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Hi Medart
Just joined the forex group
Hope everyone here joins up
By the way , is it just me or is everyone having a bad time with GBPUSD since wednesday
Brutal week. No doubt.
This has been a brutal week no doubt in regards to trading the 1 minute daily strategy. If you guys had taken the time to read John Templeton's "Trading in the Buff" you would've experienced an awesome week I use this strategy along with the 1 Minute Daily.
GBP/USD has been in a range this week with s/r near the 1 Minute Daily's Upper and Lower bands. Having knowledge of Price Action will help tremendously with the 1 Minute Daily. It will alleviate most false breakouts.
For instance, on the GBP/USD today, once the price hit the upper band I put in a sell order because there was a resistance area just above the upper band and what ya know, the prices fell and I took 100 pips out of the market, I use a 1H chart by the way, which is the lowest I go.
GBP/USD is trending sideways which is preventing the 1 Minute Daily strategy from operating as effective in a sideways market as is in a up/down trending market. Take a look at last week when GBP/USD was hitting it's target just about everyday if I'm not mistaken, it was down trending, all true breakouts
Get acquainted with price action.
Hi M.O.B.,
I've read Trading in the Buff, and I still don't understand how it helps you with 1 minute daily. According to you, you won't buy/sell into a breakout of a S/R line, right? (you'd trade in the opposite direction), but just as often as price bounces off S/R does it break right through it, giving you a great trading opportunity in that direction. So how do know when it's going to bounce and when it's going to breakout?
Thanks.