MY Journal-phil13

A/U...

A/U trade...... when things do not go as you suspected or news events interfere with your plans it is best re-group and re- assess the situation.

calling it a day now, so no second attempt at this trade above, it is about 30mins after London close and heading into NY lunch.... end of my daylight trading hours.

G/U......

G/U trade.... if notice the trade above where i lost 2x scouts and the size of the trade here in attack MO you can clearly see the bigger your attack troops the more chances you get at being wrong with minimal loss, so 1/20 (1 scout/20 attack) would give you about 20 chances if the scouts are used correctly at being wrong, it is all part of the MO of putting yourself beyond defeat (AOW), if you are trading 1/3 or 1/5 and struggling a little this may be part of the problem, of course sizing MUST also be tailored/in line to your account size (capitalisation).... no gambling!

Hi Phil,

I want to say THANK YOU so much for all your effort and that we can share and learn from your experiences!

P.S.: I haven't finished FTI's TAF thread (at page 170 at the moment)... reading your thread is much easier for me...

Keep on doing this tremendous work!

Cheers, Roland.

Hi Roland

No problem and thank you for showing your interest in my little journal and small effort I am making in trying to document the things I have learnt to try in some way to help others a bit with their journey, I was very lucky and fortunate enough to have had some guidance and trade along side our friend FTI, so this is my way of giving something back to those who read his thread for that great privilege I had.

Most of what you need is in the first 200 pages, believe me though it take a few (or constant) re-reads as there is so much in that thread to help us develop as traders, my wishes are just that hopefully some people get a few good ideas to build on to help them on their journey.

And thank you my friend for your kind words and taking the time to read and post in my journal

Good luck with journey

Regards

Phil.

So what is happening this morning? Currently we are in the euro-london opens gap when MM’s often play games to try to deceive us, but…. Today looks different in terms of the price action, let’s look at E/U, it is currently at a buyers (suspected) level on the daily, price has broken through/cleared that level suggesting long term this is bearish still, the USDX is currently in a sellers area and is falling (ATM). So what should we do in terms of a trade plan for today on E/U?

Charts below to explain my personal plan.

E/U update......

E/U update......

too late into my daylight to start a trade in E/U now, sometimes you just do not see the chance to get a good safe entry to build off. that is trading for you...

A/U..... ................ NOTE FOR ABOVE ..leaving E/U alone for the moment as not seen an area i am comfortable with to start a trade from.

A/U trade....

not trading today, NFP nowadays does not offer much opportunity for the risk involved, gone are the days of 250-500 volatile moves to take advantage of.

so let us look at what the MPS (market price structure) and what price action tells us about the above chart action as i have an hour or so to kill. of course now the chart is filled we can easily see what happened, but doing it on the fly (live) well that takes lots of experience (live chart time) to achieve.

btw: every chart comment from you is always a "learning lesson" for me

Cheers, Roland.

Hi rhsfx

again thank you for your very kind words, also thank you to everyone else who is 'liking' my posts, it is nice to see that people are actually interested in my ramblings here and i am not just talking to myself, hope you are all finding it of some use, as our friend FTI says 'take what is useful and discard the rest' (for now).

regards

Phil.

E/U .....

reference the possible trade above...... so this is what i see and my questions for today's possible action in the lower frame (M5).

Good morning Phil,

maybe I misinterpret something...

In your EUR M5 Chart you are talking about "...BULLISH US SESSION..."

Yesterdays EU session was bullish and the US session was bearish. Wasn't it vice versa?

Thanks, Roland.

Hi rhsfx

my friend, what i am talking about is the USDX (the market wheel) session being bullish in the explanation in the E/U H1 chart, in turn that makes the E/U move bearish as you correctly state.

regards

Phil

p.s... i should of put 'bullish USDX session' in M5 i guess, sorry for the confusion, but do feel free to ask anything along the way as i am dyslexic so do make mistakes like that along the way when labeling thing.