GBP 15 MIn

[Sejake]

Another nice 15 Minute Entry on Cable.

[Sejake]

Nice USD/JPY short trade that worked well overnight....

[Sejake]

Here's the follow up to the above 15 minute Cable trade. Booked over 100 pips although I exited a tad too early.

[Sejake]

Here's follow up to last nights USD/JPY 240 min trade....:)

[mike12]

Here's follow up to last nights USD/JPY 240 min trade....:)


this is not a trade setup, wave C didn't even reach its Minimum

[Sejake]

this is not a trade setup, wave C didn't even reach its Minimum


Hi Mike....agreed it is not an "ideal" trade setup, but IMO is a valid setup.

Taken from MTP Trading Course.....Part 1 page 84.

The best guideline to use here is if the market makes a high a low that is just above or just below the current WPT by +/- ½ the width of the WPT, then it can still be considered a valid trade set-up.

Considering the red reversal bar just under WPT and r/r of 3.2/1 at the time it looked good to me and turned out quite well.

Sejake

[mike12]

Hi Mike....agreed it is not an "ideal" trade setup, but IMO is a valid setup.

Taken from MTP Trading Course.....Part 1 page 84.

The best guideline to use here is if the market makes a high a low that is just above or just below the current WPT by +/- ½ the width of the WPT, then it can still be considered a valid trade set-up.

Considering the red reversal bar just under WPT and r/r of 3.2/1 at the time it looked good to me and turned out quite well.

Sejake

Thanks for the clarification,

people here don't recommend trading forex less than 1 hour, I think the 15 min setups tends to be stopped a lot

[Sejake]

Hi Mike, Just to clarify, the USD/JPY trade you were commenting on was a 240 min (4hr) chart, not a 15 minute chart. The GBP trade however was a 15minute chart.
I think regardless of the timeframe the setup needs to be judged at the time on, dominant market trend, the position of the setup within that trend and the symetry of the pattern. If these things all line up it shouldn't matter on the timeframe as long as R/R is acceptable.
Lot's of people trade forex on much smaller timeframes than 1hr. Maybe not all MTP setups will be valid on a shorter timeframe just as not all setups are valid on the larger timeframe either. You always need to visually confirm the pattern you are trading no matter what time frame.
Hope that helps explain my position a little bit.

Sejake