MY Journal-phil13

next trade today... scouts lost, but they done they job and saved me from a bigger loss.



may take a break now until after the NFP news.

here are how the charts ended up on Friday...

i cannot trade Monday morning, i have another appointment.

next i will introduce the fib levels, these will help us understand the market price structure a little better and why price moves at other levels than just the basic market price structure that i am currently showing, for those who have studied the TAF thread they will understand this much easier, for those others that are interested in what i am showing and have not i suggest you have a good look at that thread to learn this stuff and more.

a deeper read....

today's trade....

took the counter trade that the above last chart was producing...

here are today's charts....

first trade off the charts above today....

another trade today...

another trade today but lost the scouts on this one...

last trade of the day for me, something not right about this P/A, not happy so i am out...

Nice to see you again my friend,

and read your great diary...

Best regards

fex

Hi fex,

good to see you again too, hope all is well with you and your trading is going well my friend.

thank you for your kind words about my posts, just trying to help shed some light on the things i have learnt from our friend FTI on my own journey.

regards Phil.

today's charts, i put a scout in last night, i will show in my trades what happens with it....

this trade today looks like it is going nowhere so i have dropped it...



off to do other things until the news come out, see if that wants to give me anything then.

this may be the last trade today....

reasoning for the above trade.....

in our friend's words i am picking over the bones after the battle on the killing fields....

this is my last trade today now....

just a reminder from an earlier post here....

THE BANDWAGON THEORY: A GLIMPSE AT HOW THE MARKET REALLY WORKS

Imagine a bandwagon that is rolling forward at a quickened pace. Music
that is very pleasing to the ear is being played from speakers on each side
of this bandwagon, and a few people currently on the back of the wagon
are partying, having the time of their lives. The music, loud and clear,
starts to attract many other onlookers that happen to be idly standing on
the sidelines. These onlookers, unable to resist the sweet sounds being
played, run to join the party that seems to be going on. Progressively,
more and more onlookers jump on the back of this bandwagon, and
those few who were initially enjoying the first phase of the party begin to
leave. As the crowd of new party animals on this bandwagon grows
larger, the bandwagon finds it harder and harder to move forward at the
same pace. It slows, enabling more and more late onlookers, witnessing
the great fun, the chance to jump on. The crowd grows even larger.
Larger and larger this crowd grows, until the bandwagon, heavily laden
with the bodies of drunken party animals, can no longer move forward.
It finally comes to a complete stop. Now that the bandwagon is at a com-
plete standstill, more people jump on. And why not? At this point, joining
the fun is easy. Absolutely no work is required, for individuals wanting
to join the crowd no longer have to run to jump on board. But the nature
of the bandwagon is to move forward. Its motionless state is unnatural,
and therefore cannot last. It tries to move forward again, but can’t. The
crowd, piled on back, is much too large. It must free itself of the heavy
burden. And it does. It quickly shifts into reverse, and jolts backward,
knocking a few of the party animals off the back. The music stops. Puz-
zled faces from the crowd begin to emerge. Before anyone figures out
what’s going on, another backward jerk takes place, only this one is more
violent. Another large group of people gets thrown off the back. Now, re-
ality sets in. The fun has turned into a nightmare of epic proportions, and
panic begins to run rampant. Some decide to jump to their deaths. An-
other thrust backwards sends an even larger group of drunken, off-
balance people, hurling to the muddy ground. It doesn’t stop. The jolts
backward continue, each successive one more violent than the last. At
this point, only a few die-hard wagon dwellers are holding on, their very
lives hanging in the balance by a very thin thread. Failing to be com-
pletely free, the bandwagon angrily puts the pedal to the metal, and this
final thrust backward is so vicious that its front wheels lift high off the
ground, momentarily suspending the wagon in a perpendicular posi-
tion. The last of the hangers-on crash to the ground, broken and maimed
to no end. At this point, a new group of onlookers emerge from the
nearby woods. They are clean and serene. Each movement they make is
deliberate and powerfully energetic, for they did not take part in the
tragedy that just transpired. Or did they? A few of the dejected souls ly-
ing on the ground take a closer look, a look that reveals something very
interesting. This seemingly new group is not new at all. It is the same
group that was seen quietly exiting the party before it came to its violent
end. An even closer examination by a few more beaten-down onlookers
reveals something even more stunning. This group not only exited the
party early, they were the originators of it! “My God,” someone exclaims.
Paralyzed, and unable to move freely, all these dejected souls can do is
watch, as the masters of the game go to work, again. No sooner does the
bandwagon’s wheels hit the ground than this professional platoon bolts
for the wagon. In a flash they are on board. Easy. The bandwagon, now
free of the larger crowd, can move forward freely and gracefully, com-
fortably carrying the more astute group with it. Its pace quickens, and
before long a smooth elegant stride is in place. After a few miles of unin-
terrupted movement, someone from this masterful group flips on a
switch, and suddenly the loud sounds of entertaining music start again.
Someone yells, “OK everyone. Here they come. Let’s do it again.” Within
moments, those who were the former victims of the backward crash be-
come interested again. The music almost calling them from the grave.
And once more, the never-ending cycle repeats.

up a little late today, here is today's charts, i have already started my trade as you can see....