D1
A very nice resistance confluence is validated by a bearish trappedtrader’s signal.
This is a chance to accumulate short positions.
h4
The chart pattern at this confluence zone seems kind of mixed at this time. It is not really clear whether the topping pattern has completed already or not. So batching in short positions will be a good idea.
D1
FX market was kind of constipated in week8. Only a few reliable setup with good edges but for some reasons I did not follow through with them.
I will be eyeballing hard on this upcoming setup. A classic TA concept as espoused by Peter Brandt – ICELINE will be the focus for this trade bias.
I am expecting a very strong resistance confluence so I will patiently wait for the price action to prove to me that it is resisted. It is most prudent in this way and it allows smaller SL to be set.
This is also day to day momentum is still up and i want to wait for the d2d momentum to be in line with the w2w trend.
Week9 registered small profits and prevented massacre.
Was satisfied to see trade consistency coming back with no random trade entry and astute trade exit decisions.
1)USDCAD : +3 x 3 , CTT short but was BE. Nevertheless was excellent trade management
2)XAGUSD : -30 cents , too exited to trade on breakout, which was a failed break actually.
failure to subsequently trade out the bull trap that it become.
3)CADJPY : +65 , +77 , +75 nailed this pair with orthodox 1234 multi day bull trap
4)EURGBP : + 40 , BE +2 , follow plan to trade multi day 1234 with key resistance tested. Prevented losses by shifting BE correctly.
5)GBPCHF : -30 x 3 attempted quickie which did not succeed. Nevertheless almost hit TP ,but will need to take a constant look out for Orange Box. Will reflect on if WTT or CTT quickie makes a difference or not.
6)AUDCAD: -25 x 2 : orthodox 8 weeks up with multi day 1234 done with smaller 1234. But did not work out. No love lost.
7)EURAUD: +40 , +2 , +4 manual exit: the only call that went against the community and was correct. However last pos did not manage to hold till TP. Price wise , was very volatile. Still it was a trade that boosted internal confidence and empahsized on the importance of trader’s independence.
8)ASX : + 5 , +5 : Could have done better to TP more since it was heavy CTT. Greed got the better to TP more. will remember this trade.
9)CAC40 : + 10 : followed orothodox many weeks up and multi day 1234 wr. need to look harder at potential resistance for better TP.
What I did well :
Excellent trade entry at optimum price level
Excellent trade exit to avoid huge losses
Good trade management to shift BE
What i can do better:
Stronger in desire n mental strength to trust my analysis and ride out the winner
H4
week by week AUDCAD is up , for past 8 weeks
Can see that multi confluence of w1 support , w1 orange box, fib5 h4 box up flow has provided support for point 4.
h1
On h1 , a 4 xh1 bear trap can be seen
ED channel is seen as well.
D1 candle is a strong hammer, all pointing to upside.
will look to take profit near potential DT.
More importantly, 1234 within 1234 is observed which allows a ‘ last chance” entry before boat leaves.
updated 020314
No qualms about losing this trade.
What was good about this trade exit was the small SL that was adhered to.
h1
This will have to be a quick hit and run.
It is clear that the trend is still down, but currently price seems like it needs to complete
a bearish continuation pattern in order to move.
Anticipating a B3S4 for an upsloe ED channel before trading it down.
I have taken note that this can also be a potential mindtrap as I might be over counting on the legs of price.
updated 010314
No trigger not trade
But could I have done better to think of going With the trend short instead?
h1
placed buy limit for this trade. I am trading trigger no.2 Quickie, with combination of
trigger no.4 BB Breakout Magnet play.
Criteria for this trade:
1)Bullish day expansion beyond 2 days high( which is my iceline)
2)tx pattern seen with BB.
3)Day retracement fib5 confluence with 2 day high
4)If price close below iceline = bull trap. I cut loss.
hence any retracement towards 2 day high is a long.
updated 020314
almost was close to TP but eventually all 3 positions were stopped out.
Followed trade plan though and entry was good which minimized the eventual pip loss.
ASX- Aussie Index.
Monthly
Seldom trade this pair
But was scrolling the chart and found it to be resisted at a mega fib6
Daily
shows a bearish engulfing and a potential Double Top. Could be on a cusp of a 400 points move
but aiming for that will also mean a long wait. Probably will test out Peter Brandt’s style of pyramiding, but more details have to be sorted out first.
h4
H4 shows a head and shoulders pattern emerging.
My trigger will be no.5 playing off a 2 day high bull trap from a mega resistance.
Personally, my entry was done after I attended a seminar and the speaker mentioned ASX as well. Sort of ‘confirmed’ my bias. I do not think this is a good way to gain conviction. But the moot point will be that the speaker was a fellow price action chartist as well.
My mentor also confirmed this pattern , after i keyed in the trade.
Looking to see if price can close below neckline now for a more substantial move.
W1
On w1, I have seen a potential EWUS point for this pair to move up.
However, my view on EWUS has changed. I no longer just place a limit order on this type of levels.
I can use it to :
1) trade towards it as a magnet level
2) trade from it after an initial counter signal
H4
I see a 1234 down forming,
– res from w1 low 2010
– 4 xh1 1234 WR
– 13TL broken.
I will go for it.
updated 020314
good trade management after Tp1 and shift BE to prevent a massacre.
One of the better trades this week.
H4
Dax30 Quickie trade
Bullish expansion over 2 weeks high.
any retracement towards day high or 2weeks high is a long.
SL is when closes below 2 weeks high to form a CTT short.
D1
Closing price remain supported by the neckline of ihs identified.
So potential Right Shoulder is still in play.
H4
Therefore this big picture on h4 fits into the big picture.
It fits the criteria of trigger no.1 : 1234 with multiple day low.
Tx shows a plot as well.
There is a decent support at 1.5171 which has not been touched yet.
updated 020314
so this is the trade which I have went against everyone in the community. And the bias of this trade have strengthened my confidence after it had moved in the analysed direction.
I did well to not follow the herd, and with each rebel ( but follow own analysis) trades that I took, I become more aware of the importance of traders being independence.
On the trading side , however I was not able to hold on to the trades as price was indeed turbulent. So eventually I gave up 2 positions as well.
- a journey of investment in SG
Profitable trading on naked charts
Naked Chartist 