Chicky's Trading Journal 314 replies
bo7a method... method for GBP/JPY 205 replies
VPS Using VNC Viewer - help appreciated 7 replies
Using a VPS server with team viewer for webcast 2 replies
Chicky's House of Pleasure and Pain 11 replies
DislikedChecked pa on different screen. All except one timeframe point north, but the issue is daily points much higher than 1.3100.
Going back to my main computer to recheck.Ignored
DislikedRemoved sl, it's getting hot. Will put them back once it breaks 1.2950Ignored
DislikedI'm looking for a 1.27xx level here. Then we can go higher. Wasn't expecting the overshoot at 1.298 today. CheersIgnored
Disliked............. but I want to make it to $16,000 asap otherwise you would think that I am useless.Ignored
Although all these three should work, I will be using number 1 above for a variety of reasons.
YOUR EDGE IS VERY SMALL AND THEREFORE DO NOT LOSE IT. Your edge is good only if it is applied consistently. You may lose your edge if its application is not consistent.
Understand Market Behavior
Overwhelming fundamental factors trigger a big move in one direction, either up or down. Market takes breath at next support/resistance level, shows some retrace and then again continues in that direction. It repeats this process until a particular price level; generally a historical long-term support/resistance is hit. This whole move is termed as a Trend.
A trend moves market from point A to point B. The pa never gets to point B in a straight line, but in wavy patterns with several ups and downs in between. Each one of these ups and downs are of varying lengths. Some big some small.
Some traders take chance on bounces at key support resistance levels because they know there would be a lot of buying and selling at these points and market moves in either direction before it finally breaks that support/resistance.
Some traders take chance of support/resistance break because they know if that support/resistance is taken out; the pa would aim at next key support/resistance.
Some traders take a chance on a significant retrace at certain key levels, normally near certain levels of immediately preceding trend (various fib levels).
Some traders use these key support/resistance level to build their long term positions
And there are many other traders that use these support/resistance levels for a variety trading tactics.
I generally take a chance on bounces because experience tells me that most of the time it takes several attempts for the pa to break a support/resistance.