Sorry I didn't get time to post a picture of this one but if you look at the Dax around 19.30 GMT 5min TF there is an example of a trade I took this evening and is still making pips with a nice profit locked in as I write.
I have found over more years than I like to admit to that where you get a reasonable move during the day -nice slope- it is often worth looking for a retrace in the two or three hour period before New York Close. I look for a No.1 set up except I don't worry too much about purple but my stop is really tight no more than ten pips and my entry is always AIMS level plus spread. If it goes my way having probably broken a few of them I manage the trade using Grant's rules.
Andrew
Trades after European Close No No??
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wiseambitions
- AIMSter
- Posts: 1127
- Joined: 17 Sep 2012, 21:36
- 13
Re: Trades after European Close No No??
hi,
Let us not forget that tonight was always going to be fast moving due to USA FOMC pronouncements. It affects the $ and equities including German immediately, and can cause wild fluctuations not unlike NFP on the first Fridays (1330 UK time). I prefer to keep out of the way this one Wednesday night of the month, others might of course get in on the action and either come out of it with worthwhile gains or a blooded nose, you definitely need to be astute when it kicks off wild, you rather need to be eyes on the screens at that time.
After Europe closes around 1630 UK time you might see your broker increase the spread by at least 1 pip, which reduces the profitability of trading of course, otherwise there's nothing to stop anyone trading right up to about 2100, using the usual strategies, but if it doesn't want to move, that time of day can hit you with whipsaw.
Let us not forget that tonight was always going to be fast moving due to USA FOMC pronouncements. It affects the $ and equities including German immediately, and can cause wild fluctuations not unlike NFP on the first Fridays (1330 UK time). I prefer to keep out of the way this one Wednesday night of the month, others might of course get in on the action and either come out of it with worthwhile gains or a blooded nose, you definitely need to be astute when it kicks off wild, you rather need to be eyes on the screens at that time.
After Europe closes around 1630 UK time you might see your broker increase the spread by at least 1 pip, which reduces the profitability of trading of course, otherwise there's nothing to stop anyone trading right up to about 2100, using the usual strategies, but if it doesn't want to move, that time of day can hit you with whipsaw.
I wish more people would come on here to share something on their journals
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
[center]IF YOU CANT EXPLAIN IT SIMPLY YOU DON'T UNDERSTAND IT WELL ENOUGH (Einstein)
1% daily gain, compounded for 250 trading days, (approximately one year) would produce 1103% account growth[/center]
"Markets reflect the positioning of the sum total of investors – they are not driven by something an individual investor knows that the rest of us don’t, but they do to an extent reflect what investors think other investors are thinking and so can diverge in the shorter term from the economic fundamentals."
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Andrew
- AIMSter
- Posts: 4
- Joined: 30 Nov 2015, 11:29
- 9
Re: Trades after European Close No No??
Hi Ray,
I am always mega careful very tight stops and trigger finger ready to bail out not the other way.
Andrew
I am always mega careful very tight stops and trigger finger ready to bail out not the other way.
Andrew