Journal Take 2 - Chart Patterns

clearly chop PA - strength is still not helping at all here.. I'm biased short via the W5. I want Price and Time, right now i've got pattern and time. I need 1.2862 to consider shorts, right now still working this goofy long (against my pattern - aligned with my currency meter trend id system)

-Thanks for the crossed fingers NVP - i think i need 'em today
 
natureboy said:
clearly chop PA - strength is still not helping at all here.. I'm biased short via the W5. I want Price and Time, right now i've got pattern and time. I need 1.2862 to consider shorts, right now still working this goofy long (against my pattern - aligned with my currency meter trend id system)

-Thanks for the crossed fingers NVP - i think i need 'em today
Click to expand...

eh ?....youre considering a short vs a long position across about 3-4 pips ?
 
Not sure what you're saying The pattern has a short bias. The strength meter (part of my day trading system has a long bias)

If price gets below 1.2864, i'd be a believer with the pattern (short trade). Right now, i'm long, and not considering a short..
 
sorry - misread the pips........looks like 20-30 pip spread..........no worries
 
..little slap happy today. Apologies for rambunctiousness.. definitely want clarity re: trading. Sense of humor... also essential
 
It'll be interesting to see how this plays out. Still working that M12 on the 4hr. It could be seen completing anywhere in here, even above the 1.2875-50 projected support. I'm thinking 1.2900-1.2920 is a decent expectation.. i'll be trailing out on the 5m.
 
natureboy said:
Wow, just saw your post NVP. Yes, I agree. You scale out then?
Click to expand...

if i were trading I would have split the trade in 2 to get me B/E at that T1 ...then its all gravy on the second half of the trade ....;)

I see the bullish GBP is stealing Euros pips.....

shame.....

later
N
 
I see, that .. is something i should reconsider. As my current exits are sometimes problematic.

Here are some Fib targets:
W5targets.jpg
 
I've got a trailing stop at 1.2871. I'm still waiting for a move to 1.2785 (my Big Picture short bias). It may never come..

This W5 is moving up into 940 timing, at which point the currency meter will probably roll over and give short trade conditions in EURUSD. We'll see..
 
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meter showing USD strength.. EUR yet to turn south. sideways market. If EUR turns down, USD holds I'll go short via pattern.. probably near 940.
 
If the rate drops to 1.2857, then i'll be shorting EURUSD. If it holds above the lower channel support on 5m, into that 940 timing, then i may start long entries again if price is moving up. A learning day! As long as its not a full year's tuition, risk is ok. 0.25% per trade in my case.

With the various Pattern setups I hope i've been clear showing value to the traders on this forum - there are MANY ways this information can be useful to you. Look back at NZDCHF - gave a good scalp short, then also an M7 alerted to a possible long. The patterns are overlapping:

NZDCHF2.jpg

Watching EURUSD..bullish PA so far at support line 5m..
 
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The currency meter just closed 15m for a EURUSD short. Price is begins moving up almost immediately. Sometimes the meter is my friend.. confusing - do nothing.

My trade will be, if EURUSD strength lines hold bearish EURUSD, and price gets below 1.2857, i'll resume shorting.
 
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