The man that knows something knows nothing at all

lost money yesterday...and I know why.... 3 trades...

risked 5.5 made 11....

the left showed resistance......a false BO channel....

my first trade of the day during Asian session....risked 8 made 16p

the left showed resistance......and some sort of a double top, clearly on the 1m

missed this....but I had my money tight up with eu short at this signal bar....

ci sono donne e donne....poi ci sono le femmine....

looks interesting.....maybe not in this session...

“If you know the enemy and know yourself,
you need not fear the results of a hundred battles.”
~ Sun Tzu, The Art of War

Good quote, particularly if we know our opponent's strategy. Applying this to the Forex trading business will imply that we should know and master the markets we trade, and how the smart money plays it.

Trade safe, mate

KP

nice move.....a BOPB or a double top bear flag just below 0.72....

risked 5 made 10p.....Morning news reversal..

for those w@nkers implying I lost my wallet today just because I gave back some medicine to their fake guru here are my results. Do I make those results every day? Absolutely not but I am trying....

there is so much BS and gurus on those forums: levels, indicators, traders send by God.....you name it.

what about some classical analysis based solely on TA and PA?

some charts will follow, hopefully some will pick up something interesting.......

au monthly:

We look at each individual bar, for simplistic reasons we will separate trend bar by range bar.

That white bar is a range bar and we set our boundaries, in a range we sell the high and buy the low, after that range bar we had a bear trend bar, then 2 range bar setting the range for two months, then we had a break of that range and this month ended with a trend bear bar, so we have trend bear in a major range...

Note how April bar traded above the previous bar (range bar) and reversed (sell high buy low), it also happen at the bottom but the major trend is down and broke.

weekly will follow.....later.

au daily

the top green line is where we broke from on the two monthly range bar, prices broke, pulled back and continued, (a break out pull back BOPB), find support at the low of that BO and went into range for two days.

Then broke with a trend bear, followed by 4 bars making LL's and LH's ending the week, a gap range bar, followed by two range bar and two bull bars ending at the high of the gap range bar (we sell high and buy low into the range, we sell high especially where the major trend is down).

That gap range bar has set the boundaries (line 3) of the following 5 bars soon after the two bull bars.... the last is a bull bar but into a range....

By now we should have an idea of the real market condition and where stronger level might have an influence on the future price action (PA), but our intention is two trade the smaller time frame (60 and 240m)......later

we an see there is strong support at the bottom of the range monthly, price have been rejected strongly that day.....someone is interesting in buying there.

weekly chart coming.....later

au weekly

the weekly confirms in less details what is going on, two support broken and a PB towards them: a trend bear bar and two range pars, the first range bar has strong close which is also an inside bar (indecision)


60 and 240m coming....later or tomorrow....

au hourly

the vertical lines mark the day, the gold horizontal line mark the 00 and 50 round numbers, all the rest are support/resistance we have drawn on the higher TF. I have also use an indicator which marks the previous day week month H/L but I took it out not to make it confusing.

I also draw lines in black on the hourly to connect al least 2 points for possible R/S levels, making a sort of expanding triangle and support at 0.6903.

As you can see the high of the gap range bar has offered great resistance until now, by entering at the touch of the line in the direction of the major trend and closing the trade by the end of the day we would have made money in all the 3 days on 4 (one day prices did not get there), we could have made also money going north yesterday at the fourth touch of the support at 0.6903, especially is one trades in line of the relative strength set by EU......but we will get to that at a later stage...

au 240m

at time when prices do not reverse neatly at those levels, we can also use the 240m, in a strong trend we can also use the 30m, one can also use smaller TF but I do not advice it, if we use hard stop I would prefer at least a 30m trend bar in my direction.

We can also use limit orders at those levels but I am not a fan because I do not know if they will stop there or not, I am looking at least for a 1:1 risk reward risking from 1 to 5 % per trade.