MY Journal-phil13

M1 can give me very good entry levels and used/read like this is not as fast and noisy as you may think.... in this case news is due very soon so i will not be adding yet.

'takeout' has now followed through to M5, now looking at M15 for a follow through, looks like it needs a retrace to achieve this???but the question is will it turn here or further down to do this???

pulling out and watching here for now....

here is another i am watching, FTI and V were talking about this one earlier, i already had it on my watch list, so this is how i see it.

i will probably miss the best entry (if it happens) as it is getting near the end of my daylight.....lets see??

NOTE.... BEWARE--THIS IS COUNTER DIRECTION OPPORTUNITY.

not watching for shorts in the aud/usd anymore, looks to be bottoming H1.

still watching eur/aud may be nearly ready looks like M5 has a 'takeout', will post if i start a trade.

here is the aud/jpy, skewing in small at the moment....

easing into this one now......



sending in the big guns now......

ooops, lighten the load on this one for now......

seems like you're on the right road keep t up... don't let your bias control you, feel her and go wih flow.


goodluck!

hi dongsky

thank you for the encouragement, it is good to hear from an experienced trader like you.

goodluck my friend.




this one was a risky trade against the main direction (as i stated above), so rescue was always out of the question, i was in with just small trade skews to reflect the risk and i put a stop on it overnight that was triggered....... this is why i do not try to predict!!!!



this one is now marked for rescue, but may yet turn into a profit trade, it is safe to do this as it is with the main direction......

update on the aud/jpy rescue..... this is were you must have patience and calm emotions to be able to achieve an effective rescue.

i am all square now this was my last week of trading this year, i will be back after the first week in the new year, i will still check on this site now and again.

here is my aud/jpy trade, i would normally ride it a bit more but it is NFP today and as i have said already i am not a fan of trading into that.

have a happy xmas and good new year all.

Hi Phil
Just Came across your Journal
Subscribed
Wish you great victorious battles
regards
Michael

Hi Michael

thank you for your kind words my friend



Back from the Christmas break now. hope everyone had a good holiday/time


So far I have documented how I see and try to read the market through its structure, one thing I have already said and I will continue to say is that the way the mainstream shows you how to use/read candles and t/a is no good for me, I find it confusing and very unhelpful, unfortunately I spent a good deal of time on things like that as most do at first so it is hard to forget about it sometimes, the way I dealt with it was to use the line charts and/or candles all of the same colour, as described earlier this helped me see the ‘pump and rest’ movements easier and lead to me understanding more about how the market moves through observing this as it happens.


So now I have documented what I believe is the basics of how I read/see the market and its charts, I will now document and trade by putting all these bits together, here you will now see me trade in M5 using some htf’s as my guide, I will document how M5 and even M1 can be slowed down in terms of finding trading opportunities using the market price structure to give me clues as to the current direction, I will be using some candles for this but only to try to judge/see momentum, this idea was born out of fti’s thread when they were talking about impulses/action and reaction/balance and imbalance.



As you can see below I am still using the indy to plot the structure of the price swings, this gives me a direction to trade in.

cautiously adding....

trade update....

US is open now..... and we are back at london open.

no more shorts here for me now......

switched to long now, got march with the winning side...

calling it a day now...

here is what i am doing and seeing today, well ATM anyway...