Sometimes when the daytrading timeframes are not giving up solid movements, it is great to have a back pocket strategy to pick up the slack.
For me, I like to use a higher timeframe to see if I can get positioned for when the moves happen. Different strategy then my normal daytrading strat.
Here is a link to the last two days of my longer term strategy and includes a trade I just closed. It will only cover one pair but the strategy applies to any pair I trade. http://www.atradingplan.com/wp-content/div.jpg
Having another strategy can really help your account grow when your other strategy is keeping you out. As you can see, this was not a scalping strategy, did not require a ton of indicators nor a lot of time. I actually set it up during my day trading hours as you can see by the open time.
Here is the actual 4 hour chart layout that contained those two trades: http://www.atradingplan.com/wp-content/chart.jpg. The arrows are simply the candles I shorted and the lines are decision points. That is all I use.
So if daytrading is not producing due to market conditions, don’t force a trade. Seek out another strategy that can get you above the noise…a longer term strategy. Keep it simple.
Today was another perfect example how the HVMM, coupled with 10% art, can keep you from participating in the market when it does not want to play. There are times that the HVMM will set the prices up outside the chop and you don’t have to make a decision. Two trades…two wins and done on the EJ and GU. What you see in this video was also part of the chat in the U.S. FX room. Another HVMM trader saw it the exact same way.
If you happened to miss the initial release of the HVMM, please accept my invitation to attend the next free webinar: THURSDAY OCTOBER 29 @ NOON NEW YORK TIME Sign up here: http://www.atradingplan.com/hvmmwebinar
Well, the HVMM has been on the market since Tuesday and from what I hear, sales are doing very well. If you missed the live webinar, you can watch a recorded version right here: http://www.atradingplan.com/hvmmwebinar
Mark and Brian (Netpicks owners) understand that the economy is beating the hell out of a lot of people. They also realize that trading is a great way to get above all the doom and gloom. For the first time ever, they are offering a payment plan of SIX MONTHS! This makes it affordable for almost anybody who is super serious about a life changing career. You can check out the 6 month plan by clicking here: http://www.atradingplan.com/3easy
The HVMM (High Velocity Market Master) is a complete strategy. In the right hands, it can be a complete money-maker. Take this video for example. Trading my session, the U.S. morning, the setups were clear as day. The areas to avoid were clear as day. Didn’t matter though, the HVMM would have kept you out of a few losers this morning. The EURJPY was a fine pair as well but the cable allowed me to highlight “getting in sync” and also picture perfect re-entries.
You are welcome to join in on the LIVE webinar tomorrow. You can also have a real chance at picking up this strategy..and all the training…for FREE.
It is great how the markets trend 100% of the time and swiftly go to your targets. No adjusting needed. Just take the trade.
In the real world though, chop and slop is a feature of any market you trade. How great would it be to be able to stay out of most of it? Well, with the HVMM, 10% art and knowing the rules, you can survive a choppy session without drawing blood.
Today in both the GBPUSD and EURJPY, it took a while to get some good moves. Before they came, it became the wild west. This video is going to show just how powerful this strategy is. Applying some basic trading skills (round number, swing level adjust, standing aside during news), ended your day with 1 trade…1 win and +20 pips using the HVMM.
On Tuesday Oct 20 at 12:00 EST, come see first hand the trading system that has delivered 26 winning sessions IN A ROW on the crazy market known as CL ( crude oil ). You want to talk about fast moves!
No charge…just login and watch the HVMM in action. Get all your questions answered!
JUST ADDED! After you sign up for the webinar, be sure to hit up the blog for your chance to win the entire system…..for free! How? Answer these two questions:
1. Where are you in your trading career and describe your level of success? (Just starting out or have you been at this a long time?
2. How do you think the High Velocity Market Master will help you attain your trading goals?
If you have not picked up the free trading software..Trade Track…make sure you do it now before the download link is taken away. http://www.atradingplan.com/tradetrack
Already have it but want to get a quick rundown on how to use it? Click here for the video explaining, in detail, just how to run this free app. http://www.atradingplan.com/2rr
6 Wins. 1 Loss. +109 pips. That was the EURJPY 89T chart last week in the U.S. session. That includes one day where no trades were taken. Yes, you won’t always have days where there are great looking trades. It may be hovering around round numbers, straddling the directional or just the HVMM doing what it does best….keeping you out of chop. Using the directional as a “chop indicator” is also a tip off to what kind of conditions you are looking at. There is also a counter point to filtering out trades…you filter out winners. You will see a few happen in this video.
What I hope you take from this video is the HVMM is a standalone strategy. Utilizing a proven trade plan and obvious adjustments, there is zero reason why traders can not benefit from sticking to the strategy. That is the key. Sticking to it. Many won’t. Psychologically, it will be a challenge. But for those that stick to their plan, their judgement and begin the road to a self sufficient trader, the rewards will outweigh the effort.
To wrap it up…$5000 account X 2% risk equals $100.00R per trade. Average stop out (conservative side) of 25 pips is $4/pip X 109pips. A $436.00 week trading one currency pair.
You know, traders struggle with a thing or two or ten throughout their trading careers. I’m no exception to that statement. It took a long time and tons of hard work for me to get where I am today. With all the ups and downs of my career, I’ve come to truly value and recognize helpful tools when I find them. That’s why when I got my hands on this crazy new piece of trading software I had to share it with you.
It really sucks! : ) I mean where was this software when I was starting out? Even as an experienced trader it’s already saved me and (the guys who developed it) countless hours of figuring out ‘the little things’ when you
trade… you know, exact position sizes, statistics of your trade performance, not to mention for us Forex traders, the currency pip values.
Even better, it works across all markets, all timeframes, and all trading strategies… it literally doesn’t matter if you trade one of the developer’s systems, your broker’s, or even your own personal method! I’ve arranged for you to get access to the software for no charge. There’s nothing to load or set-up. Literally you can download this awesome resource and start using it to your advantage.
I always want to find a timeframe where the risk is acceptable AND I can get above the noise in the FX market and be able to trade solid action. Looking over a 200Tick chart of the cable, I wanted to take a look how the last week went. Candle by candle on the hard right edge, the week unfolded. Sideways action was clearly seen as somedays, price hovered around the big round numbers basically going sideways. When a clear trend was seen above a round number, a reasoned risk was taken to get into the trade. All in all….66% winners. Art of trading is one thing you can never forget. Obvious chop and certain levels generally scream to be dealt with.
