Hey up Dr B...Sorry for not popping by since new yr mate..hope everything's buzzing on the Smallcap front and you are banking the profits
I have taken a step back from equities, concentrating only on FX..I have been testing different strategies with various timeframes.
When I have had the time..I have actively traded the smaller tf's..mainly 5 min and had a modicum of success followed by a modicum of failure..lol.
I have decided that the smaller tf's are not worth the stress and not my style...all you are doing is trading noise...overtrading, trying to catch every minor swing high & low.
But...the longer tf has proved, for me anyhoo, to be the way to go...(Daily - 4hr - 1hr),
keeping it simple...having the patience to wait for price to reach good levels of S/R & pivots (Sbr/Rbs)....all you need is a horizontal line on the chart to make money.
Have a look at cable on a 4 hr chart...I bagged 50 pips this morning by having the patience to wait and see if price was going to retest and react at the bottom of the prior Range/Channel....approx 1.6070 level...I bailed out at the 6000 level...which has now broke and price is still heading South as I write...I am still a scaredy - cat, when it comes to running profits..lol.
Anyway mate, it's a work in progress...but i'll stick with FX for now and see how it pan's out.
Good trading Blixey
PS...Draw a line across from the low of 21 Jan on Eur/Usd...see what price did there this morning