On My Way To The Top

the reason for my entries today is divergence on multiple time frames coming down from the one hour and it was nice hidden divergence on the one hour which suggests continuation of the down trend and so it did on the lower time frames if finding an entry on the lower time frame and such and thats where the trend lines could come into play and the rest of the stochastics....makes for a nice combination...

sell taken on 15 minute and now free trade as stop is set to b/e

Sells on EU GU AU
Buy on UC

EU out at +2%
EG out at B/E

AU knocked out at break even and closed USD CHF for +2% with GU just knocked out for break even as well...

My reason for closing out the USDCHF trade prematurely was I just figured it was within the realm of its daily range and everything else seemed to be slowing down with their bearish moves and so I figured I may well just go ahead and close it out... sheesh...I need to listen to myself sometimes...the usd chf had a nice spike up to the four hour trend line I had drawn on there and now would have been a better time for me to take profits and have a bit more profits to take than I did but oh well...I can't get all the pips so anything on the green side is ok with me...

I met my daily goal of 4% on the sell on the eurjpy. However, I did take a sell on the audusd that was a breakeven trade. I wanted to know if you would set your trade to breakeven because of the resistance at the pivot point. Price bounced of the pivot point twice as you can see in the blue box.

My answer to that would be that the entry was a legitimate entry and as such we are typically trading with the trend and momentum and as such you can see that price is also bouncing off the moving average which is creating a descending triangle which is a consolidation pattern if you recall and as such price would end up breaking out to the downside another thing is that at that point price was not at its daily range which is one of the main things I consider when closing a position out early...it at a daily range and meeting a support or resistance level like that as I did on the usd chf buy that I was in earlier...and another thing to note is the small hint of hidden bearish divergence after the first touch of the pivot that you are denoting...but coolness...nice pips...it seems it would have been a break even trade either way...

Hmmm isnt that something...got knocked out at break even just for price to do this...

Its a Friday night and I'm home alone so here I am posting on forex factory but either way this is just some more interesting trend line stuff...

I'm starting to like channels from the higher time frames which extend a bit beyond just trendlines as it defines prices main direction overall as well and also a nice set path and targets and such to trade with and in if that makes any sense at all...

But of course it seems one must still use corresponding time frames to do so i.e the one hour to the 5 minute and 4 hour to 15 minute and one hour goes to daily and so on and so forth pretty interesting stuff...

Oh and of course the daily lines and four hour lines can be used on the 5 minute and should get considered when looking at the 5 minute as well...but just nothing too close like the 15 minute and the 1 hour although you can still consider but just dont put too much consideration into taking a trade based solely off of that..

I like the concept...I dont know but using multiple time frames just seems to compliment me and my personality and what would appear to be my trading style very well...

Also another interesting concept is a channel within a channel (what do I mean?) Well lets say the daily is in a bullish channel and price is bouncing off the middle of the channel and on the four hour and 1hour there is a bullish channel to ride price up to the middle of the daily channel and then to the top of that channel...at least it sounds good in my head...

I know someone somewhere out there works with these lines in such a manner or does something similar but I just never have come across it...

It would appear all one needs to be able to trade successfully is a way to identify the actual trend and a way to get in....

Pretty simple stuff but just have to find what works for you and fits whatever your trading self is...

Again I find myself rambling...but in this post will be 5 minute charts with trend lines from 1hour(yellow)4hour(white)daily(blue) and below that will be charts from the 15 minute...


Oh and then lets not even get into 1,2,3 patterns off of these trendlines...

15 minute

1 hour

Now the AU is the only one thats weird in the sense that one can notice the daily and four hour in bearish channels but we can see what the one hour channel looks like in its bullish formation... and that is a clear example on the fifteen minute aud pic what I mean by riding the inner channel to the higher time frame channel extremes where it can be noted the one hour bullish channel guided price to break through the 4 hour median line right to the top of the 4 hour bearish channel where price was rejected to continue its course spiraling down...



hmmm...well thats enough on that now...off to watch some "Bleach" still trying to get caught up...and no I'm not referring to laundry or anything but a Japanese anime series...

LOL I probably confuse anyone who stops by here with my rambling but I am a firm believer in utilizing all the tools available to you as far as reading what the charts are telling you but not as far as adding a million indicators and things to your charts and thats why although I bring out the fibonnaci and talk about that and now I'm talking about trend lines and channels and may here and there talk about price action (pin bars bearish vertical bars or whatever)or supply demand/support resistance pivots and blah blah blah but those are just tools and utilizing the tools right in front of you to create the edge we all want in the market and thats why you will rarely see more indicators on my charts than whats there currently although it may seem like a lot but all I'm really using are moving averages and stochastics... (....end rant)

Not a bad week at all...made about 42% returns this week so beat my goal by about 12%...so that gives me a little bit of room for next week just to give a little cushion in case of anything...

Didn't add in my two trades from last sunday so my total for the week was actually not +42% but actually +48% giving an 18% cushion...

entry ran about 1:7 risk reward so closed half at 1:6 so if it wasoun full lots than it would be 12 percent right now in the bank but since only half than it only counts as 6 percent and letting the other half run as a test to see how it goes with 4 hour trend line target in mind...that level cant be seen in this pic though since much lower....but anyway 6 percent goal met for the day...waiting to see how this plays out...

nice example of price coming right back up to fib level to and being rejected....

target is 1.5459 but I may have to wait for the higher time frames to retrace first before coming back down and just jump in at a higher price...

My first day going live after a couple of months back on demo. I was a bit nervous although my lot size wasn't very big, but I stuck to the rules. This was a very nice bsb trade that gave 4%. I actually hesitated a bit before I got in because it was a strong downtrend on the gbp but all the rules were met for a buy and I took it. I do have a tendency to over analyze.