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This site is currently inactive as I have decided to move away from exclusively trading Forex in 2010 and as such will not be taking on new coaching clients in this area.

 



I have resumed my focus on coaching as a stock market mentor where I run a success guaranteed stock trading mentorship program

 



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Until next time


happy trading 


Mr Phil Newton or on LinkedIn Phil Newton trader

Is it worth trading inside large consolidation?What do you all think?

Fab1000's picture

Hi All,

Iv been noticing that large consolidating patterns such as those in the GBPUSD/GBPCHF and other crosses (Weekly/Monthly) etc.. side-ways action.  Have been a real pain in the Butt to trade,  even when using the early indication of price direction via 4hr Candles, it can still be a headache.  Even when the direction sticks for a bit, until it breaks the consolidation pattern you can expect it to whip back. Reclaiming your pips.

My thoughts are to either add a rule to the 4hr reversal candle, which is to wait for the trendline to breakout pullback continue to reverse the trend, or to stay clear of these up-day down-day crosses until the top 1/3 or bottom 1/3 of the consolidation area is reached at the least.  

If the majority of crosses are in the "hell-zone" then why not look at other trading products that are clearly" trending. 

Opinions please ?  Do you think its worth hacking out some pips during large" consolidation areas?

Hope you guys want to debate the issue.

Happy pipping

Fabio