Originally posted at forexfactory on March 8, 2011
Hey Guys I wish I could have posted this pre trade.Pair: USDCADPrevious Mentality: Macd MA Cross.
Order Flow Mentality: CMHC Release is forecast to be good for the CAD and as it is a major indicator should move the market by at least 20-30 pips.
Previous Stop Mentality: Previous Swing High
Order Flow Stop: Well above swing high out of reach of stop hunters.
Now for the news skeptics: Enter pre news with a narrow spread. Exit post news when spread narrows again.
Mr Grkfx is this what were looking for?
What is the CMHC Release?
Other than that, I mean everyone trades order flow differently. I can’t and don’t catch every move. I am not aware of every type of order flow trade/inefficiency that exists.
Order flow stop well above the swing high out of reach of stop hunters, is all nice and all, just note that it increases your stop size, and can potentially reduce your reward risk ratio. So to tweak it, you can either find a smaller stop location that achieves the same thing, or make sure the trade can make more pips. Or you can choose not to tweak it at all, thats another possibility.
Everyone progresses at their own pace, and with their own unique trade development. If you threw away the MA crossovers, then I would say you are on the better track. Although even order flow trading requires a lot of work and tweaking, both on the system, your own personal psychology and your mindset. I would much rather spend 10,000 hours figuring out order flow stuff and what can actually move the price as opposed to spending time finding the magic technical indicators that will never provide an edge.