GBPNZD-- Skillset demo on 1H TF scalp trade (6:1 RR)
Diupdate
I do not typically entertain intricate/unreliable unit analysis using
small timeframes. This is simply because
"The closer you look, the less predictable the behavior becomes".
I will not be referring to the much more imperative
timeframe analysis' (1W, 1M, etc.) that I have drawn up
(and partly visible) regarding the GBPNZD on this
posting, not sorry.
Nevertheless, I do feel compelled to demonstrate
that it is possible for market participants to identify and react to small
timeframe price action and produce a net gain.. Even if the risk is
taken using a data set analysis done on what has been proven an
extremely unreliable keynote of units; those being the 1H & smaller
timeframes. How, you ask?
Well, first lets just be completely clear: In my experiences, price closes
should not be considered or reacted to on any units if they are smaller
than a 4H unit.
A trade made on a small timeframe is called a "scalp", and though many
people may disagree with me here, I am calling this trade idea on the 1H
timeframe a "scalp" trade..
The first thing we should notice when looking at the chart shown above
is the strong reaction to the price area of 1.878 (+/-), & a clean impulse,
followed by the consolidation of price movement-- this is where we are
currently trading.
Although many traders prefer to utilize swing levels (lol)
when drawing Fibonacci retracements, I have found my success in the
markets as well as confluence with other types of indicators and
comparable analysis' when I retrace "clean impulses", or 3+ green or red
candles in a row (Plus, the candles on either side of the clean impulse),
as opposed to retracing full swings. A clear example of this
approach is well demonstrated on this publishing. Please let me know in the
comments if you would like more information on how I use Fibonacci
theory to find success in extracting value from a market.
One of the many first principles I always apply when scalp trading is
"the target is the pullback", which is what I am confident is taking place
on GBPNZD as I write this. Although there is PLENTY of potential for
price to hit levels lower than the .618 retracement level, the reduction
of risk and security of net gain takes place then (immediately), which is much earlier
and more conservative than if I was taking a risk while applying a
higher unit analysis and data set. This is how you can net gain in such
unpredictable data sets. After all, it is the target...
Happy trading, and good luck!
small timeframes. This is simply because
"The closer you look, the less predictable the behavior becomes".
I will not be referring to the much more imperative
timeframe analysis' (1W, 1M, etc.) that I have drawn up
(and partly visible) regarding the GBPNZD on this
posting, not sorry.
Nevertheless, I do feel compelled to demonstrate
that it is possible for market participants to identify and react to small
timeframe price action and produce a net gain.. Even if the risk is
taken using a data set analysis done on what has been proven an
extremely unreliable keynote of units; those being the 1H & smaller
timeframes. How, you ask?
Well, first lets just be completely clear: In my experiences, price closes
should not be considered or reacted to on any units if they are smaller
than a 4H unit.
A trade made on a small timeframe is called a "scalp", and though many
people may disagree with me here, I am calling this trade idea on the 1H
timeframe a "scalp" trade..
The first thing we should notice when looking at the chart shown above
is the strong reaction to the price area of 1.878 (+/-), & a clean impulse,
followed by the consolidation of price movement-- this is where we are
currently trading.
Although many traders prefer to utilize swing levels (lol)
when drawing Fibonacci retracements, I have found my success in the
markets as well as confluence with other types of indicators and
comparable analysis' when I retrace "clean impulses", or 3+ green or red
candles in a row (Plus, the candles on either side of the clean impulse),
as opposed to retracing full swings. A clear example of this
approach is well demonstrated on this publishing. Please let me know in the
comments if you would like more information on how I use Fibonacci
theory to find success in extracting value from a market.
One of the many first principles I always apply when scalp trading is
"the target is the pullback", which is what I am confident is taking place
on GBPNZD as I write this. Although there is PLENTY of potential for
price to hit levels lower than the .618 retracement level, the reduction
of risk and security of net gain takes place then (immediately), which is much earlier
and more conservative than if I was taking a risk while applying a
higher unit analysis and data set. This is how you can net gain in such
unpredictable data sets. After all, it is the target...
Happy trading, and good luck!
Catatan
This scalp trade failed.. No worries, we will gain on the majority of the scalp trades to come. I decided to provide the community with a high timeframe analysis (mentioned above) along with the parameters for the ideas I am acting on currently, some of which initiated during New York session today. Check out the related ideas section below for more GBPNZD trading ideas!
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