To all readers,
Thank you for your participation today.
Today we have discussed some very important topics.
It is selecting your pairs.
VEEFX has chosen gbpcad near london open, and Im sure he has valid reasons.
However, there are pairs that are moving 'nicely' and there are pairs that are 'nasty.' And it very simple to tell.
Also answering tradpat while continuing to explain.
gbpcad had a messy price action. Too messy with long wicks everywhere.
gbpcad 4hr
now compare to usdjpy 4hr
Can you feel/see the difference. Its so much cleaner with 50% fib retrace everywhere and most importantly none of the up candle closes above the open price of down candle. Nice smooth sail.
Now I know why alot of traders thought it was too late. They have just seen a large movement of 50+ pips and think large part of profit is already taken. But its the opposite and Cam said it right. You are never late but always too early.
I assure all traders a large clean movement that is volatile is not going to stop suddenly just because you have finally arrived on the scene. It will most likely continue on
or at the very worst stall. Either case its a win win situation.
Now usdjpy 1hr is looking like this
Nice and easy trade today. Moved stop loss to breakeven and its over for that one.
There are many many pairs of currency. I have over 20 on my platform. Always trade the pair that is moving for you and there are always a better pair to trade.
I will leave it here for today and continue tomorrow 2 hours before london open again with VEEFX.
Well done everyone
Sincerely,
Graeme