I feel talkative today so I want to piggyback on the last example I shared. If there are two pieces of advice that I could offer to others with regards to trading it would be:
1. Only trade NY
2. Use correlation to find the strongest/weakest flows
Look at the chart and you will see all the major GBP crosses. Look a at the yellow and pink lines both the solid and dotted. What might you be able to gather looking at the structures and placement of price in relation to the yellow and pink moving averages. To clear up any confusion, the dotted lines are a longer timeframe and the solid are shorter ones. The answer you are most likely searching for is staring you right back in the face. It is up to us to identify, decode, make a plan, and execute with no hesitation when the time comes. This applies to entering and exiting trades for both a profit and a loss.
1. Only trade NY
2. Use correlation to find the strongest/weakest flows
Look at the chart and you will see all the major GBP crosses. Look a at the yellow and pink lines both the solid and dotted. What might you be able to gather looking at the structures and placement of price in relation to the yellow and pink moving averages. To clear up any confusion, the dotted lines are a longer timeframe and the solid are shorter ones. The answer you are most likely searching for is staring you right back in the face. It is up to us to identify, decode, make a plan, and execute with no hesitation when the time comes. This applies to entering and exiting trades for both a profit and a loss.