated theories, especially in regards to momentum.
in any field you have to learn the rubbish first before you clean up and re discover your self. Momentum is obvious, it is natural...you do not need a guru to see it anymore than you need a guru to learn fucking
I have noticed that the path taken coined logical or natural is not the best path. If trading were easy or logical then more traders would be profitable...right? ES