Goldmine!

[FX4Newbies]

Can you recommend stuff to read - books on pitchforks, websites - I've been looking at Tim Morge's site online. - I shall check out the forex factory thread.

Best wishes

B.

Hello again,

Tim Morge has lots of info...

Regarding books...Patrick Mikula, Cain (have only heard of him)

I also teach a pitchfork course in the context of the live market, because I believe the hands on application is the most effective: reduces the learning curve imho.

Also sent you a PM.

All the best,

FX4Newbies

 

[Bartlby]

Thanks

 

[FX4Newbies]

Thanks

No probs.

FX4

 

[FX4Newbies]

Hi Traders,

Hope you had a great day yesterday. Saw a few good potentials but decided to trade Gbp-Jpy. Got in long and had to babysit this one with two rescue attempts. Finally got out with + pips. First entry was half-baked...and I felt it too...in my gut. I'm sure some of you know what that feels like.

To fine-tune my entries, I need to go back to using my analysis worksheet...that way I pick the best of the hopefuls and not just by sight for the moment . Kind of like shopping without a list...when you get home, so much in your bag...and you wonder, Why did I buy that today?. Not only that, focus on one means minimal focus on others.

Still working on clearing my calendar for focus time when trading...but getting there.


All the best,

FX4

P.S. Closed the trade when the final move up got going.

P.P.S. Traded Gbp-Chf...early entry, successful rescue...more + piips. Will announce when I will be posting the link to view my journal.

 

[FX4Newbies]

The Changing Of The Guard: The Signature

I will be changing my signature in light of my new focus. Here is the old one:

Patience is the key. Wait for your set-up and entry. Don't be afraid. Use good MM and let the market perform.

This I think is great trading wisdom. The new one came out of a moment of inspiration and I think it suits my current journey.

Take care,

FX4$
...not for the love of it though. That is a whole other ball game.

 

[FX4Newbies]

Weekly chart setups are now posted on the blog.

FX4

 

[FX4Newbies]

Hello traders,

Interesting morning and trading week actually. Not yet in the flow for some reason. Not sure why. Anyway this morning, I was watching Eur-Usd...had a trade in mind...to short. For some reason, I allowed price to trick me, despite the bigger picture and ended up buying. Ugh!!! I know.

Anyhow, I managed to get out not losing any $$$. Yeah!!! Thanks to the Warning Lines. I just waited then bought and was able to recover.

Here are some charts.

FX4

 

[FX4Newbies]

Quick Pop on the Aussie

Entry too early, but expected some movement when the Big Boys arrived...notice the candle that took the stops?

 

[FX4Newbies]

Hello traders,

Hope your weekend is going well. Just letting you know that the weekly wrap-up of the 10 pairs I follow on the blog are now posted.

Enjoy.

FX4

Oops...almost forgot to mention the metals...that makes 12.

 

[FX4Newbies]

Hello traders,

Got into a short on Usd-Cad...missed the big run earlier. Entry could have been a bit later...actual entry candle shown by red arrow. Price has since come back to test the L-MLH area. Also, Bernanke to speak in about 1 hour, so the market may be idling.

Someone emailed or PM'd and asked if I would give some explanation of the "why" behind the entry...

On this one, price was in a downtrend. It gave a bounce and seemed to be hitting resistance at the red L-MLHs...(almost traded the bounce, but thought I would look for an entry to go down).

Not alot going on...up around 2 pips. Will see if it continues down as there is a support area on the H4 where the bounce began.

Chart shows where price is now..up about 6 pips...not expecting too much unless the H4 support gives way.

FX4

 

[JahDave]

Hello traders,

Got into a short on Usd-Cad...missed the big run earlier. Entry could have been a bit later...actual entry candle shown by red arrow. Price has since come back to test the L-MLH area. Also, Bernanke to speak in about 1 hour, so the market may be idling.

Someone emailed or PM'd and asked if I would give some explanation of the "why" behind the entry...

On this one, price was in a downtrend. It gave a bounce and seemed to be hitting resistance at the red L-MLHs...(almost traded the bounce, but thought I would look for an entry to go down).

Not alot going on...up around 2 pips. Will see if it continues down as there is a support area on the H4 where the bounce began.

Chart shows where price is now..up about 6 pips...not expecting too much unless the H4 support gives way.

FX4

I think I can help answer the why question. All currencies have a relationship with the worlds stock indexes, but none is more strongly correlated than the Loonie and the major U.S. indexes. When the U.S. major indexes are going up then the Loonie is going up with it along with the other "risk" currencies......e.g. GBP, NZD, AUD, and the exotic ones as well.......Basically, as the U.S. stock markets go down the USD gains strength and vice verses......This is about a 95% rule.........The exception is in a major reversal area, which is where we are now............The rule still applies, but people are not sure where things are heading and they go cautiously............so the moves are smaller than when the market is trending harder............

 

[FX4Newbies]

Got long on Eur-Gbp and managed to send a signal. Came to within 4 pips of my anticipated entry price. Now this is where it gets tricky...price is at the ML....would it blow past or should I bank my profits?

Hmm.... thinking it may go higher.

Decisions...will keep an objective eye.

FX4

 

[FX4Newbies]

Hello all,

Had a very busy but productive week. Not as much trading as I would have liked, but still moving forward.

The weekly chart wrap-ups will be posted on the blog by midnight EST tonight.

Take care,

FX4

 

[FX4Newbies]

Hello all,

Hope everyone is doing well. Continue to be busy...got a quick trade in toward the end of the week.

The weekly wrap up charts are now posted on the blog. Xau-Usd chart had a giveaway of a trade. Hope some of you are finding trades from those set-ups.

All the best this week. Happy July 4th to US traders.

FX4

 

[FX4Newbies]

Hello trades,

Got into Eur-Usd yesterday....below is the chart. A Schiff fork actually would have had price at the Ml. Price continued to slide down the U-MLH like it was glued to it before going lower.

Take care,

FX4

P.S. Weekly wrap-ups should be up by midnight on Saturday.

 

[market_bull]

Probably one of the best and most informative threads here. Thanks for the ridiculously huge thread of experience!

 

[FX4Newbies]

Probably one of the best and most informative threads here. Thanks for the ridiculously huge thread of experience!

Thank you Market Bull. Hope others begin to take it to heart.

All the best to you and thanks for posting.

FX4

 

[FX4Newbies]

Got long EU. If price can't clear SH, might think of getting out. Entry was a little early.

FX4

 

[FX4Newbies]

Hello all,

Hope your weekend is going well. The weekly wrap-ups are now posted on the blog.

Have a great trading week. I will do my best to do the same given my upcoming schedule.

All the best and take care,

FX4

 

[FX4Newbies]

Okay Traders,

Hope you had a great week. The weekly wrap-up of the pairs I follow on the blog are now posted.

Will try to get in on some of the trading action this week. Let's hope the market doesn't get too wild with all the happenings with The Dollar lately.

All the best,

FX4