Refresh and with a new mindset

Hello,

This is David again. I had some rough patches with forex with indicators and with time. So I wish to commit and adapt new changes and new rules. Complement with Peter Bain but without the indicators I decided to take heed the trading system of JohnW and James16 and Jacko. Purely price action as king.

Anyone care to share their experience with these 3 mentors and their trading system and how much they have change your way of trading in the forex?

Cheers
David

don't know who johnw is - james16 can change your whole outlook on trading- and jacko - heck of a methodology- but his followers don't seem to understand he is only a teacher - at some point they need to go beyond the teacher, what I like about Jacko is that everything you need to know is on the first page of his thread.

PS: I had to look up johnw - I thought maybe something important. - found him on my ignore list
Back in Jan of 2008 I made a New Year resolution that I would add anyone that started a thread w/ Holy Grail in the title to my Ignore list... I think he was first one - didn't bother to read it - LOL - Maybe ill chk into it in 09. It's an exercise in discipline.

This is David, yesterday at the London open manage to bag 70pips as EUR/USD is getting weaker by the minute and you know what?

My only indicator is MACD for divergence
The rest is price patterns, price action Support and Resistance
And trendlines.

Boy when you take out the lagging indicators you can really see much things clearly.

On the 1hr chart you see a head and shoulder pattern

On the 15 min chart you see a double top, notice Peter Bain pivots point seems to interact with the price action, notice the doji candle signaling sell me sell me.

would you have taken this head and shoulder if there was a head and shoulder in the opposite direction on the H4?

Hi there,

Another scalping opportunity on the 5min chart.

I think it is an obvious answer. The overall trend is down, fundamentally the ECB is not lowering rates because of inflation, US sentiments surprisingly is better then predicted.

And on the 4hr chart there is nothing on the reversal. I think EUR is not having any reversal for the time being.

Look out for this friday non farm payroll. I think US could get hit again.

My current setup.

Case Study #1 – Why You Should Let Price Come To You

What Went Wrong #1

I had this trade yesterday night 19 of December 2012 going bullish after seeing somewhat 60/40 inverted hammer. Didn’t have the time to monitor as it is almost 2am Singapore time.

Lesson #1 - If you can’t monitor don’t open trade.

http://tradeforex4freedom.com/wp-con...2-1024x406.png

In this case, I didn’t let price come to me. I went in despite the fact that it was late and I assume price would reverse. Looking at the amount of stop hunts the market makers have done.
At last after I woke up on the 20 of December 2012. I found out that I didn’t set any stoploss and price ate 4% of my trading capital. Ouch!

What Should You Had Done

If worst case, you decide to hold on as price always shows more volatility then needed. The image below shows where you should had gotten out.

http://tradeforex4freedom.com/wp-con...r-1024x426.png

Well I guess this is part of parcel of trading, but to have sustain loss more then I should, cannot be forgiven.

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