MY Journal-phil13

Hi Phil
Nice USDJPY fight execution
Keep it up Like That
regards
Michael

hi michael

thanks my friend .
i hope your trading is going well.


the 3K's all have conflicting indications in M5 at the moment???? so no trades there now, here is another trade i am looking at/setting up, i may carry this over the weekend, so will not add to much at this stage....

Hey phil, I like your evaluation of AUDUSD, I agree..Im looking to sell corrections too as long as it uses the monthly 100 ma as support.
I also have .8870 ~July 2007 high as major S/R. maybe a move down to this next ? the market will show us..

I hope your weekend is a peaceful one..

Ja.

Hi Ja

nice 'peace' of music , i hope you have a good weekend as well .

i do not use s/r in the conventional way (suprise suprise), i find it very interesting that we both have come up with that figure using our different methods, i was not going to document this just yet but as you have mentioned it.....
how i find possible areas that i suspect price may go to is in the charts below, but i flow in and out with the P/A i read in M5 and this is only viewed as a POSSIBLE target area, i only use the most recent price moves in the different time frames to extract all my NOW info, i am not a great believer in historical data any further back than that, i have not seen the fib tool used like shown below, but it can not just be me that has noticed this, i have color coded the 'pumps' and the 1.618 fib levels....... maybe it is a market phase that creates this at the moment????? i did read the other day that last year 66% of trades we automated and it is expected to rise to about 75% this year, maybe it is these algo's creating this???? .

Hey Phil,

Thank you for your reply with charts/explanations..Its great you have built a solid path on top of a sound foundation.. a prerequisite for long term
trading success imo..thats the great thing about trading the financial markets, traders who understand the mechanics are normally
original thinkers which help brave and push through the tough trading periods....

I think I might have read the article on algos, its interesting, perhaps manual discretionary traders might become a rare breed in
another decade or two ?or less ? technology moves a such a rapid rate... personally I think there will always be room for manuals like us,
we just need to stay focused and learn to read the foot print of machine flow..

I have three boys Phil, all play football.... Saturday and Sunday morning football is almost a religion in my house now..
and this morning with the sun in all its glory was a great morning to watch the boys...

Hoping your weekend is great too..

Ja..

Hi Ja

i could not agree more about trying to follow the footprint and machine flow, machines can only work on predefined settings/values and when we recognise this there should be readable pattern at times, it is about learning to adapt adjust and overcome, something we can not (yet) successfully program into a machine, there are just to many variables in coming up with a good strategy for the situation you are facing to put this in a machine.

it is good times when your kids are young , even though you feel like an unpaid taxi service at times, all my children are grown up now the youngest is 24 and the only one still living at home, though she has finished uni and is staying in Australia until july with my eldest son and his wife and children, so it is quite at my house for now.

had a sickness bug over the weekend but seems to be going now .



trade update......

u/j cont' trade....

removing some.....

not at my best ATM after being ill most of the weekend so i am trading very cautiously.

removing last in u/j.....



removing some after adding in a/u....

marked as rescue now on this one......

cont' rescue stage one..... lightening the load.

OK...i wondered when this situation would come up and here it is (before page 10 thankfully)......

this may shock a few of the reader of the TAF thread, i have never seen anyone else do or talk about this but to me it is part of the not being rigid and nothing is right or wrong and of course AOW. adapt,adjust,overcome.

DO NOT TRY THIS ON YOUR LIVE ACCOUNT UNTIL YOU HAVE PRACTICED IT ON DEMO, IT CAN GO WRONG VERY QUICKLY IF YOU ARE NOT GOOD AT READING THE MARKET/PRICE STRUCTURE. YOU HAVE BEEN WARNED IT IS A DOUBLE EDGED SWORD.

cont' rescue part two....completion.

Hi Phil,

Sorry to hear you have had a sickness bug..hope you feel better soon..

I know what you mean about the taxi service ... I live in quite a rural area so i have to make sure there's always plenty of diesel in the tank
especially with my oldest who is nearly old enough to leave school.

Nice to hear your kids are doing well and hope the bug goes...good trading to you this week mate..


Ja..

hi Ja

i am feeling much better today thanks, should be over it totally tomorrow i hope.

good trading to you as well .

regards

Phil.

flipped in a/u now........ ants work most of time, just got to keep pushing on collecting them pips big or small, just stay with the flow.

calling it a day now as near end of my daylight and had enough so losing my concentration.

adding.....



removing.....

its london open and no trades are standing out to me at the moment, e/u looks just a mess in H1, so that is a no no until it shows its hand, so sitting and watching for now, u/j and a/u still look the best options ATM possibly if some opportunity arises, the reason i post this is NO TRADE IS ALSO A TRADE.

good luck all.

Nice way to look at markets, discretionary trading is the way to go. May I ask in what situations do you look at fib retracements and why do you look at them.

I stay short

Hi Fana

i can see why you would be short on the weekly tenure at the top of that stall . good luck my friend.


Hi feline207

thank you for your comments and in answer to your question on the fib tool i have tried to explain in the charts below.