I realize that if you are a new trader then the idea of taking a break is the furthest thing from your mind. I get it…been there…but what I am talking about it two, five, ten years from now when this becomes “old hat” and your trying to keep your sanity after years in the markets. That might seem like a dream far, far away from now but it’ll likely be here before you know it.
Why do I say that?? Well, your HERE, educating yourself…something that many traders never bother doing!!
I want to talk about what’s going on now and for me that means focusing on some R&R but not straying too far from the pulse of the market. It’s not as if there’s nothing to do!
Trend trading seems to be a great way to do this but the trends I am talking about now are on shorter term timeframes. But the great thing is that a swing on a 30 is the same in terms of the steps taken as a swing on a daily.
I have found that focusing on shorter term intraday timeframes is best in the current rangebound environment. The range is allowing for swing and momentum set ups and follow-through on 15, 30, and 60 minute charts but if you’re looking for momentum plays on say, 180 or 240 minute charts, well, they simple aren’t reliable. (If however you are looking for trend following plays on the the 180 and 240, that’s do-able if you want to go longer term on your trades…)
I recently did a thorough walk-through of my swing trading approach and Summertime is a prefect time to start learning how to set up trades like this.
I recently walked through a GBP/USD 60 minute swing on my blog which you can check out and I will update more set ups like this during the week.