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Trading spot fx euro using price action


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Trading spot fx euro using price action

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  #161 (permalink)
 Adamus 
London, UK
 
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Friday looked initially really good. This is what I thought before going through the available setups:

Great trending behaviour with well defined swing highs & swing lows
despite the reversal at the US opening. Morning trend is cleaner.
Several abrupt reversals.
Much acceleration/deceleration.

But then I had drawn so many lines of support from the large swinging new 8 month low yesterday that I had analysis paralysis - in the second chart.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #162 (permalink)
 Adamus 
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Yesterday would have kept me busy with a record number of setups. I hope this was only due to normal variation and not because I had bad S/R on my chart.

It feels easier to find the S/R levels now, I think I was making it too complicated earlier and now know that simple is good. Of course it could all be rubbish because I didn't actually trade the interaction at these S/R levels, I just reviewed them, trying to glean some info from the bars and decide on the bias that I would have had going into the setups.

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  #163 (permalink)
 rassi 
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Nice work, have you thought how you would trade this, where your stops would go?

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  #164 (permalink)
 Adamus 
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rassi View Post
Nice work, have you thought how you would trade this, where your stops would go?

Absolutely - it's all part of the trading plan outlined in the YTC PAT. The plan outlines how you decide on the stop as the setup appears, it's the first task on the list. I'm not doing that in this 100 day review process because I'm still learning to read the market and form my own opinion on market bias as each setup appears. Just for example, imagine you're looking at BOF (break-out failure): as the price breaks out and then stalls, you expect a failure so you set your stop at the point where the market would have to climb out of the stall to restart its BO.

After entry during trade management, you would move the stop behind the big bars taking price in your direction.

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  #165 (permalink)
 Zwaen 
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Hey Adamus, have been away due to holiday to Italy
Nice to see you are speeding up observations and rising learning curve!

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  #166 (permalink)
 Adamus 
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Hi Zwaen, you were on holiday!? I thought you must be busy studying some charts, haha! Or you took them with you?

Here's yesterday's charts. The AM session was horrible, all chop and wild oscillations and the PM session unusually was calmer and more structured.

The difficult thing to get to grips with at this stage is that there's no way of judging myself or my learning process. I can't wait to get onto sim trading.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #167 (permalink)
 Adamus 
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A lot less confusing market structure yesterday compared to Tuesday, but still only one or two "perfect" setups and the rest were probably only visible in hindsight.

Spending a lot of time staring at sequences of bars thinking "what signals is it giving of the impending BO direction?"

Yet another day of the sessions reversing the trend of the previous session - Asian, London AM, NY.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #168 (permalink)
 Zwaen 
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Hey Adamus,

well I wanted to rest in the vacation, so no charts for me, although I reread market wizards from schwager on the beach ( because of easy read).

I was staring at you mark-ups and did not have the same previous high/lows of days, but then i saw you use eurusd instead of the futures

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  #169 (permalink)
 Adamus 
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Zwaen View Post
Hey Adamus,

well I wanted to rest in the vacation, so no charts for me, although I reread market wizards from schwager on the beach ( because of easy read).

I was staring at you mark-ups and did not have the same previous high/lows of days, but then i saw you use eurusd instead of the futures

What was the difference?

Always good to read Schwager. Who is your fav. market wizard?

You can discover what your enemy fears most by observing the means he uses to frighten you.
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  #170 (permalink)
 Adamus 
London, UK
 
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I'm sorely tempted to take part in the Appreciation Contest but I just don't have time - Sept/Oct is always busy for me and this week has been a nightmare - our freezer broke, we had an attempted burglary, the police were here 3 times, we have plumbers and decorators in, the list goes on, so it rules out spending much time on the forum.

Yesterday's chart attached. I might have overdone the setups on this one, putting in quite a few where the congestion was bad.

But the congestion channels, or consolidation areas, move themselves, so when they are trending downwards for instance, and the upper channel line breaks thro support, my setup can contain 30 or more bars. My dataset for this type of setup only has about 4 examples though. I can look back thro the earlier stuff I marked up and see if I find more. But I'm not sure if this kind of thing would trap traders.....

I'm getting seriously impatient and frustrated with the interruptions but I only have December 2010 left to go through before I can move on to the next stage of the YTC PAT learning process.

Seems like the volatility is calming down now, this is the first day that has fitted onto one chart for many days.

You can discover what your enemy fears most by observing the means he uses to frighten you.
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