Finding the flow
Nothing fancy to see here. Just finding the flow in NY and executing the trade without hesitation. It is tempting to trade all day, but I've found out that just trading NY will give me all the pips I need for the day with a lot less frustration. As you can see, the trade went a lot further than my 30 pip target and I am okay with that. Too many times I've let things run only to get nothing or stopped out for a loss when I've been up 30 pips. Some pairs I trade for 20 pips with this moving average setup, but overall 30 pips is my standard. My recommendation is for everyone reading this to learn about correlation. Since this is my first post (I think) I will talk more about correlation later with a charting example. A big reason I was able to sell GBPNZD so easily is, because I detected strength in the NZD group.
I am also focusing on one primary setup no matter the pair I trade. I've done all the ICT stuff (for you ICT fans out there), but his stuff fails just as much as anything else I've tried. The best advice he gave was to trade early NY from say 8am-12pm NY time. The pairs that do the best have the best flow which means that Fibonacci 62.8% retracement yadda yadda yadda is unlikely to happen within the 8-12 window when there is high order flow. On a side note, this is more like an open journal for me. If anyone comes along and finds this useful then great. I've spent thousands of dollars on training programs from the likes of ICT and Urban Forex as well as thousands of man hours; however, none of them have the golden goose that lays the golden trades.
I came to the realization that nothing is going to work until I find my own style. I've taken what I've learned, the useful stuff from, the trainings, discarded the rest and added my own understanding. I think each trader needs to define certain parameters that they can understand. What good is a concept if one doesn't fully understand how to use it? The central bank dealers range ICT teaches may work, but it seems overly complicated and hard to implement with my trading style as I look at and trade all the major pairs.
As a disclaimer, I am still struggling to be consistency profitable. Well, this week I have made over 550 pips as I prepare to take on my next MFF challenge. I traded a small private account as I kept having 1 bad day on my MFF account and blowing up. All that was telling me is that I wasn't yet ready and further refinement needed to happen in order for my dreams of becoming wealthy can become reality. Anyway, I feel like I am getting a bit long winded here and if you have read this far I hope you are having a good day.
I am also focusing on one primary setup no matter the pair I trade. I've done all the ICT stuff (for you ICT fans out there), but his stuff fails just as much as anything else I've tried. The best advice he gave was to trade early NY from say 8am-12pm NY time. The pairs that do the best have the best flow which means that Fibonacci 62.8% retracement yadda yadda yadda is unlikely to happen within the 8-12 window when there is high order flow. On a side note, this is more like an open journal for me. If anyone comes along and finds this useful then great. I've spent thousands of dollars on training programs from the likes of ICT and Urban Forex as well as thousands of man hours; however, none of them have the golden goose that lays the golden trades.
I came to the realization that nothing is going to work until I find my own style. I've taken what I've learned, the useful stuff from, the trainings, discarded the rest and added my own understanding. I think each trader needs to define certain parameters that they can understand. What good is a concept if one doesn't fully understand how to use it? The central bank dealers range ICT teaches may work, but it seems overly complicated and hard to implement with my trading style as I look at and trade all the major pairs.
As a disclaimer, I am still struggling to be consistency profitable. Well, this week I have made over 550 pips as I prepare to take on my next MFF challenge. I traded a small private account as I kept having 1 bad day on my MFF account and blowing up. All that was telling me is that I wasn't yet ready and further refinement needed to happen in order for my dreams of becoming wealthy can become reality. Anyway, I feel like I am getting a bit long winded here and if you have read this far I hope you are having a good day.
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