Tips & general help to make you a better trader by 
Hi Folks,
Find myself with a lot of free time today
Today is one of those days where I look at the charts and think stuff it.
Price activity in the overnight or Asian trading range is not in the best place to be taking trades on as far as I’m concerned OR there are still some larger term ranges that still need to be broken before any action can be taken. AND when that happens I will need to take an average days move into consideration which means waiting yet again for more significant retracements using fibs and at least a 50% retracement.
Long story short I dont fancy sitting all day just on the off chance that something might develop from what will most likely be scraps for the day.
Now this doesnt mean we cant or will not see some good moves it just means that based on market norms and averages I have a low expectation of being able to join in on any moves based on the strategies I use.
Other traders with different style may be looking at this and thinking this is perfect for my strategy but that just highlights the magical difference between traders and strategies.
Have a good days trading folks
Phil
What do you Guys ‘n Gals think of today… is it worth trading? or taking a long weekend?
Phil,
I tend to think you sometimes start a little late, I make sure I’m ready before frankfurt kicks off,
Hi Sean
Thanks for the comment… I’m up and about at that time I do the video a little later after Ive done my morning briefing in my trading room
I think you should darn your fishing nets and set on the wharf for a while. Look at it as working day to do research while in a troubled market but don’t do any live trades until the the “buy out” for the trouble economy has occurred and the market is stable.
Fibonacci responds best when there is not a lot of noise in the market. Also it does repond to the Jpy but not as well as it responds to other currency pairs.
Your question is “You know this how?” I know this because I have done many case studies on the market and if you are a short-term swing traders and cannot afford the erratic behavior of the market on those red days or those Bernake and Paulson days–you be just practicing.
Now, if you are long-term swing trader and can hang tight for a couple of months–you are just about destined to make some real money.
Hi Phil,
Just a couple of questions.
I guess the ATR is the vertical move (number of pips) that a currency makes in one whole day. If a currency is moving within a very narrow range, these moves inside the range count?
I would be really pleased to know the daily range (number of vertical pips in 1 day) of all the majors and the EUR crosses.
Where can I get this information?
My second question is, in order to count correctly the average daily range, should I do it from 00:00 GMT to 00:00 GMT, or other timing?
By the way, I’ll see you in Barcelona’s Conference!! My city!!
Hi CJS
ATR is the average true range. It shows you the average high-low range of the time frame you are looking at. I use this on a daily chart with a setting of 100 to give me the average days high-low ranges over the last 100 days. it comes as standard on most charting software now.
Times will depend on your broker but most use GMT time and I would just go with your brokers defaults.
I will look forward to speaking with you at the ITC
Regards
Phil