johnjohn1hew

EUR/USD now at break even.

Update: EUR/USD, moved up stop. Price not acting as i would have liked it to.

Here are the charts....

Being more accountable... EUR/USD and USD/CAD EDIT: Sorry, charts are in the next post

"Sit all day in a moping posture, sigh, and reply to everything with a dismal voice, and your melancholy lingers...If we wish to conquer undesirable emotional tendencies in ourselves, we must...go through the outward movements of those contrary dispositions which we prefer to cultivate." - William James - Act in opposition with your mood and your mood will change

My entry was never hit, so i never took a trade.

Here is the setup...

Just to dissect that EUR/USD movement a little. On the 1 minute it has made a double bottom pattern with the second bottom coming down from short-term support provided by the congestion area before the first bottom occurred. A possible entry could be at the top of this congestion area for a long. Or a short below the main support level.

Just to share one of the resources i picked up from somewhere...

EUR/USD is at the bottom of the range it has been in.

"The curious paradox is that when I accept myself just as I am, then I can change." - Carl Roger - know yourself...you'll be able to spot your flaws...change these flaws...you'll have a higher self-esteem...leading to a happier life As people we have innate defense mechanisms. We see things as we want to see them. We change our experiences to suit our ideals. We alter everything we do to make it appear that we are great. We need to get control over these things. We need to put ourselves out of the motion of everyone else and into our own path. We need to live our own lives and work towards our own goals. We can't let society dictate what it is we should be doing if 'what it is' is not what we want to do and not what makes us happy. It seems ridiculous to try to live up to someone else' expectations. I'll give you an example from my life right now. I am in University, but i am extremely unhappy. I can't relate to my fellow students as we has drastically different values. I used to want straight As, but not anymore. Straight As won't make me happy. Good remarks from professors won't make me happy. Financial well-being will make me comfortable, but not happy. I have little interest in a lot of what i am studying in school right now, so i need to make a change. I want to study innovation, creativity, trading, life, everything unrelated to what i am currently studying: accounting... So i am thinking about enrolling in independent studies next year... or just getting out of school for good and pursuing real life. Why should i remain unhappy to make others happy...they aren't living my life.

"Self control is the ability to control one's emotions and desires, is the capacity of efficient management to the future." - wikipedia “If you plan on being anything less than you are capable of being, you will probably be unhappy all the days of your life.” - Abraham Maslow “A musician must make music, an artist must paint, a poet must write, if he is to be ultimately at peace with himself.” - Abraham Maslow - do what you love doing, happiness will follow “What is necessary to change a person is to change his awareness of himself.” - Abraham Maslow “The ability to be in the present moment is a major component of mental wellness.” -Abraham Maslow - I tend to wander into the past and i need to change this. The past is over, i can learn from it, but i am missing the present and what it has to teach me.

It is agreed that the 'self' has a lot to do with trading performance. We need to understand our limits and realize our flaws and our advantages. In this thread post resources, quotes, your realizations, etc. Anything and everything that is related to trading psychology.

True, s/r is a zone, but the bottom of that consolidation area broke down and then became the top of that congestion area. I normally draw a single line in the area that i find best represents the zone of s/r - i find it easier.

Here is the EURJPY trade from last night. It didn't violate the trendline and presented a couple of shorting opportunities (the dots). Maybe it is best to trade in the direction of the trend (for me at least).

Maybe you're trading those pairs at the wrong time of day. People in USD and CAN are sleeping or going to bed soon. Not enough volatility to follow through on the setup? This is where a journal comes in handy.

I am assuming that price will go with the trend (down). It just crossed support so that is another signal of 'weakness'.

Also, just to get some of my thoughts out there. Most of you guys are keeping a detailed journal of every single trade with a picture of the chart as well, right? I think that keeping track of where price was in relation to s/r levels and in which direction your trade was initiated in in relation to the trend, how much risk you took on, your PnL, your reasonings, etc. could help you make a detailed trading plan.

Trend is down. Price is below resistance (prior support). Could break up...

Here is my view of that GDP/USD trade that Thales posted several posts back. The dots mark possible long entries. Note that this is in hindsight.

S/R levels can be short-term and long-term. Short-term s/r levels are more important for short-term trades or entries for longer term trades. This is because these levels are more recent and are usually visible at first glance. This is just my opinion though, so don't take it as something that it isn't.

Missed eur/usd trade.

This is just my opinion and i want to add a different perspective than the last couple of posts. I think that you can just eyeball price action to discover the broad trend and the possible upcoming price movement. If the trade is not completely obvious, then don't enter. You don't need to trade every single movement that a chart presents. If your reward is not equal to or greater than your risk, don't enter. If you doubt anything, then don't enter. These are all mental parameters that keep you out of more trouble than you can handle. To stick to these rules is the test. I think the beauty of this approach is its simplicity and yet its vigorous demands on the trader to have patience and self-control. Here's a quote i want to share: “What we do upon some great occasion will probably depend on what we already are; and what we are will be the result of previous years of self-discipline.” - H.P. Liddon

At around 10:20-21 there was a breakout, but i missed it and it would have stopped me out anyways. Other than that, the market gave me no opportunities to trade...so i didn't.I noticed that sticking to a planned setup for the trading day rids my trading of directional bias. I have no idea where price is going to go the next trading day, and neither does anyone else. We can guess, but in the end...it's just a guess. I would rather have price do something and then base my trading decision on the behavior of that movement and then look for an opportunity to enter, not try to predict where price is going even before it points the way.

Right now price is at 1771.00 in-between s/r levels i have marked at 1774.00 and 1768-69. Based on price action, looking at a larger timeframe, i would think that price would continue to decline maybe opening around the 62.00 area tomorrow? Plan: I will trade breakout pullbacks with the breakouts being on higher volume (more interest in the direction of the breakout) and the pullback being on lower volume (little interest in the direction opposite of the breakout). My stop will be below the s/r level that price breaks out from. This is what i will trade tomorrow if an opportunity does arise. Until s/r is approached i will stand aside and observe the behavior of the relationship between price and volume. So, if price nears 68-69 and 62.00 i will more closely observe the price and volume and their on the way to these s/r levels and if a breakout occurs, i will wait for the pullback.