My Journal - Pathways to Improvement

[keen246]

Hi Keen

Good to hear from you.

A fail final flag is a move in one direction and a pause (flag), a break out of that flag and then a failure.

A two legs pull back in a bear trend is the bulls trying to counter the bears twice and then it fails: one push up, a small retrace, another push up and a failure.

A bear trend bar is a bar which closes near its low and most of the time covers the body of the previous bull bar. Is a strong bar.

Keen do not get lost in terminology, you are not a clerk file, patterns are a translation of trader psychology, there are tugs of war going on at each point of the chart, even when the price is not moving, it only means the parts are settling in.

As a retail trader we need to be cautious and have great patience, especially in scalping........

Normally when prices try to do one thing twice and fail the opposite will happen and here lays the core significance of the pattern I mentioned.

Always weight the direction of the least resistance and take trade in that direction but not always.....market does not have to do anything, market just is and the trader needs to have an open mind to trade what is there not what he/she thinks will be. Trade traders not patterns.

Hi Fugs,
Thanks for clarifying what those patterns are. They happen quite frequently.

You mention a topic that I find very intriguing and hard to clarify: "...patterns are a translation of trader psychology.." Some people argue that retail traders can't move the market as the money required is way more than all of us together. So the ones that truly can cause the moves are the institutions, and retail traders are just manipulated into traps.
On the other side, there are people that say that markets present frequently patterns as the masses' psychology is predictable, and hence markets are somewhat predictable. Interesting, isn't it?

Hope you're doing very well on your trading.
Cheers,
Keen246

 

[Fugazsy]

Hi Fugs,
Thanks for clarifying what those patterns are. They happen quite frequently.

You mention a topic that I find very intriguing and hard to clarify: "...patterns are a translation of trader psychology.." Some people argue that retail traders can't move the market as the money required is way more than all of us together. So the ones that truly can cause the moves are the institutions, and retail traders are just manipulated into traps.
On the other side, there are people that say that markets present frequently patterns as the masses' psychology is predictable, and hence markets are somewhat predictable. Interesting, isn't it?

Hope you're doing very well on your trading.
Cheers,
Keen246

The market is moved by market movers and they have positions to defend, a bear market mover has to deal with a bull market movers.

As a retailer se have not any other choices than interpret this tug of war trough technical analysis, here we can jump on the wagon once one of the part lets go of the rope joining the stronger side to cover.

Those are the high probability trades a retail trader must take, the market is moving for a while, enough time to make a profit.

Trading is an art form, you need to learn the basic of TA and then bring yourself forward, not all interpretation of patterns will make sense to you, and if they do not you cannot make money on them.

A bull fail final flag, what does it mean? Means bulls have the upper hand (pole), then they settle (flag), then bulls break, but there is not continuation, (a bull market movers need other bull market movers for continuation), here bears smell the pain (bear trend bar), here a smart retail trader will take a chance, price will at least get to the base of the pole.

What about the market conditions? are you taken the trade in the direction of the least resistance?

Keen, do me a favour, go to GU on the 1m, take notice where the market turned for over 150 pips today....... it was a failed break out of rising wedge (reversal pattern) with two pin bars as the pivot point....

Now you said to me but market condition were in favour to bulls, yes it seemed but it was not.....if you turn on the 30m time you clearly see the direction of least resistance was on the bear side..

And the on the 30m was a double top bear flag.

Need to rush, busy day today.

Fugs

 

[sun11]

Hi Sunny.

Keep in mind the 100 pips do happen every day but will happen 30% of the time, we need to adapt to the market conditions.

Most days are range, fading the new extreme is what the best traders do, you can cover most at the other extreme and leave some in case continues.

Profit taking is an art form, you need to have a plan, having a plan keeps fear at bay.

In my view you are taking too many trades and you are shooting from the hips, your job is to make money not to be right.

The big financial institutions will place their best traders on the majors, you need to be aware of that and get prepared.

hugs from Fugs

Morning All,

Thank you Fugs, yes you are right too many trades, Last day accidentally I added extra lot so later I had to recover it. That's why too many trades.

Plus I missed many profits because of early exits. Well yes making money is the main point. I am still on schedule to make 100 pips in this week at least without any revenge trade. So lets see how it goes.

My special "take a break" indicator is working well. Now I set up the chart reasonably with proper grid. Its true Mt4 basic grid sucks!

Happy trading all,
USD is strong in this morning..

Regards

 

[sun11]

One trade opened with EA. Near to the intraday double top.
Lets see it holds it or not. If it does not then I will buy.

 

[sun11]

One trade opened with EA. Near to the intraday double top.
Lets see it holds it or not. If it does not then I will buy.

No it didn't..4845 lets see.

 

[sun11]

No it didn't..4845 lets see.

closed at 4842

 

[sun11]

EA turned out bullish. 4845 is a R level. I can sell, but it has to show me a signal or at least need to break the TDL. Otherwise more higher 4870 zone.

 

[sun11]

EA turned out bullish. 4845 is a R level. I can sell, but it has to show me a signal or at least need to break the TDL. Otherwise more higher 4870 zone.

Hah..Made a live call today..8 pips on sell. But previously -5 pips on buy loss.

 

[sun11]

Hah..Made a live call today..8 pips on sell. But previously -5 pips on buy loss.

Another Sell order added from the pullback & closed at 4824. I think early exit.

 

[sun11]

Now Bought EA.
Targeting last top let see.

 

[sun11]

Now Bought EA.
Targeting last top let see.

closed trail stop got hit.

 

[sun11]

closed trail stop got hit.

Now sold failure swing high.

 

[sun11]

Now sold failure swing high.

closed early again. trail stop hit. I will not dare to re enter position now. So next is posting pictures..

 

[sun11]

closed early again. trail stop hit. I will not dare to re enter position now. So next is posting pictures..

EA trades, Now a break.
Good day..

 

[Fugazsy]

no trades for me yet.......Eu just reached the low of the range made 6/4

 

[Fugazsy]

I have not any idea how to trade this even in hindsight......

so I am staying out......

 

[Fugazsy]

I have not any idea how to trade this even in hindsight......

so I am staying out......

she moved showing legs and EU is at its low.....

 

[sun11]

Good Afternoon Fugazsy,

I didn't traded EU/GU today, only crosses.
Currently GA buy is on-line.
Trend is up 8615 is the target.

 

[sun11]

GA trail stop got closed.
Not sure it will hold the 8615 level or not.

 

[sun11]

GA sell trade.