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Again another day with long runs and very clear patterns. The more I trade the european opening, the more I like it.
20 minutes before the Frankfurt Opening we got a double top, I entered without confirmation as by my experience I’s a time of the day where we can find sometimes the best price for the opening. The run was long enough for my daily target.
Anyway I entered long again (less contracts to save the profits, just in case…) at the breakout of the descending trendline. Very long run that touched yesterday’s high in minutes. Time lo leave before the UK news.
Hi - apologise for my lack of experience. I can understand the second long as it broke the descending trendline, but halfway between European and UK session, would it not have looked like the wrong move that you went long at the European opening? I’m not sure I understand what advantages you’re seeing in trading European open.
Hi, Mr.David. I am impressed about your trading in 1 minute TF. I just learn your post here. It’s amazing for me. From a beginning of my trading, It’s hard to find a system that is match for me. I just learn from this site and eventually I found this blog of yours. I follow your rule and boom, It makes money. Not much, only 30 pips in mini account. But I don’t see the money or pips that I’ve got. I see that your system works, the moment, is just right. From my previous trade, too much drawdown from my first entry, I just keep loose, loose and loose again. My TP is just always 5-10 pips, max 20 pips. Never as much as 30 pips, that I’ve done today.
Question from me, Did you match to the other TF for your entry and how much is your SL ?
Any other suggestion or perhaps any other system that you have to improve my trading ? Or maybe website, books.
Actually I don’t like scalping. But It’s really hard to identify trend, and following it.
Thanks for your post and I will keep learn from you.
Best regards.
Kim,
Thanks for posting and you are welcome to comment. It doesn’t matter if you lack of experience. This site is for learning!!
The reason behind trading at the European opening it’s because you have got volatility 80% of the days. That means that we have good opportunities almost every day with tight stops and long runs.
These are the good news, the bad ones are that you have to know the behavior of the opening, as sometimes it’s very tricky. On this blog you can learn tips almost everyday.
Hi Kim,
I’m glad you like trading on the 1m. You can realize that everything that works on bigger timeframes, works as well on the 1m. chart.
I usually watch the 60m time frames for the main patterns, and the I zoom in to the 1m chart for my entries. You can find lots of examples on this blog, if you browse it.
I don’t have a generic TP or SL, I put my entries depending of the main support and resistances and so my stops.
Read this blog and backtest you strategy and you’ll learn a lot!!
Hi Kim
Yes, I second David. You will definitely learn a lot if you look at the many charts David has posted in this blog. His notations on the charts will answer all your questions. Truly a great place to learn. Trades he shows on 1 min chart probably hold true for other time frame charts, with horizontal support/resistance drawn off a higher time frame chart, but the time spent on making pips off a 1 min chart is unbeatable.
I am still learning from each of his charts!
Regards
Thanks su25,
Welcome back. I’m glad you are learning a lot from this blog.
You are right. Why spend hours trading if you can make your daily target sometimes just in minutes.
Let’s keep in touch !!
i have been reading your blog for a bit now, just wanted to say thanks for this. and i have am subscribed to your RSS feed. look forward to reading more from you