Forex Large Range Trading: Extracting pips by any means necessary

Greetings traders!!!

Yet another interactive trading thread. All trading philosophies are welcome however my primary focus will be on the forex pair with the largest pips range the previous day exotics excluded.

I'll use whichever tool or technique that facilitates market comprehension.

If we can all appreciate that there are numerous and valid ways to interpret price we'll get along. If you only need a price chart with no indicators then good for you, if you require 100 rainbow coloured indicators then good for you, if you don't even bother with a chart or indies then good for you. The only thing that matters is that you are extracting pips by any means necessary.

Many people describe me as a maverick, eccentric, loud, crazy and I fully agree :stuck_out_tongue_winking_eye: .... but I won't bite you. I'm not here to prove anything, to battle my way to trading Guru-God-Lord or "Oh great one" status or to bolster my trading credibility to the virtual community; this is an internet forum so shouldn't be taken too seriously although the trades and setups YOU trade should be taken seriously.

I'm here to break-up an otherwise boring trading day and I can assure you if I was earning enough residual income to be sailing my Yacht in the Bahamas then I'd be there not here :rolling_on_the_floor_laughing::rolling_on_the_floor_laughing::rolling_on_the_floor_laughing:.

I'm not a teacher but I will always attempt to point folks in the right direction if they request it. I'll post charts when possible. My main chart is likely to be posted the night before the trading day after I've calculated the daily ranges. My primary goal is to execute profitable trades so if posting/preparing charts to explain a trade I'm about to make leads to me missing the trade then that's a problem. In most cases I'm likely just to state where my order is with SL and PT. You are welcome to post as many charts as you feel is necessary.

1. Planned losses should be congratulated;
2. Allowing price the time to hit the profit target should be congratulated;
3. Being bearish unless XYZ condition should be congratulated;
4. Being bullish unless XYZ condition should be congratulated;
5. Basically, sound trade execution should be congratulated.

This is a tough arena in which we do battle, the last thing we need is to be pulled down because a sound call went bad.

I request that traders disclose their daily target loss limit, target profit limit and target Return to risk. The loss and profit limits are the point at which you would stop trading for the day so you can get on with more important things like having a bath, doing sit-ups or mowing the lawn.

Why have I decided to potentially trade a different pair each day? I am comfortable trading the EURUSD or GBPUSD; and I enjoy trading them both. However, I've noticed my best performance comes from having to decipher the unfamiliar. Whilst this is uncomfortable, I'd like to explore it a little more because I think there is an edge in not being over familiar with the intricacies of a pair just like there is an edge in being very familiar with a pair.

See you on the other side.

Source.