Purpose of the PA, I dunno... as of late, I don't even know what that is anymore. Screenshot, given the earlier posts made, likely a 30 or 1m?
This is the screenshot I took last night. This is what happened today. I obviously done something wrong last night, something which you should really never do.
If you are asking me if Fib levels are worth trading, my answer is NO. If they work for you, then that is fine, but make sure there are no wouda, couda and shouda involved There is a key point here that should be understood by anyone who is going to risk their money trading. The charts can be looked at from many view points, but one thing is for sure, and that is what ever is going to happen is just going to happen, so it is best to be prepared and not let silly and ridiculous thoughts interfere with what needs to be done. If one does not know what needs to be done, then why would one even consider putting their money at risk.
1. Trade first 30 min -- Open or close all trades in that half hour, or just initiate there? 2. Pick instrument with adequate range. -- What is 'adequate?' 3. Set your risk parameter per trade. -- Based on what exactly? 4. Trade -- What triggers a potential entry(most important)? What triggers an exit? I will let wtfauoa answer you, but in the meantime what's below would be my answers: 1) if trading Stocks, the first 30' candle gives the HH or LL of the day quite often (I would say more than 50% of the days) if you can get in there or get in the second 30' retracement you have a high prob entry point that you ma use 2) well, I would say that would be a stock with ADR (average daily range) of at least 1% of its value (better if 2% or more) 3) well this is very personal but I would definitely stay well below 1% of your capital but that also depend on the TF you trade, as of course if you swing trade the risk per trade will need to be much higher that if you scalp... 4) you need to find your own entry points and exit points but one thing both will have in common is a blue/yellow candle (not literally, just price stopping and giving signs of change in direction) but... this is me, you need to figure things out for yourself, there is no other way.
well, USD.CHF tends to move opposite to EUR.USD as EUR and CHF are kind of linked and the rate between the two (EUR.CHF) moves very little (it is range bound most of the time). The latter is a safe pair as wherever you enter a trade (with a little bit of salt, of course) chances are it will come into profit eventually in a few days if not in a few minutes. I think I never had a loss with this pair, but also no big profit (not that I care, as many small winners makes one big winner). as I said I started with USD.CHF since I was wiring CHF in my account and it was only logical to convert them into USD as my account is USD based (I have IB as a broker)
The truth is that you have to find a way that suits you, and more importantly you have to stick with and do not chop and change all over the place. Almost every person who tries, yours truly included, will waste endless amounts of time jumping from Jimmy to Jack, which, even knowing it is wrong, will still continue to do it until such a time as you just get fed up giving back the money you make and you decide to stop being a fool. A very simple approach, with a well focused person, can accomplish far more than all the experts and assholes put together. The hardest part is being able to ignore they hype and the rubbish, but once accomplished, then making some money does indeed become a reality, and like I said, you kick yourself in the ass for being a fool for so long.
Trading the US open is just one way, it all depends on the individual. Opportunity can present itself at any time, with some times being more predictable than others, such as major reports like NFP and major news events like Brexit, etc. Other than that, one should look for the best times in relation to volatility and average moves, as, when people do the same thing each and every day, then similar things can happen. Adequate range means just that, it is adequate, or sufficient to make some money allowing for commissions and slippage. It is no good trading a stock that has an average OH and OL of around 10 cents, and hoping to make 50 cents trading the first 30 to 60 min, as it will just not happen consistent enough for you to make money trading it. Do not back a Nag in the race. Pure common sense.
Pelt, I see you like to use Excel and are handy enough with it. Again, you can waste endless hours doing up things in Excel, so, make sure that what you come up with is of value and can help you with identifying potential low risk entries, as if you master the entries then the profits will look after themselves. Forget all the rubbish in the textbooks, use your head and common sense. You will never know how much you can make on a trade, but you should always know how much you can lose.