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Your welcome.
Best for your own trading.
Simple trade just based on a potential reversal.
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didn't wish to leave this item on overnight.
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Trade[1] Momentum trade:
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I will elaborate as to why I tightened my Cease on where I did. This trade relies on momentum. If price were to come back as far as my tightened stop (shielded around 10 pips), that would greatly question farther down motion for me and I would be looking for a way out of this trade ASAP.
I chose to get out in the amount I did since price briefly respected 1.3670. As my stop was quite close with regard to that amount, I chose to bank the profits.
My trading toolkit:
Yellow line is your 8EMA. White dotted line is the 21 EMA. I also use a 50 SMA (pink generally ) but its not on the chart at the moment.
Stochastics 14,5,3 (Usually watch the 80,50,20 levels)
MACD 12,26,9
Trade[2] Support/Resistance trade.
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In and out just like a cold shower.
Trade[3] Fade (loss)
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Took a 13 pip hit this trade.
Trade[4] Fade / Reversal potential. (-9 pips) (~21 pips on 2/3) (39 on 1/3)
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I closed 2/3 of this trade when price hesitated for a little bit in the small doji resistance. Lets see just how far the 1/3 could go. Done trading for this session.
EDIT Price popped higher just as I was going to head out, so I went down to the 1 minute chart and tighten stop to a. 1.3621. Got stopped out 39 pips on the 1/3rd
NOTE: I don't necessarily watch the /ES however there are occasions when I search for indiion from the SP500 and Oil. I seem at Gold and Silver occasionally when trading AUD and NZD. Its only a guideline. The SP was leading the move which got me interested in a long in the first place.
Finally, its best to trade your chart. Otherwise there can be plenty of confusion. They occasionally break correlation and you'll be left scratching your head as to why.
End of trading day. Wish I got in before on the down movement and just scaled out and let the rest run. Hindsight is. Usually I climb in a good bargain once I think I am getting into the transfer early. I believed it was only a small leg down for now.
Busy day yesterday, spend the majority of the night helping someone out.
Woke up now to find the EUR actually moving.
Play was obvious, get brief. Regrettably I kept on missing the brief entries. And one thing that I don't do is chase.
So, I began entertaining the idea of evaporating this market. Took a better appearance and decided no manner.
Momentum will stall and individuals will get their chance to fade this puppy. Right now though I think that I will sit on the sidelines for now rather than trade. Have a look at the 5 min chart. That momentum is similar to a cargo train. Careful out there.
This is what I am seeing. Enough to make me take a rest today.
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Good morning everybody. Straightforward divergence playing in the middle of a downward trend. First thing that goes through your mind when you approach the trade is that its more than likely a fade. So you're on tippy feet.
In and out like a scared mouse.
Trade [1] Momentum / Commodities trade. 5 pip
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Trade [2] Momentum / Breakout trade. 10 pip
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What can I say? Its bothersome if price pulls back when its already into the movement. But traders constantly remember the mantra: Safeguard your profits
In Trade [2] there is a significant lesson that I'll elaborate on in my following post. Please see it.
....
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About one hour . Momentum slowing . This is a reversal / fade possibility but since we are coming off major 4 hour service, the alternate breakout scenario is in play. Uncertainty is higher that normal for me higher so I am just watching it. Maybe pick a few pips if I get a very modest setup. Let's see.
Trade [3] Fade/Reversal trade. Closed 1/3 @ 3 pips. 2/3 is made to ride and locked from 2.5 pips on that. Lets see where go!
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Hi all,
Only Want to go Right into a quick lesson about MOMENTUM. In Trade two on Wednesday, November 24, we see how I went long in anticipation of powerful momentum carrying price on the upside. Price did precisely what I expected.
First we pulled back a small amount to check the prior break.
Second, we continued in the expected direction with some strength, retested a small level, made a new high. Thus far so great.
Now traders already long want to see momentum keep up and price to continue its path. You don't want to see momentum slow down. Why?? This compromises your position and it gives price a motive to go sideways or worse, reverse.
You will notice if you trade in a pristine interbank market, that quite often when momentum produces a bullish candle. A lot of volume will very quickly come in the movement in anticipation of a much larger breakout. You will readily observe an extra 300-400 million around the bid and the offer will seem small relative to the bid. Allow me to tell you this however. If the market does not continue with certainty, that money is not going to just sit there. Its leaving and quick!
This is the reason why individuals who got long on a premise of a breakout and sustained momentum movement, aggressively tighten their stops! How do you know how much to tighten the stops? Mark your degrees of resistance/support. Go down to the smaller time frames and examine the internals. What would make you nervous if you were already long? What would you NOT want to see? Great, now tighten you cease accordingly.
Protect your capital. This includes profit.
Hi ,
Just want to go Right into a quick lesson on MOMENTUM. In Trade two on Wednesday, November 24, we see how I moved in anticipation of powerful momentum carrying price on the upside. Price did exactly what I anticipated.
First we pulled back a small amount to check the previous break.
Second, we continued in the expected direction with some power, retested a minor level, made a new high. So far so great.
Now traders long want to see momentum maintain and price to continue its path. You DO NOT want to watch... So whats your latest trade you're in NOW??
That is my workspace.
https://www.youtube.com/embed/pvkylKcTufY?origin=https://www.forum.com
Behman8850: Look at my article for the trading day. I keep editing that article and upgrade it with trades that I am taking. But almost all them are after the truth or when I have closed a part of it and letting it run. Do not use this site to take my trades. It is for people who wish to learn a couple things here and there. It is also for my own advantage.
Dull price action now. Most rallies are getting offered, but its always a faders paradise. Its funny reading a few of the responses in the bigger threads. People hoping to make sense of it on a macro level. They should just focus on the technicals and worry about the macro things when they're trading enormous size (dependent on the comments I typically see, this is not something that they're likely to have to be worried about). This issue is just an issue for those handling a finance or to get a trader with serious bankroll.
Saw traders talking about liquidity now. According to previous comments they've made, liquidity is the least of their problems.
Lets just say this. I do not worry about the macro situation.... Considerably https://forexintuitive.com/attachments/1528696170.jpg
Typical market fluctuations now. See you tomorrow.
Hello FX|Green I just wanted to say I'm following your journal and I see myself learning a lot from you, thank you very much! Wish you lots of pips!
Morning,
Trade [1] Fade / Reversal (locked in 34 pips profit on 1/4 position) 60 profit accomplished on 3/4 of position
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could just be my only trade today.
Update: Quit tightened to 1.3337
Update: Stop tightened to 1.33695 on 3/4 exchange
Update: Sellers are trying here, that head and shoulders failed (1.3376 Head), was sort of surprised but also thankful since I'd like for this to grind higher. Was even tempted to temporarily hedge but only going to let this thing play out. End of trading day. Will come back to check on this in Asia however provide an update tomorrow.
Cheers
Hi FX,
Saw your post on EURUSD. I think you and Cloggie have a fantastic edge. And I think while Cloggie because of his reasons will probably remain an elusive standard to achieve, I thank you for beginning this journal therefore troubled traders like myself might just get a glimpse of brilliance and hopefully find something. I will go through your transactions this weekend and look forward to more.
Your trading platform is obviously not Metatrader.... What's that? Can it be attached to a broker?
Cheers
Vlad
I use have numerous versions of MetaTrader 4 for charting and as back up. I utilize Thinkorswim for futures charting.
My broker is a Swiss broker called Dukascopy. However, I suggest that if you are trading with a big account, you utilize the custodian bank option. I utilize Merryl Lynch and also have my account on their end. Dukascopy just implements my transactions along with the P/L is influenced in my holding account at days end.
The market is pure interbank with good liquidity so I can see where the bids and offers are. Ultimately however I don't believe the liquidity will likely be sufficient so I have to proceed to HotspotFXi
I have a Reuters 3000 Xtra feed but I don't go into that much here, it will only throw people off. You may see additional market depth and receive news before anyone else. Comparable to Bloomberg Terminal. I simply don't like the Bloomberg machine much to be honest.
Simple setups. You hope for a change but play it like a fade. Each break higher makes you grin and you merely protect your profit. Occasionally, help the market along and bid it higher but do not over do it.
Pleased around today. Very. Lets see whether this lingering portion of the transaction pays me fine.
See you tomorrow. If it appears dull on the outset though I will just make it a very long weekend for me personally.
You're not wrong about EURUSD being dumb! It is a damn mad home! I just go in there for some fun... it's a thread that can't be taken seriously and yet it attracts the most viewers... crazy!
I wish you success with your trading!
Thanks and best to your trading too.
Hi Mr Green
Just dropped in to say I've subscribed and appreciate the effort you're going to here. I'll watch with interest, as I'm sure many others will.
regards
Been watching this most of the day. Its setting up most of the day. Time to watch and see how it plays out.
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Update: Stopped out, -12 pips.
Just glancing in the EURUSD. Seems like its mostly likely to be evaporating trades for the week. I do not have a strong conviction on management at this time.
Attached is a chart of the EURUSD.
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Fading the market isn't for everybody and takes patience and practice. Remember all my trades that I post are after the fact and if any of my trades are still in the market, it is just because I have got a safe entrance and I am simply letting the market do its own thing and continue locking in profits.
I hardly ever play to get a turn in the market, I normally play to get a fade and let some of the position run and cover me. In hindsight it appears like I pick tops and bottoms always but I promise you this isn't the situation.
I am also encouraging users to post their charts and engage in conversation (technical analysis for the most part) I trade a lot of pairs so that its not only the EURUSD. The majority of the fade/scalp trades I take would be for mere seconds and I can't make every transaction a place on this thread. Then I wouldn't have the ability to trade this market.
Once more, please if you have interesting technical views and insights, join in the dialogue. I have gone to other threads but barely feel welcome so I wish to make this thread a haven for those who take trading quite seriously.
This is not a social club.
Cheers and profitable trading to all.
Hello only one trade tonight.
Extended targeting the pivot for today. According to 0:00 GMT for a base for calculating the pivots.
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Update: Just got stopped, -12 pips. Was willing to give this a chance and let it come back all of the way because of a possible triangle alternative that I had envisioned.
Just watching this and looking for a clearer view.
Anyone else seeing this?
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Was looking to buy drops but retained missing entries by 30-40 pips. Tried shorting and fading some of this rally, made some but gave most back at the end of the week.
Slightly down at end of week and its all due to commissions. Https://forexintuitive.com/attachments/1528696241.png
Strong waste
Congrats to those who banked profits this week.
Sorry for the query, but how I could attach momentum into the candles. Attempting to do it, but momentum opens in another window beneath the chart
sorry to the query, but how I could connect momentum to the candles. Trying to do it, but momentum opens in another window beneath the chart I presume you're naming it wrong. Perhaps you mean the moving averages which you see in my chart. Its a very simple overlay, just search for'moving average'.
There are lots of types, I suggest you Google each and read up on them.
Momentum on the other hand is different and it would normally show at a separate indior pane.
Before using any indior, please understand how it functions and how you can incorporate it on your trading.
Trade well
Good luck with your diary, looking forward to your analysis.
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