What Every New & Or Aspiring Forex Trader... Still Wants To Know

[coxsonne]

You stated that if GBP/JPY moves up, cable must do the same.

That's what I stated....

"GBPUSD has to follow OR lead".

Now, look at your chart again.

I even get misquoted.

That's the end of this "discussion" for me because I am sure fxvoilaaa had exactly that in mind with his one sentence reply to start a pointless "discussion".

And you apmonster took his bite. :-)

[apmonster]

That's what I stated....
"GBPUSD has to follow OR lead".

Oh ok, I see. So, what you are saying is that if one pair goes up, another pair will have gone up before OR will go up after?
Well, that is very enlightening - cheers!

Just look at the chart I posted, my friend. A small child could tell you that in the yellow circle, GBP/JPY was going up while cable was going down.

I am rather surprised that you continue to argue such a clear point.

In any case, my statement about your dismissive attitude towards fxvoilaa still stands. I believe we are all in here to learn together, and no-one likes a know-it-all, right?

[Hordane]

"Just wanted to put this out there for trade ideas. GU is again retesting last week's low and is only a few pips above it. I don't know if this is a risk-off move from Japan, but it could be a significant point to find a long entry. "

I know you are not supposed to kick yourself over trades not taken, but honestly this one is a little painful to wakeup and see and not want to kick myself for not taking it.

[InnerCircleTrader]

"Just wanted to put this out there for trade ideas. GU is again retesting last week's low and is only a few pips above it. I don't know if this is a risk-off move from Japan, but it could be a significant point to find a long entry. "

I know you are not supposed to kick yourself over trades not taken, but honestly this one is a little painful to wakeup and see and not want to kick myself for not taking it.

I would log it as a milestone towards your consistency... you seen it... identified it... and allowed it to pass. You have two choices here... 1) be upset you didn't make money on it or 2) be content with having made a sound call and bolster your confidence for future periods when you will need the "pick me up" after drawdown periods.

WTG!

Opportunity is a parade. Even as one chance passes, the next is a fife and drum echoing in the distance.

[ClarkFX]

I couldn't really figure out the market flow prior to London Open last night, but still had a short bias, since all three time frames was showing a short bias. To my surprise, when I woke up, I saw that Cable had skyrocketed.

Just curious, could some enlighten me as to why one would look to go long today? I do see an OTE long at the CPP during London Open and as I type this, an OTE to go short during NY Open.

Regards,
Clark

[InnerCircleTrader]

I couldn't really figure out the market flow prior to London Open last night, but still had a short bias, since all three time frames was showing a short bias. To my surprise, when I woke up, I saw that Cable had skyrocketed.

Just curious, could some enlighten me as to why one would look to go long today? I do see an OTE long at the CPP during London Open and as I type this, an OTE to go short during NY Open.

Regards,
Clark

In the previous videos I noted the Key support levels and in the chat room. Key levels maintain their impact... hence the premise "Key" S&R.

Look at the 1.5980 level... note it on the timeframes we monitor. See the price action on this level? This was the basis for the long on the Cable two days ago.

Note 1.6100 level? In chat, while for disclosure sake I said I was flat... I explained the Cable would likely see a retest of the 1.61 figure and it traded there again after testing the 1.5980 level last night. These levels are being traded as the current dealing range... spend most of your time on the higher timeframes... drill down to 15 and 5 min charts only after you have a clear "reaction level" noted… to set up your Scouting Point and wait for "time of day" and price to come together... then 15 and 5 min charts are your Sniper Scope... to zero in on the Kill Shot for the Session you trade.

That really is all there is to it folks... either it plays out and your trade pays you... or you take a controlled loss and hunt your next big game prey... profitable, consistent trading.

PS: What did we discuss as it relates to Market Flow and Key Levels? Refer back to the core essentials... therein lies the gold.

Hope this helps!

GLGT

[Manta]

In the previous videos I noted the Key support levels and in the chat room. Key levels maintain their impact... hence the premise "Key" S&R.

Look at the 1.5980 level... note it on the timeframes we monitor. See the price action on this level? This was the basis for the long on the Cable two days ago.

Note 1.6100 level? In chat, while for disclosure sake I said I was flat... I explained the Cable would likely see a retest of the 1.61 figure and it traded there again after testing the 1.5980 level last night. These levels are being traded as the current dealing range... spend most of your time on the higher timeframes... only drill down to 15 and 5 min charts after you have a clear "reaction level" noted to set up your Scouting Point and wait for "time of day" and price to come together... then 15 and 5 min charts are your Sniper Scope... to zero in on the Kill Shot for the Session you trade.

That really is all there is to it folks... either it plays out and your trade pays you... or you take a controled loss and hunt your next big game prey... profitable, consistent trading.

PS: What did we discuss as it relates to Market Flow and Key Levels? Refer back to the core essentials... therein lies the gold.

Hope this helps!

GLGT

I think I'm addicted on this after more than 400 pips gain in the last two days...

I know losses will also come and I have no problem with that, but the tools work very well if you put them together in a way you show here and in your videos.

[Hordane]

PS: What did we discuss as it relates to Market Flow and Key Levels? Refer back to the core essentials... therein lies the gold.

Price action trading down to a prior support is more significant than price action trading down to prior resistance. Is this what you were referring to?

[InnerCircleTrader]

I went short on GBPUSD during the London Open. Price was in the sell zone, institutional level 1.6100, yesterday's high and ADR high, I entered short at 1.6104 which was between the 72% and 79% retracement levels of the last move down. My stop was above yesterday's high and M4 at 1.6135 and was hit for -31 pips.

Keep this in your toolbox...

Whenever price runs hard and is within 30 pips of the Previous Day's High.... anticipate it retesting if not blowing through it.... as far as the next Institutional level. Even if the price rejects and slams lower afterwords... the majority of Stops rest just above PDH's and under PDL's... they are easy ducks to shoot and traders feel "safe" placing them there...

This is the premise behind the exercise I detailed in the video on Consistency... which highlights the phenomenon at PDH's & PDL's.

Keep plugging at it... you will see it click by working the tools everyday on your charts... print out charts and or save intraday charts for your study on weekends. This is a big help or it was for me... this is how you begin to see the tracks in the snow and how to spot the opportunity when it falls in your lap again... as it surely will multiple times per week.

Do not get discouraged... trust me... nobody takes off right out of the gate.

GLGT

[InnerCircleTrader]

Price action trading down to a prior support is more significant than price action trading down to prior resistance. Is this what you were referring to?

What Trumps Market Flow?

Key Support & Resistance Levels