90% of currency trades are not speculation but rather just, day to day business, as clients from Industry go about their normal business and worldwide commerce transactions.
What does this mean ?
It means that there is far less "emotion" involved in currency markets then equities...
I post this chart for inspiration.
How to squeeze $1.20 out of a .30 range.
wax on wax off, wax on wax off.
Have a great weekend everyone and remeber we can be found in the ET live chat room daily. :D
<IMG SRC=http://charts.dacharts.com/2007-01-05/Joab05.png>...
Yes and wear a dunce cap, so we can all laugh at you.... bahahahahahahaha
:p :D :D :D
Then you can all laugh at me because I was an idiot today too and ignored 3 great trades that all worked beautifully . :( :p :D
How rude of you ..... :p hehe
If I may add to this .... a little.
Ask yourself this question.
Were will you be in 3 months from today?
A. You will have followed this journal through and learned the CORRECT way to make money from this method and potentially lose 1/2 of your account...
Here are the KEY turning points i noticed today.
Also
If you add a 3 period simple moving average to you Volume charts you can see the turns a lot easier.
http://charts.dacharts.com/2007-01-03/Joab40.png
Ok here goes my attempt at a journal.
I trade off a 15 min chart and I look for 1-3 high quality set ups each day.
I mostly follow very liquid stocks that gap up or gap down or are in play.
I cull my list down to the top 20 based on highest volume and I monitor them for key CANDLE...
Take the education, the markets not going anywhere and you can trade when your more capitalized and in a better financial position.
Only a fool would take a stupid gamble like your suggesting.
Jack,
I did not take your comments as criticism :)
I just can't draw the rays (yet) with my current software (ensign).
It's a pleasure and an honor to be part of the group and I only hope I can return the kindness and generosity to others one day as well.
Looks like Spydies got his...
Spydie,
Quick Question:
I get the volume rays :) and I'm working on getting Ensign to add them.
My question is about the Guassians. In which contexts should we use the 5m ES or the 2m YM.?
If I'm jumping ahead please just tell me to shut up :D
In my opinion he should stick to the psychology of the trade, were he excels and stay away from the technical analysis side of trading.
I would be very cautious following his TA advice.
:cool:
Jack,
I'm by no means trying to circumvent the process but being at a disadvantage of time and not being a student of the Equities Journal I was under the belief that it would be possible to jump in to this Futures Journal without the all the benefits of understanding the Equities processes...
spooz thanks for trying and i think u did help
So in this case because volume expaned after the FTT I could have abandoned the Short and given the Long precendent?