the key to the mint

Removed the incorrect Note

Thanks Harold; don't want to confuse anyone so removed it from post.

Hope to see you in chat today.

Steve

Here is an S&R indicator that draws horizontal S&R lines if any one is interested.

Thanks Dave, I'll give the s/r indicator a look. Bob

Thanks ozziedave for the indicator. I like standardized analysis. I tend to draw too many lines. Will give it a try...
Steve

I missed this trade but wondered if this was the best trade that happened Friday? If not when did the best trade occur?

Once I understand more I'll post more trades.

Thanks,

Steve

Steve,

I missed this gbp/usd trade also, but it looks pretty good. Notice the bearish divergence between the rsi and stochastics with price, right at the london open. This trade would have been good to hold and ride the 5 ema for extra profit. This seems to happen alot at the london open. Something for us to consider. Thanks for pointing out this trade.

Dave

Hey OzzieDave,

Good to see you back!!! Your posts on this thread have been very helpful. http://forexfactory.com/images/icons/icon14.gif

Cheers,
Dave

Hello Harold4x
Great system and easy to understand. Will add it to my trading repertiore. Hope to join you in the trading room next week.

Hey Steve Good Eyes You Are Getting The Hang Of It There Was A Larger 123 And Then There Was The 123 You Spotted Within The Larger One Again Good Eyes

Harold,

Thanks for your response.

Do you hold on to your trades beyond the 123 target when you see the divergence we had on this Gu trade as Davema suggested in his post?

Somehow I have a feeling you would accept the 123 profit and move on to the next trade so I'd like to hear how you would handle this situation.

Thanks again,

Steve

Hi Steve No I Dont Observe Divergences Simply Because It Is Subjective I Do However Observe Support Or Resistence To The Left Of Chart For Where My Target May Get Stopped S @ R Is Objective Because It Is Already There And It Therefore Is Fact

Harold:

This is great information. I usually see divergence work but not always.

You teach to trade only the safest entries so will keep looking for those entries that have room to make target or at least reasonable space to next support and resistance.

Steve

Take This To Mind Also If I See Target At Around Same As S @r I Might Take A Pip Or 2 Less Or See The Reaction Around The Level And See If Emas Can Contain The Price At This Point I Could Also Move My Stop To Breakeven To Be Safe ALSO TODAYS TREND DIRECTION FOR ALL 3 PAIRS IS STILL DOWN SO LOOK FOR SHORTS ONLY I WILL ALSO BE IN ROOM TONITE AROUND 8 PM 00 GMT TIME

today was a tricky market but there was a few opportunities. i want to explain a boo boo that i did last night that cost me having a winning day instead i had a breakeven day. there was a trade with the eurjpy last night the entry was 162.32 when price went to 32 it held there for 15 seconds i visibly saw ema's cross but the data value were still the same i should not have entered this trade but i did and it was a loser. shortly after this the gbpusd gave a solid correct signal for a win. MAKE SURE THAT WHEN PRICE TAKES OUT #2POINT THAT EMA'S,RSI,STOCH VALUES ARE TRULY CROSSED IF NOT STAY OUT OF TRADE!!!! as it stands i am 9 wins 5 losses for the month for a 12% increase in acct

All 3 Pairs Continue To Be In A Downtrend So We Look For Shorts Only And I Am In Room Now

Harold,

Please, Just wanted to reconfirm.

Stop is 1 Point above the 3 High and target price is difference between the 2-3 point (plus 1pip extra for the stop?) and the spread.

If entry is 1 pip below/above the low our target is then minus/added to that?

Some trades GU hits easily first chart, EJ doesnt for Break even - any comments?

Cheers

Red

hi redart if you look to left you will see an area of support so when price comes down to it see what the reaction is you may have to take a few less pips or move stop to breakeven if the reaction is violent the trends are still down i am in room now

harold

how did things go last night? when i left it looked as though there was a pretty good setup getting ready to run down.

Mike

things setup but never triggered. this week has been tough the setups were there but never materialized. the only trade was monday. well it also means no losses also which is a very good thing. as i have said all along if there is 20 trading days a month and you trade 2 sessions you have 40 days of trading to find say 15 trades and get 9 or 10 of them right that will produce 12 - 15% increase in you acct. do that over a 6 months and you double your acct. this is a marathon so patience is truly important

Your right and I could not agree more...that's why I am along for the ride to learn the patience and confidence that you have obvioulsly obtained over time with this system.

In my opinion patience with the setups, confidence in the system and money management equals success overtime.

Thanks for letting me in...see ya in the trading room.

Go Cubs

Mike