busy today at work but heres recent action.....see my second page re deciding when to trade a pair being indicators on the corrie 80/20 rules
options
A) go in very early (as they all cross) and you will get some pips under the belt but it may not mature and reverse quickly
B) go in on confirmation and you've possibly missed the main move
at the end of the day if the move doesnt mature into a nice trend....you are screwed anyway so I would personally always wait a little for extra confirmation and take my chances on further maturity
but whatever - be consistent in your approach as a mixed approach to picking trades will 100% bring the worst of both worlds !
(The jam side of the Bread always falls face down in the trading world !!! )
Never easy............and thats before you start on the Exit signals to optimise pippage !!!
N
on the G/U below you could be 10-15 pips up just firing off when those dudes first got aligned on the 20ma....if you were waiting for confirmation yuo'd still be sitting there.....so 1-0 up for the "shoot first ask questions later" team (??)
ive added a 500 sma on the pairchart to show you how it compares to the 500 ma FXcorrelator I use for the bandwidth calculations below
if anyone received Rob (Bookers) stuff recently on the Wallaby trade this isnt a million miles off what I am doing here**....chasing the falls off a heavily extended pair that normally move together
wait for dow to cool off
N
** I think so based on eyeballing his videos ........I didnt buy the e-Book
I was chasing the U/J converence as you know yesterday................but these trades take time and patience and a lot more pippage/stoploss drawdown levels of risk than I was prepared to try at the time............
these are not scalp trades my friends .............and this one took about 12 hours if you punted off of around the max 3 bands divergence that ocurred aound early london morning trading yesterday
(see the posts on converence / divergence in signature area below)