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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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  #581 (permalink)
 SammyD 
Salt Lake City, Utah
 
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Good luck Adamus. I'm in the same situation myself. Sometimes life seems to throw curve balls but if it is meant to work out, it will. Take care.

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  #582 (permalink)
 Cloudy 
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bnichols View Post
It's not possible to compare 2 traders' journeys, but I suspect it's possible to compare destinations, so I'll add this.

These days I rely less on indicators the more I learn to trade price action. The downside is for our chosen time frame (short) price action turns us into short time frame scalpers. Seemed like a good idea early on, to trade within the limits of our budget and still capture every nook and cranny price concealed itself in, profits increasing the way the length of a fractal coastline does the smaller the dimension, but IMO 50 to 100 trades/session is way, way too much when e.g. price is in a trending channel--too hard on the flesh, not so much for a bot, in any case unnecessarily expensive in terms of commissions.

Very nice point BNichols. At this short time frame those of us who trade this way are basically scalping.

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  #583 (permalink)
 mokodo 
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Hi Adamus,

Spotted you were on the forum again, are you planning to get back trading / posting?

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  #584 (permalink)
 Adamus 
London, UK
 
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I finished working for my client just before Christmas, so that leaves me free to concentrate on trading again now. I have quite a lot of stuff to take care of before I get anywhere near a chart again though.

It's good to have a bit more spare time to follow the threads on futures.io (formerly BMT), and see how everyone's doing.

Til later,

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  #585 (permalink)
 bnichols 
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Good to see you back Adamus.

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  #586 (permalink)
 Adamus 
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I've got loads of ground work to do before I can get back to trading regular sessions, for instance I'm re-writing my trading plan with exact descriptions of the price action formations and triggers that I look for in my setups. For that I have to re-read several books too.

I'm also re-reading my journal here to make sure I've not forgotten anything when I re-write my trading plan.

I have some psych work to do as well, reading and noting all relevant information from "How We Decide", which really helped when I read it late last year - I made references to it here on this journal too. I read it first from @wldman "how we make decisions, learn from them, and then establish patterns that become habit are more important than any indicator, statistic or math based strategy" and the now departed-from-this-forum @TheRumpledOne at thread. Basically knowing what my brain is doing gives me a chance to correct it, which seems to be the most direct route to improvement compared to my efforts in 2012 where my attempts to improve where often just a waste of time.

I also need to write an indicator that will automate the 60min chart support and resistance lines that I want to put on my 3min, 1min and tick charts.

That's just one way I can see to speed up my pre-trading preparatory work. I don't want to cut corners but I don't want to spend precious time doing stuff like drawing S&R lines.

So while doing this ground work, I don't want to "not trade" so I'm going to try trading the NY Open to catch a setup. Initially I'm just going to watch it and make notes, and not trade it at all.

Today's chart - I noted the EUR/USD is in pull-back mode in a young bull trend from October and today's London Open resulted in more bearish pull-backs down from the Asian session range, but only 50 points or so, followed by some mild chop which retraced back to today's Asian Low just as NY was coming online:


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  #587 (permalink)
 SammyD 
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Good to see you back in the fold Adamus

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  #588 (permalink)
 Adamus 
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Another short go today at the US session open.

Al Brooks's stuff doesn't always apply, but his barbwire pattern today was a good warning as the chop around the NY open proved infathomable.


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  #589 (permalink)
 SammyD 
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When I started this morn, Eur was flat as a pancake so I switched the charts to GBP. Much better action. I am personally getting tired of the Euro hanging in these ranges for a week at a time then shooting up to the next range quickly. Of course I never catch the big move because I see all sorts of resistance above and it doesn't jive with my risk/reward.

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  #590 (permalink)
 Adamus 
London, UK
 
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SammyD View Post
When I started this morn, Eur was flat as a pancake so I switched the charts to GBP. Much better action. I am personally getting tired of the Euro hanging in these ranges for a week at a time then shooting up to the next range quickly. Of course I never catch the big move because I see all sorts of resistance above and it doesn't jive with my risk/reward.

Hi Sam,
I can appreciate that. I haven't got the nerve just to swap currencies like that. Apart from what you mentioned, do you notice a big difference? What are you entry signals anyway?

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