In the coming weeks, I will be trading on the 5-minute and 1-minute chart with the two most liquid major currency pairs. After practicing it for almost 8 months, and it consistently made some good profits, I decided to get it online and live with real money trading the shorter and lower time frame.
Both the 5-minute and 1-minute chart will be traded with EURUSD and USDJPY as both currency pair have lower pip spread. My forex broker – FxPro.com – offer 1.8 pip spread for the EURUSD and 2 pip spread for the USDJPY and this lower spread is very vitally important with the shorter time-frame.
GBPUSD and other currency pairs have higher pip spread and sometimes have lower liquidity, which can be very dangerous and hitting stop losses quickly.
Target profit objective on this lower time-frame will be usually not more than 10 pips, but occassionaly it may go up to a max of 20 pips per trade. It usually lasted in less than 30-minutes per day. Once I get 10 pips in a day, I will stay away from the market and take a day break until the next trading day. Because….I tell you it will be very exhausted monitoring the market in the lower time frame.
I will be posting my chart and results for my new trading techniques as it happens. But don’t get it wrong, my previous trading system and techniques still remains and will be used during trending market. But I might drop the EA trading for this.
Until then…happy trading guys ;)
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