Week 49

[torero]

Stopped out from moving stop from last trade. I think th consolidation here may be forming into a triangle again but not taking anything for granted. I'm seeing another pullback and moving upwards again. Taking another long here.

[torero]

Near resistance 9754 and booking profits and wait for another possible consolidation. I think I'm very lucky to be starting to trade forex in a bull trending market like this. I know the good times like this might not last but hopefully I'll be aware of it when it ends because it seems a bit too easy to believe it.

[torero]

Long again at support near 9650 area and at trendline support. Wait for NY open and see if it'll take it higher again.

[torero]

Taking profits and run here! See you all Monday!

[pipMonster]

Torero,

You make this look way too easy! Very nicely done.

I've been doing fairly well recently trading the end of the Asian session and London cross.

I'd like to give a shout out to Texxas and the S/R levels explained in an earlier post in Cable Musings. Thanks! Very nice tip.

This past week I've removed most indicators except 60ema, 200ema and MACD on higher TF charts. I also turned off the price 'line' on Oanda charts. It seems to help me concentrate on the 'area' where price is and not so much on the price itself. It also helps with pattern recognition which includes price exhaustion for entries and exits.

I'm already looking forward to next week hoping to continue swelling the account for the holiday draining at years end.

-pipMonster

[torero]

Yeah, she is amazing isn't she? Very good posts as always, tex. Good for you pipmonster.

I'm not sure tex uses patterns at all the way I use them but it's been part of my futures trading and helped me enormously. Now with forex, it's even more pronounced, particularly the triangle. I've based most of my entries on this pattern alone in last 2 weeks. Haven't seen anything else like in other markets. Of course, it may wear off soon when everyone discovers it and also this current market favors it. Who knows. I'll play it until it stops working or at least readjust and adapt.