priceaction1 journal

thank's to
Sive Morten http://www.forexpeacearmy.com/

4-hour
Very important chart by far. Flag extention down shows that 1.618 level coincides presicely with the same area around 1.2760-1.2780. Here we have to exclude butterflies and 3-Drives, because relation between retracements and extensions does not let us to get acceptable combination of extensions. Thus, if market really will have any intention to reverse – we could get either H&S or say, Double Bottom. Take a note that WPS1 will stand in the same support area as well. And do not treat this picture as “must” scenario. I hope you understand that this is just suggestion by far – one of the possible scenarios. Based on changing sentiment and existence of solid support we make an assumption of possible retracement, but how definitely it will start and will it start at all – that’s the question.

http://images.forexpeacearmy.com/Wee...h_22_09_14.png

that was not a black magic!!!

so let see if 1.277XX area offer some resistance!!!!!

just to day day trade,

Gross Profit:150.31Gross Loss:0.00Total Net Profit:150.31
Profit Factor: Expected Payoff:21.47
Absolute Drawdown:0.00Maximal Drawdown:0.00 (0.00%)Relative Drawdown:0.00% (0.00)

Total Trades:7Short Positions (won %):5 (100.00%)Long Positions (won %):2 (100.00%)

thank's to
Sive Morten http://www.forexpeacearmy.com/

FX Daily Update, Wed 24, September 2014
Good morning,
major news today mostly on JPY:

Reuters reports yen edged higher on Wednesday after Japanese Prime Minister Shinzo Abe reportedly voiced concern about the economic impact of the currency's recent weakness.

The prime minister's comments came in the wake of the yen's slide to a six-year low of 109.46 yen versus the dollar last Friday, a drop of roughly 7 percent from levels touched in early August.

It is only natural to see these types of comments given how fast the yen has dropped versus the dollar recently, said Jesper Bargmann, head of trading for Nordea Bank in Singapore.

"I think it'll serve the purpose and maybe slow down the move a little bit," Bargmann said.

"They're certainly not, in my opinion, directed to talk the yen stronger, but more directed at the speed of the move," he added.

The yen has also been weighed down by speculation that a forthcoming strategy review by Japan's $1.2 trillion Government Pension Investment Fund (GPIF), which is drawing up plans to increase the weighting of domestic stocks in its portfolio, may also result in an increase in its allocation toward overseas assets.

Abe's comments are probably aimed at trying to avoid any criticism related to the yen's weakness, said Mitul Kotecha, head of FX strategy, Asia-Pacific for Barclays in Singapore.

"But ultimately, I don't think the trend or the tone will change. It appears to me that Japanese officials would still prefer to see yen weakening as long as it's a gradual drop in the currency," Kotecha added.

"A lot of hedge funds were taking profits after the dollar's recent rise," said Kaneo Ogino, director at Global-info Co in Tokyo, a foreign exchange research firm.

"But other investors see an opportunity to buy the dollar on dips," he said.

There was some attention on geopolitical risks, after the United States and its Arab allies bombed militant groups in Syria for the first time on Tuesday. U.S. President Barack Obama on Tuesday said more air strikes would be carried out against extremists in Syria after separate bombing missions on Islamic State militants and on an al Qaeda affiliate that U.S. intelligence said was poised to attack America or Europe.


But we will take a look at EUR today. Our setup on GBP is still valid. Yes http://www.forexpeacearmy.com/forex-...lossarlink.gif cable has returned right back up - just to hit AB=CD target but chances on further decrease to our 1.6235 target still exists. Besides, our stop has not been triggered. Now on EUR...
On daily chart yesterday EUR has made a shy challenge on possible rebounding. But it was really very shy attempt. By this action market just has tested WPP:

http://images.forexpeacearmy.com/Wee...d_24_09_14.png


Thus, in short-term perspective we could focus on grabber's swing on hourly chart. If market will start action accroding to it - it should turn down either from 1225 or 1228-1229 http://www.forexpeacearmy.com/forex-...lossarlink.gif Fib levels:
http://images.forexpeacearmy.com/Wee...h_24_09_14.png
In nearest sessions probably, final step should be done. We do not know exactly how it will happen, but it could be, say, butterfly "buy". 1.618 extension coincides with our 1.2765 http://www.forexpeacearmy.com/forex-...lossarlink.gif support area...

http://images.forexpeacearmy.com/Wee...h_24_09_14.png

gold view
thank's to
Sive Morten http://www.forexpeacearmy.com/
.
On 4-hour chart we see shy reaction on second butterfly, as we've expected. Generally, harmonic swing that we've applied 2 weeks ago still works and works fine. Gold right now moves in narrow channel 2step forward 1 step back. At least something interesting could appear around 1180-1190 area
http://images.forexpeacearmy.com/Wee...h_23_09_14.png

though i burn my fingers when trade gold full lot, last day 1 lot loss.

will try long eur/usd @ 1.277*** area for swing trade, (2-3 week hold time) risking 70-80 pips with low leverage. and start with 1/10 lot increment till 2-4 full lots if she goes up. other wise 1/10x 70-80- pip loss will be bear. calculated risk

this is what I am looking for.

keep in mind that we often see 2B pattern if trend change direction. for 2B pattern see post 105!!!1

it was on 5th july post. post no 89.

http://www.forexfactory.com/attachme...3&d=1404559784

did she want to test 1.277** today, I will not jump into it today

flashback!!!!!!!!

About trends, don't think, ask her.
if she doesn't tell you, wait
Be patient, it will show, it's not that she won't tell you.
She hints and hints , but if you don't get it
when she gets angry, she'll tell you straight, if you can catch it fine.
sometimes she don't wanna dance, she may just want a fling ,so wait.
otherwise, there are many fishes in the sea

by fti.

ok she did it today now looking for 2B. if price halt at this area and go up side say 50-60 pipes and than come down and break last low with low volume and make a down side spike. it will be perfect pattern, so no trade just ask her what she want to do next.

https://charts.mql5.com/5/774/eurusd...g-point-of.png

Did you jump in for the long yet?

not yet as it will be swing trade I will enter after second leg i.e little up than down and break this 1.277** area it will be the time for my entry, with calculated risk .

so it is failed 2B pattern at 1.277*** area, looking for another set up for long entry ​

I am also waiting to enter long in EUR-USD.

@priceaction - what if we apply Martingale theory here ? i mean entering at any new low (let say 1 lot) and then keep on entering after it makes a new low (probably 100 pips down) and reentering with double the size of lot (this time 2 lots then 4 lots...and so on...). Looks like it is already in oversold state so a slight retracement can give the profit. What is your say on this