MightyOne wrote:Dan wrote:AUS/USD really gave me a hard time last week so thought i'd try a jpy pair.
I notice that zline's are respected more? Got out shortly after this trade.
I was going to respond earlier but K-lik wouldn't load.
With small charts, I would wait for price to spike with a significantly larger range than that found in the recent price history:
If you condense your chart then you will see a long uptrend, recently broken, with a double top to trap short sellers.
When you believe that traders are likely to be trapped then it is a good idea to both trade a little larger and wait a bit longer than you normally would.
On 5 minute and smaller charts, you can almost always afford to wait for a candle to close and liquidate at the highest price.
There is only one highest high or lowest low so use that to your advantage when closing orders.
Thanks for your advice, just to be clear though, re my trade: are you saying to staying in would be the best option because it's making new highs?
Reason I took profit there was because I only have 3-4 hours to trade every night and i'm thinking if I can get 20-40 pips a night with reasonably safe stops I can lot them up and actually make some money.
That's the plan anyway.