On this GBPCAD 4 hour chart what do you see?
I see largest moves from 2 a.m. to 10 a.m. ( 8 hours) per day. * This is 4th and 5th- 4 hour candle on chart- you could go to hourly to set entries on any trades.
You need to ask yourself how can I catch the daily trend and make 40 pips to 80 pips daily on this pair? Break it down, risk management, lot size, etc...
If I use 4 hour chart, can I catch the trend with a larger stop loss and higher target, make sure you have a 1:2 or higher risk reward set up. So, could be 20 pip stop vs 40 pip target or higher per trade.
If you look at any 4 hour pair, you will notice when they move and do not move- just wait for trend of daily- do not trade side ways (unless you do that).
Also, before trades look for four things:
1) right pair
2) right price
3) right session
4) right time
* If three or four of above align up, then think of setting up a new trade.
I see largest moves from 2 a.m. to 10 a.m. ( 8 hours) per day. * This is 4th and 5th- 4 hour candle on chart- you could go to hourly to set entries on any trades.
You need to ask yourself how can I catch the daily trend and make 40 pips to 80 pips daily on this pair? Break it down, risk management, lot size, etc...
If I use 4 hour chart, can I catch the trend with a larger stop loss and higher target, make sure you have a 1:2 or higher risk reward set up. So, could be 20 pip stop vs 40 pip target or higher per trade.
If you look at any 4 hour pair, you will notice when they move and do not move- just wait for trend of daily- do not trade side ways (unless you do that).
Also, before trades look for four things:
1) right pair
2) right price
3) right session
4) right time
* If three or four of above align up, then think of setting up a new trade.