During an incredibly slow Asian session I was fortunate enough to find this little nugget. A nice short entry off a lower high at the weekly high. Inside bar on the 5m chart was my signal. Price sat there not moving for nearly three minutes then dropped very quickly.
Tips from Art K. Hedge fund currency trader trader gives some tips on how he goes about finding high value / lower risk trades. (circa 2008) Here are some ideas from Art K. as to how to go about preparing to find a good, high probability entry. He's a serious hedge fund pro.: One of my regular (technical) port of calls is to the Dollar Index to see what that’s up to. It’ll offer a snapshot of $ weakness v/s strength. You might then choose to cherry pick your candidate of choice if it's playing ball & quickly then proceed to leaf through the appropriate pairs to adjudge a likely opportunity. For instance, if the buck is weak v/s the basket, I’d want to be homing in on the candidate which is displaying the dominant & aggressive behavior patterns. If it’s the Pound, then I’ll trail through the cross instruments associated with the Pound to locate whether it’s also a Pound story (of strength) or exclusive to the buck. I’m always on the hunt for value v/s ...
I thought I should post couple of potential entries I spotted but did not enter . Both charts show the potential of price action trading even in tight markets. I generally keep a pretty simple chart with no indicators except a 50sma or 60sma, just horizontal support and resistance levels, previous day's high/low, previous week's high/low, previous month's high/low, and maybe some fibs or trendlines. AUD/USD M15 Chart EUR/USD M15 Chart
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