I've been away from trading for about 6 months. Just got back into it about 2 weeks ago armed with some new techniques and philosophies.
Normally, I keep a journal at moneytec, but I thought I'd try one here instead. I"ve found that keeping a journal keeps me on my toes and provides an opportunity to get feedback and advise from others. The generosity of those I've met through my journals and forums accounts for the majority of what I know. Studs like Akuma, soso, Stoxx, Xtsunami, Bear, and some others I'm probably offending by forgetting.
First up is short term trade on the GBP pair. I've attached a 15 min chart of what I'm looking at for this trade. I've been shorting it heavily the last week or so and now I think it's time for some steady retracement and consolidation. I see some range for going against the down trend, but I'm treading carefully. I"ve already taken profit once. I waitied for a cycle of time to come up and now I'm long again at 2.0217. I see the posibility of a tight range downward, so I'm watching very very carefully. But if the cycle of time proves to be significant one, I think 2.2032 is highly likely in another 6 hours or so. The end of the magenta forecast line is at a subdivision cycle point.
My overall look is a dollar rally for at least another 20 some odd trading days, so most of my trades will be to the short side on the GBP and EUR. Occaionally I'll throw in some Gold when the setup is there.
I also keep a blog at http://4xcycletrader.blogspot.com/ that will probably go into more details on the actual techniques.
Normally, I keep a journal at moneytec, but I thought I'd try one here instead. I"ve found that keeping a journal keeps me on my toes and provides an opportunity to get feedback and advise from others. The generosity of those I've met through my journals and forums accounts for the majority of what I know. Studs like Akuma, soso, Stoxx, Xtsunami, Bear, and some others I'm probably offending by forgetting.
First up is short term trade on the GBP pair. I've attached a 15 min chart of what I'm looking at for this trade. I've been shorting it heavily the last week or so and now I think it's time for some steady retracement and consolidation. I see some range for going against the down trend, but I'm treading carefully. I"ve already taken profit once. I waitied for a cycle of time to come up and now I'm long again at 2.0217. I see the posibility of a tight range downward, so I'm watching very very carefully. But if the cycle of time proves to be significant one, I think 2.2032 is highly likely in another 6 hours or so. The end of the magenta forecast line is at a subdivision cycle point.
My overall look is a dollar rally for at least another 20 some odd trading days, so most of my trades will be to the short side on the GBP and EUR. Occaionally I'll throw in some Gold when the setup is there.
I also keep a blog at http://4xcycletrader.blogspot.com/ that will probably go into more details on the actual techniques.