Left Aud/Usd over the weekend, earned some interest and few pips. There is no need for me to trade anymore this week and perhaps next, so short vacation can start officially as of now.
Wish everyone Merry Christmas and happy New Year!
IP
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"A handful of patience is worth more than a bushel of brains"
Intraday EurUsd futures. Had one break even, this is possible second break even? Not really a fan of scalping or intraday but occasionally I place a trade not to lose focus. We'll see how it's gonna play out.
Attached Image (click to enlarge)
"A handful of patience is worth more than a bushel of brains"
Intraday EurUsd futures. Had one break even, this is possible second break even? Not really a fan of scalping or intraday but occasionally I place a trade not to lose focus. We'll see how it's gonna play out. {image}
Ignored
Played out quite nicely, but filled at NY close. No problem, move on.
Attached Image (click to enlarge)
"A handful of patience is worth more than a bushel of brains"
Do you draw these levels on a specific timeframe/pairs or you scan all the charts and timeframes to find opportunities?
Also what are key components of drawing the levels the way you do? For example do you look for a range which is followed by large candles breaking last swing?
Hi Omar, as for timeframes/instrument: since price is fractal and by that I mean price of interest on all time levels, I don't really get stuck on specific timeframe. Instruments that I observe can range from spot to futures indexes and few commodities. Swings, in my opinion, are not important areas of interest because you will find way too many of them and it will lead you in a losing streak trying to pick first available level instead of following price correctly (too many times it happened to me, just an opinion). In that case it would be basic support and resistance. Price usually stop at some level but not reverse (yet!) which leads you to believe that area is correct but to find out soon enough that is not good enough. There is a way of eliminating most of the levels and that comes by practice and patience. Of course, no one can be correct all of the time or even most of the time but it's better to miss opportunity then be wrong majority of time from psychological point of view. Large candles are suitable to find level but it is on one chart that is long but on larger time frame might be insignificant? It all depends what are you really trying to do. Finding proper formula that will work for you in particular is part of the trading plan as well. Hope this helps.
"A handful of patience is worth more than a bushel of brains"
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