David - Perth, Western Australia - Journal

[dave3512010]

M5 Jaws still open and M1 may yet still move

[dave3512010]

Again but sloppy and unconvincing

[dave3512010]

Bull candle breaks clean of AIMs box ... taken out for a loss of 5 pips

[dave3512010]

Note to self. The entry needs to be on a clear candle breaking clear of AIMS box .... look back at the chart. The best moves out of sleeping JAWS occur when a large bull or bear candle signals an entry and breaks clear on the AIMS level. Unless I get entered on such a strong candle or clear move away with smaller candles get out. Candles of the opposite colour or dojo indecisive type candles are a sign of weakness on entry.

[immy]

The Volatility of EUR/USD is not fit for M1 trading. I suggest you swtich to M15/H1 and you may add GBP/USD and USD/JPY to your trading. Trade only in the direction of H1.

however, the volatility of post news situation like just now after ECB Rate decision is fit for M1. So either stick to M15/H1 or trade only when there is a news based volatility and M1 is fit for it.

Hope this makes sense.

[baldeagle]

David,

Thanks for starting this journal. I am the guy on the west coast US with similar time issues. I have started a thread called Tips for US traders but I think I will change it Tips for the LO Impaired. I appreciate the effort you are putting into this as you are getting comments that apply to my situation as well.

Ed Abbott

[dave3512010]

The Volatility of EUR/USD is not fit for M1 trading. I suggest you swtich to M15/H1 and you may add GBP/USD and USD/JPY to your trading. Trade only in the direction of H1.

however, the volatility of post news situation like just now after ECB Rate decision is fit for M1. So either stick to M15/H1 or trade only when there is a news based volatility and M1 is fit for it.

Hope this makes sense.

Cheers Immy it does make sense. The hours I have available are at the end of the London session and before NY. I see NY moves occur at 2am my time and London moves occur 3 - 4 pm too. I'm either working or asleep at these times ... So altering TF makes sense. ta

[dave3512010]

David,

Thanks for starting this journal. I am the guy on the west coast US with similar time issues. I have started a thread called Tips for US traders but I think I will change it Tips for the LO Impaired. I appreciate the effort you are putting into this as you are getting comments that apply to my situation as well.

Ed Abbott

Hi Ed ... My personality struggles with the slower TF however it is the obvious thing to do ... I think H4 (daily trend) would suit me best in terms of being able to manage positions twice a day ... A home in the middle of the Atlantic would be perfect!

[immy]

David

The best of the best time frames to trade is the Daily Time Frame. But it all depends on What you Want from your trading? Who are you? and what do you want to do life? IS trading a hobby, is it going to replace your main income, what is it that you want? these answers will shape your trading choices and success

cheers have a great weekend .. please have a look at the the trading plan section and start working on your plan. asap.

[dave3512010]

Some M5s