No, I’ve never seen a Chris Lori video, but is widely known terminology… all of this is based on Sam Seiden’ S/R and my own observations…
Very good question HoG, you are paying attention… 
First remember we are trying to find a good level to trade the daily chart, so usually I zoom into the 1H and 4H charts to identify the best level.
The level you are pointing out is important…is the top of the range, but usually the strongest level is the origin where price began its move without testing swings low…
http://i1086.photobucket.com/albums/j449/yunny11/eurusd126.png
Another question Yunny…why you marked in red also the other part where there is no text? You expect that price might bounce in that zone without testing the point of origin?
Now let’s throw in a fibo…
http://i1086.photobucket.com/albums/j449/yunny11/eurusd127.png
Looks good…
Ok, disaster has struck this morning. Planned golf outing has been cancelled due to the rain, bummer !!!
Anyway, took +20 from overnight EU short from 1-2930, still not as good as being at the golf though. Oh well, better fire up the taxi and get out there. Talk later guys
Do you think of it just as 20 pips, or do you think of it in terms of percentage gain on your account?
These days, I tend to forget how many pips a trade made or lost, but I know the percentage change to decimal places! Just interested in how you view these things.
Good morning, by the way!
ST
Morning ST
Being honest with you, I probably still have the wrong mindset for the whole thing, and I believe that is because I don’t trade for a living, I still work with the taxi driving mindset
EXPLANATION: When I gk to work in the taxi, I leave the house with a set figure in mind that need to earn each day, say for the sake of discussion 100 quid. But when I try to trade, it’s difficult to switch mindsets, so when I get to a winning amount of pips that would equate to a days taxi wage, it tends to make me twitchy and sometimes I close a trade, not because PA has changed, but purely to preserve “that days wages”.
So I suppose to give your question a more direct answer, I still look at each individual trade in terms of how much money it made me.
I know this is wrong, but it’s a difficult task switching between the two different ways of thinking.
It’s not wrong as such - this is a very personal area of trading, and many different approaches work, but do make sure that you have an overall plan. Lots of things can work if they are part of a considered approach. I also find that having a plan helps me not get hotheaded or overexcited and just trade a little fast and loose. I risk the same amount on every trade as a percentage of my account, so one day I might target 20 pips, the next 200, but both times it will equate to 1% of my overall account. It helps me tune out losses as if I open the week with a couple of losers I don’t sweat it as I know that the strategy works overall more often than it does not, and all I am interested in is monthly (or even quarterly) percentage return on my account. I have four open trades at the moment, I don’t have a clue how many pips I am up at the moment, I often even forget my Entries and have to check my log, but that does not matter as I enter mechanically so I trust that I will have had a reason for going in at a particular level. I like to be up on a week but I don’t mind too much if I am not. After all, 5% a month is enough to make decent money once the account is up, and I aim to beat that every month. I often don’t know how many pips or pounds I took in a month once I’m done, I’d have to check. Mrs Templar even talks in terms of percentages, now!
Should be a cracking reversal on the 2pm gmt EU 4h candle… what do you think gents?
Its not a wrong a of thinking but let me ask you this. After you pick up your fist customer in your taxi do you pull off the side of the road to protect that days wages? Just something to think about.
But then one customer wouldn’t give me a dshs wages. A day worth of customers gives me a days wages. But a single strong winning trade, @ $10 or £10 per pip could give a trader a whole weeks wages compared to any “normal” job.
But i guess that’s all part of the trading learning curve. Not only learning to trade, but learn to deal in sums of money you may not be used to dealing with without the whole panic thing setting in.
Looked good RC, charting on my Android ain’t great, need to come up with a solution so i can take the laptop out to work with me. Even as long as i’m only watching the charts, still counts towards the screen hours total.
Similar problem myself this week… little screentime. Saw the large bull 4h candle and figured there would be a decent correction given that the daily trend is south. Managed a quick 20 pips. 
Should have taken a considered look at the daily before jumping in! LOL Now that I have… I’ll be short off end of day.
I think you missed my point. My point was you dont close up shop after one customer. Instead you stick it out for the long haul to make your goal for that day. In trading you have a goal of what you expect to make (pips wise or what ever) on that trade and you should stick it out to the end and hopfully you make your goal on that trade. Unexpected things can happen in both. Trading if you trail your stop it could get tagged. Driving your cab could get a flat. Both can cost but its worth the risk and thats why we do it. I try not to look at it from the perspective of I can make more in a day trading than I can at work as thats not always true. Yes you could but I have also learned with the more money you make the bigger your bills are so in the end its kinda a wash (well not even close but I hope you get it)
Yep, I think you’re right for the most part bobmaninc. But again, the ability to leave a trade open to let it run, and not concentrating solely, or at least primarily on the money, is a learned thing, it comes with experience i think
My apologies Yunny… must have missed this post. Just a line chart representation of HA bars. If we get around to HA at some future point, I’ll post up how I use them.
That played out quick!
took a GU shot @6193 off the daily;
I know there seems to be a level of Support around 6165 but the rejections from last week’s high, two long upper wicks have me looking for 6065.
FXCM dollar index looks as though it could rise on the daily, but 4 hour doesn’t look so convincing
Made +25 from last night’s trade, closed while I was sound asleep.
Looking for EU to get down to -2820 and pause at least, GU I think could see -6065, but not trading either, or anything for that matter. Off to work now gang. Have a good day all