I've taken to this M1 trading like a duck to water and really enjoy it. It is not a matter of sitting at the screen all day long making a handful of pips here and there and having little to show for your efforts at the end of the day. There is some good money to be made.
For a start, you have to pick your trading times very carefully. Like avoiding major news announcements which can cause wild swings and probably stop you out. The open of the London session is best avoided for half an hour or so, as is the NYSE open.
On the other hand, the mid-morning of London can become flat and choppy which is not really healthy for your account.
I take plenty of breaks during the day while trading M1 - running a website, replying to emails and Skypes, and being in the Trading Room keeps me busy. There is no reason at all to be welded to that screen. Though I am, and I love it, but I'm not staring at candles non-stop.
These trades were taken on the afternoon of 6th March. A Friday afternoon where I tend to be cagey with my trading.
Please click on the image to open an expanded view in a new tab.
You can see that the NASDAQ moved up and then reversed, moving down almost the full extent of the previous up move. No problem.
A lot of traders, the losers, will be trying to trade to the very top, and enter short at the very top hoping to catch the down move. This is not really the way to go about M1 trading.
I have marked some possible entries in white arrows but the reason I did not take these trades was because I prefer to trade the Dax until such time as that exchange closes and then move on to the NASDAQ when that index opens. There is an overlap of sessions, possibly an hour.
We are not really interested in why it moved up and then down as long as we can profit from the actions of price.
Anyway, back to the indicated trades on the chart above.
From the time I started to look for possible trades there was only one direction to trade although my eagerness did result in a failed second trade to the upside for a very small loss of 1.4 pips. Actually, I knew full well that I was going against my rules but that'll teach me because our other indicators said to continue looking for shorts. Ok!!
To be exact - the three short trades resulted in profit of 21.6, 28.3, and 23.1 pips respectively.
Which is over 70 pips for a couple of hours work. Not bad.
The Black Dog methods indicated the trend change, as it did for the up move prior to my changing from the Dax. It also indicated the entry signals using the 'footprint of price' so maybe it would be in your best interests to join us and use an excellent strategy for your trading?
I just can't wait for Monday now to get stuck in to the Dax and the NAS for more pips.
Good luck to all traders