Sonic R. System

Long too @1.5934..although I think it will be just retracement..

1.59487 GU Long me too

GU Comment

Well, I want my ticket money back! This show is a no-show! (so far)

See, the market cannot move it lower because that would indicate dollar strength, and the market is not ready to play that card yet.

The market cannot move it higher because that would indicate GBP strength, which has already been done and exhausted.

So, wherez it goin'?

Calm before storm..



Sonic

Nice

Told Cha..




Sonic

Hah.. target 2 reached.. lovely

I'm out took 7 pips..

now my turn , EUR ep2 short

In EU, I took only 8pips for testing base on Vol again. It's so early. But base on this, It's so easy to take a EP

15 hrs later..
Told cha




Sonic

London opening session was extremely frustrating from a 3 dragons viewpoint. Whipsaws abounded. The entire London session ranged about 19 pips in GU. Best to stay out until things move. Of course I did not, and left a mountain to climb. I finally decided the GU 3 dragons after the early news was probably a ruse for triggering longs before a short run, took a long according to three dragons but had to wait until the US news to catch the spike and bag my pips. I took a much smaller position at the top in anticipation of a drop (not three dragons) which yielded more pips. It would not be practical or helpful to post each of my trades as plenty are just dumb and whilst I trade with a live account at Duksacopy I enjoy tight spreads making this sort of trading easier. I am also trading micro lots whilst I prove 3 dragons or not over the next three months. I tell you all this just to highlight it is very hard to consistently deliver profits on intraday trades and I have rarely seen anyone do it succesfully who is sticking rigidly to one system or set of rules. Experience seems to be the main determinant, underpinned by careful cash management. Look at Sonic. He has a raft of experience and knowledge gained over the years and is probably one of the most consistent traders here but is constantly evolving his technique. 3 Dragons gives me a framework to operate within and hopefully prevents me making stupid mistakes and blowing holes in my account.

Over on UJ a classic three dragons was available for 30 pips. Again I took this early seeing the stop hunting on the news item and anticipating an upmove to get 37 pips. End result up 47 pips but inconsistent. Take all that as health warnings.





edit: To break my 50 pips for the day took a quick 5 from UJ on its retrace and WRB at 13:30. Important as yesterday I was marginally underwater.

+5 Pips GBP-USD Short Trade less then 5 Seconds
+6.6 Pips AUD-USD Trade long

GBP-USD 1Min scalp
+7 Pips

EU & GU Comment

EU
This has taken on the appearance of Distribution.

First, the hard push up of the price into a higher price "zone" established the potential for a "range" of much better prices for the purpose of closing longs and opening shorts. Second, the next notable push up while price remained within this zone, may well have been to suck in more market liquidity (via longs entering the market) for ongoing shorting. Now, since this second push up, the overall volume has been declining. This brings two considerations to mind: shorters are running out of liquidity (there are fewer and fewer long orders transacted), and if they are running low on liquidity then the bear run for profits looms closer.

GU
Is this really any different? No.

Conclusion
Downside is coming. The market is only waiting for the right moment to initiate. The common factor is the USD, so one thing the market might be waiting for is the USofA Republican's Debt Ceiling Circus show to end and leave town (October 17 is first next date of importance).

here comes the new challenger !!!
"ECB President Draghi Speaks" in 15 mins!

Lesson in Price Action, Volume and S&R (PVSRA)

Look how the price started up with gusto, faltered at highs and now takes on a bearish look.

As the price started up from below the half number the volume rose with the price. As longs were attracted, the bear MMs took increasing advantage of the liquidity for shorting. Eventually, above the half number now (PVSRA), the volume waned. Longs no longer were attracted in and so the liquidity for shorting died off. Continued shorting follows, as the price drops lower, attracting some more longs into the market. The volume had dropped off because still the price is too high for most longs.

All this is action that has taken place once the bear MMs hiked the price above the half number SR. PVSRA indicates the MMs are still bears.

Do you realize this is SonicR on M1, using volume as an entry qualifier? The high volume is the qualifier in addition to "...let the Dragon and PA show the way..." Not the 2nd and 3rd Dragons, which actually were still angled up!

When price drops fast, it usually bounces. That means while waiting for an exit and thinking you missed the best one because price starts rising, by exercising patience most of the time the price will drop back down to another low that is either a bit higher or a bit lower. Taking the second low achieved (not knowing if this would be the last low or not) and exiting during the brief consolidation in the area, 20 pips is achieved.

As Master Sonicdeejay has continuously maintained, "....and a 'lil bit of volume...." BTW, that top PA, including the spike, was just above the quarter number SR.....PVSRA! That is where the MMs took the price to prepare for the planned run down. And, if you look at the M15 you can see that the same setup occurred twice today, once for the LO MMs and again for the US open MMs! And since the US open MMs have not run it back down so far as the LO MMs did, you can tell that they are all more interested in loading shorts than running for profits right now. Running for profits will come later, and be bigger.

Quick EUR/JPY Scalp +4 pips 1min

ForexSwag,

Are these reports on quick trades by you, of gross or net pips gained? And even if net, is 4 pips, and others similar to this, worth it? I am not criticizing, just trying to understand.