Forex Trading Recap 26 September 59 Pips ~ forex candlestick trading strategies pdf
As most regular viewers/readers know I really enjoy days that have slightly odd trading conditions. Something like today where price was quite tight and ranging for most of the European session is a good example as for many people they can be very hard to trade.
The problem for many systems is that they focus on trading trends alone. On a day like this that means taking continuations right on the edge of the move or taking trades from the middle of the range to the outside (since these systems need to wait for the trend to turn). Theres nothing wrong with using this method most of the time but its very difficult to pull out decent pips on these tighter days. The continuations will fail right on the edge of the market and the trades from the middle of the tight range will give very few pips at best and a break-even trade far more often when they dont continue their move.
Because of this its important to have an adaptive methodology that allows you to go with the flow of the market. If it wants to trend you need high quality trending setups you can take but you also want to have high percentage trades you can enter on the extremes, especially when the market is currently quite flat. Thats the only way you will be able to keep your risk to reward high and be consistent on days when the market conditions are like they were today.
To see how I traded the ranging markets today see the video below:
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