Jedi Space Lounge

Greetings fellow traders,

Well it’s been a year since I started learning. Nine months on a small live account. Took about 6 months to completely blow but I expected it, why? Because I always had trouble closing bad trades. I remember within two weeks of going live I was nearly 10% up BUT I wasn’t happy. I knew my trading was unsustainable...that eventually I would lose it all because I had no clear approach, every single trade at the time was different. I was hoping to make some profit whilst learning but having an amateur mind-set makes it impossible, elements like stops & targets were completely flexible & random...quite often I would say ‘to hell with it! I either win it all or lose it all, not interested in this middle ground shit!’

Haha, so I lost it all LOL!

One year on. What have I learnt?

1. Demo’s are only good for a short period.
2. Impossible to trade consistently without a plan or an approach.
3. Stop Loss is a must. But it will kill an account if not used properly.
4. Keep everything simple. Price Action is king.
5. Always trade with the Trend.
6. I prefer 10 pips today than 100 pips in 5 days. Much can happen in 5 days.
7. I prefer higher leverage. Make 10 pips worth 100 pips.
8. 4h & Daily charts are more reliable BUT day trading makes more sense.
9. London morning session is the best session to start the day with.

These days I feel like a veteran, still not profitable by any means but certainly not the puny innocent trader of a year ago. Today I don’t care much for indicator’s & I’m not impressed by over complicated technical analysis. I’ve seen all sorts of PA behaviour. How a good trade can turn into a disaster... closing bad trades only to see Price immediately reverse all the way back into profit...seeing Price drop like a stone after an excellent news release...or seeing Price move 100 pips because President Trump tweets that the USD is too strong. I stopped trying to ‘predict’ the market.

Now I prefer facts on my charts. Price, the open, highs, lows, obvious S/R & round numbers, ATR etc. With this in mind I hope I can take a significant step forward by developing my own ‘strategy’ or approach over the next 12 months. I might even post more often as this might help overall.

Peace out

Here's a possible double top, especially if it breaks through the trend line. trend line support also hits the 61.8 fibo. Watching.

Im thinking the $ has been strongly lately, surely its coming down a little. If it closes above the trendline might go long for a few pips, I say might with a big M lol! the 1hr is looking bearish though.

here's another pair im looking at eur/jpn. Is it in consolodation mode before continuing downwards or is it ranging or will it breakout the resistance area. It broke the 23 fibo so retracement before going down?

Placed a pending order at 1.31600 for a short on usd/cad. will try for 60 pips lol! also placed a short on eur/jpn as it seems to bounce off the trendline, will go for about 10 pips on this one. Also eur/usd looks great for a long, I placed an order this afternoon with a tp of 80pips...let's hope it gets there.

Oh well I missed the tp by 1pip on the eur/usd pair. Now I lost 10 pips sl. Should have went for 9 pips instead 10, that'll teach me for being greedy lol! looks like its heading for .130. Regardless I have to call it a day, hopefully the other pairs will come good.

Still looking at usd/cad with the double top, it seems like a juicy opportunity. Also eur/jpn might be ranging & is nearing resistance, hopefully I can take a ride back down with it. Eur/usd is taking its time to move up. Since it was my first trade on this new demo yestereday I decided to over-leverege for some fun, but my margin is so tight I might not be able to enter another position without the eur/usd back up a bit.

eur/chf looks interesting...can't do much though since im locked in other trades. Will it break down or bounce off support?

Pending order on usd/cad worked nicely...hoping the eur rises against the $. Will have to leave this position open over the weekend. Placed 2 more pending orders on the eur/usd pair because if it's going up then it's ging up. Yellen confirmed no interest hike yet so that should take the steam out the $...but who knows, I certainly don't lol!

Here's an interesting pair aud/chf. It's reached a major res point, price hasn't settled over this line in well over a 1.5 years . Plus there's a double top on the daily. All this suggest a reversal. Hower there is also a double bottom...so could price breakout & attempt to reach 0.7660 from 27th april 2015?

Beautiful head & shoulders pattern, wish I spotted it earlier;

NZD/JPN. Some sort of double bottom on the daily, if it closes above the so called neckline it could reach for 76.000...plenty pips on the way maybe?? similar setup to mid-late aug.

Eur/Nzd. Again a double top on the daily coinciding with a rejected candle on the BB. Currently trying to get through support area at 1.54830, so it can of course stall here before moving upwards again. Feeling bearish about this one. Trick is (as always) to find a good entry point.

Best always trade with the so called trend or I prefer to call it the stream (upstream & downstream) because the trend is actually something else. An uptrend is when price makes HHs & HLs. Big difference between a trend & the overall 'sentiment'. So an uptrend in an upstream is surely a buy.

Here anything above the MA is an upstream & below it is a downstream.

Some chart analysis.

Some chart analysis.