my trade plan for next week

spot on trucco, wait for the market to confirm your trade,i didnt, i lostthe amazing thing about this, is you can shoot yourself in the foot, and just to make sure you can shoot yourself in the other foot.

the losing trade is not a problem, the problem is i still shoot myself in both feet

the market will always be there, so why did i take a risk when everything was not 100%

249 min chart shows 4 waves up, that mean you have one more wave to complete the cycle unless it break the TL. News could change the enviroment ETC! Guy's she on the line look on the chart!

Rough guess estimate, Unless news move the same number of pip in that time meaning>>>>>>>>>>>Price projection from last wave hit early in the morning wave will finish early. 104 pip LAST WAVE from the break of the 60min trend line, that is your project. 12942 EST. AREA

It may pull back to the retest the 795 before going up, if it break this area she will roll on up! The price projection is 12936.

Which is 38% retracement, areas to pull off some profits! Going Up! May retrace to the 23.60% 12815

Tras, you must be really excited about magicfx's trade plan.

The plan need you and other for feed back, that what is all about!
I have just made the member 11 pips that what it all about helping other not just yourself!

12817 that the reason price is playing NBA at the point. (Meaning Bounce)
Nice trade last nite i hope you made some pips.

Hope you guys made some money on that last trade up to 12889! and still rolling! 84 pip since last nite!

12873 area!

Im trade the e/u and the e mini Euro!

phew, well i just exited that trade with another 16 pips profit, all i can say is that i misinterpreted the figures and the second and third trade should have been reversed, in shourt the cpi ppi figures for the eur and then the us were minus figures which had the opposite effect, so when i realised i left the trade until the actual figures were released, and made a profit.


Again, shows the importance of a trade plan, and to update i am hopeing the fomc minutes released tonight with strengthen the dollar, whilst i cannot be sure of that happening, i have the following plan to enter a buy at 1.2800 if the market settles around there, if not i will await for the uk markets to open in the morning

will also need to double check my figures thoroughly this time, make sure there are no more minus figures around to throw a spanner in the works

so far, so good

Hi magicfx,
But when yoou think you get a confirmation of in a trade ?
For me, if you wait the confirmation, you enter exactly at the end of the move

There are no confermations in trading for me. Enter based on your system/thoughts, but you cant wait to be sure because you are never sure

Thanks

i was hoping the fomc would strengthen the dollar, but they moved the fomc, the move upwards today was only ever going to be upto 1.2860, where i existed the dodgy trade i entered on monday, anyway all thing being equal, more of the same 1.2800 buy, then get ready to exit after the news release, fade, then on wednesday depending on how the maarket reacts i will either wait for the fade and retracement, or jump in on the spike, depends on direction

If the broker provides free charting the data feed will not keep up with the news release live. What this means, it could go up 20 ppip and it will not show up on the screen until 7 seconds later, which is to late to put on the trade and sometime it could be going up on your screen when the market already peak and is coming against you. Solution Ninja trader, Tradestation or ensignal. Tras

In the real world we need a retest of the high, but it could go right at Tokyo open. down.. The 2:30pm high could be the retest before going down. Either way you ride the wave, thing to remenber they love to retest at open before it decide a direction, throw the indicator out the window for the first 10min unless it break the trendline.

Buy

This is probably the most informative post on this forum. The level of thought and detail is very deep and thought provoking. Please keep it coming. I know you won't let me down because something like 17 of the last 20 posts are yours.

Euro Like to retest before going down, so what is that telling you?
1. To take out stops
2. To find it position on the playing field.
3. Or to find current s/r areas.

TWo of these answers are correct.
So the question is what do you need to improve!

The rest is history, if you missed something read above! Corrected the title line.