MidKnight

As per GBP/CHF plan posted earlier today. I'd be happy to short this break.

Stopped out at 1.4958 for a 19pip loss.

Lowered stop....................

LOL is it ever Hmm...not really moving on the break...

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Yes Gabe, short looks good there. I'm looking to short EUR/USD as per the plan posted.

Why go to BE so fast there, Thales?

The only downside with using IB as a broker for FX IMHO, is its damn confusing. Not simple at all for their FX products.

Hi daedalus, My personal preference for the spot market is for several reasons: 1) I'm not awake for most of the USA trading hours 2) I'm not trying to be a scalper so it isn't really action that I'm looking for. I am trying to get away from scalping tendencies 3) Because I'm trying to get away from scalping and focusing more on bigger timeframes for bigger moves, I would prefer about a dozen instruments of which to look for larger picture SR. With kind regards, MK

Good long on EJ Thales, I can see how your last chart was of use - very clear indeed

The only real benefit with Oanda (IMHO) is the complete flexibility on lot size. Size it in any way you like from $1 up to (I think) $20m per order.

Hiya Gabe, Seeing it as 0.5 - 1.5 pip on IB. Because it is a real ECN, you can split the spread too.

I hear ya man, I only brought it up because of the apparent lackluster movement within the first hour...I'm not a huge fan of avoiding action due to news either. All my best, MK

Hi Thales, Japan has GDP news in 40mins, so maybe not much till after then?? Just a thought. With kind regards, MK

Hi Dinero, When I was a brand new trader and just started my full-time adventure into this business. I focused just on PA exclusively for the first year. As the years passed though, I did find myself exploring many things. Many things have been re-visited and re-explored as well, because you never know how a type of analysis may be different after you have more experience. I'm only bringing this up because, one needs to explore for themselves what suits them and it probably should be re-explored as new experience is added. This all takes time unfortunately. Few traders are able to shortcut this it seems If you can believe it, when I first started out and quit my job, I naively thought I'd be profitable within 6 months :shocked: but it's taking a lot longer than that. With kind regards, MK

Hiya folks - MK is reporting for duty :yes sir: Pairs near S/R: EUR/GBP EUR/USD EUR/JPY GBP/CHF USD/JPY AUD/USD AUD/JPY NZD/USD RED is for Resistance STEEL BLUE is for Support EUR/GBP Looking for longs EUR/USD Looking for shorts, even though it is at the marked R area, I would be more comfortable with another attempt at fridays high into the 1.4950 area. EUR/JPY Looking for longs. Have been in this range for some time, when we break out of this range it could be extreme. Stay open to the idea of an explosive multi-day move. Play the range on obvious entries. GBP/CHF Look for shorts. Mirror image to EUR/GBP. Prefer to trade this market if possible. USD/JPY At immediate support and also testing those lows of early OCT in what I consider to be a weak fashion. Look out for longs. Should support be found here, could really fuel the yen crosses higher - keep that in mind. I don't know why, but I find this pair tough to trade so right now, I'm just using this as extra yen cross analysis. AUD/USD At resistance. This market has been on a massive tear upwards since March this year. Am hesitant to sell up here as would have expected a more solid decline off the recent 3 thrusts above the OCT high, but instead we are back up at those OCT highs. Probably do nothing here unless something screams at me. AUD/JPY Tight range all last week. So far has been respecting the R area but not really responding to it. I don't feel very comfortable looking for shorts within this current condition. NZD/USD Overall, similar to AUD/USD. Huge gain since March this year. The recent multi-day drop has been the largest decline since March in both price and time but it is only down approx 5 cents. I'll look for shorts if something obvious appears.

Hiya Thales :yes sir: I'm in the process of re-adjusting my sleep schedule so I can devote more concentrated attentions to the FX markets. I'm aiming to be available on and off for the Tokyo session right through to about 10am EST to be there for the start of the USA session. The main focus will be from Europe through to early USA. This means I'll be getting to bed around the 0430-0500 time. Takes a bit of re-organizing - thank god for espresso! :missy: In my preliminary study, it seems that very often the S/R tests yielding solid directional moves are news related, or very near prior to the news release. Because of this, if one is committing to FX, I really think one needs to be available up until shortly after the USA releases their morning data. Cheers for the comments on my Friday trades. Yes, I saw the structure you noted on the USD/CAD and was very keen to exit there, but I also know that if I had exited there and then the market kept diving - I would have been cursing myself for giving up good location all night. I didn't consider getting long there, but did consider getting flat. The reason why I didn't consider getting long was because I didn't have any obvious 240m S/R there. Since I feel a bit battered from the past weeks trading, I'm trying to focus these trades only around the 240m S/R - over complicating thing? Unnecessary focus?. At the very least, this should filter out the pairs to focus on and hopefully add some increase odds in my favour. I'll keep ya posted on that, as it is at the top of my study agenda for tonight and tomorrow night while adapting to the new sleep routine. On the GBP/USD trade, I actually stopped it out before hitting the stop. Not a lot saved, but it all counts I suppose. Took a 0.79R loss on it. It just reversed too hard for what I would have considered to be some sort of indecision at the breaking point. Gabe brings up a good question about your consideration of S/R zones. In reviewing this thread in its entirety and matching up your trades with my 240m or even the 15m view, I noticed that often you were trading right into S/R. I had originally thought that maybe you just take the setup based on some sort of feel/look and then decide to manage it as it plays out. Imagine my shock when to read elliot wave and geometry! :shocked: This what I was trying to allude to in my response. I'm trying to gather data from my own results if that is actually true. How often will I get a PT2 hit? How often will I get a runner past PT2? Is this better than doing the PT1, PT2 etc thing? You know what I mean. I can study this with hindsight, but it will likely mismatch my real-time results. This is the difficulty with studying discretionary methods (and the beauty of this thread). With hindsight, my mind distorts how good I can assess opportunity in real-time. On a totally separate note. Despite being frustrated and angry a little this week, it might be starting to free me from some overly perfectionist tendencies. I used to strive for exact timing and taking very little heat on trades. It's an unrealistic expectation for my skill level and most importantly, it isn't required in order to make money from the markets. It's disappointing to have been trading for this long and still struggle with this aspect as if I'm a total newbie. Tackling this issue head-on and in real-time while exploring a new type of trading might be just what I need to shake this belief up. Have a nice weekend. With kind regards, MK

Sorry Gabe, I chopped the tops off because these charts are big in my workspace and was trying to make them smaller for easier viewing....

Stopped out of USD/CAD with a 0.5R. Hit target 1 but that was all. So far price has stopped right at where my BE stop was. Obvious though right, price is testing the prior consolidation after breaking from it. Non-rhetorical question, but I do wonder how different the results would be if only moved stops based on natural levels and didn't do the BE thing because price so often tests its point of breakout.

Thanks for the picture eNQ. I saw all that as all within a range as my prior 240m post showed. Yes, it was coming off S, of which I noticed in my plan for today, but it was also coming up to R. As it turned out, it was a stupid idea of mine, you are right. With kind regards, MK

Still short USD/CAD and have taken ~1R (30 pips) for 1/2 the position. Stop moved to BE.

Hiya eNQ, Maybe you are looking at a different area. Where I went short it was still within the 100pip range, but at the upper end of it. There was a DT (LH) and I shorted the break to a new low. Or are you referring to a different consolidation? All my best, MK

The night is young and already a fast loser on short gbp/usd. Both gbp/usd and usd/cad signaled me short at about the same time. What do ya do then as they are really opposite type of trades. Anyhow, at the time I took them both because knowing my 'skill', I would have picked the one that didn't work. -22 on short gbp/usd.

Thanks for taking the time to reply Thales. The lack of precision with S/R with an exact price and instead more of an area always makes it hard for me to decide exactly where to place an order, and really, if one wants to be obsessed about S/R then they can always find a 'reasonable' S/R just around the corner. I've been trying to focus more on the main ones to prevent my charts from having vertical lines every few millimeters. As has been witnessed though, this hasn't worked so well so far. Also, when my PT1 for a 1R trade is not at the closest edge to where the trade was initiated but could be possible within the zone, I have tended to take those with the assumption that SR will at least go through the edge. I've been wrong about this a fair bit on FX. If the market goes close to my PT but then bounces back I have had a tendency to do the wrong thing in my active index trading under this condition. I'd say more often than not, it did go on to hit my PT. I am torn with this one because while I would like to say "sure, that's obvious that it's not going to hit my PT, I'll bail out now" and walk away with a small profit. I know that I'm not good enough to do that with any consistency. The idea of the markets being choppy lately, well yeah, but I tend to only recognize it with my 'night vision hindsight goggles' on, I don't recognize it like that in real-time most of the time. The only really choppy markets I have at the moment is EJ or GJ. I'd say the majors have been fine. Thanks again for the reply. With kind regards, MK

I haven't posted this type of thing on trading forums before, but I do something like this every day. Recent posting made the comments about it being useful and true accountability. So, I'll be doing this for the next little while, let me know if it is excess clutter and I will cease. Pairs near S/R: EUR/GBP EUR/USD GBP/USD USD/CAD Steelblue is for Support Red is for Resistance (I read that somewhere in this thread EUR/GBP Looking for longs down here, especially on a probe lower. EUR/USD I've missed the longs so now watching to see how R gets handled around the 1.4900 area GBP/USD Up at R, but also reacting off S. I'll take a shot on the short side here if 15m gives good pattern once Europe opens. USD/CAD Looking to sell this test of the prior swing low. With kind regards, MK