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EURUSD only

  • #123,481
  • Jan 7, 2021 12:33am Jan 7, 2021 12:33am
Waiting for H1 to close. Today I'm more inclined to the downside, because of the consolidation week as I mentioned on the weekend.
I always let the market do the first move before I react.
  • #123,482
  • Jan 7, 2021 12:50am Jan 7, 2021 12:50am
  •  Austyno
  • Joined Oct 2018 | Status: Risk comes from not knowing what to | 2,233 Posts | Online Now
Greetings
My buy limit of yesterday didn't activate, and i wasn't on my system to adjust it, feeling sick , anyways I have another buy limit @ 1.22782, sl 50 pips as usual tp 1.23380

Caution: we couldn't take out yesterday's high for now so bears might seem to have upper hand until the buy limit is activated
Risk comes from not knowing what to do
  • #123,483
  • Jan 7, 2021 1:00am Jan 7, 2021 1:00am
Trading Plan for EURUSD 07/01/2021

My analysis: Trend is up but over-extended. Expect pullback. Unclear for direct longs.
Possible scenarios: down move first then buyers come in or move higher for a sell down.
Plan: Look for longs at 1.23, 1.2265 for a move to 1.2364. Short at 1.2361 for a rejection down to 1.23 minimally
  • #123,484
  • Jan 7, 2021 1:00am Jan 7, 2021 1:00am
Quoting Comefademe
{quote} Interesting u are a full time trader but just finalising ur system? How many pairs u look at depends on ur trading time frame and ur trading method if u ask me. If you are a scalper you can't be looking at 30 pairs, even 6 is difficult. If you do m15 I think 6 still manageable. 30 pairs is probably if you trade on daily timeframe. Of cos you can do both, short + long term. U probably need to describe ur method else difficult to advise further.
You're right,,,it is not good for a full time trader to be asking those things! I am just going through a bad patch, making silly mistakes, taking some hits (small hits admittedly) and re-evaluating myself, what I do and how I do it. I find the Al Brooks style of P.A motivating and really like his approach, I am a P.A trader, basically the classic PASR that Prozor himself espouses, I use no indicators, and usually make good calls, but don't stick around long enough from over thinking, the need to make an income and letting fear wiggle me out. That is why lately I reduced my sizes greatly so I can build myself back up again, get the 'mojo' and my system going.
I love trading, I want the freedom that it brings to continue and have the unending optimism and 'get back after a fall' attitude. I just need to slow down, define my entries again, relax and enjoy!
I use the H4 for entries, and refer to the Daily and now Weekly/Monthly for solid SR. So my NZDUSD was not a valid entry and I jumped in. I alone am responsible and in a way that makes me glad, for I know it is not a system approved trade (e.g. rising trend line after a PB in an uptrend...with PA etc). So I can only improve and get back to my good strike rate I used to enjoy! I am moving and will move to that 'auto pilot' stage where I don't overthink I just act on the right trade setups!
  • #123,485
  • Jan 7, 2021 1:04am Jan 7, 2021 1:04am
Quoting drakoczy
{quote} In my opinion as soon as you "finalize" your trading system, it starts getting obsolete. I'd rather just focus on 1 pair and master it as much as possible.
Thanks Drako! I use system as a psychological crutch that I have control over the market...lol! But yes, these are the things I am wrestling with now....the timeframes and how many pairs....I follow Al Brooks and his indepth PA, along with members of this group too. I am not very comfortable holding positions for days admittedly, but maybe a mixture of swing, and medium scalps (off the H1/H4 to produce my daily 'quota) and a longer term trade to run...not sure. I do like the idea of 2-4 pairs and working them hard. BTC/USD is one as I can access it 7 days a week and it is not bad for scalping regularly so I will keep that one. Gold always freaks me out....I find it volatile! EU, BTCUSD, GU, AU, NU (?) hmmm still working out my 'harem'!!
  • #123,486
  • Jan 7, 2021 1:23am Jan 7, 2021 1:23am
Quoting four.owls
{quote} Thanks Drako! I use system as a psychological crutch that I have control over the market...lol! But yes, these are the things I am wrestling with now....the timeframes and how many pairs....I follow Al Brooks and his indepth PA, along with members of this group too. I am not very comfortable holding positions for days admittedly, but maybe a mixture of swing, and medium scalps (off the H1/H4 to produce my daily 'quota) and a longer term trade to run...not sure. I do like the idea of 2-4 pairs and working them hard. BTC/USD is one as I can...
Why not master your system on 1 or 2 pairs first? ALGO is the same on ANY INSTRUMENT!
  • #123,487
  • Jan 7, 2021 1:27am Jan 7, 2021 1:27am
Opened a short here. SL and TP open.
  • #123,488
  • Jan 7, 2021 1:32am Jan 7, 2021 1:32am
Attached Image (click to enlarge)
Click to Enlarge Name: DXY and EUR SMT chart 222.png Size: 85 KB
  • #123,489
  • Jan 7, 2021 1:47am Jan 7, 2021 1:47am
Closed for now. Waiting for H1 to close. No clear direction as of now.
Attached Image (click to enlarge)
Click to Enlarge Name: 111.png Size: 10 KB
  • #123,490
  • Jan 7, 2021 1:48am Jan 7, 2021 1:48am
Gray box was my reason for entry. To confirm another leg down I need to see M15 close below 1.23086.
Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd M15.png Size: 70 KB
  • #123,491
  • Jan 7, 2021 2:07am Jan 7, 2021 2:07am
Quoting andvk74
Gray box was my reason for entry. To confirm another leg down I need to see M15 close below 1.23086. {image}
What does the Gray Box Refer to ?
  • #123,492
  • Jan 7, 2021 2:18am Jan 7, 2021 2:18am
Quoting lucky1359
{quote} What does the Gray Box Refer to ?
It's just a part of a system that I use.
  • #123,493
  • Jan 7, 2021 2:20am Jan 7, 2021 2:20am
Important Levels To Watch

Attached Image (click to enlarge)
Click to Enlarge Name: 069b31d2d8cc910c2337b9be831b78e2.png Size: 60 KB

Thanks & Regards
  • #123,494
  • Jan 7, 2021 2:24am Jan 7, 2021 2:24am
Want to see H1 close below the GRAY box before considering to open a SHORT.
Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd H1.png Size: 54 KB
  • #123,495
  • Jan 7, 2021 2:31am Jan 7, 2021 2:31am
Because of NFP tomorrow, it's going to be a very difficult day to trade today.
Market has to prepare some TRAPS before NFP. That's why some levels might NOT be breached today.
One of the TRAPS IMO is the weekly high and another is 1.2240.
Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd H1 2.png Size: 68 KB
  • #123,496
  • Jan 7, 2021 2:38am Jan 7, 2021 2:38am
As of now, this is my main area of interest. I want to see how price will react there and will it leave a divergence and reverse.
Attached Image (click to enlarge)
Click to Enlarge Name: DXY and EUR SMT chart 111.png Size: 86 KB
  • #123,497
  • Jan 7, 2021 2:40am Jan 7, 2021 2:40am
Truly Said Its only the NFP when Usd Bulls wake up
  • #123,498
  • Jan 7, 2021 2:44am Jan 7, 2021 2:44am
Wait and Watch Strategy till Euro news in an Hour or so
  • #123,499
  • Jan 7, 2021 3:10am Jan 7, 2021 3:10am
Quoting andvk74
Want to see H1 close below the GRAY box before considering to open a SHORT. {image}
No confirmation for the DOWNside yet. Waiting for another H1.
Attached Image (click to enlarge)
Click to Enlarge Name: EurUsd H1 2.png Size: 68 KB
Attached Image
  • #123,500
  • Jan 7, 2021 3:12am Jan 7, 2021 3:12am
Just like predicted using the COT - week is unfolding as a consolidation!
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