So we just cancelled the 131.89 Yuppie, because the completion of the triangle /pennant invalidated the level I was looking at for the time being. We are looking at this formation to finish at an overshoot of 700, then back up to the mean. Or maybe not hehehehe
The Ever Speculative VIPER
And there is your overshoot. Well thatās all folks, it might go lower but on Moanday, and nothing to push it, I will apply the SOH strat.
The Ever Watching The New Season Of Stranger Things VIPER
So I have been thinking about trading all day at work and I decided that I should probably keep a video diary of my trading. First, I can replay my trades at a slower speed to watch to see if I did something without realizing it. Second, I can capture a complete record along with voice notes of what I am thinking. Third, I can post them to a YouTube channel and people can comment on them - yes, I realize that I can just post the trades here but that means I need to take screenshots and write up my thought process. I can speak a lot faster than I can type and even think so this is more work.
The big question: if I did record and share my video diaries, would anyone find any value in watching them? I am certain people who are newer to trading than I am might learn a thing or two but my primary question is whether or not the more experienced traders will watch them and offer their thoughts on the trades I took and how I managed them.
Only if you wear a fright wig and Nixon mask. Hehehe
The Ever Frightful VIPER
Post some Amazon links and it just might happen 
For tonightās practice session I decided to just spend some time watching the price action on USD/JPY and AUD/USD pairs. One thing that I find awfully intriguing is how price seems to level off and then reverse at seemingly random spots.
Example: USD/JPY drops, then climbed back up to 113.129. On the five minute charts price came up to 113.129 and closed there. The next two bars closed lower, then the following bar closed at 113.129 again. Looking left, I see another pair of bars that closed at 113.129 as well. The fact that this bars are closing at this level more than once in a short period of time is enough to make me a firm believer in nonrandom movement of price. However, why is 113.129 so special tonight and more importantly, how can I spot these levels earlier and use the in my trading?
I also had in my plan to trade the EUR/USD pair because it has the tightest spreads. However, the ATR on that pair is almost nonexistent this time of day while the USD/JPY and AUD/USD pairs have a fairly high ATR. I take this to mean that the EUR/USD is going to have little movement while the other pairs are going to have a lot bigger moves, correct?
Sometimes trading is so simple, and other times, like tonight, I feel like I will never figure it out.
No humans, it is algo trading, thatās why you see those twin towers on the 1 hr fractal. The other stuff is just noise and drift. Try the NZD/JPY, or NZD/USD, see how they be lookin.
The Ever Gittin To Bed VIPER
P.S. To whomever came up with the following popup
"Let others join the conversation
This topic is clearly important to you ā youāve posted more than 20% of the replies here.
Are you sure youāre providing adequate time for other people to share their points of view, too?"
I Donāt Care About Other Points Of View
Hereās my take on your question about trading videos:
Could newer traders learn a thing or two? Sure, and questions they have can improve both parties knowledge
Would experienced traders leave feedback? Maybe. Trading is very tricky, and no strategy is fully complete. There will always be holes in your strategy, logic, approach, management, etc. I certainly have issues with your trading philosophy, but Iām not going to come barging into your journal and tell you all about it. That would be rude! Itās a reason why trading tends to be a solo sport, and a quiet one at that.
There are many, many, many ways to trade the markets. If it works, then good for you (or for whoever is trading it). But finding people who trade very similarly to you (or anyone) can be a challenge, and that is what I think you are looking for.
All that being said, it never hurts. I journaled for years just for myself (although it was open to the public). Thereās no real right or wrong, IMO whatever helps you the best to accelerate your learning process is the way to go. Is that too obvious? 
Consider this a personal invitation to share the issues you have - exposure to new ideas is only going to help me learn (as long as you post those criticisms tactfully )
This is exactly why I struggle so much. I bounce from idea to idea but nothing really sticks because I am always searching for the bigger, better deal. I lack confidence in my ability to read a price chart. I am currently listening to āOne Good Tradeā by Mike Bellafiore during my commutes and reading āThe Playbookā by the same author on my Kindle at night. One piece of advice is to master basic trades before trying to trade advanced trades. I donāt even know what a basic FX trade would be!
At this point, I donāt have a concrete trading strategy. It would be great to find or start a virtual trading desk filled with other traders that I could learn from and help learn, but I canāt even articulate my trade setups.
This seems like reason enough for me.
So not only do I need to beat other humans but now I need to beat a computer? It didnāt end well for Kasparov!
So here is another trade I took in demoā¦
I saw that 1637 had been acting as support with several tests. Support at that level failed and then was tested as resistance and held. The next test of resistance at that level failed and the price came back down. I entered long at 1637 with a stop at 1630 and a target at 1647 giving me a favorable risk/reward ratio.
The trade is currently going against me. I am thinking that either this level was not strong enough to base a trade on, or that I am jumping to a conclusion. This is on the 5-minute chart so it is pretty much a toss-up at this time.
Dude, 1655 is a 3 day high, and appears to be a valid level, you have a 2 day range 1612 - 1655, right now you are right at the mean, since it is at the mean, in a range, it might be better to wait till it hits the high for a short or low for a long, just sayin.
The Ever Just Sayin VIPER
I got out of that trade. Here is the chart of the resultsā¦
I initially thought I was going to catch a small uptrend at 1637 and ride that to a retest of highs at 1647. I set my stop at 1630 because the previous low was at 1632 and if the price dropped too far below that level than I wasnāt in an uptrend anymore so I needed to get out. I got out at 1637 (break-even) once the market violated the lows it had set at 1633. I recognized that as the market moving into consolidation or even a downtrend and I took the first chance I had to get out at break-even since my stop hadnāt been hit yet.
Lessons Learned
1. A support/resistance level on a 5-minute chart is not enough to enter a position
2. I need to be more patient and spend the time to break down the market from a higher timeframe before going to the 5-minute chart to time my entry
3. I need to develop my own playbook of trades and not just take trades here and there based on intuition (how do I do this? Is it trial and error in a demo account? Do I look at historical data and try to figure out a pattern? Do I Google search for trade setups?)
Ok, I found another 5 spare minutes at work to do some quick chart analysis.
I see on the daily that there is a range as indicated by the purple lines (purple lines, low at 1608 and high at 1655), and then drilling down into the 5-minute chart I see a smaller range (red lines, low at 1626 and high at 1647). I am thinking that there may be a play here once price hits the smaller range.
For example, if the price hits 1647, then I would watch for a bounce off that level and get short. 1655 would be my stop, and I could take targets at either 1626 or 1608 or both if I split my position.
I believe that 1.1637 is not a strong support and it was better to enter the market near your stop loss price at 1.1625 ā 1.1630. Currently, the price is in confusion with no clear tendency on the 5min chart.
Yer gittin close, but you donāt wait for confirmation, you preset the order at the level, as a short, with a preset stop and take profit. Donāt forget you are on five min, so be careful extending your stop or trying to take too much out of a small range, while the trade is on, the first answer is usually the best.
The Ever Rangy VIPER
Patterns, you need more screen time to find them quickly. Also remember nothing good usually comes out of trading at the mean.
The Ever Trading My Brains Out VIPER
Ok, so my next thought is to pick out 2-3 patterns to study and practice finding on price charts. Obviously, the range trade you taught me here is going to be one pattern because I like how aggressive it is. I was also thinking about pennants and double tops/bottoms as the other two patterns to start my playbook with.
So this is how I foresee my daily trading work going:
Establish a market bias based on the daily chart. If the daily chart is trending down, only take shorts. If trending up, only take longs. If range bound, only look for range trades.
Drop down to the 1-hour chart. Wait for price action to coincide with the daily chart. For example, if daily is bearish, then wait for a bearish trend on the 1-hour chart.
Once price action coincides with the daily chart drop down to the 5-minute chart and look for an entry using the patterns in my playbook. For trending markets, enter on double top or bottom for the counter-trend trade, or on a pennant for the continuation trade (if I understand pennants correctly which is about as likely as a trade at the mean working out).
Once I enter a position, jump back up to the hourly chart and set stops and targets to coincide with structure levels on that chart.
The next big question I have in all of this is how do I know if this workflow will work? I donāt want to spend months trading a demo account just to find out that this is all poppycock. Will scrolling through historical data give me a good enough feel for this particular workflow?
Or am I overcomplicating this all again?
So I gave this process a shot. I looked at GBP/USD and saw that 1.32520 seemed to be a strong level of resistance and 1.31235 a strong support level on the daily chart. I also saw that price ranged between these levels for a few days. So I dropped into the hourly chart and saw this:
I see that price is slowly starting to settle into that same range on the hourly chart. I entered short at 1.3248 with a stop loss at 1.3282. The reasoning behind that is if the price does get up above that level itās outside the range formed by the daily resistance and support levels which could mean breakout and I need to get out of my trade.
My target is at 1.3123 which is the daily support level. My risk on the trade is 34 pips, and my reward on the trade is 125 pips. The risk/reward is way too high to pass on that trade at nearly 4:1. Right now, the trade is running about 8 pips in the green.
Hey J, take the EUR/USD from December of last year to April of this year, and see if you can find anything to trade, patterns mini trends etc. Check and see how long price lingers near the mean. Price at a mean means, indecision, like today, all based on fundys, fmoc 2day/2morrow, new fed chair end of week, Bannon and ChinaGate. Notice during April on the weekly, we started that long bull trend, you can then see if you can find the same in the larger fractals.
The Ever Looking For Profit VIPER
Iāll tackle that during my practice session tonight - thatās a bit too much work to sneak under the radar at work
