I made most of profit during an up day in London morning from green rat trades NOT within the 20 pips of daily low and loss before London noon when my pairs (gbpusd, eurjpy) are mostly range bound (which I leanrt).
I made most profit within 3-5 mins as I still have a tendency to close winners early due to fear (still working on it!). This might be the reason that sometimes I made my 2% in one trade but most of the them need 2 to 3 trades.
Thanks for suggesting USDCAD/USDCHF. My challenges (doesn't mean I rule them out completely) with them is that they have a small range although the direction is right for my green rat during a down day for cable and euroyen/eurodollar.
Why do you choose M5 instead of M15?
tommydq wrote:I'm a red rat and I've had similar problems trading the London session on up days. I've made most of my pips in the green rat zone on down days. The problem as I see it is during the London session is the length daily candle is still being built. Normally at the London open only 1/4 to 1/3 of the daily range has been traversed and often the London session is creating a down move or up move to create the daily range. On up days I've done best taking more trades with 3-5 pips of profit / trade instead of trying to get my 2% in a single trade. But I also get stopped out at 10 pips more often on those days. You may also want to look at USDCAD / USDCHF on days like today. They'll generally be going in the opposite direction of the GBP and EUR pairs.tfg wrote:Hi, Avery,
I 've been a green rat doing ok outside the 20 pips daily high/low. However, when I tried green rat trade within the 20 pips daily low, the price kept breaking to a new low and killed the green rat, like catching a falling knife. Clearly, I seem to miss something quite key here but don't know what...?
I trade on M15. Any suggestions that it can help me to better identifying a reversal of daily low? Appreciate it.