GBPUSD M5 NY Session
For the cynics, skeptics, naysayers, and negative destructive nellies etc.,
Today was not a good day for TREND trading the NY/NYSE session since there was little volatility on the majors with all the action on commodities.
I chose GBPUSD because there were red flag news events for both GBP and USD at 5am and 5:30am my time (Pacific West Coast).
The spread tripled because of this, hinting that big moves may be coming, but even though this was the London/NY overlap, there was little volatility. I entered above the 2nd blue candle above the blue trend MA and switched to M15 anticipating a strong up trend. After watching PRICE go nowhere for 50 minutes I pulled the plug and banked a few $ as it retraced down. I then checked the charts again and still the only action was on commodities so I shut down for the day and decided to spend some time and breakfast with she who must be obeyed.
I checked GBPUSD about 3 hours later and saw that PRICE started TRENDING around 11am NY time. I suppose I could have stayed on M15 but that it is too slow for my style of trading.
For those still having difficulty making $ with what I believe is XARD's best set up to date, the point to remember is the title of this thread:
XARD - Simple Trend Following Trading System
This system, like all TREND trading systems, needs a TREND. Without a TREND, all TREND systems get chopped to death! The only way to trade chop is PASR but even then, we still need volatility.
So my rule is NO TREND - NO TRADE. . I would normally revert to PASR but the lack of volatility made that not worth my time and effort.
Reminder to XARD: Latest short term time frame Zig Zag - can you colour coordinate this with the other 2 Zig Zags? Also, can you release your revised MMATH indicator with the comments outside of the chart please.
THANK YOU XARD!
""There is nothing to fear but fear itself"" - Franklin D. Roosevelt