priceaction1 journal

Missed the Bus for EURJPY H4

USDCAD H4 : An other bus missed

AUDNZD H1
How currency respects these simple lines.

Should enter here or not,let's see on monday.

Same set up with AUDJPY H4


Look at this

EURGBP H4


will explode soon either up or down. Wait

EURUSD H4

no further space for this pair
wait for close.

Cable Daily
Ready To Eat Cake for Monday.
Wait for Close.

USDJPY H4


Who likes to trade sideways ?

Dear Price Action,
As a junior trader ,I would like you to have a look on some set ups which I identified So please correct me where I am wrong or not accurate.
Regards

you are on track, but remember indicator are just for help and they are not effect the price direction.

fti time!!!


one can see I use lot of indicators when I start trading (I upload my indi files at 1st post) but with passage of time I come to use only simple charts. for me the best trading manual is fti teaching. (uploaded in post no 4)
"It is not theirs (the charts) to reason why,
But to signal Sell or Buy,
For the traders to do or die,
Hoping that the signal does not lie,
theses studies can work in some market conditions all the time, all market conditions some of the time, but not all market conditions all of the time."

Think about what I've just quoted very carefully.

The problem with some people and some professional Technical Analyst today ( being a certified Technical Analyst myself ) is that they use the Technical studies as if, it were the "Holy Grail" of trading & their pathway to the millions.

thanks for feedback.I just wana show my trendlines set up.I am not looking indicators in this set up as per your advice.

from fti.

"The problem with some people and some professional Technical Analyst today ( being a certified Technical Analyst myself ) is that they use the Technical studies as if, it were the "Holy Grail" of trading & their pathway to the millions.

How far that is from the truth.
Any person with a good brain on their shoulders, will ultimate come to the realisation that these are just tools. Tools that are built on historical and lagging databases. Moreover the rigidity of the parameters used in the studies imposes rigid responses to changing market conditions. Have we forgotten that the market is a live beast that learns and adapts to trader behaviours? Many have forgotten that the market is the sum total of the behaviour of the participants engaged in the market place. These tools are used for measuring the markets health, not so unlike the thermometer to a doctor, or the measuring tape to a carpenter, just a tool".

"Simple is good, I am a subscriber to the KISS. ( Keep it strong & simple.)
I cannot see any trader or dealer, can profitabily make trade decision when there are too many uneccessary studies to content with.
Traders have to focus on basic market moving fundamentals and a technical analytics,
to time the execution of a preplanned viable money managed strategy.
Too much of either just gets in the way and become distractions.
Staying light weighted and nimble is key.

A soldier may be well trained and strong, but can he carry a gerenade launcher as well as his M16,
a stand machine gun, a tank buster, a flame thrower, a long sword,a scout knife, a tent, sufficient F&B,
and sufficient ammo into a running battle.
However, good he may be, he would be too bogged down to function effectively, eventually leading to his demise.
Similarly a trader should not bog down his mind with too much unneccessaries to paralyse himself.
So just use whats working for you and throw away all the rest of the junk"

Learning is a life-time process, but a successful trader would instinctive know
if a new technique can fit in to his exixting profitable MO.
For me any MO that disturbs my foundational basics in technical analysis

http://www.forexfactory.com/attachme...1&d=1196399726

How Dangerous are Technical Conditions for Dollar Bulls?

http://www.marctomarket.com/2015/11/...onditions.html

when should I enter if I find any set up.At the opening of european session or At the opening of Australian session.
What you suggest best time for entry for these set ups.
Thanks

when conditions are fulfill go for it, normally at the start of EU and US session volatility is high, so it is wise to not trade 5M before and after session start, more over in Asian session price move slowly and counter trend with low volume, 1/2 h before UK session market become alive and move toward major trend. It is NOT a hard and fast fact. but most of time it is observed.