Business Plan

Watching NU, see how it finishes this week. I think USD is turning down. So with GBP turning up, GU may be a good bet next week.

I dunno know, Jen. Thought it may be turning this morning, but with oil down and gold up sharply I expected a lot more movement in EU than we got today. If tomorrows chart isn't stronger than today, I may reduce risk and short EU first of week, give her some slack and see what happens.

DAY JOB. Smaller home we are building:

Bones of one being started

Thought I was through for the week. Opportunity knocked. In light of golds steep rise today, EU looked weak. When news popped tonight that NK wanted to come back to the table I decided to sell some money. This one trade netted me 2.25% profit on my account. Lots of people at FF love to tell you that you can't make money in FX. Like any business. You willing to put in the time and learn the trade you can make money. BTW: Little pot bellied kid with the funny haircut sorta figuring out he ain't dealing with Bill, George or Barak.

Very interesting charts. Given that both gold and oil down sharply, I suspect price may drop down below the wedge. EU showing me no strength at the moment.

I think EU will turn soon.

Would not bet against that. That wedge fairly strong. But then, first couple years I traded FX someone could have made a good living taking the opposite of most trades I took.

Now, I just watch da lady dance a bit and when I figure out sorta where she wanna go, I gently take her hand and follow her lead.

Wow!

Sounds simple -- and it has become simple to me. Rest of the story is I paid the price. Have made every mistake one could make. Traded without stops, overtraded, revenge traded, ect. Then acquired a mentor, Stufx. Didn't get anything major from him, just the fact he is a very successful scalper and confirmation I was on the right track. I trade only EU -- few billion get traded everyday -- nobody will notice if I grab me a few bucks. I have watched EU charts couple thousand hours -- I sorta know how she reacts to stuff -- from a goofus politician uttering nonsense to legitimate news. I have the charts platted in my head -- I have my tablet in the bedroom -- I get up at night, I look -- I look first thing when I get up. I don't make my move until first cup coffee consumed. By then I sorta know whats happening. When I'm on the road I have price streaming on my phone. If I think it's going to be a interesting day, I take along a small laptop. If something shows up in price, I check tablet and if a opportunity pops up use phone as laptop hotspot and react. I have take profit set at 12 pips and stop set at 30 pips. If a move seems strong, I set profit for 24 or 36 pips, never more. Scalper gets killed getting greedy. Stop is strictly insurance -- rarely let it go that far.

I read news items on things that may affect Euro or Dollar. I pay attention to couple threads at FF where good traders reside. One is The crayon thread. Mr. Scott is a successful business owner and trader. He and couple at his thread know their stuff. When I'm visiting someones thread, I observe a lot and yak a little.

I tried to complicate the snot out of FX. One day it hit me. It only goes up and down. Any entry has a 50% chance of success. If I could increase the odds 5% I could make good money. If I could increase the odds 10 -15%, it would become very profitable. Once you master the mental aspects, everything falls into place.

Hope this helps someone out in the wasteland!

Wedge support broken. Prolly play around the trend line a bit and head for 1500. Will reduce risk and play a longer term trade when I get a good 15 - 30 min entry signal.

EU 1hr with 10's, 2's, Ger vs Ital bonds