Good early morning fellow day traders.
The EJ had a dismal day today only achieving 59 pips in movement. Let's hope it makes up for it later on this morning and rises like the GU 232 pips and EU 166 did yesterday.
Sorry I've been vague with my trades but I have had a bit of a tough time grappling with using my 20SL.
From later on I will still be quoting (and using) the high and low price between 11pm & 6am; however, I will quote 2 trades. The first will be to enter a trade at either end +3 for a long and -2 for a short. The bandwidth must be 30 pips or the next M15 candle after 6am that takes the bandwidth to 30+ pips, having waited for the M15 candle's close. Should the 11pm -6am bandwidth be so wide so as not to allow for a 35 pips profit after allowing for 2/3 pips brokerage as compared with the 3 day average then this is a non-qualifying trade day. The SL will be 45 pips and the PT will be 35 pips unless the safe range indicates a higher achievable profit then that will be the target. No trade if there is a JPY hol. + US and or GB holiday; JPY holiday on its own is OK. I will be recording all these results and may even trade the criteria after the beginning of January should the profit exceed my other trade critera,
The second trade using a 20SL is the adopted criteria that I will trade. Again, I will use the 11pm - 6am criteria but this time I am relying on a retrace before entering the trade. The exact amount of pips to retrace is difficult to put a number to as price can bob up and down quite wildly some times. It could be 10, 15, 20 or 30+ depending on the price action. Also if price does take off from the original extreme limit +3 or -2 then I may still enter a trade in that direction should I get a sufficient retrace e.g. 20+ pips and then go with trend at that point.
The 3 day average is 91RGG and safe range is 60G for later but, as I said I think the EJ can perform much better than this
