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I finished working for my client just before Christmas, so that leaves me free to concentrate on trading again now. I have quite a lot of stuff to take care of before I get anywhere near a chart again though.
It's good to have a bit more spare time to follow the threads on futures.io (formerly BMT), and see how everyone's doing.
Til later,
You can discover what your enemy fears most by observing the means he uses to frighten you.
I've got loads of ground work to do before I can get back to trading regular sessions, for instance I'm re-writing my trading plan with exact descriptions of the price action formations and triggers that I look for in my setups. For that I have to re-read several books too.
I'm also re-reading my journal here to make sure I've not forgotten anything when I re-write my trading plan.
I also need to write an indicator that will automate the 60min chart support and resistance lines that I want to put on my 3min, 1min and tick charts.
That's just one way I can see to speed up my pre-trading preparatory work. I don't want to cut corners but I don't want to spend precious time doing stuff like drawing S&R lines.
So while doing this ground work, I don't want to "not trade" so I'm going to try trading the NY Open to catch a setup. Initially I'm just going to watch it and make notes, and not trade it at all.
Today's chart - I noted the EUR/USD is in pull-back mode in a young bull trend from October and today's London Open resulted in more bearish pull-backs down from the Asian session range, but only 50 points or so, followed by some mild chop which retraced back to today's Asian Low just as NY was coming online:
You can discover what your enemy fears most by observing the means he uses to frighten you.
When I started this morn, Eur was flat as a pancake so I switched the charts to GBP. Much better action. I am personally getting tired of the Euro hanging in these ranges for a week at a time then shooting up to the next range quickly. Of course I never catch the big move because I see all sorts of resistance above and it doesn't jive with my risk/reward.
Hi Sam,
I can appreciate that. I haven't got the nerve just to swap currencies like that. Apart from what you mentioned, do you notice a big difference? What are you entry signals anyway?
You can discover what your enemy fears most by observing the means he uses to frighten you.