Price Action System 1min charts

Thanks for the post. I will look Al Brooks.

I'm in Hawaii. I trade the early New York session or when I can the entire New York session. I wake up VERY early in the morning. In fact I wouldn't even call it morning it is so early. What time zone are you in?

can U gibe the link to the room?

eastern standard - I trade part time.

http://www.protradingcourse.com/

Here is the link to their website.

How do you trade the EUR/JPY? I have a hard time seeing the trend lines and S/R lines. I have been watching it, but hardly trade it.

I just use price action.

double top sell offs / double bottom rallies. inside candles / outside candles in proper context. small trendline breaks, That's a few things to look for.
Plus I pay attention to series of 12 candles and the 1h close from the 5m timeframe

I'm still a beginner. Days like today I get chopped up in the trading range. I'm getting better.

This morning (5/12 early New York session) the EUR was fairly dull and stuck in a range and so was JPY. They both broke their ranges later. When I first started trading FOREX I would follow the EUR/JPY and the GBP/JPY. Now, I tend to stay away from the crosses. I find the EUR and JPY to be much easier to trade. I can find patterns a lot easier. I have a daily chart and a 1M chart of the EUR/JPY just as a guage of the market. I watch it like I watch the SP minis. Just as a guage of the market.

Feel free to post some of your charts and setups.

[quote=Rumble;3713812]Hey - I'm taking price action set-ups on the 5m time frame, watching only one market. EUR/JPY. I trade early morning and evening eastern standard time.

I highly recommend you google Al Brooks and take a look at his stuff. In my opinion it is the best price action trading material.

There is a lot of free material including the first 50 pages of his book. If you wanted to get the book from the library you could, but those 50 pages are packed with stuff. Plus there are articles and a few webinars.

[quote]

I looked him up and read some of his stuff. I haven't read the book yet. So far, it is a lot of the same stuff others have written. I am curious to see his sets up though. I might buy the book.

I do some of the things he talks about. Printing your charts and making notes about set ups you see. I do that every day. When I can trade of for several hours I will do it twice. I think everyone should do it as well. I have learned a lot from doing it. I look over them as well when I have free time, whenever that is.

One of the best articles about trading that I have ever read really has nothing to do with trading. Its The physical genius by Malcolm Gladwell. It was published in August of 1999 in the New Yorker. In the essay he talks about neurosurgery and sports and some people who are great aat both. He goes on describe what makes them great. It comes to down reviewing what you do, reflecting, and "pick[ing] up on subtle patterns that others generaly miss." Most importantly to be able to build a mental picture of events in the future.

I wonder if this was an indicator that the EUR was going to sell off. Top chart is EC (futures EURO contract) and bottom chart is USM10 (30 year t-bill futures). The blue rectangles they are both rising in early New York market. The yellow line on the EC is a support line which the EUR touches. I went long for 30pips. The vertical line is where the EUR hits a high and the US hits a trend line. Second vertical line the US hits the trend line again. I went short around 1.2494.The reason for the short was this small move was a retracement in a downward move. The EUR sells off in a huge move downward.

I wonder, since they were moving in the same upward direction to start the morning, did this hint that the EUR was going to sell off in a huge move.

Does anyone watch the USM or use it as a barometer for the market?

Today, again, the EUR and the USM10 are moving in opposite directions. Also, the JPY is also moving in the opposite direction of the USM10. The JY is moving in the same direction as the USM10.

I’m sure this is common knowledge . . . but I just noticed it.

I would be surprised if this continued. I think it has more too due with fear of government debt than it is anything else.

Wild day so far. Lots of rumors. A couple of dramatic moves. With the way the EUR is trading. . . it is either going to be up 2% (its at 1.11% right now), down 1% or it is going to settle around 1.2262 level and stay flat for the rest of today. There seems to be support at that level.

I'm guessing flattening is the most likely. The 30 t-bill is going flat right now. The JPY seems to be flattening a little.

I can’t believe I missed this one. My notes are on the chart. I hope everyone can read it.


I knew there was going to be a big move in the EUR/USD. With the DOW down 300 and ES almost falling off the chart, I knew something was going to happen. I was really surprised when the EUR shot up. I just sat in my chair saying “what the . . . “I looked at the chart a little more and guess what, the answers where all there. I just didn’t act fast enough.

Still managed to get about 60 pips in the EUR with those shorts

Related to Forex or unrealted I'm sure but I thought I would share.

There is about 8minutes to the close as I am writing this. The indexes are selling off. They are coming really close to the May 6th "flash crash" level. The SP's are really close to the May 6th close. The Dow looks to be about 300 points away. The JPY/USD is about 70 pips. I guess it wasn't a "flash crash" after all.

Its been awhile since I posted on this thread. . .

I'm spending more time trading now. I have changed the way I trade a little. I am still looking to buy on support, pull backs, and sell on resistance but I am looking more at support and resistance lines. It has been a lot better.

Since I am spending more time trading . . . I have developed this little problem . . FEAR, fear of loses. Because I am spending more time trading . . I have a lot more pressure on me to trade and to make the correct trades. It sucks because now I have developed FEAR of loses.

I use s/l as 8 pips and profit targets at 30 pips. I am still trading off the 1m charts. I am not going to change that. I've stopped looking at higher time frams because I just get confused and lose focus. I have daily charts but that it is. Anyway, the trading plan is not the problem. I wrote a really detailed one to try calm my fear.

The problem is fear, it has totally taken over. I know all of the trading axioms, "loses are a part of the game" and I've read all of the books. It is all the same stuff. I've seen the videos on the web, same crap, just said differently. You can even hear it in some of their voices . . "I am scared." Like the NFP days. Granted I've lost money on those days but I have also made money on those days. I have made more than I have lost.

If you ever watch fast money one of the guys on the show would say "taken out back and beaten." That has happened to me. But I have always come out of it a little better.

Its amazing, fear leads to frustration. Frustration leads to mistakes. Mistakes create fear of more mistakes. Then you are in this crazy circle of negativity, just like a sand trap. The worst part of it is, you know should not be in a sand trap. You know how to get out but. . . . you get sucked in and then you can't click the mouse to buy or sell.

It was probably too early for me to donate more time to trading (I use the word donate because that is what I am doing) but life is all about taking risks. I have taken lots of risks before, moving to countries where I didn't know anyone nor the language and I have suceeded. I know I will succed at trading. I know I will get over this fear and learn to balance the pressure.

Maybe this ramble will help. . .

Side note if the jpy goes below 91 I don't think the eur will hold above 1.2100. 1.2070 area seems to be area of support and resistance for the market in general. If the eur goes above 1.2070 it can go higher. If it falls below 1.2070 then it goes to 1.19something. Then the stocks fall with the eur below 1.20.

If anyone reads this thread. . .

Would you be interested in some kind of discussion,chat room. Either on skype or a chat room or something.

I'm not looking to sell anything, gain anything, teach anything, just to share ideas and talk.

Some ground rules would have to be that we trade from 8amest, trade 1m charts, trade similar pairs and similar styles. Maybe we would have to e-mail for a little while to see if we can do this.

Again, I am not looking to teach or learn or sell, just talk.

[quote=daniel242;3809865]If anyone reads this thread. . .

Would you be interested in some kind of discussion,chat room. Either on skype or a chat room or something.

YES

If daniel isn’t interested in setting up a chat room take a look at this one.

nomantisfx.com

Completely free, no one is selling anything. It helps to have more than one set of eyes on the charts so its just a few good traders trading with PA and quick scalps and trying to help each other out.

Is this chat room still active?

It is active. They're usually there starting around 7:00 EST. I haven't been trading lately but I'm going to get back in the chat room again.

I logged in today at 7:45am est and no one was there.