Strategy Adjustments

[immy]

Immy: NOTE THIS DOWN 12:56
Immy: Due to current low volatility, and low ranges on our favorite pairs. We are now directly connected to H1 (you could go for m5/m30 if you like) charts on EU GU EJ UJ AU. So I suggest we trade m5 on 2-3 pairs keeping in "tune" with H1. 12:57
Immy: e.g. We saw GU at top of the wave, we knew its reversal. so if we trade an M5 setup it would be a reversal. and it paid off well. but what we rather be doing is Catch M5 S1 in the direction of H1 gator. easier, higher probability. 12:58
Immy: as long as M5 does not require more than 15pip SL, we don't need to drop to m1. thats the concept. 12:58
Immy: it is when M5 usually start requiring over 15 pips SL, then we trade m1. e.g. when volatility was higher, 15pip SL used to be nothing for EJ on m1.

[immy]

A nice Setup on DAX. News or no news I did not care as it not directly related to Dax. But I thought it would move the market and took the risk. well paid.



Trade was taken on M5 level break. The trend was confirmed on m5, higher probability setup.

got out a bit early. this one could be a 100 pipper... oh well next

[Darren]

Lovely picture

[immy]

How many pips did I leave on the table? Oh well.



I wish you all a Happy Easter and Smashing Holidays! Enjoy Yourself

[Tomi]

Some pips were left on the table, but don't worry. Always willing to help buddy and got those pips.

A clever fellow named Immy once told me that after flat W4 the wave 5 might be just 38.2% extension....so true Thank you Immy for all the knowledge you share. I always like to hear your thoughts and trying my best to learn from those.

BTW...I missed the previous W3 because my kid broke one window. He came to home and said "girls started bullying boys and I was the one who ended it forever <small pause> I think you have to pay a window now" and started crying. 8 years old temper, cute as an easter egg Cost me 150 euros and one juicy W3

Happy Easter time fellows!

dax_m1.png

[immy]

Some pips were left on the table, but don't worry. Always willing to help buddy and got those pips.

A clever fellow named Immy once told me that after flat W4 the wave 5 might be just 38.2% extension....so true Thank you Immy for all the knowledge you share. I always like to hear your thoughts and trying my best to learn from those.

BTW...I missed the previous W3 because my kid broke one window. He came to home and said "girls started bullying boys and I was the one who ended it forever <small pause> I think you have to pay a window now" and started crying. 8 years old temper, cute as an easter egg Cost me 150 euros and one juicy W3

Happy Easter time fellows!

dax_m1.png

Lovely post, lovely trade, Thank you thank you thank you! Happy Easter! (Love your sense of humour) You \m/

[immy]

Guys Guys Guys! Keep it simple.
Make these two absolute requirements for M1 Trading.
1. Find a pair with volatility. To find volatility in forex simply check the daily range of the pair. Check what is normal for this pair. You can do that by checking ADR (Average Daily Range) of the last month (20 periods or even less). We want a figure of over 80 at least but above 100 is better. The higher the better.
2. spread lower than 2. As the spread goes higher it takes most of the portion of the m1 waves. We lose our edge.

DAX these days is my favourite. As soon as EU comes back to normal we'll be on it again. But if you don't have DAX, keep trading EU on M5/H1. If you're really keen on M1, then change to M1/M15. Trade in the direction of M15 only. Today THE ADR of the last 20 days is way less than 80, its 53 pips. That is not good enough for us. We shall wait like good traders.


Check the Picture Below of EU M5/M1 Today

The distance between The Ask and The Bid Lines takes a good percentage of the Screen Area. Which means spread is taking a huge portion the wave that we are looking to capture. This is a statistical dis-advantage. If this was an M15 Chart to the right, the spread lines would be relatively closer to each other and hence not take most of the wave into it. I hope it makes sense. Hence No EU M1 for me.

The difference between the bid and asked prices, or the spread, is a key indicator of the liquidity of the asset - generally speaking, the smaller the spread, the better the liquidity.


The EU M5/M30 Combination



This leaves us to M15/H1 Combination. And that brings us to H1 Trading with Entries on M15. Currently this one is working like a chart. You can watch 4-6 pairs using H1/M15 Technique. If you don't have multiple screens thats fine. Make 4 profiles that display each pair vertically side by side. And since its m15, you are able to check all 4 or 6 pairs separately by simply changing profiles periodically. by the way, Ctrl + 5 and Shift + 5 can be used to quickly change profiles.