Dream On....go for it!!! I am focusing on EUR/USD and AUD/USD right now...your main cross rate focuses are...?
Check this out! EUR/JPY Dotted gray line through right top is the 50% reversal for the move over two weeks ending Dec 5 or so. The three-bottom where I have two TLs are where the 50% was for the move on the left. Picture perfect AB=BC from last of three-bottom to the right top Perfect 2B reversal with a perfect pullback from left top. Dominant trend = down. Couldn't find a pattern for the ratios, but there is a small chance I might actually know what I'm doing here. Edit: When/if the 1-2-3 reversal from the 2B completes, it could get fun!
Ok, wanted to discuss my trade idea, my night, and my thinking process. Well, at the start of my trading work, I was extremely angry â I wanted to celebrate my final day of college classes this semester, but became extremely angered as I tried and failed to work out for the first time in three weeks because of severe shoulder pain (took time off because been battling it) and decided to stay in and trade. However, it was after about 30 min of work when I discovered my EUR/JPY bias above and became excited. I had made a decision on the market for all the right reasons (according to my current knowledge/experience), and decided on a fantastic market entry point with an equally impressive R:R. Whether I turned out to be wrong or right, I couldnât care less â I have made some great decisions here on my road to becoming a trader, so I actually decided to go out and celebrate based solely on that and see how it worked out â and I never thought about it at all during this time. Now what happened? Well, it went directly against me, and it seemed like I picked the swing bottom to go short and would have been stopped out. And you know what â it doesnât matter a bit! I understood the reasons for my trade, the risks and rewards of my trade, and realized there was a very recognizable chance that it would go against me. I recognized this, so I took the opportunity to prepare both a winning and losing pacman for when I came back (see attachment). Even if this setup is statistically a loser, it doesnât matter â it is above and beyond nearly everything I have done so far, and I will do nothing but learn. I would like to add that I noticed the original 15 min short well before indicated on my chart here, but I didn't realize several of the other reasons why I would have entered the trade until where I indicated, and was only playing the bars and overhead trendline. I also decided at the start of the day to cut the AUD/USD, GBP/CHF, and EUR/CHF off the screen, leaving the EUR/USD, EUR/JPY, USD/JPY, and USD/CHF. I know I didnât want more than two exposures to any currency, but I made this change for three reasons: it is a major, it has an excellent spread and at least for the moment it is moving well on a 3 hr and under basis (choppy top?). I may need to re-analyze if it goes back to sub 100 pip daily ranges like it seems to have been before August, but for now I expect to stick with my set of four. Good trading.