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Well EU seems to be showing some more weakness (second red arrow). Still hasn't given up the ghost...in a range at the moment. Geithner to speak and US news to come. Things could certainly change and give a tell. As always, trade what the market is telling you .
Have to be out shortly. Trade cautiously.
FX4Newbies
Hello traders,
This post is in response to a comment about the Performance Journal:
I did make a comment about the journal in another setting and I will make the comment here as well. I will begin trading it this week. I spent almost all of Monday and Tuesday hunting for video conferencing software and trying to get it to work well for the live session on Wednesday. (Will post the link once I have reviewed the video). Thursday and Friday were also hectic...had to be out on Friday. What I also did not mention until now is that I had injured my left ankle on Sunday.
Fear may be a small part since posting a journal like this is another level of emotional adjustment for sure, but more importantly I have not been able to block out quality trading time. For that reason I won't be scheduling another live session soon, and some of the projects I have been working on to provide resources to traders I will try to wrap up as fast as possible or they may have to take a bit longer to complete.
You are right...it does take guts to do it (you used a more colorful word
). My goal is to be as real as possible with this business. Traders need to see that losses happen to everyone. The question is knowing what to do to get back on track. I am not worried about it because I have done it before. I've just had ALOT on my plate. One of my goals with this journal is to push myself through to another level. My trading method is set, now it's me that I'm forcing through a "glass ceiling" of discipline. But, I've gotta have the focus and the time blocked out to do it.
Let's see how the journal progresses this week.
Take care,
FX4
P.S. Weekly chart wrap-ups are posted.
Here is what EU did thus far. WL, red U-MLH and former resistance overhead. But, maybe the bulls are back. Hopefully not alot of roll-around to come.
Take care,
FX4
Interesting Development
Hello Traders,
Price pushed beyond U-MLH of red fork and also cleared blue horizontal line (not by much though). Presently around a WL. Can teal U-MLH be a target? Something to consider as you prepare to trade. Let price do the talking as always. Like I said yesterday, hope we're not in for more chop.
Take care,
FX4Newbies
Hello Traders,
Price pushed beyond U-MLH of red fork and also cleared blue horizontal line (not by much though). Presently around a WL. Can teal U-MLH be a target? Something to consider as you prepare to trade. Let price do the talking as always. Like I said yesterday, hope we're not in for more chop.
Take care,
FX4NewbiesPrice tried to make the teal ML target. Some may have thought it was far off. (Seems like I should have traded it huh, but I was asleep or otherwise occupied). Turned at WL intersection there. Looks like it is trying to go up again. Don't know how strong a move though.
Will be on the hunt for another trade and following my rules as well
.
Good trading to all,
FX4Newbies
Good Morning traders,
Below is a simpler view of EU. Need to see a clear tell.
Take care,
FX4
P.S. Placed a "desperate" trade yesterday (EJ)...buying at Resistance? Unbelievable.The other was premature. Keepin' on though. There is a golden lining out there I know
. Been there.
A Note On The Performance Journal
Hello Traders,
Will resume the journal in about a couple of weeks or so. Have not been able to focus at all as I have too much on my plate at the moment. Most of my trades have been late or on an impulse, without proper analysis. Kept trying to trade but to no avail. I will keep the same account etc. I just need to clear my schedule so I won't be doing too many things at once.
Outcome of Performance Journal: Phase I, will be posted on the blog on Saturday.
Take care,
FX4Newbies
Movie Time
There is a movie I suggest that every trader take a look at and internalize as much as possible. It is calledK-19; The Widowmaker starring Harrison Ford and Liam Neeson.This movie is not about trading at all, BUT, if a trader views it with the market and its dynamics in mind from the very beginning, they can come away with so much understanding about this business, it will be amazing!!!
I hope some of you will take me up on this, and, if you do, let me know how it impacted you. Be sure to listen attentively to everything being said, and by whom. Observe mannerisms as well. Imagine being taught to trade and having a movie-watching session...something I did for new traders some years ago.
Take care,
FX4
Hello Traders,
Will resume the journal in about a couple of weeks or so. Have not been able to focus at all as I have too much on my plate at the moment. Most of my trades have been late or on an impulse, without proper analysis. Kept trying to trade but to no avail. I will keep the same account etc. I just need to clear my schedule so I won't be doing too many things at once.
Outcome of Performance Journal: Phase I, will be posted on the blog on Saturday.
Take care,
FX4NewbiesMaybe trading higher time frame could help you? Without changing anything you do, give a shot at daily trading on a side account! Look at it only once a day on bar close. You might be surprised and view trading with a renewed interest. 1hr chart is a killer. Especially for us living in the EST timezone! Night is for sleeping and we have other stuff going on during the day!
Maybe trading higher time frame could help you? Without changing anything you do, give a shot at daily trading on a side account! Look at it only once a day on bar close. You might be surprised and view trading with a renewed interest. 1hr chart is a killer. Especially for us living in the EST timezone! Night is for sleeping and we have other stuff going on during the day!
Have been considering it. Maybe that is what life has been pushing me toward. Thanks for your concern and for sharing the thought.
Take care,
FX4Newbies
P.S. Hope you get to watch the movie.