Tug-of-War Journal

Oh yes, today is the day!

I'm watching this one to see how this candle closes.

And I'm short.

Hmmmm MTF...

Possible aud/jpy trade scenario. Maybe failure at 81.00 level, followed by TL and Support break out. Short from the 79.60 area. Target Weekly TL and 77.00 area. Would look for bullishness to come back in at this point.

GBP/USD analysis. Not enough reward to take the short, but maybe the long would be worth looking at.

I have been waiting for retracements to begin... but they will need lots of confirmation before I will risk anything to ride them.

usd/jpy analysis showing two scenarios I could see easily happening. The down move is still more likely at this point. But who knows...

I am considering this as turning in my homework to be graded/trying to solidify my own trading style in my head through continuous repetition.


Long wicks(A) signal trend weakness IMO. NOT trend reversal, but weakness only.

Possible early entry candle(B) using lower TF for the entry.

S/R broken signaling possible trend reversal(C). This doesn't mean the trend is fully reversed but only that it is more likely on this TF to be changed.

I also marked out some other S/R breaks that follow the trend(solid lines), and some areas that I see as prime pullbacks for following the trend(arrows).

Seeing some weakness in the cable uptrend on the Daily chart. Might turn into a nice opportunity to the down side if this minor support is broken. I would not be looking for a long down run unless the 1.5750 area was strongly broken.

Weekly chart shows a little indecision. It is interesting there was no close above the previous swing high. A break below 1.5750 area is the turning point for at least a small correction IMO.

Always nice to wake up and have your thoughts confirmed.

Now its time to wait and see if 1.5750 holds or breaks.

Scalped 26 pips out of the market in the last Hour and fifteen minutes. I wonder if this is what some refer to as, "trading is easy"? If this continues I guess I will have my answer.

Took one scalp this morning for +10 pips. There were two secondary entries that I did not take. In the future I want to work on taking advantage of these opportunities as well. Secondary entries would have added another 39 pips to the total of the day.

Also while watching my EUR/USD trade I missed a breakout on the EUR/JPY. I saw the two points where orders could have been placed and I just didn't. It's my own fault for missing them.

First trade of the day shorted EU. TP at the M5 200EMA manually closed +17 pips. I took this trade as a continuation trade instead of what I would call a breakout.

Observations: Very strong initial move against the M5 trend. Looked like it was time for a retest of the 200. Price had already moved and closed through the 89EMA. It was a retracement back to my 8s zone. there was an obvious pinbar. Price was already moving away from the 200EMA on the M15 TF.

Waiting for a solid reversal candle on the Cable to short from this retracement. If price closes outside my 8s zone Caution will be the name of the game. One minute to the close of current candle.

Sold on break of minor double wick support.

Closed Cable short -17pips. Am in caution mode and will wait for a break out for confirmation of direction.

A little bit more difficult break out to identify but i should have known. Got to have good reflexes.

Let's see who has the weather gauge today.

All lines drawn at 3:28 A.M. Est.

levels...

Support is made to be broken in a downtrend.
Resistance is made to be broken in an uptrend.

Not much has changed since sleep. Small adjustments to the levels. Awaiting better PA for entries.