Flying Dutchman

Another Asia morning is complete.


I have no idea where market price goes from now, after I close all my trades.
(and I do not care to be honest)


I put this trade chart up as it is impossible for me to write these pre-trade thoughts as I trade.

So just some thought processes from when it was happening and I was focused.
(probably about 20% maths in here, and 80% qualitative-observational trades)


I (always) choose to take some early profit off the table, as soon as I can.
Some ask me why not “let it ride” to greater profit.
All I will say is I have established firm reasons for this based on hours & hours of trading this pair

I do not worry now if price goes further in my favour.
No fomo, back for Franky/London.

(Plus, the market maker needs to also make their profit so I don’t wish to leave them any of my liquidity )

Trade well, trade safe.

.

Everybody likes some charts...so here we go.

USDCHF I preveiously mentioned in reply to Danger Mouse....Ive done many..lots...lol of trades off this pair.
Ive made alot and I have gave back alot...not necessarily in losses but giving back 50-100 pips and being taken out at BE or +20 40
or whatever..just part of the hunt for bigger moves...Plus of course losses too.

Heres a bunch of swiss charts zoomed out larger MMs zoomed in some smaller ones but all on 4 hr...
and an example of a reversal candle setup on the 4 hr...the measured move plays out and the reversal candle forms...
Where to enter ??? Theres a myriad of ways but as I alluded to I do use SB concepts as well as various other ways...
But anyways..... 4hr measured move>reversal candle> drill down 5m 1m>timing>reversal pattern setsup>

The 1m has entries pre NY equity open and right on the button 930amNYT... Textbook entry once again.
No hindsight involved when you know what you are doing...when you know your setups,,,,
The setup appears and you take it...theres no ifs ands or buts...then you win or lose..

When you know what your looking for at the same time every day the setups appear and you take them..day in and day out.

For the petulant punters,pikers, nancy-boys and karens I will attach some other charts from another trader who uses these measured moves every week.
Tom Hougaard...Please if you have a problem with lines or boxes or colored lines and a blank chart with no indicators..... run over to TraderToms website and please email him that he is using magical potions its all fake..lies...it doesnt work without volume and data. 8 moving averages stochastics and whatever other bullshit you can dream up...
Please let us know what he tells you lol..

With that said heres some charts to give you an idea what I use for HTF analysis scenarios etc..again trade however you want and what makes sense to you...
Yes i do use MAs for certain situations..they work for building rules around for me...whatever floats your boat...many ways to trade...

Cheers
Blue

I can't tell you how much I love seeing your charts Kev.
ALL charts in fact.

Great Charts Kev, Not that i am seeing it like you do but once you see it before it happens, from hindsight it becomes foresight. I totally believe that these patterns repeat all the time with minor changes if any. For most including me, we see it a little late and then there is that AHA moment. Happens in every session, every timeframe. A few times i have seen it and have done well but last week was really not that great as i decided to predict and didn't let the price show me the way. Lost it big time..lol. Psychology took over and i decided to take revenge and increased the lot size. We all know what happened next. All profit for the week with my investment was gone. Learnt it the hard way. I don't trade big so was able to cope. As humans we will make mistakes but ready for this week. Trade Well all.

Hi Whitesta,

You sir are telling it like it is and it is so wonderful to read the openness of a trader going through what I, and all, traders have certainly experienced also
in the learning stages of this game we love - trading.

We think we know the markets. While the markets have this life of their own.

We conquer ourselves first & the market afterwards, with whatever edge we will use.

Your journey has been great to watch & follow W.
We overcome fear first. Well it isn't exactly fear, it is what I call trade-anxiety.
Following that we gain clarity.
And as, in the Carlos Castenada books, when we gain clarity we have then overcome trade-anxiety (fear), forever.

While this clarity we have found has definately eliminated our prior trade-anxiety,
we can also become blinded by this clarity which may trick us into never doubting ourself OR the market again
and whilst we are now courageous in the markets we are still a little incomplete in our journey. There is more ahead of us.

But at this point each trader should aim to reach a personal clarity imho and then bridle it so we don't let it blind & trick.
We all go through this W
The Market is still King.

My best wishes always, Whitesta it's a great pleasure to read your stories & see your charts pal.

Cheers Whitesta... I know exactly what your saying very well...been there done that many times myself...I still stuff it up.,...i still miss trades...I still catch myself "just taking a trade" front running it etc..and more often than not it bites me in the arse.. Were all learning everyday no matter where we are on the trading road...as we are always dealing with the you vs you..it never goes away.

I had a bad week a few weeks back now..bad entries ..loss after loss..second guessing myself and lacking confidence and missed entries you name it I still do it,,,
So yep I get it...

For myself I just go over my plan...what am I looking for whats my setups..back to basics...and bank some money when the confidence wanes.
Another thing I do is hammer it into my mind to slow down...zoom out and look at the big picture.. Look for my reversal candles on the 15 the 1hr the 4hr and Daily...

Its definitely not a linear equity climb for any of us..Regroup refocus and patience waiting for the setups..waiting for confirmation

You got it...you take great trades weve all seen.

Cheers
Kevin

Another in hindsight. I did see it live but did not pull the trigger as i wanted to watch only during Asia session since i had dayoff today. As always these repeat themselves. Would have entered around 5am my broker time.

lol...the cockroach gained some courage and left its safe space (i.e. the Fantasy Thread), polluting other threads...

do you still fake your account statements?

btw, very interesting links below (credit to Lest and Ryu).

https://www.forexfactory.com/thread/...5#post13858385
https://www.forexfactory.com/thread/...6#post13858386
https://www.forexfactory.com/thread/...5#post13858615

GBP/JPY was quite simple today after Asia session. Targets known in advance @Timetells. No one knows which targets will be hit though. 20 pips was a given after the session Low was locked. Price went up to the 3rd target and may go further. Its not always this simple but these patterns do repeat. I am just observing today. A learning process. Happy that i saw this before it happened. After the London HL printed to be exact. Thanks to @TimeTells & Bluesteele. We learn each day.

Take with a pinch of salt what you see/read elsewhere. Pete and Kev are the real deal.
I consider myself very fortunate that they take the time to post on this thread. As do others, including yourself.

M.

Hahaa,

Hi Andy we continue to learn each day pal. Love the trading is all I can say.

And hi Bogdan good to see you about pal.

Hi W,

It was sorta like shooting fish in a barrel today in a way.
If only, each day lol

And if we maintain our sensible head on our shoulders, we should be fine in all this stuff.

Today GJ, if a straight horizontal line was placed along the weekly open
Then the 1m candle structure from above to below early in Asia
Is almost a replica from the 1m candle view from below to then above at the Franky open.
No accident, for sure.


BELOW is an old chart revisited, variations in it for sure (ie we can substitute RNs for what is In Play on the Day),
Come on traders lol just do your study
And maybe do not just hang around somwehere hoping for a magical edge to be presented by some Promisors Of Glory
After months and months and months of such promises, you know what that result will likely bring

Become your own edge, 'tis possible

When you find or see the market-move in the session, they must complete imho, tho I get in & out well before the final fireworks
(but that's just me hahaaa, do your Own Thing and do it Your way)


NOT TODAY'S GJ CHART BELOW
(just the similarities of "behaviours")

.

Today's, why not lol
No accident imho

.

Hehe...hi Pete...yes, still around and, as always, enjoying your posts

KR,
Bogdan

Thanks to u and Blue for the replies to my thoughts. I plan to digest them a bit more before replying.
But just a quick question re your chart. I quite often find that your open lines are quite far away from mine..which brings up a recurring pet hate of mine...BLOODY OPEN FRIKIN LINES. I think BW alluded to the fact that the close of the last day/week/month was always his most important reference and that one point of his does make sense to me. When there's a big gap open, brokers opening prices tend to have huge differences. How can we do proper analysis based on open lines when everybody's is different? If opening lines are a big part of maths projections then surely the IT's must all be signing from the same sheet?

Normally if it's a few pips I'll let it slide (even if it still annoys me LOL) ..but my weekly open here is 168.04ish against your 168.25ish

I also have a comment on the chart but I need to draw it up to reply

Cheers D-M,
grab a cup of tea or beverage of choice lol, you asked good questions and I didn't want to gloss over anything (so you know that means a long'un)
others might best just look for a more interesting movie, or something

So, what are we being presented with, pricewise, in the form of Day Opens on our charts. And by that I mean 00:00 on the chart and how reliable are they, imo.

I have two live trading accounts.

One live a/c I use purely for my Horizontal Line etc templates chart as I have found over the past three years of study that ONE is consistent & valid
for all the visual information I require from it.

I do not though use the price (Day Open), even from that validated chart, for ANY subsequent mathematical calculations whatsoever.

It is a visual price/line only to me which indicates whether the market wishes to trade above or below it INITIALLY.

Once Asia is underway I then begin an Asia box and the Day Open line after that, for me, is NOT any trade directional tool - on its own.
But it may play a part as direction (to or from) together with other observational confluences.

As, once the asia session begins its own expansions (my fave time lol), and by expansions I don’t mean one-way traffic I mean the ups AND downs of price
that could force entrapment of both buyers & sellers at the same time

Asia MUST, by definition print the first “master” Hi-Lo range of the day. So you might see now when that expansion action is in play then the Day Open could serve (IF you wish) as a clue to trade either, away from it or back to it. Uni-directional, NO specific use as intent in my mind.

And imo, any Line, such as the Day Open can do NOTHING AT ALL, of & by itself to either attract or repel price. It is a dormant entity as such, but what other traders themselves THEN DO at a line is of great interest & importance to me.

I also need to clear any misconceptions about the purpose of lines in my eyes as SO MANY and long time traders make quite ridiculous comments about them and about folk that TRADE LINES (and trade them very well when based on what other traders will do at those lines). This point is very important to me, no further confusions please, and you know who you are lol that STILL show confusion on this Lines point.

So my only interest in the DO (or any line really) is to wait and see what OTHER traders who come into the market around these lines either as buyers or sellers DO.

I watch any determined action before & after the lines to visualise if other traders actions commence and then more importantly (to me) what is the market response (ie which way does price move, with what velocity, is there Inflection beginning signalling an imminent breakout etc etc).


I write all this lol as my trading has ended 2 hrs ago, so I am flat all trades and not in the market at present.


If any are using a Day Open Line (Price) to formulate any maths activity then I would be very wary I guess.

Sorry, lol
Now that is just my Chart Template Live a/c. Day Open is validated enough, long term, for the consistency that I need visually PLUS all other candle formations & gaps that appear during the trading day. However I do NOT like this broker behaviour (so I will not ever mention their name publically) but their chart formations intra-day are still GREAT for my visuals imo.

Then
I use a 2nd live a/c only lol, as my Trading a/c, which behaves consistently though the price print is sometimes a few points (not pips) different from the 1st a/c. Same thing as you D-M, at the Day Open, the two prices are not the same.


But you asked more, so quickly (as if), and maybe BWilliam will answer you directly, because what I thought BW meant by Day Close is what I think YOU thought he meant (and probably Pumi also) but WE may well have all misinterpreted BWs meaning completely, so only he could clarify.

I actually think, now, that BW was only saying the Day Close was MORE important because IF we knew where the Day Close would end then we could trade towards it as a method of intent. I do not know.


But it doesn’t matter to me and I would NEVER use the official Day Close (certainly NOT for any maths value) because to ME the real Day Close could only be when New York closes. Which is actually ONE HOUR earlier than the official day close price 23:59 /day open price at 00:00.

To me using any sophisticated maths utilising such lines as opens or closes is fraught with danger by providing weakish signal values.
But each to their own, we’re trading lol.

That’s just me D-M, I’m an observational trader, essentially, not a maths based trader

(BUT I am versed in Maths so I could write three pages lol on that whole EDGE thread assumption that a normal distribution for their suggested Bell Curve usage AS EDGE would be extremely risky in Forex due to its non-standard volatilities especially in these current currency wars, and while they are not acknowledged openly, in my mind the Fed has jumped out in advance of others and where the original currency wars were a race to the bottom lol, NOW that has flipped and the race apparently is to the top with rates, and god help us all as mere citizens in our countries unless someone puts the breaks on soon - but I digress).

So the Day Open is only visual for me,
The Day Close is useless for me as I am asleep then lol.

Those Monday gaps we get are sometimes because the Forex markets in some places trade for a few hours on the SUNDAY, so there has already been trade action somewhere and price can move on the Sunday & then shows up on our standard FIVE DAY NEW YORK CLOSE CHARTS as a Monday Gap.

(but I don’t know, don’t care, as I NEVER trade AT the 00:00 opens anyway, sometimes there's 20+ pips spread lol, and in fact I usually wait about three hours after the kick-off and hope some expansions have begun in that time before I take any trading notice).

I will always answer a direction question or quote link but I try NOT to just post independently as the posts (like this one)
are always an A4 sheet long at least, sorry
(it’s how I talk also lol).

cheers D-M

Careful -you might rouse them from those places

@TimeTells

Is this what TimeTells calls "Inflection Points" ( Zeppelins) ?

Closed 3830
See 4 hour chart -not risking big pullback and risk those points

That's it for today. Not risking my earlier gains by hanging around for the sake of it