For What Its Worth -
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thread: For What Its Worth

  1. #11
    Senior Member Juana.pkmixxar's Avatar
    133
    Today was a great trading day. Too tired to post a chart. Would suggest any new traders take the time to study the current price action on the EURUSD, GBPUSD, and USDCAD. It's a million dollar lesson in how the markets work.

  2. #12
    Senior Member Juana.pkmixxar's Avatar
    133
    Quick chart on the EUR/USD as of the post. A strong move south the morning is showing any signs of a turn or retracement back , maybe to square up positions left stranded last night. Here's the chart showing the transfer to the -.27 fib, with possible amounts to reach in the -.618, -.786, and -1.27 (maybe beyond). Of course, much more to this film compared to space to discuss here, but its a start.


  3. #13
    Senior Member Juana.pkmixxar's Avatar
    133
    My GBP trade from this morning. I discovered the change in trend (after a nice run down while I was sleeping), and entered following the fib top was breached. My target was the -1.27 (really only above it) and as you can see that I left some on the table following the move actually took off. I will analyze again after for fashion, to establish if we're going up or down. FYI -- I will gladly take 50 pips on a change trade, but if that were a trend-type trade I'd be upset that I did not get more of the run.


  4. #14
    Junior Member geoxpb97's Avatar
    2
    Wonderful journal! Continue the fantastic work!

  5. #15
    Senior Member Juana.pkmixxar's Avatar
    133
    I've been spending a lot of time engaging on a different thread and have failed my own thread. It's time to get back to work. I will make a few notes in my trading egy and start posting them here (there are many topics to cover), as well as posting my Trade of the Day.

    Rule #1: Trade with the trend.
    Rule #2: Be careful when investing in counter-trend.

    I like to trade from the direction of the 4H chart. I know, many traders trade the Day fad. I am mindful of the Day fad once I am trading, and see the 4H trend as being either with the Day or a retracement of the Day fad. I shall counter-trend trade when the 1H chart shows clear signs of making a turn against the 4H trend. I really could go on for hours trending but will not. Let's keep it simple.

    Next article: service and resistance.

  6. #16
    Senior Member Juana.pkmixxar's Avatar
    133
    Allow me to add something here which may be significant for new traders. One of the things which must be included in your daily technical analysis is choice of this currency pair/pairs you will concentrate on throughout the trading day. I've my approach to doing so, but it is essential to be taking a look at the market action that is most likely to present a commerce that meets your trading egy. I know that sounds simple to most experienced traders, but I have discovered throughoutcliqforexpeople are working to induce trades into market action that simply shows no signs of action. You improve your chances of success by executing your egy at a suitable market.

  7. #17
    Senior Member Juana.pkmixxar's Avatar
    133
    Instead of simply going on regarding support and resistance (along with other TA topics), I am likely to have a different turn on this thread. There are lots of places to learn about TA so that I will suppose that if you are reading this, you've developed sufficient skills to understand what I am saying. Enough said.

  8. #18
    Senior Member Juana.pkmixxar's Avatar
    133
    Last week was a fantastic week. Typically I work up 6-8 currency pairs each morning, then pick 2-3 for extreme focus for the remainder of the day. Given my trading style, I am looking for currency pairs which will almost certainly fulfill my trading egy. I spent all the week focused on the $/CAD (because it was trending down using a three or four week long retracement that had attained the .386 fibo and stalled out). Once it began to drop on Monday, it was simple to follow the 60M chart all week. Wednesday proved nice trading across several pairs, and I got focused that day (and the rest of the week) about the EUR/JPY as well as the CAD. The remainder of the week was mostly scalping once the chance presented itself. For the most part, I averted the EUR/$ and GBP/$ all week (I think just 1 GBP/$ trade this week).

    Additionally, when trading the CAD, it's a fantastic idea to see the price of oil, and also the Canadian economy has been connected with oil prices. EUR/JPY trading frequently gets began when US equity stocks begin changing so you may want to keep a watch out for that index, also. Finally, I like to keep an eye on dollar index through the day.

    For next week, just like with any week, I recommend getting your TA done before the start of each market, then investing in PA if PA matches your analysis. Otherwise, sit tight and wait patiently. Bear in mind, your very best entry risks modest but wins large. If you can not see both ends of your trade upon entrance, don't.

  9. #19
    Senior Member Juana.pkmixxar's Avatar
    133
    For anybody that has been following the /CAD move, here's a fast day chart showing what it did last week and where we are in the beginning of this new week. Notice that the price has settled to a .618 fib and postponed. In addition, the low of this move south exactly hit another price goal that isn't on this chart but might indie a possible pullback north to begin the week. Keep your eye on the price of oil that may give signs of a continuation south east or even a pullback north. I could skip a discussion of possible targets for a later date.


  10. #20
    Senior Member Juana.pkmixxar's Avatar
    133
    Well, here is an update on the /CAD. This is a 1H chart from the previous Day chart view, and as you can see, that the .618 did not include the south west move and instead the .786 has, at least for now. Still waiting on a better chance to go long, but not quite yet for me personally. I have continued to trade this south this week, with an eye on a turnaround.


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