On our last post the minute chart was showing early signs of yen strength.
Within a few hours we got out 134 price which put us in a trade short the sterling on the one minute chart which gave us more pips than we lost on the previous failure of the 30 second chart setup.
Gaining more on winning trades and losing less on losing trades is half the story of success in trading and in gambling.
The exit for the conclusion of the gpbjpy 1 minute trade came when the momentum was lost which was indicated when the price touched the 200 SMA.
The last four post show a method of intraday trading which is very time consuming. However the same divergence and convergence applies on longer timeframes.
The difference when trading longer timeframes is only the number of pips that you are placing odds against. The benefit of trading longer timeframes is that it frees up time to do other things with your valuable time. Things like working or concentrating on family and friends.
It's a matter of choice and of knowing what type of trader you are or want to be.
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Trading includes risk. We provide this journal as an educational tool and not as trade information.
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