Eurusd

[BLS]

Just for the record, when I am completely focus on the chart I feel I can get money out of the market much easier, the only thing is that it is difficult to keep 100 focus. But I am working on it.

I'm pretty good at not distracting myself with web browsing but even then I start to day dream or nod off when price action is slow. I wake up pretty early for my time zone (0400, GMT-7) to trade. I bought one of these to help me stay focused. It's just something to do with my hands.

 

[Mike Kshemaraja]

I'm pretty good at not distracting myself with web browsing but even then I start to day dream or nod off when price action is slow. I wake up pretty early for my time zone (0400, GMT-7) to trade. I bought one of these to help me stay focused. It's just something to do with my hands.

B

Well, seems like you are doing your homework, one way or the other.

Traders are not born, they create themselves. Keep posting, whatever come to your mind, specially the once that do not work out, it is good for you. Once we know that we are fallible, we tend to sky rocket.

 

[BLS]

I underestimated the degree of support around the 40 level. My full stop was triggered because of slippage.

 

[Mike Kshemaraja]

I underestimated the degree of support around the 40 level. My full stop was triggered because of slippage.

B

I know is easy in hindsight, but I would not take this trade if I may say, I think you took this trade right into support as you already mentioned, if for any reason this trade need to be taken, it would be best taken at 2460, there could be a block with only 2 touches (maybe not enough), just below the average, you setup was a strong one but in the wrong position, the one just under the 2460 was a less strong one but in a better position with a SL above that round number. Be selective. Only a trade a day on the 2% rule will give you 10% a week. Over the top money.

 

[BLS]

I let emotion get the better of me. After seeing the bears get trapped (1), I immediately took the break of the block without waiting for buildup. I get shaken out and hesitated on the second break (2). Having missed (2), I take the break of 60 but the trade never makes target. I probably should have exited at (3) when prices broke former resistance turned support.

 

[BLS]

I wonder if this (4) could have been traded. I see a reverse head and shoulders pattern but there is overhead resistance to the left.

 

[Mike Kshemaraja]

I let emotion get the better of me. After seeing the bears get trapped (1), I immediately took the break of the block without waiting for buildup. I get shaken out and hesitated on the second break (2). Having missed (2), I take the break of 60 but the trade never makes target. I probably should have exited at (3) when prices broke former resistance turned support.

Ok, not to worry.

Emotion and overtrading is part of the deal that we need to deal with.

It is 1.00 here in Sydney, but if you like my feed back I will be very happy to get back to you this weekend, just let me know.

Keep in mind, that we cannot get blood out of stones.

Cheers
Mike

 

[BLS]

Block break at E5. Overall price action is supportive of a long trade with no visible overhead resistance. We get a higher low inside the block followed by classic pre-breakout tension (3 dojis). Seems there is strong resistance at the 80 level and prices are unable to follow through and stagnate, triggering my adjusted stop.

Maybe I am over trading.

 

[BLS]

Ok, not to worry.

Emotion and overtrading is part of the deal that we need to deal with.

It is 1.00 here in Sydney, but if you like my feed back I will be very happy to get back to you this weekend, just let me know.

Keep in mind, that we cannot get blood out of stones.

Cheers
Mike

I cannot seem to tell the difference between over-trading and trying to take every valid trade that appears (as Bob Volman advises).

 

[Mike Kshemaraja]

I cannot seem to tell the difference between over-trading and trying to take every valid trade that appears (as Bob Volman advises).

My only suggestion is this: you are not Bob, he is a great trader, with many years of screen time, he know his game inside out. He has conquered his emotions and he is able to dance with the market when there is a dance.

Is it possible for us to trade that way, yes absolutly, but we need to understand that is not going to happen in a flash, there is not a quick way out, only screen time and the courage to interact with the market will give that edge.

What we should do next? Only focus on one set up, the more reliable one, like the BB, forget the rest, you will add them later when confidence will tell you.
Remember, we only need 2 pips a day to double our money in 12 month on the the 2% value.

Hope it helps a bit.

 

[Mike Kshemaraja]

First trade of the day:

Bears pushing down just after Frankfurt opening, counter traders bulls step in
(some counter traders are very able and they risk is very tight), which are able to push prices to the round number of 2640 and also where support turned in resistance ( previous break).

Prices stall, I have not any doubt putting my money at risk, risked 6 pips, made 10 pips in a matter of 6 minutes, pocketed 2%.

I am off for an hour, they are showing the highlights of yesterday's game.

 

[ForexLion]

Looks like we have not yet seen the end of the decline for the EU

 

[Mike Kshemaraja]

Only one trade for me today. Did not feel like working.

moondance van morrison - YouTube

 

[BLS]

Fight around the 40 level forming a range. I can see a series of lower highs.I take a break in the path of least resistance after some buildup. I don't know what happened (Spain got a bailout?) but my full stop was triggered because prices moved too fast.

 

[BLS]

S1: Skipped because of support from E1.

S2: Skipped because of overhead resistance from E1. The setup was strong but the break did not occur in the direction of least resistance.

S3: Skipped because of lack of buildup around a even number zone, though the overall price action was favorable.

E2: Clear downward trend. Prices made a with trend move and pulled back to the 20EMA and neatly tested formed support from the box at S3. Double Doji setup forms and I trade the break of it. Price hits my 10.8 pip target.

I will have to tread carefully around the 1.2500 level.

Edit: That second sell signal near the 00 level should be a buy signal.

 

[Mike Kshemaraja]

S1: Skipped because of support from E1.

S2: Skipped because of overhead resistance from E1. The setup was strong but the break did not occur in the direction of least resistance.

S3: Skipped because of lack of buildup around a even number zone, though the overall price action was favorable.

E2: Clear downward trend. Prices made a with trend move and pulled back to the 20EMA and neatly tested formed support from the box at S3. Double Doji setup forms and I trade the break of it. Price hits my 10.8 pip target.

I will have to tread carefully around the 1.2500 level.

Edit: That second sell signal near the 00 level should be a buy signal.

Good trade.

 

[Mike Kshemaraja]

Fight around the 40 level forming a range. I can see a series of lower highs.I take a break in the path of least resistance after some buildup. I don't know what happened (Spain got a bailout?) but my full stop was triggered because prices moved too fast.

In my view you sold into support, also a triple bottom, bulls were buying at that level.

 

[BLS]

In my view you sold into support, also a triple bottom, bulls were buying at that level.

I did not even notice that triple bottom.

 

[Mike Kshemaraja]

I did not even notice that triple bottom.

That is ok.

But we need to look for all those important clues, there is constant battle going throughout the chart, we do not want to get in the battle, but only once it is resolved we may risk our money.

Also that help us to remain engaged without having a position, I mean notifying the technicality of the chart.

 

[Mike Kshemaraja]

Ok, a new day.

I am looking for an opportunity, I will not trade if I do not see one.

This is what I am looking at: