Bedouin's Journal

I am a newbie and intending to post my chart analysis from start. I spent almost one year studying Stock Trading, then Forex Trading. That was till last July 2011. Currently, I am practicing the technical analysis based on the following:
* I am trading forex.
* I trade Supply and Demand with three perspectives: Imbalances, Consolidation and S/R flip zones. As a fresh newbie, these three perspectives require more learning and practice, especially the 'Imbalances'.
* My levels are mainly based on the Daily chart for market direction identification, 4HR chart for entry allocation, and 1HR/15Min for entry determination. Actually, I get overall view on the market by looking at the M & W TFs.
* S/R confluences, TLs, Candle and Chart formations (i.e. M&W, Pinbars @ the right levels) and Fib's Levels comprise the charting toolbox. Indicators/Oscillators are excluded.
* My favorite pairs are EUR/USD, EUR/CAD, and USD/CHF.
* I plan to take trading as part time career then upgrade to full time career in due course. Swing trading fits for first partial plan.
* My practice plan stages are:
- Chart technical analysis,
- Position sizing, place orders, money management,
- Paper trade with a target of 70% profit and 30% loss.
- Trade live.
* My practice plan time frame could be 6 months to one year before I go live.
* I have developed a preliminary trading plan based on a template, but it is subject for further updates as I go with practice.
* Legend of marked lines on my charts (i.e. TL, PL, etc.) are based on TFs as follows
- Monthly TF: Red/Dashed Line,
- Weekly TF : Blue/Dashed Line,
- Daily TF : Blue/Straight Line,
- 4HR TF : Red/Straight LIne,
* I may end up with a chart having 10-12 lines in different colors; key levels could be 2-4 at which I may risk my money.
* I am disciplined, patient, and never chase a trade. I plan to trade and trade the plan.

* The following attachments are for the chart analysis session on 26/10/11

Great Job my Friend! You've already conquered what the huge majority of aspiring and pro traders struggle with - Patience!

This will keep me involved in the FF 'club' and benefit from the other options including the other threads. Actually, it is a set forum for trade journal where other threads are there. That means more experiences to read about.

Looked at some of your charts. Can't quite tell what some of the lines/zones are. To make it easier why don't you modify your first post by adding a key of what color lines represent in addition to the dashed lines.
Good observation on the 1 HR EURCAD. I've been wanting to chat with you about TL set-ups and seems you are a step ahead.

Charts of different TF are attached.

The attached charts are for the session dated 29/10/11

The following chart analysis are the session of 16/10/11 - EURUSD

The following charts are for the session on 17/10/11 - EURUSD

The following charts are for the session on 19/10/11-EURUSD

Went through most posted charts; some quicker than others. I will make a personal recommendation which may (or may not) make it a more fluid process of referring to this as a Journal in the future and benefit from it, and will also for others to comment. I will suggest to follow a set structure or framework so that viewers (and you when you review these in a year or so) know what you are thinking. What I mean by this is:
- Add a key in your first post to reference each color line to a particular tf.
- Also add in your first post your analysis style, or what you look for when you go through charts.
- Post same charts in 2 or 3 tf's to show your view int the bigger picture as well as current one.
- "Less is More" : Pick quality chart plays which would add value to your journal. This task may become easier for you if you pick 3-4 "favorite" pairs.

I will follow your thread daily and hope I can be of help to you Bro. Kudos on your hard work!!
t

Something to watch; a tf higher and one lower - quite clean, and not a bad little range to play. Of course a continuation south is very possible. I'd keep an eye on the 2010 close / 2011 open area. As you know I follow three S/R concepts, and my favorite confluence being a quality TL.

I am really excited for creating this thread as a journal. I'll edit the first introduction message of this thread as you recommended. Unfortunately I was interrupted by my current business duties all this time but will catch up what I missed.

Nice chart Teemo. How do you get these arrows in case you are using TOS? I miss such indicative tools (arrows, etc.) on TOS.

Here you go; it's free

The following tfs represents the technical analysis of the EURCAD 26.11.11. A good entry is suggested for bullish trade.

Hi,
A few notes on this pair Bedouin:
- Note LH's & LL's on Daily .. etc.
- PA reflecting selling pressure, and closes still continue to be lower than previous swings.
- Incorporating some Trend analysis will help identify target for down-move.
- 4HR chart is not an Engulfing pattern. Interestingly, it is an awkward Inside candle.

I will try to demonstrate analysis on a chart later. But hope the above helps for now.

t

The EURCAD 26.11.11 is reworked due to missing incorporation of trend analysis. The image is different when proper trend analysis is applied for PA direction identification.

Please do take advantage of following a few threads by some good traders here on FF, while updating your own journal. This will continue to give you good insight, and fresh ideas. You know which ones I mean - let me know if you need any help finding the right ones.
t

EURCAD - 09.12.11