Angat wrote:I managed to get a break even day. Not sure where my head is at. Most of the yen pairs gave some setups, they might not have been perfect Ms and Ws but they were there. Could have made 70 pips shorting and another 30 pips long in the end of day reversal, per pair! Perhaps 500 pips just on the yen pairs. Even if you took 50 pips total on 4 pairs thats 200 pips which is not bad at all.

I need to focus more and not get in early. I need to wait for the second leg ideally to start moving in the direction i want it to go before jumping on board.

It all comes down to money management and keep risk to a minimum. Nothing beats experience to fall back on when everything is going tits up. I hope tomorrow's a good day, I need one of those to get my confidence back.

Angat wrote:

Captain Jack wrote:
You need to develop patience and wait for good set-ups. You won't always get "M" and "W"'s on all stages on a move...The best place for them are at the 3rd level....

You will get RRT and "pns" which you can use as clues to possible price reversals....

You need to watch for stop hunts.....don't trade the Asian range....wait for price to move 25-50 pips above or below Asian for a set-up....

A 3 push, 50 pip move out of Asian isn't something you want to trade....it's a set-up that draws in breakout traders.... you want to watch for price reversals after these "false moves" happen.

Look for quality and not quantity....28 pair or more out there...pick the best ones...

CJ

Cheers. I know patience is an issue with me. I need to sort that somehow. I always want everything now now now lol

Captain Jack wrote:
Move to a higher time frame....easier to see the "major" turns....also helps to determine the level of the current cycle.

CJ

Mescalitofx wrote:I got stopped out at BE + 2 for the small up move on GBPJPY.

the juice was out, end of day, ... up to the next.

Good evening.
Gerry

CJ:
Question1
The 3 rises , does mean we see 3 push levels from the bottom. i was confused with the GAP on monday so maybe that was a special case. just wanted to be sure.

Question2
what pair(s) do u refer to that 30-90 min after asian session after jumping 25-50 up or down reverse. I mostly see it continue straight away. going the same direction.

I personally prefer to trade GBPJPY due votality.

Question3
I tend to jump in to early for the way down. i keep adding small lots to average a better position.
Is that what you mean by pyramiding. i think i expose myself to much this way. but i think it is almost the same what u do with pyramiding up. except i think u only add when u are in profit already. maybe I need to work on that. let me explain by showing my entries on the GBPJPY(see pic)

Question4
Any way to stay longer in the trade. i want to increase my R:R ratio.(counting 3 drops when u know the 3rises?) i chicken out too soon.

Angat wrote:So you dont believe in 2 wave corrective moves after a 3 level cycle? It thought the 2 wave corrective move actually creates the M and W pattern. Or is this what you're talking about and the terminology is different.

Captain Jack wrote:

Angat wrote:So you dont believe in 2 wave corrective moves after a 3 level cycle? It thought the 2 wave corrective move actually creates the M and W pattern. Or is this what you're talking about and the terminology is different.

What?

CJ

johnsund wrote:One thing that has helped me is to be able to see more than one timeframe at once. I have 4 monitors, and on each I have the same pair but with M15, H1, H4 and daily charts. I have saved a profile for each pair and first thing when I get up for London is scan each pair to determine where it is on levels for the week and for the day, and M or W formations, pins, etc.. Also look where price is relative to Tokyo channel. This takes about 20 minutes for all pairs that I watch. For pairs that may have interesting setups coming I write those down and then go to a profile that has multiple M15 charts on it. From the list I just developed I either have the pair already in the profile or simply drag the pair over from market watch. I then have in one spot all of the pairs that I identified as prospective setups in one place so I can watch them closely.

One other thing I found is that you can mark up each chart with the drawing tools, showing levels, M or W, pins, etc., and as long as you resave that profile the markups will stay on the chart. Great for reviewing later.