GBPUSD 10-tick chart strategy/idea (in p)
Hi
Attached is a screenshot of Spot GBP/USD on a 10 pip chart.
I personally like tick charts because the candles may be smoother than time interval candles.
Additionally, a 10 pip chart equates to a smaller time frame than a 1 minute chart, such as GBP USD (usually).
The only indicator is the 50SMA with horizontal lines at 00 25 50 75.
Maybe in Forex, 00/50 is more important than 25/75?
My question is, with these chart setups, do you think you can make a profit trading GBP/USD? If so, what to do?
Profiting from the 50 SMA crossover looks relatively simple if you choose to trade in the right direction, which can then be expanded to 100 pips of available profit - which should cover any small losses along the way. Or maybe I'm trying to do something more difficult and very simple?
Maybe you look for higher highs (HH), higher lows (HL), lower lows (LL) and lower highs (LH) to time your trade entries? ...
On such a short time frame, I personally like to keep my stop loss as small as possible because if the trade doesn't move in my favor immediately, I'll want to get out pretty quickly.
Do you think it's possible to profit from trading GBP/USD using just these precise chart setups? If so, what would you do?
All ideas welcome,
Thank you so much.
Attached is a screenshot of Spot GBP/USD on a 10 pip chart.
I personally like tick charts because the candles may be smoother than time interval candles.
Additionally, a 10 pip chart equates to a smaller time frame than a 1 minute chart, such as GBP USD (usually).
The only indicator is the 50SMA with horizontal lines at 00 25 50 75.
Maybe in Forex, 00/50 is more important than 25/75?
My question is, with these chart setups, do you think you can make a profit trading GBP/USD? If so, what to do?
Profiting from the 50 SMA crossover looks relatively simple if you choose to trade in the right direction, which can then be expanded to 100 pips of available profit - which should cover any small losses along the way. Or maybe I'm trying to do something more difficult and very simple?
Maybe you look for higher highs (HH), higher lows (HL), lower lows (LL) and lower highs (LH) to time your trade entries? ...
On such a short time frame, I personally like to keep my stop loss as small as possible because if the trade doesn't move in my favor immediately, I'll want to get out pretty quickly.
Do you think it's possible to profit from trading GBP/USD using just these precise chart setups? If so, what would you do?
All ideas welcome,
Thank you so much.
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