MY Journal-phil13

U/J demo trade.....



















continued in post below......

cont... from post above.

What a lovely surprise Phil!
I am on the same one, but I scouted earlier...


It came out of nowhere, literally. Trump Jr email w russia triggered it... but I felt yen sellers were getting weaker prior to it too.. they been selling the yen for whole of june and still doing it like it was free.. Jeez tough days.

Rgds

oh, again, that huge seller guy is back at 113.7 .. am waiting to see if it can close outside day reversal for today candle.

Hi Ray

good to see you making some nice pips there my friend.

they have taken out the yesterday's high and low now (wavey engulf), often see these at/near tops/bottoms.

using Twitter for a news channel is a joke, but hey they throw at us what ever and we just have to find ways of dealing with it.... just all part of trading.

regards

Phil

some basics of price action that i use....

Hi Phil

These are very good. Thanks for sharing.

Regards
Ray

:the consolidation sideways can also mean continuation not necessary a top or bottom reversal - I always like FTI saying only bargain in a distribution (or accumulation)

I also like patterns like abcde or abc12---> abc pullback followed by wave DE or 12 that is a wave back in line with main trend. I am trying to give pullbacks different names so I learn more about good and bad ones as much as I can

I had fun with eur long yesterday but the tearing was confusing for a while so I just did fast in/outs for a bit

Alex

Hi Alex

yes, i agree price can go either way after consolidation, that is why i said in the second picture ' if price pushes through the last MPS suspect consolidation/rest period', the arrows are there showing the likely direction after it pushes through the last two MPS lines as this will often mean we will see a reversal after such a deep retrace.

the sooner we can recognise that price is going into consolidation or trend the quicker we can adjust our trading to match that condition.

we all use what we understand there is no right or wrong way, i just tried to show the basic form of what i do when reading the P/A.

as fti says 'take what is useful to you and discard the what is not'.

MM's had yesterday my friend in the low volume and low news day, that is why the moves were confusing.

lots of expectations for today's news on CAD is about rates and also with Yellen's news.

regards

Phil.

Your piccies are great. It is how I see it too. Thanks so much my friend.

Yesterday was bit weird but trend won - I guessed they were playing big time by the way eur was being moved.

When the big buyers and sellers are tussling like that it can freak me out as even inside the candles it is wilder than normal - although yesterday I handled it better and played with em - I noticed the sellers were being taken out but the buyers were holding every time and it made my nice abc 123 pattern too in pullback.

Wimbledon is getting in the way of my trading a bit in afternoon.

Alex

G/U.... .... possible continuation trade?

G/U demo trade..... nice and quick no hassle trade.

Hi my friend I would like to ask you once you have entered trades what spooks you out of them so you just take small profits or do you let them run anyways until your last wave is broken?
I know news will affect this but what else?

Sometimes I get spooked out by price action that seems very weak - sometimes they can breakout in my direction later or sometimes it is a sign that they are running out of steam for now.


Alex

Hi Alex

i use the higher frames to 'look ahead' as i did in this trade, then i read the 'now' P/A for possible signs of a retrace at the bus stops (here it was the flag tops etc), one thing i have learnt in all these years that i have been at this is 'ant's work' is best practice to keep the account safe, as in AOW my army is far out weighed by the thing i am taking on, so my MO is to take the current lower frame wave mainly, attacking when their army is split up starting the move, i will then look for another entry if condition persist in my favour on the retrace, i am not showing these further entries on this demo as it would take up to much time but there is plenty of this type of thing documented in my previous live trades with the grey coloured charts, if you look at the demo i have shown of all 21 trades and the account is about +4% already so little and often does work, the longer we hold the more 'risk' we take by just being in the market, when the price stalls or retraces no one knows what it will do next until the new clues start to emerge, for years i would always pull out of trades way too early only managing to capture a small part of the leg/pump/wave or hold to long for it to retrace on me and have to recover or take a loss, with experience i got better at 'judging' the leg/wave, there are no rules that i can give you to exit other than do not let the price turn a profit trade into a loss trade, each trade should be viewed as 'just another trade' to add to the nest and protect the queen, we really have to give up the looking back and rationalising why we did not hold longer or do this or that differently, we do what do and cause our own situation from that, the only way to cope with this is to manage our way out of these things we create and do it with a 'best outcome' and 'by any means' mindset way of thinking.

the basic thing i do is trade the higher frames analysis but in the lower frames to take each leg and not overstay my welcome and get crushed, to day's trade was a good easy trade from an ideal location/bus stop (bottom of the flags to the top in the higher frames).

regards

Phil.

i am not going to trade this in the demo but this is what i on about in the post above...

was watching for a long in U/J this morning but the trade set up failed, thought it would be a good idea to show this and how i assess a trades viability.

trade bias flipped to short now to stay with the current flow on U/J.... watching..

U/J demo trade...

when we understand this our eyes will see this way before any indicator can.....

How i see E/U ATM.....

So.... no trade (e/u) here ATM....