Every tactic is easy to explain in hindsight I know.
But with so many people out there trying to trade with all kinds of methods and indicators I want to show this for you.
Add a monthly open line. CM has made one here which you find under indicators which works fine. I also added his indicator that plots the yearly highs and lows. This so I have a boundary to keep an eye on and use for trading decisions.
Trading the based upon the monthly opening price shows you an easy way to trade with a very good risk to reward ratio and risk is always under control. But forget tight stops. Even if you try to scale down. Forget about it. Those stop outs will eat your account in a heartbeat and cause so much frustration you cant trade this method. Just trade smaller so you can afford a wider stop. Dont be greedy. Pips and profit seldom follow greed.
Let the monthly line and the fact if price is being over and under it for a couple of days into a month lead the way. Set your stops based upon good highs and lows.
This way news wont matter. Not even NFP.
Pay attention to previous years and current years highs and lows. Dont lock in your profit too fast. Let price do its things and be patient and have confidence.
Just a few lines this way and you have a profitable trading strategy free of charge. Let the intra day chasers call out new trades and predictions and trend reversals on very pullback.
Place you trades at the beginning of a month. not the first day but 2-3 days into it. Set reasonable stop loss levels. Let the trade do its thing and let the trade breath.
In short trading can be so easy if you dont let other traders eff with your mind and just do your thing with simple tools.
Trust me you wont get more pips chasing trades on a % min chart as you can scale in and build onto trades this was. If you think so then lets share results and compare.