Goldmine!

Hello Traders,

EU in an interesting spot...looks like it has been making slightly higher highs and higher lows, but in a tight spot to go higher (resistance areas). Just gotta go with what price shows whenever it does...in the doldrums at the moment I guess.

Take care,

FX4Newbies
 

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Good Monday Morning Traders,

Well EU did lose steam and sold off. Notice how price "obeyed" the Warning Lines (WLs). Just keep your eyes and mind open and follow what it does. Red dashed fork I call a "What-If" fork. These terms are also defined in the Glossary on the blog.

Take care,

FX4Newbies
 

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Hello again,

Price did not make it to the ML of the "What-If" red, dashed fork as bullish sentiment kicked in. Kept the forks the same so you can see how price responded. Interesting how the fork lines played out. Note: One reason traders get stopped out...drawing a counter-trending fork and "trading the fork" and not the trend. Price here was still in an uptrend, hence the "What-If" name given to the fork.

Take care,

FX4Newbies
 

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I guess the world is watching... waiting to short EU. Showed some weakness (red arrow) but found buyers just underneath at the WL. Price is still trying to go up, but the sellers want to sell. So let's see how and when this will all play out . In the meantime, you may need to trade shorter TFs if you normally trade longer swings...or even scalp.

Take care,

FX4Newbies
 

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Well EU seems to be showing some more weakness (second red arrow). Still hasn't given up the ghost...in a range at the moment. Geithner to speak and US news to come. Things could certainly change and give a tell. As always, trade what the market is telling you .

Have to be out shortly. Trade cautiously.

FX4Newbies
 

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Hello traders,

This post is in response to a comment about the Performance Journal:

I did make a comment about the journal in another setting and I will make the comment here as well. I will begin trading it this week. I spent almost all of Monday and Tuesday hunting for video conferencing software and trying to get it to work well for the live session on Wednesday. (Will post the link once I have reviewed the video). Thursday and Friday were also hectic...had to be out on Friday. What I also did not mention until now is that I had injured my left ankle on Sunday.

Fear may be a small part since posting a journal like this is another level of emotional adjustment for sure, but more importantly I have not been able to block out quality trading time. For that reason I won't be scheduling another live session soon, and some of the projects I have been working on to provide resources to traders I will try to wrap up as fast as possible or they may have to take a bit longer to complete.

You are right...it does take guts to do it (you used a more colorful word :)). My goal is to be as real as possible with this business. Traders need to see that losses happen to everyone. The question is knowing what to do to get back on track. I am not worried about it because I have done it before. I've just had ALOT on my plate. One of my goals with this journal is to push myself through to another level. My trading method is set, now it's me that I'm forcing through a "glass ceiling" of discipline. But, I've gotta have the focus and the time blocked out to do it.

Let's see how the journal progresses this week.

Take care,

FX4

P.S. Weekly chart wrap-ups are posted.
 
Hello Traders,

Price pushed beyond U-MLH of red fork and also cleared blue horizontal line (not by much though). Presently around a WL. Can teal U-MLH be a target? Something to consider as you prepare to trade. Let price do the talking as always. Like I said yesterday, hope we're not in for more chop.

Take care,

FX4Newbies
 

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Quote from FX4Newbies:

Hello Traders,

Price pushed beyond U-MLH of red fork and also cleared blue horizontal line (not by much though). Presently around a WL. Can teal U-MLH be a target? Something to consider as you prepare to trade. Let price do the talking as always. Like I said yesterday, hope we're not in for more chop.

Take care,

FX4Newbies
More...

Price tried to make the teal ML target. Some may have thought it was far off. (Seems like I should have traded it huh, but I was asleep or otherwise occupied). Turned at WL intersection there. Looks like it is trying to go up again. Don't know how strong a move though.

Will be on the hunt for another trade and following my rules as well.

Good trading to all,

FX4Newbies
 

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