So markets are pretty dead today. There are some pairs retracing and GBP is moving slightly higher but most price action is sideways.
FX can be like this sometimes.
I was thinking, 'perhaps there are other markets we could trade when FX is quiet'. A quick look at GOLD and SILVER... They are dead as a door nail! Perhaps OIL? Moving sideways. Indices! No, moving sideways.
I guess when FX is dead, markets are dead in general...
Thoughts?
I've been running a demo account trading trends on the 15 Minute charts since December. I only trade with the trend on the 1H chart and only for 15 pips or so, plus it's kind of the opposite from how Sam does his risk to reward (instead of 10:1 my scalping trades are between 1:1 and 1:3 - so larger SL than TP).
Just a work in progress so far, but been working ok. Trade from earlier today on NZDUSD below (I'll take the same trade again if price gets back up - as indicated)
Just wondered if you still trade channels? I have been watching USDCHF for a while and we are now right at the upper channel trendline either waiting for a breakout or a leg lower of a bearish channel. You see it best on H4. Again depends on what the Dollar will be doing I think. Could be a trading opportunity approaching soon???
@samuelmorton, I would welcome more markets to watch, even if they're doing nothing right now.
What are your thoughts on looking for trend trades in the daily/weekly pairs? I don't understand why they're treated differently? I know a trend trade can be at a daily/weekly level, but you don't have a watchlist, the other way around. Lennart's EURUSD was a great example.
Strange! I have been watching the Gold and Silver charts waiting for a breakout of the sort of triangle pattern formed. I think it's quite imminent but who knows! I think it all depends on what the Dollar index is doing. From what the 'so called experts' have been pointing to all week is that the Dollar index is due a leg lower after the correction that has been going on for a long time now. It seems like Brexit and the slowdown of the Eurozone economy is keeping this correction of the Dollar going higher though. I think once the Dollar has decided what it is going to do it might change the direction quickly in many pairs. Hopefully we will know soon! Just my take on things....