Forex Trading Recap: 24 July +57 Pips on EU
Today was a good example of how flexible range bar trading can be. We basically were stuck in a tight range for the entire European session (about 55 pips wide) yet we had plenty of valid setups by our rules both on extremes and from the middle of the range to the outside.
It’s important that whatever method you trade that you can withstand tight market conditions and not get chopped up. We go one better than that. By using small range bars and trading off patterns and momentum with a clearly defined methodology we can make good pips in this type of market as well as strong trend days. The only downside with a day like today is that the per trade average profit was low (if you include the break-evens too). Usually I like to see it around 10 pips or higher but you need to adapt to what the market is willing to give, so six or so pips it is.