Scratch Charts

Prev day
Daily open 1.29393
Daily close 1.29602
daily High 1.29642
Daily low 1.28575

have updated charts now to test my moves once more always baring in mind price can do what it wants.

A,B filled so am looking for a C move using 1.2900 // 1.28872 as possible support then
if so expecting a test of the 1.3000 level once again

always keeping in mind bearish view of Euro at the moment all im looking for is some correlation that i am starting to understand price moves.

also the fact of holidays very much in play at present so not trading.


Patience/Discipline

Prev day
Daily open 1.29393
Daily close 1.29602
Daily High 1.29642
Daily low 1.28575

Just thought I should mention these charts are not trade calls are any form of signal I am a relativly new trader
that is posting charts on here for my own reference and for people to feedback on.
the basis of my chart structure is basic Support/Resistance using previous price, fibs, trend lines.
using Daily. 4h 1 h for guidance

A,B filled then C just above 1.2900
tested the 1.3000 which was D on my previous chart

am now going to look for a couple of things
1st will want to see 1.29262 hold as support if price holds would look for a test of
1.3016s.
2nd if price does not break 1.29686 would expect a move down to test 1.2850

not sure how trading will be this week as never traded new year week back so am trading cautiously but then again try to be cautious all the time


Patience/Discipline

Great rules to live (trade) by

Hey Scratch

Just got the wee one to sleep and got a chance to look over the thread. Really enjoy it. Just thought it may be interesting to explain how you arrive at your A, B, C, D points. If you would rather not, it’s ok mate. Some do, some don’t. Anyway, I’m following along now that I’ve found you.

Cheers !

HoG

I have nothing to hide so will explain all in my next chart update have just looked at and am quite excited about it .
not been trading the holiday period but have been posting charts which has given me a chance to start to put together all I have studied and learned in the last year, now am discarding the noise and building a plan with the information that now is starting to show through in my charts. all the information has been given freely by people so I have no secrets so am happy to share and disuss and take pointers gladly.

here is my chart that i did at 22 GMT on 3rd Jan quite nice that price followed it, was gobsmaked when turned my charts
on this evening as have not been able to trade today, maybe just maybe something is sinking in to my thick skull

so am going to explain what my thoughts and reasoning was

In a trend A,B,C,D repeat themselves.
A to B is an area i treat as it can do what it wants and I will only use as a guide

I use Previous support/ resistance to give me POSSIBLE areas where price will retrace or continue while also
keeping in mind industrial levels (give me a POSSIBLE B area)

so on this chart if you go back a couple of posts you will see the chart that started my thought process and i created
A(1.2858),B (1.2964).

For C I used a fibonnaci to give me POSSIBLE areas where C will occur (I DONT NOT USE ANYTHING LESS THAN A 50% FOR ENTRY) i check where 50%,61%,78% is in comparision to Previous support/resistance and also Industrial levels

in this case price did not break 1.2900 so 1.2903 was my C

FOR D on this occasion was aware of holiday period and figured price would find it hard to push through 1.3000
so used the fib from A,B which gave me my 121% target which was below 1.3000 it was 1.29883

hope this explains how i arrived my A,B,C,D

what then happen IF and only IF the trend holds C becomes A and i start all over again

I am not going to post about my entry and exit techinique as I am not experineced enough and would not like to be responsible for anyone getting into bother because of them thinking i know what im doing


Prev day
Daily open 1.30490
Daily close 1.29422
Daily High 1.30762
Daily low 1.28971

so short term up trend has now ended am quite happy with how it ran as most of the time was ahead of it just
need to learn to trade now easy right!

my chart for tomorow is full of information so a lot going on here with price action some lovely moves

im thinking for now the area of interest is the daily close for yesterday so thats my start point

pivotal 1.29422 for direction

if price holds below will look for price to challange 1.2900
if price goes above 1.29422 looking for price to start a move up to 1.300 to see if it will hold or break above im thinking most likely scenario is price will challange 1.3000 thats when it will be interesting


I enjoyed reading that. Always fascinating to hear what another trader is thinking. I got into FX not purely because I am looking to make money ( which, bottom line is we all ARE) but also because I do genuinely enjoy the whole thing.

So I’m always intrigued to hear other people’s thoughts

Cheers Scratch !

HoG

Prev day
Daily open 1.29416
Daily close 1.27876
Daily High 1.29461
Daily low 1.27701

pivotal 1.29422 for direction is still the level for me on fridays it was not broken on thurs

1.28500 /1.29422/1.3000 are the resistance levels im looking at on friday

overall sentiment is bearish so hunting for shorts
looking for a new high low

to the down side if 1.27701 does not hold then 1.2700 here we come


Monday
Daily open 1.26936
Daily close 1.27641
Daily High 1.27851
Daily low 1.26656

1.2700 hit

seems price is making small grind up at the moment

1.28000 /1.28123 are the resistance levels im looking at on tuesday for pivotal move

if price cant hold above 1.27355 move down to test previous days lows likely


Hey Scratch

Just checkin in. Not done much in the way of trading last few days due to other committments but still following along.

I see you pretty much nailed the high for tuesday. Keep up the good work

yep was quite happy with price filling the moves that it shows that hard work and study does pay I have also had 3
days of +pipage with trade whitin my trade plan i have slowed right down so am also placing less trades 3 trades +30 pips today that is good for me by the way and the eur/usd was a range of 70 pips so happy there. funny enough the one trade i lost the plan was solid , and had i left it it would have been fine stepped into chat room and read some types got nervous and exited BIG LESSON learned today stick to my plan and my plan alone. lol

Tuesday
Daily open 1.27643
Daily close 1.27768
Daily High 1.28177
Daily low 1.22742

looking for a break of 1.28177 for a move up
support is 1.27914 then 1.27000
resistance is 1.27862 break of this then looking for 1.2800 to be pivotal


Patience/ Discipline

any 1 got any suggestions how to make charts clearer on post i use mt4

Going to try white charts seems black is quite hard to see on forum post hoping it is easier to look at.
not a great day trade for me from a pipage point of view down 10 pips but am able to see where i went wrong so
is now marked and noted.

Tuesday
Daily open 1.27769
Daily close 1.27061
Daily High 1.27895
Daily low 1.26629

looking for 1.2700 to hold support if it doesnt i would expect move down to test pre day low
resistance is 1.27425 break of this then looking for 1.2800 to be pivotal for another test of that high

overall feel for me is bearish but buyers are holding that bottom in place Thurday lots of news feed so
should be intesting day

keep safe
Patience/Discipline


testing this format to see if clearer same chart


another test


Hey Scratch

Couple of things. When I first started to put charts up on the thread they tended to come out quite blurry. Then one of the guys told me about a site called tinypics.com.

It’s a site that you can upload any pics / screenshots you have and then they give a code to put into your post . It’s all totally free and seemed to work a bit better for me than loading the pics straight from my pc to babypips. Worth a shot, nothing to lose.

Second thing is, I was wondering what your story was. ( I mean that in the nicest possible way ) I.ve never met anyone else in Glasgow who has even talked about FX before unless they were getting ready to go to Benidorm on their holidays. So I was just wondering how yuou got into it, how long etc etc.

Me personally I found it by mistake. I used to do a lot of car boot sales, and also tried my hand at selling stuff on ebay. I found the alibaba web-site while trying to find a Chinese based seller of MP3 players, and when someone gave my a price, I enetered “Currency Exchange Rates” into my search engine and that is how I found Forex.

I would say that was about 2 years ago, and previous to that, I didn’t know this whole thing existed.

I read through some of the sites at the time, opened a demo account and blew it out of the water in no time. Opened another demo and this time it took me a bit longer to trash it. After that I gave up on the idea for a good while, going back to trying to sell s**t on ebay.

Then at the start of 2011 my older brother started buying shares. So I bought some books, read a little, bought some RBS shares.
But I knew within a couple of days that shares would bore the life out of me. I needed something that moved a bit quicker, and could hold my attention. Re-enter Forex !!

So I started to look at it again, and was then fortunate enough to find Babypips, and hence, School of Pipsology. This was the first time I realised that there WAS any kind of analysis involved. Mind you, didn’t study anywhere near enough before opening my live account, still haven’t really.

BUt then that’s a thing that always makes me smile aswell. You read so many people talking in this game about the importance of finding a method that works for YOU as an individual, then they go on to tell everyone about the importance of opening a demo account. And in a way I understand WHY they say that, obviously.

But I’ve NEVER been the type to learn by reading. I need to learn by making my own mistakes. That’s MY individual way of doing it. You could argue that it’s an expensive way of doing it, maybe yes, but then my original deposit in my live account was only $400, which isn’t a bank breaker if it goes tits up.

And anyway, I was once $23,000 down on a demo trade, held it for over a week before it eventually returned a profit. But what was learned from that?

So this is now turning into a long ramble for what was originally a short question. Talk later.

HoG

OK here we go new week ahead lots of Pips for the Taking, thanks HOG am trying put the website that he recommended for my charts so hoping they will be clearer for reference from now

Friday

some nice technical moves all week form what i can see and fiber finished pretty much where it began at the beginning of the week.

looking for 1.2700 to be tested again and then to hold above /below to see if a Intermediate term low is forming or a move down.
be intersting to see how bearish the news and rumours or at start of this week.

support for monday is 1.2600/30
industrial levels seem to be playing a major part at present so using them as my main areas of focus for now

overall feel for me is bearish but buyers are holding that bottom in place as it was a big range play last week caution all over

keep safe
Patience/Discipline
remember Risky business

Well met HOG,

Im a Lost Paddy up in Glasgow Im originally form Dublin have lived in Glasgow 6 Years moved here for your
light wheather pattern.

I am actually a Chef by Trade, one of those Guys that knew it all and did not finish school and just worked hard all my
Life to get where i`m going. for the last 5-6 years got interested in stocks and shares and found charts quite interesting.tried
some of those demo accounts you get and was truly the worlds worst trader.
Kept up the interest in shares and stocks though and started to learn some through Investor chronicle,FT, etc.

about a year ago I got into Forex pretty much through chance was working away from home and bought a magazine at the train station.
you know the one " WE WILL MAKE YOU RICH" type. which lead me to hear about Forex trading as an option, being a very
distrustful person said tomyself ok might be something to this stuff have never realy looked at previously. so opened an
acoount with cash that i would not miss and blew it. Sound familiar to anyone.
still thinking ok I am a stubborn so and so, lets learn to walk so started to look for information and fot the last year been studying forex,spread bet, etc.
6 months ago started another demo account and learnt some more. when i had a decent enough level of how to push a mouse button went live again about 2 months ago, as I decided I needed to trade live as demo is ok but i need to trade live as i found I traded totally different with demo to live,

so far I can honestly say in the last 2 weeks have noticed a big difference in my trading I have found i wait a lot longer now to enter and have got a system in place and plan that might just might make a small difference to my family and I.

Points I have learnt

  1. Dont Gamble
  2. speculation = to observe in latin
  3. risk managment is vital
  4. money managemetn is vital
  5. my biggest problem with my trades is me
  6. look beyond the charts see price for what it is
  7. The commercials are the key driving force of the markets
  8. Markets are never wrong - opinions often are.

the last point is vital as a lot of people want to give,help,aid,joke,mess with your head.
I have found some of my worst trade calls have been when in the chat room in babypips thats ok it just reaffirms that I must stick to my trade plan,style alone and dechiper what advice will enhance my plan experience.
no trade plan will ever be 100% right