EUR/JPY Evening Trader

I’m looking back to analyze what I may have missed in my analysis, but it is kind of difficult to see in the EUR/JPY. As far as I can tell, the broadening triangle with flat top foreshadowed the up move (I thought it was nullified by the minor three-bottom that penetrated previous resistance). I can also infer from the triangle, the flag in the upswing, and then the minor three-bottom was signaling a bunch of support in the range. Otherwise, it seems that the minor three-bottom that penetrated the previous support and went back up was a bear trap and signaling a possible change of trend.

As for the EUR/USD, I’m glad I didn’t make a complete fool of myself by being bearish, but I also should have seen the bullish signals. The early signs included the triple bottom, the failed descending triangle with only a partial pullback, and especially what I labeled as a bearish falling wedge. Instead, the support line was steeper than the resistance line, and connecting the previous swing lows indicated bullish, accelerating, parabolic price ascension. I also believed when I first looked at the chart that the daily looked bullish and possibly ready to pierce the minor swing highs before it. However, I disputed it by channeling down to the wedge and other things I saw on the 3 hr and 1 hr, and took a neutral position.

Anyway, I did about an hour and a half of work today, but I was studying for my exams for several hours, so I’m done for the night. I ended up mainly analyzing PA on my pairs for over the last few days, and saving about ten charts from it to put into my screensaver – things I found interesting, things I should have caught, and things I learned.

Good trading.

 

TG...do you do your own daily pivot, support etc. numbers or where get?...any other updates?

 

I used to plot pivots on separate charts from where I interpret PA - daily pivots on the 1 min, weeklies on the 5 min, monthlies on the 15 min, and yearlies on the hourly. If you don't plot them you should consider it if you are comfortable with PA (goes for everyone).

Attached are the yearlies but on the daily chart so that you can see it for longer time than TOS' 20 day intraday charts. Blues are HLC from 2007, grays from 2006. Solid lines are pivot S1, r1, etc. while dashed are midpoints.

I draw/interpret support from bars on multiple timeframes, and calculate and draw the pivots myself. I haven't used pivots for over a month actually (posted yearly pivots because they are the only ones still up to date).

The only information I get from the market is from charts and my broker's spreads.

 

I will do some work and post later, and also forgot my attachment.

 

boring...spend time and energy on money management fellow, blablabla cross pairs analyzing while others are trading...price action......its all about going with the market without understanding the world economies and decisons !!....just going...but the right way...sorry if i am rude, but thank you here and thank you there...its a bit like treating onethelves as Mr GOT IT ALL...1st lesson is to be humble and respect the market...anyway your not the first nor the last!
Z CoMaNdAtore

 

I would like to keep this kind of conversation out of the forum and out of this thread. If you have a problem with the thread, nobody is making you read.

If you have a problem with me, send me a PM and I will be happy to address it appropriately.

I appreciate the criticism, but there is no need for these kind of posts, and I will not respond to them in the future.

 

Dont worry about crap like the above poster Greg, you will get that from time to time. Keep going! Keep watching and getting your feet wet, I watch the screens all day every day and trade some setups and just watch alot of pairs how the react and if the diverge from each other or how it reacts to the equities markets.Just screen time and you will keep progressing

 

TraderGreg...I really enjoy your thread...actually insight into what a trade might be...that cat doesn't get it..keep posting, we are reading...

 

Although I was being a college student for most of the night, I did get a decent amount of stuff done. Unfortunately, most of that meant condensing 60 images of charts down into 15 for screensaver (I have learned a lot of paint skills lately). I have found several things from this. Firstly, I am learning and memorizing concepts extremely quickly from this method of seeing these images maybe once or twice in a day, and I am advancing rapidly as a result. At the same time, I am adding many of my own charts to learn better real-time applications of these and newer concepts, to which I am adding charts very quickly as well. As a result, I am trying to keep my screensaver relatively up to date and keeping it overall with things I have yet to learn, or at least in proportion so it is more things I am learning rather than reviewing.

However, I believe that I will very soon come to the point where too much of it is review, and/or it is otherwise not worth my time to keep condensing images and is more important to simply view the newer concepts.

As a result, I see myself adding very many new charts of my own as I continue to closely watch the market and using the screensaver mainly as a review, while I decide to spend the most amount of time studying the market and adding new charts to learn from.

I would have very much liked to reflect on the importance of mindset and approach to the market, but it is rather late so I will have to wait. I plan on working a lot tomorrow.

 

Just wanted to draw people's attention to the fact that The Harmonic Trader by Scott Carney is now free on his website.

http://harmonictrader.com/harmonictraderpdf.htm

Read the paragraph, too. This "classic" will be a "collector's item for all trading libraries." Just found that amusing, but yeah it's worth a look at the least.