MY Journal-phil13

stopped out on the two trades now, i am going to remove the scout as well but keep an eye on what this does still.

another trade..... i do not intend to hold this for long, first sign of buyers or it gets to my overnight and i am out.

as i trade my charts pretty much 'naked' i thought i would document what i see but do not draw, the lines make the charts confusing for me.

this is an orderly market price structure in my view.

sending some more troops in at the top of the range.




scouting the trade that got stopped earlier.....

oops... this one is not look as good now time to kill the scout, its done its job!

removed all trades on this pair now, as i said earlier it was only going to be a short term trade, it is near my overnight and i am feeling a bit tired so i am better off out of this trade now.

calling it a day now.

i can only see three possible opportunities this morning in the gbp/jpy. gbpchf or gbp/cad, there is gbp news this morning (in 2 hours) to be aware of, so i am just going to watch for now and maybe just add a scout or two at most?? or maybe not?? time to exercise caution until the news has passed i think, remember i follow not gamble.

yesterday i ended up trading the gbp/cad (a counter daily move trade) i do not think i should document that type of trade at this stage in my journal as it should only be attempted after you have collected enough foreign capital through trading with direction and the current buyers/sellers in my view, hence not posting.

i am now going to introduce another tool that i use to help find possible opportunities, i think there is enough here now on finding direction with the new buyers/sellers. this tool actually opens up a lot more trading opportunities but it must be used with the knowledge and experience of the market price structure (the pump then rest orderly or disorderly market PA) or it will be of little use. i have used the fib tool here and deleted all the measurements but the 0 and 100, i have replaced these numbers with the words 'high or low' as you will see below, i am only interested in the pump of the swing and how price reacts during the 'rest' i do not need extra clutter on my chart or in my brain to help confuse me in an already hard and unpredictable situation, all i look for is continuation or failure (buyers or sellers) here, this allows me to adjust to what is going on in the market and keeps me trading the current swing 'rest' looking for the the bit i want to profit from 'the pump', this is why i never chase a move, the 'pump' can 'rest' or fail at any point, it has taken me a long time to get to grips with the many different ways this can and does play out (there are still some i have yet to see and recognize, i bet), again this is a case where only market experience through screen time can really teach you about this, but i am documenting the basics of what i have found.

entering another scout...... i did not enter any troops on that first run/pump because of the news that was due out i do not gamble and i do not chase a move, now i will be looking to enter some troops here if this turns into a 'rest' and i see more sellers entering, but just another scout here for now closer to the price to help feel what is going on.

sending in the troops....

rescue mode....... out at about breakeven.

more now on how i use the new tool i explained above, i will be looking at these on monday to see if there are any opportunities to trade.

Have a great Thanksgiving my friend!!

have a good one yourself my friend.

I did not posted any charts last week due to the fact that I have not traded much, what I want to document/look at closer now is line charts and the swings that can help me find opportunities to trade, The market is run/traded on emotions, learning to control yours helps you see things clearly and teaches you not to EXPECT anything, this part is a very personal journey and each is different for everyone. Those who know me from the ‘TAF’ thread (see first post) will know I suggest to people who are having problems with market structure and becoming constituent with in it to look at line charts, I personally found it easier to see the ‘structure of price’ in these types of chart, from this I devised a simple way of attempting to ‘read’ them to help me with current trade direction, you may notice when I post charts now they have only one colour for all the candles!, as pretty and as good as colourful charts make you look when telling/showing your friends or massaging your own ego on how you analyse and form predictions from them, I have come to believe that they actually hold little value most of the time in telling you much about direction, I think the problem lay within the first learning process in this field when we are lead to believe they or other T/A things are some sort of grail, a few trades up I highlighted this during a trade, it may just be me (as everyone else seems to swear by them) but I would go as far as to say they can and do often (to often) confuse me, I have studied and read everything I can find on them in the 5 or so years I have been doing this now (only retail for myself) and I still cannot get it to work consistently for me, I think the problem is that there is to much information within each bar for me to be able to relate to the pattern/group/set that I am looking at and make sense of it most of the time (it is often very conflicting I find), of course then you have market manipulation to create set ups that look good but are meaningless as the price goes the over way, as I have already said in my posts above certain set ups in the right place/time can have genuine meaning but again where is the right place/time?? I do not believe that studies from the past dictate the current price movements just as I do not believe anyone from the past can foretell our future, sure you can match SOME things that people have said/predicted to current events with a little imagination, I can draw a line on my chart anywhere and at some point in the future price will bounce off it at SOME point eventually and the more lines I draw the higher this possibility is. This is why I personally think that knowing market/price structure is a better way to trade, those that do use lines from the past for prediction and make it work, great for you, but all I am saying is I cannot see how or make it work for me consistently enough and it is really the thing that gets pushed on you when you start out in this.
So I am going to now post line charts as well and trade them showing what I see in them, why I am taking trades according to my knowledge and experience of/with price structure, this is where I have been able to make FTI’s skews really work in my favour, I have pretty much posted my trades live and I will more than likely continue to do so mainly, please again I say do not copy my trades I am not cherry picking the ones I want to show (although be aware I am not posting all/every pair I trade every time), any opportunity that presents itself however you find it can and will fail to go in your favour now and again, what is important is consistency in protecting and growing my book not whether I win every battle and enter at the absolute top/bottom of the move I am targeting, this where I found following the flow a much better/safer way for me to trade.

Those who read FTI’s thread will be wondering why I have an indicator at the bottom of my line chart, for some reason I hear people saying that it is taboo to use such a thing, well i have read the first part of his thread a few times now and that is not what he said in my view, they are a tool just that can do a job or make a job easier, I do not use this indicator for any other purpose than helping me plot the market/price structure, it makes this task easier for me and takes the guessing out of it, I admit I do not have the experience to this part without the use of a tool, as you will see I have lost the moving average I used in the charts with candles and I will now flow through the time frames tracking the move.





looking at this same daily chart with candles and the information is harder to see or even lost.


here is the charts with only the information on i use, very basic and very easy/quick to see/read.

ok, i was lazy! went to bed early so missed the weekly open and the opportunity on the aud/jpy has now moved quite a bit so i will not chase it now.....



here is another i am currently watching on the hour, to be noted in h1 it has a double bottom and not a true 'take out', by definition but something to be aware of, should be plenty of room for some pips if it retraces down without making a new low and if it break to the upside maybe it has some way to go looking at d1 possible retrace.....lets see.

scouting..... looking at M15 for possible troop entry now.

adding some small troops here....

update.... my thoughts on this trade.

knocked it down a time again to M5 and added a bit more..... mindful of news soon.