Hi
attached is a screenshot of spot GBPUSD on a 10-tick chart.
I personally like tick charts as perhaps the candles are smoother than time interval candles.
Also, a 10-tick chart equates to a smaller timeframe than a 1-minuter chart for example on GBPUSD (usually).
The only indicators are a 50SMA, and horizontal lines at 00 25 50 75.
Perhaps in forex, 00/50 are more significant than 25/75?
My question is, with these chart settings, do you think that you could trade GBPUSD profitably? If so, how?
If you choose to trade in the correct direction, It looks relatively simple to profit from crosses over the 50 SMA, which can then extend to 100 pips of available profit - which should make up for any small losses along the way. Or perhaps I am trying to make something that is much more difficult, very simple?
Perhaps you would look for Higher Highs (HH), Higher Lows (HL), Lower Lows (LL), & Lower Highs (LH) in order to time trade entries?.........
With such a short time frame I personally would want to keep stop-losses as small as possible, in the sense that if the trade doesn't immediately go in my favour, I would soon want out.
Do you think you could trade GBPUSD profitably with these exact chart settings only? If so, what would you do?
All ideas welcome,
Many thanks.
attached is a screenshot of spot GBPUSD on a 10-tick chart.
I personally like tick charts as perhaps the candles are smoother than time interval candles.
Also, a 10-tick chart equates to a smaller timeframe than a 1-minuter chart for example on GBPUSD (usually).
The only indicators are a 50SMA, and horizontal lines at 00 25 50 75.
Perhaps in forex, 00/50 are more significant than 25/75?
My question is, with these chart settings, do you think that you could trade GBPUSD profitably? If so, how?
If you choose to trade in the correct direction, It looks relatively simple to profit from crosses over the 50 SMA, which can then extend to 100 pips of available profit - which should make up for any small losses along the way. Or perhaps I am trying to make something that is much more difficult, very simple?
Perhaps you would look for Higher Highs (HH), Higher Lows (HL), Lower Lows (LL), & Lower Highs (LH) in order to time trade entries?.........
With such a short time frame I personally would want to keep stop-losses as small as possible, in the sense that if the trade doesn't immediately go in my favour, I would soon want out.
Do you think you could trade GBPUSD profitably with these exact chart settings only? If so, what would you do?
All ideas welcome,
Many thanks.
Attached Image