Spoof's Trading Made Simple(r) Journal
{quote} I'm sitting this out. Price is at a very strong resistance area at the moment. If it breaks and retests I will be looking for long signals at that point. {image}
just kidding, I figure it has some room to get it to be and see if it breaks above
thinking outside the box
{quote} So we do consider S/R them?
Good question. I would say yes and no. When I see a resistance/support area that has been respected several times I am leery about trading against it until I get some confirmation that it is actually broken and a continuation is likely. Near term S/R I generally don't care about as they fail all the time as price trends, but these more prominent areas need to looked at carefully. A decision will be made here as to whether or not this area breaks and becomes new resistance or if price respects it and bounce back down. Either way the market will make a decision here - particularly at the beginning of the week as there is an average of 114 pips of movement on the USDJPY to capture profit out of. I was trading price action at S/R levels profitably for several months so I am well aware of how these areas work and I do consult with them, but I am only really looking for the big areas where price has reacted several times. At the end of the day though the market will do whatever the market will do 
Emotion - it steals your money.
{quote}
thinking outside the box
- #127
- Edited 9:49am Jul 29, 2019 9:35am | Edited 9:49am
{quote} I agree, whatever system you choose we have to use some of our experience. This are the reasons why I took this one on UJ, not sure if will work out or not but thats not rly important, what matter in the end is expectancy and positive R:R ratios. {image}
For the rest of you traders who perhaps have less experience please do not get caught up with this sort of analysis. This is the sort of thing that, IMO, falls under the 80% if things that give us 20% of our results when trading this system. You will just drive yourself crazy if you add too much analysis or too many confluencing factors into your trading. It may keep you out of bad trades as often as it leads you into good ones. This is supposed to be trading made simpler so let's always keep that in mind. Always ask yourself when you are about to add something to your trading, "does this help to simplify my trading?". We want to put our energy and focus into the 20% of things that give us 80% of our results and those are trading with consistency, patience, confidence, calmness and sound money management.
https://betterexplained.com/articles...the-8020-rule/
Emotion - it steals your money.
Looks like I missed this trade I was waiting for on GBPAUD - it's exactly what I was waiting for but I don't catch the close of the midnight candle that occurs at 4am for me. Sleeping will do that sometimes! I am not going to enter now...that's just chasing after price and is a behaviour that rarely ends in the trader's favour. Patience. Sit this one out and wait. I am still flat in the market and will just wait for some set ups. There were a few big moves last week so we can likely expect some consolidations or even a direct reversal of moves (like...
{quote} I'm sitting this out. Price is at a very strong resistance area at the moment. If it breaks and retests I will be looking for long signals at that point. For me, I am inclined to wait for a short signal. Who knows at the end of the day
I am already in usd jpy trade did not see the resistance just followed the signal. I have a full-time job. When I see a signal just enter and it makes my life easy. Simply follow the rules.
Another trade. Just followed the rules.
Spoof thanks for Fib video. Your video is helpful than the text. I will keep on watch it to build chart memory.
{quote} I am already in usd jpy trade did not see the resistance just followed the signal. I have a full-time job. When I see a signal just enter and it makes my life easy. Simply follow the rules. {image} Another trade. Just followed the rules. {image} Spoof thanks for Fib video. Your video is helpful than the text. I will keep on watch it to build chart memory.
Can I ask why your TP is set to 1:1 on the EURAUD trade?
Emotion - it steals your money.
GBPAUD trade just hit the 2R level for anyone that took this trade with the stop just above the signal candle. Bummer I was sleeping when the signal candle happened. It's always nice to start the trading week off with a win - I almost never do This big down move is pretty much the AWR for this pair over the last 4 weeks. Will be interesting to see what happens for the rest of the week
This big down move is pretty much the AWR for this pair over the last 4 weeks. Will be interesting to see what happens for the rest of the week 
Emotion - it steals your money.