Hey Guys,
Bored with the low volumes and volatility?
I am bored too! no sense of direction markets prior to the major news even in the USA.
I usually won't do this, so I opened my scalping mt4 platform with the harmonic indicator and waited for quick scalps, very quickly it identified a pattern on the USDJPY 5 minute charts,
One point to take note is with low volitility and volume when the market is waiting for news, usually we trade in the days range with less chance of a breakout .
- The entry is very close to a Daily R1 Pivot, which gives it a high chance for some reaction for a quick scalp!
- Most people are greedy for pips, i know i am! and most of the time you loose potential profit because of greed and market went the other way!
- So to secure me with a profit, i stay safe and take the first common level to take profit - 50 or 61.8% fibonacci retracement from the most recent leg
It doesn't look much pips, so this kind of trade only applies only if you have a very low spread broker.
Opened a larger than usual size due to range trading environment and good risk reward, i was able to take home 5 pips profit in i think 7 minutes.
Its not much! but a good risk reward!~ The trade was risking 2.5pips (stop loss), and after 4 pips (take profit) - so ratio was over over 1:1 (1.6 : 1)
As you can see, my prediction for a 61.8 retracement was to the pip!, you can see the pin bar formed there too!
Happy trading guys!
Cheers
Howard (#forex_trader168)
