I be honest with you i woke up this morning and first thing looked at usdx if you look at 1hr zoomed out yesterday we completed MMP Buy model swipping stops below 79.70.
We get a swing from 79.70 to 79.94 pull a fib from that! the 70% level converges right with 79.80 support so that was one major alarm for me saying usdx is bullish short term, Second i plotted a macd after watching one of Michaels Videos and we have a clear divergence going at 1.3100 area. S/R trumps everything and a good case to illustrate that when we run up today during LOKZ to 1.3100 area and aggressively rejected and shot to the downside. the price up from asia session today i viewed as JUDAS just to drive prices lower. I confess though :55: my entry is very bad @1.3080 and this is something i am not
very happy about
I have seen you have some great trades and to be honest consider you a very good trader from all the post i have seen and the fact that you did not enter because you did not see a break in MS ect makes you even a better trader! You know followed the rules you outlines in your trading plan.
Heck man, donāt kick your balls just yet, we could all be wrong.
Early days too, trust me youāll get there, donāt worry about it, I can normally tell whoās going to NOT get it and who is most most most most likely to get it.
I get the same feeling on anything below a 4HR chart. Thatās why I now only look at the Daily / 4HR charts for my levels, and use the smaller to manage the trade, even then it makes me question a lot more if I should be in the trade.
Hence on my current trade, the sweet spot from the daily retracement was around 1.3050, with meaningful stops just 30pips above that and no other meaningful stops in between, so, I figured Iād wait and hold for that level. On the 1HR and 4HR obviously looking very bullish so had I not seen the break on the daily, I probably would have been looking to go long?
Iām even now still not convinced but Iām learning each time what sits better with me. And currently itās the Daily & 4HR.
Sorry probably just confused everyone even moreā¦
Yes forgot to mention the talking heads was another factor in me thinking the 1.3080 levels would be reached as a cover for the stop run. Like Jonnycab too, Iām still unsure where are ultimately going but if weāre still lower come 10GMT then Iāll be a lot more comfortable Iām on the right side.
Right off to the day jobā¦ Grim old Stockport todayā¦ (No offense to any Stockportonions)
Well the only person i would be lyeng to is to my self and so far every trade every loss i have posted on this thread for all to see. I am learning more and more and refining my trading which has long way to go. I know what Topfroxx is feeling as i remember feeling the same when seeing people taking trades here and there that i just could not understand for the heck of me. Every one has been really helpful to me! and i am a kind that admits when wrong
Ps about the trade waiting for another swing to place my stop 10 pip below that ict style, what did he call it progressive risk reduction!
I am lucky in a sense that i work in a takeaway and my shift are mostly evenings. Which suits me very well. Planing on cutting my hours down next year to 3 days a week and just completely concentrating on forex for 1 year everyday watching ict do his thing.
Nice, we went on our Xmas party this Sunday pain balling. Best Xmas party i have ever had, hand down.
Shooting the boss in the Aā¦s up close and personal ā¦ PRICELESS
Have fun hope you make the 500 for todays spending money ! That be nice Ā£500 everyday just as spending money! Possible mind youā¦
Thanks to everyone who is sharing their trade setups and rationals. It is really helpful and very appreciated.
Does anyone have any advice on a basic routine? Right now I am all over the map and accomplishing nothing.
Piecing together what others are doing:
Bring up the USDX chart. I should be getting my overall up/down from the price movement here. I suppose I should be looking at the corresponding timeframe on the USDX for the length of trades in looking for?
Bring up the pairās chart at a high time frame. Mark the major S/R levels. Work my down progressively to smaller time frames. Weed out the S/R levels that too far outside the current price range so my screen isnāt filled with too much extraneous info.
Start looking for patterns - normal and reflection OTEs, head and shoulders, double tops, etc.
With a spotted pattern, look for supporting confirmation. This is an area I am having trouble with since people use so many different trade confirmation indicators.
Go with the trade if there is a confluence of supporting indications.
Ok so i know that i look a little bit like i have just come back from WW2, but who cares. No pain no gain, the fun factor outweighs the pain factor ā¦ Itās the company that you go with as well that makes a big difference to the day!
I went short at 8.30 gmt 3084 at market - all ICT reasons, above pp, bearish div stochs 15 min, the apparent 3 bar forming daily on cable ( can see it as H&S on 15 min.
With ICT there is always the catalyst - mine this morning was the up turn on the bonds was already in progress by 8.30, that was the clincher.
Just closed 30% of the trade @1.3044 Stop is going to B/E very soon. I am paid! Donāt care what happens to the rest Will let it run and see where we stand @ 14 to 15 gmt.
Will let it run and see where we stand @ 14 to 15 gmt.