DbPhoenix

Today's chart review:

That is correct. However, trading for longer timeframes than the NY open to the NY close is clearly of no interest. And I see no point in posting interday stuff here if no one is interested. The intraday stuff can be found at ET. So, if no one steps up to the plate by the end of the month, I'll just wrap it up and forward people to ET.

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Note with regard to the above chart: since this is a static chart, a smaller bar interval is necessary on the last chart so that people can see what's going on. Viewed live, it would be obvious.

To begin with, any article that begins with "but wait, there's more, so much more" can be discounted at the outset, much less one that also ends with "that sucks". Second, forex is a terrible market for beginners in that it encourages exactly those behaviors that doom beginners to failure, not the least of which is overtrading. Third, before you come within a country mile of leverage, you need to learn how to trade. Forex is not the place to learn how to trade. Fourth, unless you want to become a scalper, learn how to trade before focusing on daytrading. Otherwise you'll be thrashed around in a maelstrom of conflicting forces you don't understand and won't have a hope in hell of managing. Begin by developing a thoroughly-tested and consistently-profitable trading plan. Without one, you will fail. When you get to the point of choosing your market, characterize all that you're interested in (see Appendix E, here). Only then will you know whether or not that market might meet your objectives.

FYI, I exited the short yesterday and will be looking to re-enter when price exits its current range from 30-40. I find it difficult to believe that the world will turn on a rejection of 00, but the market couldn't care less what I find difficult to believe. The ES had an excellent day but appears -- perhaps coincidentally -- to be ranging at the level of Monday's low. How this will be resolved is anybody's guess.

I acknowledge that making the transition from itty-bitty bar intervals to something more major presents problems, one of the more important being that you're trading with a different class of people, many/most of which think that small intervals are "noise". However, if one isn't going to get chopped up, it's essential to focus on context -- the forest -- rather than only on what's been happening the last few hours. Perhaps it would be helpful to review where the best entry occurred, on the 6th, within the retracement on the daily after the upstride was broken. Or one might look at that as old news and find nothing of value in it. However, the "danger point" is above that retracement, and the farther away from that one enters, the more risk he assumes. There have been, are, and will be subsequent danger points along the way, but the mother is the one that signals the change in trend. Beyond that, it's important to take a broader view in order to see the waves. It should be obvious that we are in the third. This is easy to see on an hourly chart. Given that we are at the end of the third, consolidation is in order. After that, we may resume the downtrend, or we may rally back to the UL. No way of knowing. But until the market sends clear signal, nothing is lost by watching and waiting.

So here we are. I'll grant that trading longer bar intervals isn't exactly pins and needles (which is why this didn't work out the last time, which told me a great deal about why people daytrade in the first place), but at least it gives one time to think (eagerness to trade supplants deliberation). But even if there are only two people using this, it's here.

In which case there's no need to mention my work at all, much less title a thread after it. Don't be disingenuous.

Chart Repository: Edit: That was the 1M...5M is clear...hinge...

1015: Failure to get past the halfway level. So far. And I see that we have far fewer onlookers. Which is very likely a plus. 1040: And here we are at 22. Next stop is 4260-70 is this doesn't hold. 1100: Since the NQ and ES have decoupled, this may put brakes on the NQ. 1217: Hinge on the 60m. Apex is the same as the PDL. 1502: Another hinge, apex 21.

place holder........................