wasp

So far..... Couple of levels holding weight added. I will go back to calls tomorrow but as its a bank holiday I wasn't even expecting this much movement!

Then again I could be talking crap and this is just bouncing of another slightly lower level again and we'll see newer highs later this week! EDIT: Uncanny how these things never work as soon as you try them! (att 2)

who needs trendlines...

At the moment, until a decent short trend line cross @ upper 163.04 region appears, I am still long from 162.73 as it became more of a solid level over the last few bounces... Whilst larger TF's suggest down, I go by what the chart tells me so waiting for a break or rejection/crossover...

See chart attached. I'm not doing this for you to copy me Myrtle! the intention was to rouse discussion and for people to poke holes in what seems to me to be technical analysis 101. I don't mind of course if you do do the same but don't take this as me trying to post the holy grail, just musings for what I look at. Attached my view of GBPCHF and slightly different. Will draw lines all over yours shortly and post it back up... see how we differ! Tight ranges are nothing more than a lack of volume as its a public holiday here and over in the states is all. Just look at a larger view to see we are still closer to resistance (underneath) so as 9/10 price will go from level to level, EJ should still head for 162.30 imo. I have also attached a view of the monthly charts of EJ using exactly same view plus an array or markets. All use large frame supply and demand levels couple with shorter term trends for defining when supply/demand is taking over and getting the best entry possible.

Sorry guys, somethings come up and gotta shoot but will be back later to reply...

atm yes. Needs to break 162.75 region as new level is building there but if you view the 240m EURUSD/GPBUSD/EURJPY's they all have broken the larger TF trendline too.

Sarcasm is the lowest form of wit, but I can't help it! Of course it is pissing it down! I'm just going to post a chart here for firewalker and then head to the chat lounge room in case anyone else is as bored as I!!

Any other die hard traders about on this sunny bank holiday!!?

Week ahead: Levels marked and ready and trendline problem solved to minimize fakes... This is my outlook with levels ready and I'll be shorting at the open with (B) as loose target or (A) if we gap up... Good trading all.

it is! After all this time................ :rofl:

Clean is best. When actually trading, my main chart now has 5 lines on it at any one time max. 1 trendline and 2 S/R either side. Just had a butchers and no idea why I have one at 514. It should be at 468 but it was just a quick observation. As it goes, if I was to take any YM or NQ positions I would use use the 240m charts as I like bigger moves.

Question for all YM players....... Do you watch the larger TF's at all... uncanny how similar they play out compared with FX.

One for the FX players and anyone else curious...!

No. I was but as I have adapted, the stat's for 2008 will be different as they will not be the same results had I been trading the way I do now. It is irrelevant to compare results against a different way of trading.

For our fifth ninja turtle, this is what should have been had I been concentrating! Obviously, it was only the last couple of days that I have started to use the congestion area break to decide where the trendline / breakout becomes valid so thats shall help next week. All this is plausible in real time now I have this extra assistance and of course, I really need to pay attention better!

I know it was a poor week just by looking back over my trades and what the market did and how I messed up. Alot! Quite a few of the mistakes have been useful in the learning curve. For example, I now have a better definition of trendlines and how to maximise them without taking counter trend trades for no good reason. Also, the last few hours I have messed up royally as I should still be in my short from late last night! Anyhow, I have a few pips and right now, I don't feel I deserve to eat so going to go and spend it all on Gin martinis! Have a good weekend! Cheers PS: FX is open Monday is it not?

+40 , +1, -12, -15, -17, -4, -17, +24, +10, -25, +70, +70, -10, -15, +40, +32, -25, +44, -25, +68, -25, -25 tally @ +184 One trade open........... Next week I will just put this in my journal but thought I'd post it so there is something in the thread!!! All in all, shite, but, this week has been extremely educational and I know hows and why's more so and will be able to eradicate more of the daft trades... Live, learn, adapt.... Gonna be a lot of blogging this weekend! And stopped out again.................. +159 on the week. I've had enough and I'm getting annoyed now so going to the pub. Have a good weekend all....

short EJ @ 90 for last trade of the week...

max is 25 but try to lower it if the prior H/L is closer. Yep, off the 30 minutes. I know where I screwed up. More than once too! the really annoying thing is, had I not got stopped out, I wouldn't have rushed into the short due to the 60m level and now I'd be only 8 pips out! After a bit of :bang head::bang head: I need more of :beer::beer::beer:

Well, after feeling all clever with my last couple of posts and thinking I understood so much better, the market turned around and kicked me in the nuts! :doh::doh::doh::crap: long from the break of major level only to be stopped to the pip. SAR as is broke the lows then bang, straight back up again.

Yet, despite ALL that.... Price printed a new HrL above the major 240m level and continued down as sellers rejoined the foray. Just goes to show one thing (240m level) on its own paints only a small part of the picture. Smart money / big banks duped me into exiting a perfectly good position based on the previous weeks tendency to find support and continue. Of course though, let us not forget as, unlike the DOW etc, we are not wholly moved by traders alone. Commerce plays a huge part in FX too, but thats a whole other topic. GJ could enlighten us here but he rarely pops in here so we'll just go by what we see..............

Further analysis and hindsight shows I missed the best entry as I was typing and not paying attention. The 60m level, with the weakness shown in the candles, plus the cross of the trendline after the small HrL, re attempt to drop and then rise again after breaking the congestion area all signalling a move back up. Further clues come in relation to yesterdays breakout plus the break of the 240m level now. Looking for a HrL / congestion to get in a trendline for it to possibly follow.

Closed @ 163.02 for +68 Broken up through the major level but going to hold off atm as whilst above the level, just being cautious.