Defensive Trading the Force Continued

Can you post the indicators your using as some people might find them useful.

EUR USD,

Got my eye on this chart. Im out for blood with this pair. One way or another its giving me pips before close tmrw.

GBP USD,

This pair is also giving me pips before close tmrw. Im thinking bearish but who knows.

If anyone has anything please post it!

I think the GBP USD will be my favorite right now. Its got loads of potential for bearish movement although it made a double bottom with the low from two days ago. On the bullish side I can see it blasting off regardless of the resistance because of the chain reaction of short traders closing postilions and stops being hit. I feel the same way about the bearish side. If the price breaks today's low the price should fall unless bulls are buying it up at today low point.

regarding EUR USD and GBP USD,

Im going to wait for the volume of the London open before I take a position so these two monsters will have the volume they need to move the way I think they will.

Nice thread, I am following it even if I can only by my phone, not easy sometime. Forexjedi, do you prefer pullback trade or breakout trade?
I find pullback trade more probabilistic then breakout setup, what about you?
Thanks,
Syl

Break outs are great but a pull back is more likely However im always looking for a legitimate setup that has the potential for a break out like the GBP USD for our last trading day this week. However I do agree with you that pullbacks are more probabilistic.

Hi Forexjedi,

i am subscribed.

Thanks!

Screen time and common sense is more the key here, like to try and work off support levels - for the most part make pips, hence the simplicity of your original system and the way i trade.

Pound Dollar buy 143 600

closed - 40 on pound dollar
euro made 20 pips.

Total for this week 155 pips net.

Target was 100 pips weekly so achieved objective. (same weekly target) which is realistic and profitable.

I apologize for my absence again due to some personal stuff however we finally had some solid movement today. I will post some charts in a couple hours or so.

Well ill done although I'm surprised you didn't short the Gbp. None the less you closed the week in profit and that's something most people can't do.

Thats an interesting thought shorting the GBP - i did feel it was an un safe trade but thats part of the gig right ..
I managed an extra 20 on the euro as a last quick scalp more of a look and trade move .. so feel i redeemed the lost trade to zero so
lets say
175 pips for the week and all done ..
Be interesting to see your charts over the weekend..

GBP USD,

Falls like a stone to the 1.4200 area on a solid signal.The price fails to break resistance at 1.4429 level then starts to slide down the upper resistance trend line then breaks and closes below the last support level before the 1.4200 area. This PA produces a nice bearish cross with the MAs and sets up a nice looking short signal. The price retraces and fails to clear resistance then fell nicely to the 1.4200 area as bearish volume picked up.

The learning curve and some random stuff,

My first live trade ever was a fifty percent draw-down but that was a very long time ago now. I got into forex after reading an internet advertisement, sold on the get rich quick thing. I didnt know how hard is was going to be and even though my first trade was a devastating loss I was hooked. I remember I didn't even know what a chart was. I hadn't even conceived the though of its existence. Down the rabbit hole I went learning and learning and learning loaded with trial and error. I tried it all. You name it I tried it and every-time I had a loosing week I became more and more obsessed with this "game". I remember id be studying charts when I would wake up to feed my daughter when she was born. Just a borderline unhealthy obsession that led me to where i am now. I would spend so much time studying charts that I would have dreams about it. Learning how to trade and becoming a good at trading requires a complete lifestyle change. Find the time in your day to dedicate solely to charts and studies. I suggest at least a minimum of two hours a day at least.

Some people dont understand the immense amount of knowledge you need to absorb not to mention the level of intuition you must develop to achieve success. With an alleged failure rate of 95% this is a tough thing to do and takes a lot of perseverance and dedication. I can tell you that if you keep at it one day youll just get it. Like a punch in the face, itl hit you and you'll just understand everything. Youll start making pips and not look back.

Create a trading routine. Make a schedule and stick to it like you'll drop dead if you dont. Dont give up or curse the gods because you lost some pips. Everyone, no matter your skill will loose pips sometimes. Theres no fast and easy way to learn this but your only going to truly learn that from trial and error. Theres no holy grail per say. If there was a holy grail its called the "internet" and everything you need to know about technical analysis is right on the internet for free. I never paid for a thing. Everything I know about trading was found on the internet. Dont waste your money. Theres no system out there you can purchase that you can upload into your MT4 that will make you a millionaire in month or even a year or ever at all. Why? because you cant program intuition and experience into some code. This isnt to say that a trade cant be managed by a software. If there was a way to fully automate trades and make solid pips while you sleep your not going to find it for sale publicly on the internet and it would be extremely expensive. You couldn't put a price on something that would make you unlimited amounts of money. Thats all I have for now.

Hi forexjedi, did you trade it? If yes, may I see your entry, stop loss and take profit where they are?If you didn't trade it, please can you show me where would you enter, where would you put the sl and tp?I really like this strategy, but I find a little bit difficult to understand exactly the setup, some chart with entry, sl and tp would be a great help!Thanks and have a good weekend!Syl