I'd like to give a special shout out to the guys in our Skype Trading group this morning, who had some really nice trades, open and closed in about an hour and all making super profits. It just goes to show what any trader can achieve when working together and keeping a simple approach to looking for low pip/point risk entries.
The simple approach, as I've blogged about before, is to identify a high probability target from an impulsive move, then look for the subsequent correction to end, so we can jump on board ,as early as possible, to get into the next impulsive move towards that target. You can aim for the high probability target with a set-and-forget or, as we tend to do, lock some nice profits when they're available and either walk away, for the session, or look for another corrective move to get you back into the money flow. Pigs do tend to get slaughtered, as I discovered when I took only 7.5R from a 25R trade yesterday morning, but it's nice to shoot for the big ones from time to time (I was looking for a crazy 50R in that instance, from a 3 point SL on DOW).
Here are the trades, from just some of the traders in the group, to show that we're working together for the entries and trade management.. Well done to Jo (10.5R) , Ray (6.3R, 4.6R, and 3.3R), Michal (8.3R) , Peter (4R) and everyone else in the group - a great bunch of guys and always a pleasure to trade with.. My two trades also shown below. (9.5R and 7.5R)
For these trades, we all used: eWavesHarmonics, ABC123 indi, Sessions Indi and, of course, ATM for trade entry and management.
If you'd like to know why we do these types of trades, it's all in the (still FREE for ATM and eWH users) Trader Training Course.