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Trading is as simple as 1-2-3

One of those rare days with no red news on any pairs. So things are just creeping around. I'm in the EJ long and kind of wish I wasn't as it looks like it will be a long time to move a few pips.
Quoting hal7
One of those rare days with no red news on any pairs. So things are just creeping around. I'm in the EJ long and kind of wish I wasn't as it looks like it will be a long time to move a few pips.
Ditto ... was eyeing up the Yen pairs and EURJPY seemed to have more spring in its step ... if we get back to +5 I'm tempted to eject
The terrible duo doin' just fine...

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In between nothing happening I am reading Jack Schwager's "The Little Book of Market Wizards," which a very short synopsis book of his famous series. I have read them also. Many of the topics seem very simplistic. How these traders with eye popping returns used simple logic and common sense in their trading. Unlike the complicated procedures many others pursue. Often with not favorable results.

Today's chapter considered the topic: "The Power of Doing Nothing."
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Here's how my infamous EJ turned out. It managed 3 or 4, Ended up losing about -10. What I have been playing around with lately is taking a reverse trade, leveraging the other direction for just a few pips and clearing the loss. When market forces are strong it works nicely. Went they they aren't, like today, not so good. You can see the lower blue line is my target on the reverse and the reddish line my stop. I was fortunate on this particular trade the short never triggered and I removed it manually.
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Though I did not take this trade on the GJ, the same strategy would have worked out quite well.
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After pulling the plug on the reverse trade. Price did move up very near that would be stop then came back down and got to my original target.
Quoting hal7
What I have been playing around with lately is taking a reverse trade, leveraging the other direction for just a few pips and clearing the loss. When market forces are strong it works nicely.
Can't find the quote but think it was Warren Buffet – a 'top trading tip' along the lines of "when the market rallies, go with it" ... that stayed with me – always interested to find opportunities to jump on board when momentum hits

Looks like the charts are livening up for second half of the week
Now I think I will go back and read the Jack Schwager book the rest of the day.
Quoting Lifecycle
{quote} Can't find the quote but think it was Warren Buffet a 'top trading tip' along the lines of "when the market rallies, go with it" ... that stayed with me always interested to find opportunities to jump on board when momentum hits Looks like the charts are livening up for second half of the week
Yes, a moving market makes for better sailing. Provided you are on the right side of the wind.
Watching AUDUSD approaching yesterday's high and in a 'pivoty' zone over last couple of weeks
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The DAX is just all fun-in-the-sun today...

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Sorry, it happened so quickly after I logged in that I wasn't able to post a set-up chart.

The F40 didn't hit the needed extreme for a new entry but I was able to scalp on the m5 and m1 time-frames for that instead (hence why I almost missed the DAX move, lol). It's not 1-2-3 but it shows how one ''failed'' opportunity can lead onto another successful one if you have your trading plan in place ready to go.

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Quoting Lifecycle
{quote} Can't find the quote but think it was Warren Buffet a 'top trading tip' along the lines of "when the market rallies, go with it" ... that stayed with me always interested to find opportunities to jump on board when momentum hits Looks like the charts are livening up for second half of the week
There is a colleague of mine who operates in ''another galaxy'' who maintains that if you are not willing to add into a position, then you should close it. Makes a lot of sense when you actually think about the logic behind it.
Missed the 500 as it gapped too much but the little sister 30 did the trick with only a slight entry adjustment needed (this is par for the course when you run the indices)...

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I noticed this trade at first as a 123 but then quickly realized that it also has some WZ influence as well......so since the candle that made the new Low was fairly large I entered the trade using WZ technology and bagged +5.

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Glad to see someone fared better with EURJPY today your analysis seems logical ... presume WZs are some kind of Roswell tech?

AUDUSD in the money closed half at +10, stop now at BE to see if it will run ... things got lively towards .7890 last week
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Quoting Lifecycle
Glad to see someone fared better with EURJPY today your analysis seems logical ... presume WZs are some kind of Roswell tech? AUDUSD in the money closed half at +10, stop now at BE to see if it will run ... things got lively towards .7890 last week {image}
Shhhhhhh!!!
UK100 pushing to new highs. The second moves on the day are usually not as extreme or at least not as long-lasting, as the earlybirds.
Quoting lemercenaire
UK100 pushing to new highs. The second moves on the day are usually not as extreme or at least not as long-lasting, as the earlybirds.
You're making the FTSE look rather appealing ... just gotta crack this FX game then I might well diversify

No tech needed for AUDUSD ... textbook currently +35 and running on the US jobs data
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