Goldmine!

[FX4Newbies]

Good Morning all,

EU appears to be still pushing upward. Potential resistance overhead. Just trade what you see.

Take care,

FX4Newbies

 

[FX4Newbies]

The Fight Is On!

I guess the world is watching... waiting to short EU. Showed some weakness (red arrow) but found buyers just underneath at the WL. Price is still trying to go up, but the sellers want to sell. So let's see how and when this will all play out . In the meantime, you may need to trade shorter TFs if you normally trade longer swings...or even scalp.

Take care,

FX4Newbies

 

[FX4Newbies]

Hello traders,

This post is in response to a comment about the Performance Journal:

I did make a comment about the journal in another setting and I will make the comment here as well. I will begin trading it this week. I spent almost all of Monday and Tuesday hunting for video conferencing software and trying to get it to work well for the live session on Wednesday. (Will post the link once I have reviewed the video). Thursday and Friday were also hectic...had to be out on Friday. What I also did not mention until now is that I had injured my left ankle on Sunday.

Fear may be a small part since posting a journal like this is another level of emotional adjustment for sure, but more importantly I have not been able to block out quality trading time. For that reason I won't be scheduling another live session soon, and some of the projects I have been working on to provide resources to traders I will try to wrap up as fast as possible or they may have to take a bit longer to complete.

You are right...it does take guts to do it (you used a more colorful word ). My goal is to be as real as possible with this business. Traders need to see that losses happen to everyone. The question is knowing what to do to get back on track. I am not worried about it because I have done it before. I've just had ALOT on my plate. One of my goals with this journal is to push myself through to another level. My trading method is set, now it's me that I'm forcing through a "glass ceiling" of discipline. But, I've gotta have the focus and the time blocked out to do it.

Let's see how the journal progresses this week.

Take care,

FX4

P.S. Weekly chart wrap-ups are posted.

 

[FX4Newbies]

Chart from Friday

Sorry readers,

Somehow I overlooked posting my Friday chart here. EU fell. Chart shows more weakness (second red arrow).

Take care,

FX

 

[FX4Newbies]

Here is what EU did thus far. WL, red U-MLH and former resistance overhead. But, maybe the bulls are back. Hopefully not alot of roll-around to come.

Take care,

FX4

 

[FX4Newbies]

Interesting Development

Hello Traders,

Price pushed beyond U-MLH of red fork and also cleared blue horizontal line (not by much though).Presently around a WL. Can teal U-MLH be a target? Something to consider as you prepare to trade. Let price do the talking as always. Like I said yesterday, hope we're not in for more chop.

Take care,

FX4Newbies

 

[FX4Newbies]

Re: Interesting Development

Hello Traders,

Price pushed beyond U-MLH of red fork and also cleared blue horizontal line (not by much though).Presently around a WL. Can teal U-MLH be a target? Something to consider as you prepare to trade. Let price do the talking as always. Like I said yesterday, hope we're not in for more chop.

Take care,

FX4Newbies

Price tried to make the teal ML target. Some may have thought it was far off. (Seems like I should have traded it huh, but I was asleep or otherwise occupied). Turned at WL intersection there. Looks like it is trying to go up again. Don't know how strong a move though.

Will be on the hunt for another trade and following my rules as well.

Good trading to all,

FX4Newbies

 

[FX4Newbies]

Good Morning traders,

Below is a simpler view of EU. Need to see a clear tell.

Take care,

FX4

P.S.Placed a "desperate" trade yesterday (EJ)...buying at Resistance? Unbelievable.The other was premature. Keepin' on though. There is a golden lining out there I know . Been there.

 

[FX4Newbies]

A Note On The Performance Journal

Hello Traders,

Will resume the journal in about a couple of weeks or so. Have not been able to focus at all as I have too much on my plate at the moment. Most of my trades have been late or on an impulse, without proper analysis. Kept trying to trade but to no avail. I will keep the same account etc. I just need to clear my schedule so I won't be doing too many things at once.

Outcome of Performance Journal: Phase I, will be posted on the blog on Saturday.

Take care,

FX4Newbies

 

[FX4Newbies]

Movie Time

There is a movie I suggest that every trader take a look at and internalize as much as possible. It is called K-19; The Widowmaker starring Harrison Ford and Liam Neeson. This movie is not about trading at all, BUT, if a trader views it with the market and its dynamics in mind from the very beginning, they can come away with so much understanding about this business, it will be amazing!!!

I hope some of you will take me up on this, and, if you do, let me know how it impacted you. Be sure to listen attentively to everything being said, and by whom. Observe mannerisms as well. Imagine being taught to trade and having a movie-watching session...something I did for new traders some years ago.

Take care,

FX4

 

[ritzn75]

Nice suggestion... on the list to be rented

 

[FX4Newbies]

Nice suggestion... on the list to be rented

Let me know your thoughts when you view it Ritzn75. Be very attentive to all that is being said and done.

Take care,

FX4Newbies

 

[FX4Newbies]

Hello Traders,

Below is the usual Eur-Usd chart. EU did fall and made the ML target of red fork. Now what? It is hanging at an internal Fib line waiting for news. It is a toss up, but with the force with which it blew through the ML it could end up lower...just don't know the scenic route because of news and NFP at that. (Second chart is the aftermath of NFP).

Don't forget to watch the movie...through the eyes of the market and a trader. Think you will learn alot. I believe it is based on a true story.

Take care,

FX4Newbies

P.S. Was not able to post the first chart and the comment earlier as I could not access the servers to upload.

 

[FX4Newbies]

Hello Traders,

Just letting you know that the Weekly Wrap-Up Charts are now available on the blog.

Enjoy the rest of your weekend.

FX4Newbies

 

[FX4Newbies]

Thanks Kapital for the clarity.

Have to be out today. Good trading to you all. Looks like there is room to fall further...another scenic route?

FX4Newbies

 

[FX4Newbies]

Hello Traders,

Here is an updated EU chart. Price could be looking to fall again but showing some upward strength. Beware as price took out some lows, then took out some highs: a mixed message. Was the low at a P5? Could it be trying to go higher? Hmm... Just another thought to add to the mix.

Take care,

FX4Newbies

 

[FX4Newbies]

Are The Bulls On-Board?

Hello Traders,

The bears have been trying to knock this one (EU) down for about four hours only to wake up some bulls who pushed the price back up...though not all the way. The war is on.

Bernanke to testify later this morning. Alot could change.

Take care,

FX4Newbies

 

[FX4Newbies]

EU has been falling. Having to break through an area of support to go farther...if that's that plan.

FX4Newbies

 

[FX4Newbies]

Hello again,

Here is EU at the moment...in a place of decision. You can decide for price or wait for price to tell you . News to come.

All the best,

FX4

 

[JahDave]

Hello again,

Here is EU at the moment...in a place of decision. You can decide for price or wait for price to tell you . News to come.

All the best,

FX4

It has gone down and now it will go back up according to Elliott Wave and other technical indicators.................but not to a new a high,................