I have observed that familiarizing oneself with the daily price movements on the M30 on certain pairs is key to making profitable trade.
Forget about all the bells and whistles of indicators and what not. I have back tested the effectiveness of chart observations for the last 28 trading days and I have lost only 4 trades. This equates to 85% win rate. I have traded the GBPJPY and the CHFJPY and the results are amazing. One trade per day for 30 PIPS profit. Stop loss 40pips. On most days I could have made 60 -80 pips if I did not put a profit target. I traded on demos for the last 3 days and I won all 3 for 90 pips. e.g., today I could have ended up with 110 pips if I did not place a profit target. So, my advice to you all guys is spend more time studying your price trajectory on M30 chart than indulging oneself in technical analysis.
Forget about all the bells and whistles of indicators and what not. I have back tested the effectiveness of chart observations for the last 28 trading days and I have lost only 4 trades. This equates to 85% win rate. I have traded the GBPJPY and the CHFJPY and the results are amazing. One trade per day for 30 PIPS profit. Stop loss 40pips. On most days I could have made 60 -80 pips if I did not put a profit target. I traded on demos for the last 3 days and I won all 3 for 90 pips. e.g., today I could have ended up with 110 pips if I did not place a profit target. So, my advice to you all guys is spend more time studying your price trajectory on M30 chart than indulging oneself in technical analysis.
