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[jcpfx]

Thanks Midgely & visualxray,

I appreciate the help here..."pressure to perform" is probably the main reason for my lack of patience. Take a look at the italian unemployment data from today...12% is not a realistic number...it's around 50% for 18-36 year olds, and about 30% including discouraged workers. I'm not making excuses, but professional coin-flipping is the only thing left for me & my fiancèe, as hard as that may seem. But it gives us focus & a reason to get up every morning and stay disciplined with our diet & with our excercize routine. Please don't get me wrong: i'm not being a victim and we CHOSE to dedicate our efforts to this. But it's to say that I am aware of what keeps me uptight & I try hard to not let it get to me.

Lets move on!

At this point, I am stepping back onto a similar view as Joe had outlined here: viewtopic.php?f=5&t=140&start=40#p1050

So tracking the Daily trend, and keeping tabe on the 1h momentum levels to signal price trending with main (daily) flows or against main flows.

Prior day high/low + Prior week high/low are levels of interest to search for entries in line with dominant (daily) trend.

Evident flips in between these levels are also places that may be of interest but carry less weight.

Trade management would depend on the situation presented but generally speaking, the first area of difficulty (be it a 1H evident flip, a pdh/pdl) would be the point at which I would take some risk off the table. It therefore makes sense that this 1st area of difficulty should be around 1R, otherwise I should pass on the trade. The UsdCad trade from this morning, looking long, would have triggered at 1.0319 with a stop at 1.0300 and there is a flip zone at 1.0330 so it was a little inefficient to start out. But the trade would have worked out fine...

ADR + time of day, as constantly evidenced by everyone here, also play a role in the risk assessment of the entry & forward potential.

Regarding specific objectives, the only objective is to get into a trade with as tight a stop as the market structure allows, while staying with the dominant (daily) flows. The daily chart has been the main focus for traders since the 1900s so I guess it's only logical that it carries more weight.

To tell the truth, I think that staying with the dominant (daily) trend if one exists is the only issue I'm having. But it evidently is an important one, given my recent unimpressive results.

To answer Visual: why diddn't I look at EurAud? 1) I was trying to "think for myself" to build some confidence in my own findings... 2) I was not focused on the crosses. I tried one timid entry off 1.0330s on the 28th, when the 1H trend was still against the dominant flows, and scratched it at par. After it moved overnight, I moved elswhere. My responsibility.

But does the above sound like a more robust plan going forward?

[jack mason]

I really liked the initial posts from this thread, looking to use the week's open + day's open to get the main flows right.
Then there was the evolution of the trend following approach, looking for very clear trends on the 4H chart.
Finally, there is a lot to say about the daily trend.

What you're witnessing there are individuals using the available information & adapting the core framework & structure to suit their own styles & preferences. That's why you'll see slightly different variations with timeframes being presented on a regular basis by the various thread contributors.

That's what Joe & the experienced guys have been constantly encouraging others to do.

You're not going to be able to begin putting together the correct method for you until you accurately identify your preferred style & risk profile first. It's imperative you're fully aware of what character type you are so you're better able to match a style to suit your risk profile & trading objectives.
Once you determine your profile you can begin structuring an approach to play the market.

That might be evolving from a very short term view of the market, it might be from a short to medium term basis, or even a medium to long term perspective. Once you’re happy with that criteria you can slot in your timeframe & tools & get constructing your individual trade plan.

[jcpfx]

You're not going to be able to begin putting together the correct method for you until you accurately identify your preferred style & risk profile first. It's imperative you're fully aware of what character type you are so you're better able to match a style to suit your risk profile & trading objectives.
Once you determine your profile you can begin structuring an approach to play the market.

Take it from my fiancèe, as she recently put it when speaking to some friends "he's not crazy...so he let's the market drive him crazy!"
She meant to say that I'm a conservative person, much more oriented towards a risk-management approach than her. I'm a chess player, very aggressive when I was younger but had to convert to a more positional style play in order to compete with stronger players. My preferred way to play stocks? Covered calls...

I think the way I look to manage my trades speaks for itself:

"Trade management would depend on the situation presented but generally speaking, the first area of difficulty (be it a 1H evident flip, a pdh/pdl) would be the point at which I would take some risk off the table. It therefore makes sense that this 1st area of difficulty should be around 1R, otherwise I should pass on the trade. " At the point of first difficulty, I would pull my stop to par on the rest.

I'd be happy with small, consistent profits rather than large profits followed by a series of stops/scratches. Therefore my main focus is getting a precise, low risk entry. But evidently something was missing in the equation...and you've all been pointing out at my lack of good selection of trending pairs...so that will be my main focus going into next week..

How does all that sound?

[jack mason]

"pressure to perform" is probably the main reason for my lack of patience.

That is an incredibly heavy weight to carry around everyday, epsecially whilst you're still learning & attempting to construct a style & model.
I think it also explains a lot about most of the anxiety that's coming across in some of your posts & the speed in which you're trying to make this thing work for you.
I admire your fortitude but don't envy your task!

The daily chart has been the main focus for traders since the 1900s so I guess it's only logical that it carries more weight.

That's what all the books & forum guru's would have you believe.
But it's only as logical & weighty as the person using it.
If you're happy it can offer you more appropriate information than you've currently been experiencing & improve the results then it'll do it's job.
But the only way you're going to find that out is by experimenting with it & molding it into your existing model.

To answer why didn't I look at EurAud?
1) I was trying to "think for myself" to build some confidence in my own findings...

That's an admirable quality & one you're definitely going to need if you wish to progress in this business, but the key trending post contributions each weekend that make up a large part of the current content can be used as educational prompters by the newer, less experienced members to perhaps nudge them into looking at the market from a similar angle.
It also assists folks to focus on those instruments that are exhibiting & displaying the behavioral traits synonymous with the threads primary subject matter.

But does the above sound like a more robust plan going forward?

It sounds like a plan for sure.
But so does most of the other content on here. It's simply a variation on a theme.
Most of the content dove tails & compliments itself. It's all much of a muchness with trend at it's core.
If the above criteria sits comfortably with your normal style, risk profile & day to day objectives, then you're good to go.

But as visualxray said, you're going to need to give yourself sufficient time in order to accurately measure the results of your activity.
It doesn't matter what anybody else is doing or how they're utilizing the information because they're not you. Everyone possesses very different character traits, internal drivers, psychological tolerances & motivations.

Use what feels logical & comfortable to help achieve your aims & objectives & measure your progress over a realistic period of time to offer you a subjective reflection of its merits.

[jcpfx]

I admire your fortitude but don't envy your task!

The fact that you, and the others here are still around to reply to my rants is more than enough support

But it's only as logical & weighty as the person using it.
If you're happy it can offer you more appropriate information than you've currently been experiencing & improve the results then it'll do it's job.

I hope it will...every broker shows the daily candles/bars, as they do the 1H candles/bars where the 4H can change from broker to broker.

It also assists folks to focus on those instruments that are exhibiting & displaying the behavioral traits synonymous with the threads primary subject matter.

Focusing on the evident stuff...gotta make it happen

It sounds like a plan for sure. But so does most of the other content on here. It's simply a variation on a theme.

Fortunately this thread has attracted a bunch of people that, by the looks of it, all have the traits of successful traders and have been able to create their own version of the stuff here.

Of course, what got me stuck was trying to find the sturdiest approach..the best way to find a trend, the best way to enter the trend, the best entry...
when actually everyone's been pointing out that the "best" isn't the right term for it...what i've got to look for is the "most evident" trend, the "most evident level that could push price back into it's trend"...the most evident entry level.

But as visualxray said, you're going to need to give yourself sufficient time in order to accurately measure the results of your activity.

Yes...I have actually started to cook & catch up on some other readings - in order to divert my focus from the screens while waiting for the market to setup.

So thanks for now & any further thoughts are always welcome

[jcpfx]

Going into monday, my shortlist is made up of 5 pairs in order of preference:

1) AudJpy short, looking for 97.00 to hold on any retrace and continue down towards progressive targets 95/94.50/93

2) EurAud long, looking for 1.3450/70 to hold on any retracement as we have space to push all the way to 1.3800

3) GbpAud long, looking for 1.5775 to hold on a retrace and push back to 1.5875 for starters. My only doubt is that 1.5900 caused a quick reversal in price last time it was touched so I would expect as much this time round as well...so we'll see. I'm getting into these trends very very late.

3) UsdCad long, looking for 1.0300 to hold and push towards progressive targets 1.0425/1.0450/1.0500

4) EurUsd long, looking for 1.2950 to hold for a push towards 1.3200. This view contrasts with UsdCad longs, so it will probably be better to wait to see
how the markets move and keep EurUsd on the back burner. Cable has a similar structure to it, and I don't mind keeping an eye on them because I would ideally
like to get into any new trends as soon as possible, given that there are some very mature trends that are more and more probable to end.

So we'll see!

Good luck to all and have a great weekend!

[Eidriel]

Hi all!

For me, AUD and NZD pairs seem to be interesting pairs to focus on for the next week.

[hawkmoon]

For me, AUD and NZD pairs seem to be interesting pairs to focus on for the next week.

There's certainly no let-up in the pace of one or two of those pairs that's for sure.

They might slacken off a little until the conclusion of next week's Aussie rates data & statement commentary, but for now the primary directional entry triggers on the majority of those currencies are still more than crystal clear.

[jcpfx]

Good morning everyone,

this morning i tried to get into an AudJpy short. Tracking the retracement lows back to 97.00, I entered on a 1H 1-2-3 off 96.60 with a first possible trouble area at 96.43 and then clear sailing to 96.00 (friday's low). Equities are in bearish mode still, and UsdJpy has broken below friday's low, but with choppy action.

Unfortunately, the 96.43 area has held and I have scratched the trade at par as the 15min most recent high @ 96.59 has been taken. It seems Hawkmoon may be right about Aussie pairs being unclear until the rates decision is out of the way...

The other promising pair this morning is GbpUsd, continuing it's ascent but I was not yet able to get into it: I am waiting fora pullback to the breakout area of 1.5240 where I will look for an entry.

[2Taps]

Although I'm in agreement with the high probability pairs & currencies you & Eidriel have posted, I'm flat this morning.
There were some nice follow through moves last week again & I'm in no hurry to give any of that money back particularly as this week is likely to be quite busy with all the interest rate data swirling around the markets (Aussie as well as european). Plus it's NFP week too, which makes me even more relaxed about taking on fresh bets.

If after Tuesday the Australasian currencies offer up a clear directional move then I'll partake, but not until then.
Same deal on the European pairs.
There's nothing to interest me so far this morning & I wouldn't imagine any of the others are inspired to lay any of their money down either.