@JMP3, modified Schiff on the upward sloping pitchfork? That looked like a good spot for a trade.

I'm just sitting on my hands for now, observing the game and possibly looking for a HTF entry long for a swing. The daily is showing a HH/HL, but slightly parabolic and not terribly convincing. It looks like there's still a lot of room to run up, but when that may happen...? Who knows. Thus I sit and watch.

I like to be in on the action, but doing so has led me to make many mistakes that were easily avoidable. Apparently this is a psychological foible of mine; acting impulsively has been a boon to my career in racing and business, but with trading I need to learn when to use it and when to keep it stowed away.

The thought of getting in on a nice swing trade is kind of exciting in it's own way.. but the waiting is the hardest part LOL. I inherently want to scalp in between. Patience, young Padowan...

Rrrracer 

@JMP3, modified Schiff on the upward sloping pitchfork? That looked like a good spot for a trade. I'm just sitting on my hands for now, observing the game and possibly looking for a HTF entry long for a swing. The daily is showing a HH/HL, but slightly parabolic and not terribly convincing. It looks like there's still a lot of room to run up, but when that may happen...? Who knows. Thus I sit and watch. I like to be in on the action, but doing so has led me to make many mistakes that were easily avoidable. Apparently this is a psychological foible of mine; acting impulsively has been a boon to my career in racing and business, but with trading I need to learn when to use it and when to keep it stowed away. The thought of getting in on a nice swing trade is kind of exciting in it's own way.. but the waiting is the hardest part LOL. I inherently want to scalp in between. Patience, young Padowan...

With FOMC looming it's best to just sit on your hands no matter how good a setup looks. The daily chart definitely shows excellent structure. However, taking a trade now can be devastating. The upward sloping pitchfork is not with a modified schiff, although I use the schiff frequently. It's a normal pitchfork, I then added a matching Parallel just above it.

The hardest part of this business (Hobby for me) is the psychological aspect. Being patient is very Important. It's better to wait for price to meet your structure than to jump in early. God knows I've made this mistake many times in the past.

By the way, what do you race?

Headed back out for lunch, JP.

JMP3 

The hardest part of this business (Hobby for me) is the psychological aspect. Being patient is very Important. It's better to wait for price to meet your structure than to jump in early. Gods knows I've made this mistake many times in the past. By the way, what do you race?

Thanks, I'm slowly but surely taking my lumps and figuring this out Hanging out with you guys is definitely helping shorten my learning curve.

I was into circuit racing sports cars when I was younger (SCCA, NASA.) Both sprint and endurance races, mostly Mazdas because of sponsorship but also some time with Porsche, Subaru, Ford, etc. Did some rally, drifting, drag racing, a little stock car stuff.. you name it.

Good times, but haven't raced in a few years. Now I just run my business, which is building cars, driver instruction and having hooligan fun cutting hot laps on track.

That said, learning to trade has been the only endeavor that has captivated me enough to consider doing something else.

Rrrracer 

Thanks, I'm slowly but surely taking my lumps and figuring this out Hanging out with you guys is definitely helping shorten my learning curve. I was into circuit racing sports cars when I was younger (SCCA, NASA.) Both sprint and endurance races, mostly Mazdas because of sponsorship but also some time with Porsche, Subaru, Ford, etc. Did some rally, drifting, drag racing, a little stock car stuff.. you name it. Good times, but haven't raced in a few years. Now I just run my business, which is building cars, driver instruction and having hooligan fun cutting hot laps on track. That said, learning to trade has been the only endeavor that has captivated me enough to consider doing something else.

I heard racing is an expensive sport. I have a friend who did race at Walkins Glenn in NY a few years ago. I would drive down with him in his 911 turbo and watch him race his 944. He had a crew with a huge trailor that was pretty much a rolling garage.

The closest thing I had was a zo6 vette, which I sold a few years ago. Looking to pick up another one in a couple of years. I had it professionally lowered an inch and a half, added a Bassani exhaust system with Corsa mufflers, that baby rumbled, torch red and clean as a whistle. I'm also looking at the new Shelby Mustang.

It's just like trading... you can make a small fortune by starting with a large one

Can't really go wrong with either one of those picks... both are mean machines for sure.

No trading for me today, just watching. Nice range day to take a few scalps, but I'm trying to stay away from that activity LOL.

OK My algo almost completed . still little work to do to put final polish on it but tests up ok for the over fitted curve that it is , be an interesting experiment to see how a over optomised algo goes , tested around 50,000 parameter combos , just a litte more work on money management and be ready to go , This is the test from dec1 to today , i expect it to improve slightly once final version completed .. Once done i will just auto trade and post trades daily , wont be posting em live as this will still be trading in my sleep

I did some trading yesterday, experimenting with larger stops. Ooops. Made some of it back, ending -$11. Overall, I'm bullish on EUR, but trying not to let that get in the way of trading.

Good trading jackbravo. Apologies for the hindsight analysis especially considering my lack of context in this case but structure always provides great opportunities and reinforces the 'trade what you see' theme.

ZapBrannigan 

Good trading jackbravo. Apologies for the hindsight analysis especially considering my lack of context in this case but structure always provides great opportunities and reinforces the 'trade what you see' theme

Yea, you're right. It was an overnight trade for me, so wasn't watching the price action. That would've been a good trade.

Good Morning Fellow Traders, Long @ 1.2083, Target @1.2113 x 2 contracts.
This was a simple breakout trade from an area of congestion. Pitchfork was set to "Modified Schiff", JP.