FX and Commodity Charts & Ideas


#102

Rob, I’m by no means a expert. I keep a weekly journal and am able, over time, to spot problems I have trading. The two big problems I’ve had to deal with is learning to properly use a stop and over trading. I have a emergency SL that rarely gets hit – I’m usually out of a bad trade well before it gets hit. It was 27 pips now down to 21. Got hit bout month and half ago. A Euro politician uttered some nonsense and the marked spiked around 80 pips. Account dropped bit over 10% in a couple minutes I was up getting cup of coffee. I waited hour so till spike settled down and started back down. Picked up the loss and about 8% profit. I trade as little as possible. If I have exceeded my profit projection for the week through Wednesday or Thursday – I’m done – hate trading on Friday.

When I joined FF, most everyone said you couldn’t make it long term scalping. Found out from Stu that not only was it very profitable but there were several ways to trade – just gotta find the right fit for one’s personality and traits. Hope over time we can share information that makes the most of out trading time.


#103

Day Job – Homes we are building in one of the lake subdivisions. Have some interior pics of the last one in couple weeks.


#104

Thanks for those wise words :+1:
I have in the past been quite despondent with my inability to succeed in trading almost to the point of giving up. I have found it one of the toughest things I have ever tackled and still I lack some key ingredients.
The difference today is, certain elements of chart analysis have become clearer for me and I feel quite upbeat about what is achievable. I broke my ties with working in industry some years ago so I could focus entirely on trading and I don’t intend to go back on that decision lightly. You and Stu have made me realise trading success is possible and it is my sole intention to focus on the charts until I master it. I still admire what you do as (what you call) your day job, it must be very rewarding completing the properties you build.


#105

The toughest thing have tackled also as I am not a patient person. After getting pointers from Stu, I quit trading for a couple weeks and had a serious talk with myself. First thing I realized was the fact I was complicating the hell out of things. I had spent hundreds of hours staring at charts, constantly trying different things. First thing I did was realize I couldn’t keep up with multiple pairs as my time was limited and didn’t need but one pair to achieve success. I decided to concentrate on EU as it had volume and the most consistent PA. Most important thing to understand is it only goes up and down. 50% chance of being right on any entry. I will have a cup of coffee and watch couple time frames to see what she doing before entering a trade. I use the aforementioned lines, candles and only ascending or descending wedges. Following is what I used for last nights entry:

I have my take profit set for 6.9 pips. Tried several combinations but found 6.9 gave me the best hit and profit rate. Let me know if any of this is of any help to you.


#106

You certainly have made it look elegantly simple.

For scalping, I have been following Stu’s premise of sup and res bounces from monthly and weekly levels. I have had them on my charts for years but never made the correlation. I am starting to see the wood through the trees steadily.
My losses yesterday were due to totally different longer term trades I was getting into. I just entered several times and stop’s got hit due to various twitter noise.

What I hear most from you that I implement immediately is:

  1. limit the number of pairs and 2) stick with just scalping, hence celebrate the 5 to 10 pip trades :+1::+1:

#107

I have 1.15406 on the short radar EU. Disclaimer: I only own my own risk :grin:

EDIT: I should add if it gets there and if aforementioned conditions met. (Well aforementioned elsewhere…FF)


#108

I had at least a year off in 2016~17. My past (brief) successes brought me back. As Jim wrote, it is about finding the method that suits you.


#109

Further to that above … an assessment from an analysis company concerning recoverable oil volumes.

Xodus’ calculated future Portland oil production profiles, based upon observed pressure and volumetric data from the EWT, show that oil recoveries of up to 45% of connected Oil in Place could be attained if a successful full voidage replacement pressure support scheme is incorporated into the field’s development.

Xodus is a service company which provides analysis to the oil E&P industry.


#110

Thanks Ex, I also took a couple of years off and went back into industry. I regretted, not the work as I have a passion for setting up efficient manufacturing lines around the world but failing to achieve trading success.
This time, for the foreseeable future, my only intention is to stay focused on trading :+1:


#111

If you are following Stu’s premise, U good - U will get there. I do a few longer trades now, but I started only after I learned to scalp. Getting the entries you are comfortable with allows you to analyze longer term stuff. Best of luck to you.


#112

Today’s quick short-scalp. The 11525 entry is actually significant as far back as 8th October.


#113

:+1:LM Low. Keep it polished it might come in useful again at some point. Market memory.


#114

EU back at open now…


#115

Sneaky bastards through the open and back to it !


#116

On Watch… GA


#117

On Watch EG…


#118

That hourly UJ bar was a tough one to step out in front of but you gotta have…:joy:


#119

EU still neatly tucked into the tight range she been in for 8 weeks. This week we have the EU rate announcement. I expect it to be a bit more optimistic than before but still dovish. Its possible she will make a make a move out of present range but I’m not expecting major fireworks till the US midterm elections. Once the republicans secure a even more powerful hold on both chambers and solidify the president’s agenda, I think the euro sinks to the 105 range.

Interestingly, the 12 hr chart shows a well formed H&S within the perfectly formed weekly H&S. I remain bearish and will only be looking for shorts till conditions change. Being very careful here.


#120

Forgetting that I was riding a trend-break, I got out too early!


#121

Ha, you and me both Ex.
Similar scenario, I bought the touch of the weekly horizontal line at 1.29716 and closed at the touch of the descending trendline for 10 pips. Then I watched as the price continued up 55 more pips without me. :rofl:

Any other time I would have left half on but nope not this one. Definately liking this scalping though.
Thanks for corrupting me guys :grinning: