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Brutal week. No doubt.
Brutal Week for GBP/USD 1 Minute Daily
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.
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.
1MinuteDaily Support Team
1MinuteDaily.com Representative
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Hello,
yes, there are good weeks and bad weeks, like everything in our lives. If you followed the simple mechanical strategy, there was a drawdown on GBP/USD in the last week. But that's nothing special according to the history. Traders who also trade USD/JPY have diversified it.
Wishing you success!
yes, there are good weeks and bad weeks, like everything in our lives.
If you followed the simple mechanical strategy, there was a drawdown on GBP/USD in the last week. But that's nothing special according to the history. Traders who also trade USD/JPY have diversified it.
Wishing you success!
reaper_unique
Recruit
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as of now I'm 100% convinced of this trading plan. Just closed my breakouts of cable and fiber a bit earlier because I don't have enough money to use TMM. But nice profit non the less.
GBP is still in a range and I hope it get's out of it soon.
GBP is still in a range and I hope it get's out of it soon.
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
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.
Price Action
Hi all,
Let me clear some things up on how I trade using Price Action "Trading in the Buff" and the 1 Minute Daily. Honestly, I trade using S/R more than I do the 1 Minute Daily. Why? Because the odds are in your favor when trading with S/R. The probability of it breaking thru S/R "Counter Trending" isn't as high as it is to trade with S/R.
Also, let me rephrase what I said earlier in regards to hourly charts, I use 1 Hr charts for the 1 Minute Daily strategy as oppossed to the suggested 15m, however, I use 15minute and 30 minute charts when trading using price action because I place at least 3 trades 30-60 pips a trade. I also look at 1hr, 4hr and Daily charts to spot other S/R and the trend.
So all in all, I truly trade based solely on "Price Action" (S/R). I only use the 1 Minute Daily when S/R has been broken AND there has been a STRONG CLOSE below or above the 1 minute Daily's upper/lower bands by S/R levels. I don't jump in right away either, I wait on retracement and then I may go for the suggested target profit if I don't see another S/R before it, if so I take profit at S/R, if no S/R before suggested target profit, then I ride it out. So, if S/R is close to the bands I wait for a STRONG CLOSE above or below S/R before I jump in.
So, it's safe to say that I mostly trade using "Price Action" because I make pips/money every single day whereas if I trade the 1 Minute Daily mechanically, I wouldn't make money everyday and by the end of the month I may only avg 10-20 pips a day. However, with "Price Action" you can make 100 pips a day, worst case scenario 50-60 pips a day You do the math.
"Trading in the Buff" is really, to me, the King of all of these ebooks man because if I wanted to start trading commodities I can use that strategy and make dough
So, in a nutshell, if you just want to place 1 trade per day because you have to work or something then use nothing less than a 1H chart and either go for a certain number of pips (I go for 60-100 on 1H/4H charts) or take profit and the next S/R, simple as that. If you'd like to place multiple trades 3-5, then use 15m and 30m charts, preferrably just 15m, but if you can't spot S/R on 15 then move up to 30m and so on until you're able to spot one.
I made 150 pips this morning, 80 on EUR/USD and 70 on GBP/USD simply trading based on "Price Action" (S/R). I use an effective money management strategy (10% aggressive), I split it amongst 3 trades which means I use 3% per trade or if I'm placing just one trade on the day, I'm using a higher time frame with 10% on the trade.
The beauty of trading simply just the S/R is that you can trade those pivotal areas irregardless of the trend. Trust, with price action you will make money everyday The one thing that I don't like about the 1 Minute Daily mechanically, although it is good in the long run, is the drawdown as most of you guys experienced last week. You're not going to experience drawdown using "Price Action" as much as the 1MD does. You can experience 5 straight false breakouts, maybe even more, with the 1MD. However, you're not going to have 5 straight counter trends (Break of S/R) in a row trading price action, the chances of you experiencing 5-10 straight winning trades are HIGH!
So there you have it in a nutshell, EUR/USD GBP/USD and USD/JPY are the only currency pairs that I trade. A lot of times when I look at a chart, all three pairs are near S/R and so I use 3% on each and let the trades ride.
Hope this helps
Hi all,
Let me clear some things up on how I trade using Price Action "Trading in the Buff" and the 1 Minute Daily. Honestly, I trade using S/R more than I do the 1 Minute Daily. Why? Because the odds are in your favor when trading with S/R. The probability of it breaking thru S/R "Counter Trending" isn't as high as it is to trade with S/R.
Also, let me rephrase what I said earlier in regards to hourly charts, I use 1 Hr charts for the 1 Minute Daily strategy as oppossed to the suggested 15m, however, I use 15minute and 30 minute charts when trading using price action because I place at least 3 trades 30-60 pips a trade. I also look at 1hr, 4hr and Daily charts to spot other S/R and the trend.
So all in all, I truly trade based solely on "Price Action" (S/R). I only use the 1 Minute Daily when S/R has been broken AND there has been a STRONG CLOSE below or above the 1 minute Daily's upper/lower bands by S/R levels. I don't jump in right away either, I wait on retracement and then I may go for the suggested target profit if I don't see another S/R before it, if so I take profit at S/R, if no S/R before suggested target profit, then I ride it out. So, if S/R is close to the bands I wait for a STRONG CLOSE above or below S/R before I jump in.
So, it's safe to say that I mostly trade using "Price Action" because I make pips/money every single day whereas if I trade the 1 Minute Daily mechanically, I wouldn't make money everyday and by the end of the month I may only avg 10-20 pips a day. However, with "Price Action" you can make 100 pips a day, worst case scenario 50-60 pips a day
You do the math."Trading in the Buff" is really, to me, the King of all of these ebooks man because if I wanted to start trading commodities I can use that strategy and make dough
So, in a nutshell, if you just want to place 1 trade per day because you have to work or something then use nothing less than a 1H chart and either go for a certain number of pips (I go for 60-100 on 1H/4H charts) or take profit and the next S/R, simple as that. If you'd like to place multiple trades 3-5, then use 15m and 30m charts, preferrably just 15m, but if you can't spot S/R on 15 then move up to 30m and so on until you're able to spot one.
I made 150 pips this morning, 80 on EUR/USD and 70 on GBP/USD simply trading based on "Price Action" (S/R). I use an effective money management strategy (10% aggressive), I split it amongst 3 trades which means I use 3% per trade or if I'm placing just one trade on the day, I'm using a higher time frame with 10% on the trade.
The beauty of trading simply just the S/R is that you can trade those pivotal areas irregardless of the trend. Trust, with price action you will make money everyday
The one thing that I don't like about the 1 Minute Daily mechanically, although it is good in the long run, is the drawdown as most of you guys experienced last week. You're not going to experience drawdown using "Price Action" as much as the 1MD does. You can experience 5 straight false breakouts, maybe even more, with the 1MD. However, you're not going to have 5 straight counter trends (Break of S/R) in a row trading price action, the chances of you experiencing 5-10 straight winning trades are HIGH!So there you have it in a nutshell, EUR/USD GBP/USD and USD/JPY are the only currency pairs that I trade. A lot of times when I look at a chart, all three pairs are near S/R and so I use 3% on each and let the trades ride.
Hope this helps
Last edited:
Price Action
I have to agree.
Simple, stripped down price action on higher time charts (H4, Daily) is where it is at.
One month is too small a sample size to make any definite judgement, but my account is up about 75% in the last 25 days using price action methods similar to those MOB is discussing.
The entry signals are a bit counter intuitive at first but once you get some practice and a feel for it starts to make sense and the entry signals start jumping off the chart.
IMHO no matter what system you are using you are flying blind if you aren't at least considering what is going on with price (Supp, Resistance, Trend) especially on the higher time frames.
Ie. if 1Minute signals a buy entry but price is very near a solid resistance level that has been tested multiple times and has held, than taking the trade is usually going to end badly for you.
Cheers.
I have to agree.
Simple, stripped down price action on higher time charts (H4, Daily) is where it is at.
One month is too small a sample size to make any definite judgement, but my account is up about 75% in the last 25 days using price action methods similar to those MOB is discussing.
The entry signals are a bit counter intuitive at first but once you get some practice and a feel for it starts to make sense and the entry signals start jumping off the chart.
IMHO no matter what system you are using you are flying blind if you aren't at least considering what is going on with price (Supp, Resistance, Trend) especially on the higher time frames.
Ie. if 1Minute signals a buy entry but price is very near a solid resistance level that has been tested multiple times and has held, than taking the trade is usually going to end badly for you.
Cheers.
Hi M.O.B.,
Thanks for the explanation. Could you be a little more specific as to how you trade with S/R. Trading in the Buff only explains one price action pattern - the 1-2-3 pattern, which I find very often does not work as it should. Do you use any other ways of determining S/R? How do you trade it - do you wait for price to bounce off S/R and then trade in that direction? I'd really appreciate any specifics.
Sergiel - if you could also tell us a little more specifically about your methods, that would be really helpful
Thanks!
Thanks for the explanation. Could you be a little more specific as to how you trade with S/R. Trading in the Buff only explains one price action pattern - the 1-2-3 pattern, which I find very often does not work as it should. Do you use any other ways of determining S/R? How do you trade it - do you wait for price to bounce off S/R and then trade in that direction? I'd really appreciate any specifics.
Sergiel - if you could also tell us a little more specifically about your methods, that would be really helpful
Thanks!
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