Skracor's Thoughts and Journal of Trading

Adjusted G/J short entry if there is no new Higher High.

Hmmm

Well I probably need to explain how I am coming up with my charts so there is no confusion and those that wish to make comments can have a basic understanding of what I am doing.

First chart. I am starting with the H4 chart(This is a Top Down method) to plot major S/R(H4 is only used for S/R nothing else after I have these plotted I will forget about this chart until I need to plot more levels).

I am using a couple unique rules to plot my S/R.

1.Starting from the farthest right I am plotting the swings as they move away from the current price.(Try to imagine that the red line is the current time)

2.Only the closes are used.(No wicks)

3.Price doesn't cross through my levels multiple times.


Lastly I consider all S/R to be zones not hard lines so price is free to move back and for through them without having an entry.

If I have not been clear enough on this post please ask questions and I will certainly answer them.

Chart for Kyrt.

Sorry ignore the two charts above and I will continue with the explanation.
And I took a G/J short for +20pips for tonight.

Next thing I do after plotting the H4 S/R is plot the H1 S/R and TLs.

H1 S/R Rules:
Same as H4

Side note: I am not looking to identify every possible area that might act as S/R to the Pip. I am looking to identify the areas that the most traders, be they retail or institutional, see most of the time. These IMO will be acted on the most often.

Side note 2: The H1 Time frame is where I am taking the most important information, Trend and Trendlines etc.

My simple definition of Trend is Higher Highs and Higher Lows, or Lower Highs and Lower Lows. As simple as can be.

H1 Trendlines are plotted last and follow price very closely. They are also very logically placed and can be repeated over time, they are not very discretionary.

They are not rigid but fluid, following price instead of dictating to it.

I only place TL's on the Open price of a candle that is the same color as the direction I am going. For example if I am trying to draw an upward TL I draw from the open price of two bullish candles. For a downward TL I draw from the open price of two bearish candles. There is also a retracement between the two points.

You will have to look very closely at the chart to understand this method.

I like this level for an entry short if it wasn't so late in the asian session. I am going to wait for the LO to do any more trading.

Good pips to all.

Looks like its going to be a bit of a wait for anything to happen. Ahh, patience, I wish I had em.

Long Entries if hit, if not. If not will wait for Price to tell me what's next.

Removed the Cable Long entry order(no entry). Will hang on to the E/J and E/U entry orders for a little longer.

Okay added +20 pips to the acc. on the E/U and E/J long trades. Too tired to keep going so good night/morning to all.

Thanks for all your charts and setup areas, I will try to check in daily to work along side your trades, let's make some pips this year.

Have a great weekend, chat with you market open.

I had plans to work on my charts tonight, longer term targets and chart setups for the week. No connection on my MT4 platform and charts that aren't up to date put a quick stop to that. I am going to try my hardest to have them done before market open tomorrow, but I'm not sure how soon they(FXCM) will turn their servers on after Friday's problems.

The good news is I have a plan for separating my intraday views from my longer term views that should make more sense. Up to now they have been a jumble in my head and getting them straight is going to improve things.

Should be back for Asian session Sunday night, if all goes well with the Colts, and will trade the LO for sure.

Okay almost up and running for the week. Got about half my charts updated and ready for trading.

I added one aspect to my charts. No it's not an indicator if that's what you are thinking. I am going to mark where the lows and highs are IMO right on my charts to increase the ease of trend identification when I am all the way zoomed into my trading timeframe.

Longer term charts to follow in a few moments.

Gonna be a long post because of charts.

All charts are the H4 TF. Potential turning areas(S/R) are taken from the Weekly and Daily TFs. Trendlines and HH HL LH LL tags come from Daily TF. Will update the charts with potential acceleration points.

Note: These charts are for the benefit of my lower TF trades. The areas I mark on these charts will most often be accelerators to trades taken on smaller TFs.

Cable M15 chart. Will look for longs at upper rec and shorts at lower rec. Shorts will be held longer by reason of the down trend.

All my crosses bounced north giving nice entries into each showing the way for the next couple hours I think. Only one to not truly follow was the Cable, hasn't hit either of my areas. Things are much cleared up on my lower TF charts, now I will feel much more comfortable taking positions.

Looks like long break out setups on 4 crosses.

Cable short from right around 1.6098.

I see H1 trend is down.
H1 TL swing up is breached.
Previous M15 support is breached.

Have in a tight SL in case it is a true fake out. At this point the likelihood of a fake out is much reduced.

Things can be tricky this early in the trading week so I am going to see this trade to completion before I go for a couple hours sleep.