wasp

Sweet, nice one. I try not to pay attention to news and factor it in so took the loss, SAR'd on the next candle lower and ran it till the next long signal (187.25) and been long ever since. As important as the news was, it means a loss but half the time it is of no consequence and hell, I ain't perfect and its still an absolutely blinding week again! Got to take a loss here and there!

Nice one cowpip. I know we see things differently at times but how come you didn't see a reversal where I did? You got that pretty spot on! I'm jealous!

bugger!

out for a sweet 550 and long at 69!

Nope! I'm with you, tight stops and candle by candle, waiting for the next solid reversal sign but yes, a wonderful start to the week!

moved the stop down to 190.40 and happy days! 500 for the 'wages' account on a Monday is sweet! At this rate could be a 4 figured pip week! IF 189.60 holds and the next candle prints higher than this, its switch time... This is tooooo easy!

I think the difference was I essentially carried last week over and the gap hadn't produced a higher low as yet and that was what I used to get my entry, rather than where you started the week as a fresh week as it were and waited for the first crossover to change direction. Either way, it worked out nice for us all and who says a messy economy is a bad thing!

moved stop to 192 as I have Monday morning crap to do in town! wheres the cow?

Not only that but it was a key lower area level a lot last week. I don't see it as patience for the best entries, I just see little point in buying or selling unless lined up correctly with S or R as until such an event happens and it does reject said areas, then there is no high% guarantee it will change direction. Take surfing... (sorry, Hawaii cliche!) You wouldn't waste energy paddling like a bitch whilst its still a far out swell... You wait for it to near peak and you can see (high%) whether it is correct to justify the effort/trade to then ride it.

Cheers, got in nicely with the solid rejection of resistance at 195.40 and been short since 195.30 and loving this first trade back!

What a lovely welcome back!

I've nothing to hide! Its all good having it open like this. Thankfully the community of Traders Lab are a civil, dedicated bunch, here to learn and to discuss the markets without bickering so I look forward to more input.

Evenin' all! Looks like I chose a good week to take off! Hope you weren't all too badly burnt and we come back to life this week with some nice smooth swings!

Same old, same old...... A large enough portion of those with money buy and sell with S and R and trends in mind. In FX this is easier (24hr equals smoother swings) but it is true in any market. Look for obvious S/R, use HrH's or HrL's etc for immediate direction and/or end of move and hey presto... (Used my own chart as easier to annotate and zoom in a tad)

Can't keep away! Jut looking in and give you my view before heading out for the day...

Post away, more views the better and IMO, this private group is to help each other out so you cream every pip out you can.

You have 20 minutes to show me up FW!!!!

okay...... 2 seconds Here you go.... mate, once you understand, any condition it doesn't matter.. S/R and trendlines and HrH' and HrL's are all that matter and profits are there Do you need me to annotate it for you too?

Chaps, just waiting for a cab and off on a break for a week. I need to refresh and relax and after the manic Tuesday, whilst it turned out nice again, I feel a week away will do me some good! Get me refreshed and ready to come back at ease and milk this mrket even more! Have a good week all and keep up the analysis (firewalker needs the help! :rofl:) Cheers

How was your week myrtle?

Sorry for the confusion, I said they are watched by IB traders. I DO NOT use them though. I am patient in part, by the fact that 9 times out of 10, I am still in the other direction! Also, I trade only on the hour so I get a break from the screen. Also, where say, I have been trailed out, I will patiently wait for an entry back at S/R because I know any earlier and I may as well just take my wallet out, douse it in petrol and set light to it! I only use Alpari for testing in small amounts and the charts. They are not my main broker, I wouldn't use them for those reasons you state. I'd go with an ECN broker. I use http://www.capitalforexpro.com/ as I go through currenex, they are based in London, regulated and don't have a fixed spread. The costs are okay and overall a good little company. I'd use Interactive Brokers or another FX dedicated ECN based over there if I was you. Not sure if Hawaii has any?

Ian, I can't remember my password to rep you on T2W regards the 'punishment' post but that IMO, sums up the UK and the problems beautifully. Consider yourself repped in spirit!

How do you condense 15 years of experience into one post................ hmmm Here are some essentials that I have picked up along the way for you. Some through experience, trial and error. Some through sweat and tears, through, just nuggets in posts on BB's and other random bits from I don't know where! 4 essentials when watching a chart: Support and Resistance Trends (trendlines derived from HrH's and HrL's or vica versa) Fibs News The news moves the markets. The chart tells that story better. Trends are paramount in FX especially. S/R and fibs then finish it off. When I view a chart, I have all this in mind. Why....? Dave, a market stall owner sold fruit. He sold a lot of oranges. When he first started trading, he sold them for 5p each. They sold better than whisky at an alcoholics anonymous meeting. He put them up to 10p, still sold... 20p, 30p... Obviously good oranges. At 30p the sales started slowing down, he dropped them to 25p and they were selling again. Dave, being a greedy bugger went to 35p and business was okay. Jumped up to 45p and only a few went here and there. Things started to peak. He dropped back down to 40p, then 35p... business was still slow... He went back down to 30p, things picked up and he saw all his old customers come back. He kept them there for a little while, then as things stayed constant, he started to push prices up again. The same thing happened at 45p as they were again, too expensive. This time, a stall opened next to him with even juicier oranges. Dave had to drop prices to 30p again but still no good, he had a bit of interest.. but he had to go back to 25p... Economists and bloomberg analysts said after the event that it was the new stall, the fact it started raining oranges and something else to do with America probably, technical analysts looked at the stats in a chart, saw key levels sat at 25p, 30p, an 45p. Supply, demand, support, resistance. Call it what you will and view it through FA or TA, but at the end of the day, TA always works. That, is essentially, it. Other little things that have helped shape me along the way are posts by other traders. I won't say who as they aren't even on this board but things that have always stuck in my mind; I picked a bank traders mind for a while - he told me that EVERYONE he knows, looks at S/R and fibs. Nothing smaller than 1hr, normally 4hour / dailies. Another person said 'think of S/R as more of a zone'. I'll add more to these but 2 that stand out. With all this in mind, the ideal thing, for me anyhow, is KISS, and 2 of the 4 essentials. S/R and trends on 4hr and 1hr charts. Another thing that helped me was a journal on T2W. It helped from a psych POV originally but also, as things progressed, the HMA's (Hull Moving Averages) I used with the S/R, it taught me that, that is simply how it moves. Price won't rise and rise, then drop in one and vica versa (making MA's pretty useless, it did show that price trends via HrH's and HrL's) so, with the right timeframe for the right pair, the combination of S/R and trends on the charts, works beautifully. The old saying... If I have to explain it, you won't get it' is quite true I think as this probably hasn't helped as much as I'd like (not great at explaining it - its just ingrained in my think head!) but if there was on thing I could tell any new, eager traders, it would be.... Watch the charts till you can truly say you are in tune and can understand what the 2 biggest players are doing (IB's and HF's)... I could explain nearly every candle and what is happening (and likely to next) on that chart and could do so in RT, once you can do that, then its like riding a bike, you'll never forget. Any questions?! That'll be $5000 thanks!

Here you go, this is this week. I missed a couple of these after my bad run and did a couple of scalps here and there but this is the main/all.

Some notes............ I could annotate these charts down to every candle, better if you raised questions about parts though!