Posted charts at 17:45 London time Sunday 07 August 2016
I’ve started a new page on my blog for my trading thoughts called ”Ideas” and this post was meant for there, however I haven’t written a post for a month, so thought I’d slip this one in here, to tell you what I’m up to at the moment.
I’ve changed from just trading the EURUSD to having a basket of 12 pairs that I whittle down to just 2 or three for the day, before taking any trades. Maybe this number will drop down in the future. I present each pair below and my thoughts about them at the present time using my present plan. Of course markets are fluid, who knows what will happen during the week and all this could change tomorrow, however it’s really all about my process and my Plan.
I’m trading using set ups and inner trend lines and some measured moves from fxsanalytics.com The set ups and most of the material is available at Steve Winarski’s blog nobrainertrades.com for free and fxsanalytics puts a learning structure too it all, that I thoroughly recommend. I have done a couple of things my own way, I do like to add normal pullback extensions to look for the symmetry of the trend = trend leg moves. I don’t like fib retracements to enter, but it adds a bit of confluence if I know the 50% level has been hit or exceeded. Also I like to clone my inner trendlines which are shown on my charts as dashed lines with the original solid, all parallel of course.
Each trading view chart is separated into 6. The 2 on the left are the new recruits and are there to put what Shonn Campbell calls ‘Context’ on the charts, with structure and continuation liquidity. The context comes from the 120 minutes chart. Shonn uses the 240 min however as I was loath to lose my 60 min I compromised with the 120. Also I get a close every 2 hours that can line up with the 240 whether you have your charts set to 17.00 New York start or 00:00 London which is 2 hours later. I also use Rob Wilson’s 62ema instead of the 100 Shon uses. I always was and am, a big Wilson fan. I strongly recommend Shonn’s ‘Inventory Playbook’ course at fxinventorytrading.com , which I completed over the past few weeks and it should add context to your own trading too if your struggling a little like me. It is very inexpensive and ” on demand.” The middle 2 charts are for my short term, ”no brainer” set ups depending on the speed of the market. 5 mins is my normal pattern set up chart however when things start truckin’, the 1 min can help. The 2 charts to the right are the trend line and levels charts and that’s where I look for price to turn or target.
All my entries must be taken with price moving towards me. This is what I bring to this myself. I don’t wait just for a candle to close for an entry, I wait for a retrace after the close. You can miss some trades that just go, but it helps me not to be sitting in the negative whilst waiting for the move as often can happen. Even if the move goes for it, another setup on the 1 or 5 min may still present itself. This way also prevents any jumping in on the fear of missing out. For example the quasi trade is from nobrainers and it is simply a head and shoulders, but the entry isn’t the neckline, it is the right hand shoulder, often having broken the neckline on a false break showing intent, then a retrace back too the rh shoulder. There is a bit of catching the falling knife here I know, but you can’t have everything and I can and do wait for set ups on the shorter time frames after price has turned, so a slowing of momo is present but not always.
I’d be very surprised if there’s anyone out there still reading this and who actually takes a look at these charts. The charts of a struggling trader, someone who is trying to put it all together. If you’re like me you’d rather look at some one’s charts, who knows what they’re talking about, yes !! Then again you might just be missing out on something.