Flying Dutchman

Here is my current Japanese Yen Futures chart. Keep in mind that if you trader forex, the Yen futures will print data inversely to the USDJOY. This is because Yen futures are for Yen priced in US dollars, while USDJPY is US Dollars priced in Yen.

End of London timing window finished with an "M" reversal with engulfment for a short entry as price failed to hold above last week's low. I got to the party late and I did take a small scalp short which is now closed and I will not trade until at least a couple of minutes after the 8:30 AM NYC time release of the CPI data as that is often a market mover for USD and gives market makers and institutional traders the cover they need to pick both our front and rear pockets.

Under non-news pending circumstances, I'd have reshorted with a limit order the test of the engulfment candle low which occurred just as I took this screen shot and my profit target would be the nest of pivotal levels below (today's open, yesterday's close, and yesterday's low. I'd take partial profits there and hold a runner for a possible test of today's low. I will not enter any trades on any instrument until after the CPI data is released.

I am not meaning to predict that the Yen will fall and the US Dollar will rise today. I am simply noting that the current position of the market indicates that that is somewhat more likely to occur than is the opposite.

EDIT: I've said this many times before, but again, my approach obviously depends heavily on the teaching of Stacey Burke and his teacher, Steve Mauro. As bluesteele says, "Timings, levels, behavior of price."

Good trading to all today.

I don't necessarily annotate these charts in this much detail for my own use while trading as trading this way does become a "once you see it you can't unsee it" way of viewing the markets and price. I just wanted to add a few notations to show that the market can go up or down, and whichever way it goes, there are levels at which the behavior of price will show us the direction of the next trade.

The fun begins in a few minutes I guess

They say a picture is worth a thousand words.

Hmmmmm

It takes big gonads to show a chart with an expectation of movement.

It is however, just an expectation.

It's what we do next that determines whether one is a trader, or not.

I like your charts, as well as Dave's Murray lines and the usual suspects...they know who they are

Great chart Vid
Exactly WHY our markets move (imho).

Hi Dave,
Here's my GJ review chart after a Red News day.

For new traders I might humbly suggest
Trade before the news, Yes
Having Open Trades during the news ... (well, only if you are trapped & can't do any risk management)
Trade after the news, yes

Trade safe, trade well folks
(Red News today for GBP, CAD & USD)


.

I could live with that
But hey
I am trying to become a Guru
even got my version of
Market INTENT now

It's a fun game indeed,
All the best Dave

Yep sure is
Job done today
Gives me a decent week

Yen Futures stayed inside the range of the 3 or 4 seconds after yesterday's CPI data release. Today more inflation related data set to be released at 8:30 AM and the Yen is rallying slowly back to yesterday's midpoint. I'd not be surprised if the news is a nothing burger and we see a tight inside day, and it also would not surprise me if the market does what it did yesterday, quickly taking out the extremes of yesterday's range, creating an inside day.

I'm predicting nothing and again I will not trade until after the news reaction subsides and even then if and only if I get a set up. Yesterday I did not, as price never came near the high or low of the day nor any of the pivotal points I use, e.g. previous day's high, low, or close, previous week's high or low, etc.


Zoomed out for additional context

Same ideas
Just viewed through different glasses

Pre drawm levels from
20 years ago ?
ps
Given you about a constant week of posting
My Way
to playing the game
Yes only one of many and definatly
NOT THE HOLY GRAIL
time to give you all a rest now

Good luck too all

Yes, a decent day & week here also Dave, and well done sir.


Really no reason all traders cannot do well also, as the market does its same thing over & over.

The only variable then becomes OURSELVES

The market is a repetitive cycle, and once we grasp it we cannot not see it again.

-----

GJ Yesterday was just another day of the stepping stones, moving from one trader attractor to the next,

Seeking & finding its new liquidity I would imagine, as the market stops (and then rests, lol) in between these stations, as we can see
Maybe to aggregate its current position, where some traders will TP or SL

And then the market en masse regroups, re-accumulates some more traders, and moves on to the next stop


All of this can be seen each morning, and with the “steppers” available in advance

(see right hand side of this chart, known after the just first hour of the new day ahead)
https://www.forexfactory.com/thread/...9#post15025589


Imo keep all the charts coming folks imo, I love seeing them all
Anything we can do which might help or show new traders the Market Mechanics
(as we see them ourselves)

Older & more experienced traders of course, will have seen all this before
(Wyckoff put it all in a graphical format for us about 100 years ago)

No one way to do all this stuff, or one way which is best
Nothing new under the sun


Trade safe, then trade well all


.

Okay, Monday morn

All stations & trader attractor target levels are known, and ready, for our day ahead


Only ONE group is missing


You guessed it ...

The BoJ are having yet another ... Bank Holiday

Trade safe, trade well all

Quotes Liquidity & Other such things
(yes I’m bored watching the grass grow charts hahaa )


So, BoJ on holidays (again ???, ffs lol )

What does that mean to the Yen pair markets today
Well who knows

If retail japan are enjoying their day off then they may actually be trading more (again, who knows) but it doesn’t seem like it yet, to me.


Some food for thought, for new traders maybe (see slippage below),

Now, my understanding is that when we place any trade our Broker is supposed to get us the best quote "available at the time” from the, maybe, five or more liquidity providers (LPs) they get their feeds from.

So when I place a trade and it gets picked up immediately I can (almost, lol) guarantee that it is one of the LPs that takes this trade and NOT another trader who is sitting just wanting the same exact but opposite trade at the same time as me.

I will then assume afterwards that LP will offload my trade at some point to another trader wanting the opposite to me OR the LP might hang on to it for a while aggregating it among all the trades they took and then look at their own balance of buys/sells to see if their risk profile management says unload ‘em or hold ‘em
- who knows.


So liquidity (when the BoJ is again on hols)
Well I don’t know, but if liquidity is (very) low then higher volatility might (later) come in to play as it seeks or trys to attract liquidity
Else the market remains somewhat stationary & balanced (ie buys vs sells) and the market price goes into an inflection point ie with breakout imminent.
But when that occurs who knows.


Either way, the GJ has now run 3 x target trader attractors already this morning
For a 47 pip high-low move so far (which includes the opening gap fill)

While my only trade so far has achieved 7½ pips lol (net, though ),
while with a ½ pip slippage on entry I noticed visually.

Is that slippage a trick they pulled on me? Initially I used to think so hahaa (paranoia?)
But nowadays I just assume that the best quote feed from my Broker LPs I saw on my chart may have “instantaneously” disappeared just prior
if another trade/r got in the queue ahead of me.

And therefore I just got the 2nd Best Quote available, which was a half pip worse.
I don’t take this stuff personally (anymore lol) as I have had positive slippages also (on entries AND exits).
It is what it is.


I am just waiting patiently this morning (thx BoJ lol) and really wanting to see some more volatility to consider a trade now while reading some material in between.

Trade safe, trade well all
(back to watching the grass grow again, courtesy of the land of the perpetually reoccuring banker's holidays )

The only way to avoid slippage is by using Limiit Orders, where you are saying fill me at this price or better (positive slippage).
Con: you may not get filled if price doesn't get to your price.

The other alternatives are Market Orders ( fill me now ) or Stop Orders ( fill me after price has moved ) which will have little or some slippage
depending on how your broker operates.

Targets & Attractors levels as you put it, will be areas you would enter / exit positions.

The " Grind" is usually where brokers are trying to get traders to take the bait, towards the real large orders that are waiting to get filled in the opposite direction. Todays example by returning price (pullback) back to Week Opens, holidays or not.