Greetings, As a personal developement excercise the Foreign Exchange Financial Market has been and remains beneficial in my opinion. Mastery is the goal and the destination is an unfolding journey towards better living. Welcome to the Journal. I hope it can be of at least some assistance to all viewers. More specifically, my objective is to personally maximize trading success and to record currency trade forecasts that have good entry points and exits as part of that process. The trading system objective is that of one finding Swing trades having a high reward/risk ratio along with a high trade success rate and high trade safety rate. Having acknowledged that, trade strategies will be divided into categories. Category 1)the most desireable trade forecasts being those that match the aforementioned description, 2) trades already in established trend with shorter swing distances and 3) all other trade exceptions that might safely yield a few pips and can be posted as time permits. The trade entry and exit focus will be on item number 1. In the process of hunting for category 1 trades, more category 2 trades may be found than category 1 trades. While elaborating on systems is not something I wish to do personally I hope ideas mentioned here will help with perspectives for seasoned traders, those relatively new, and those aspiring to be currency traders. Again, welcome. Disclaimer: Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex market. Do not trade with money you cannot afford to lose is good advice. This Journal is neither a solicitation nor an offer to buy/sell currencies. No representation is being made that any trading account will or is likely to achieve profits or losses similar to those discussed in this Journal. The past performance of any trading system or methodology is not necessarily indicative of future results. The suggested trade forecasts posted in this Journal are posted for observation and demonstration trading only, not recommended for live trading accounts.
At this time I'm waiting for a drop back on the EUR/USD and will attempt to ideally catch it from a "bouncepoint" up towards higher than where it is now. An entry around 4500-4510 may well provide that ideal with a good reward risk ratio although a less conservative entry for a return uptrend may happen at about 4540-45. I favour the more conservative buy entry with a target of about 4620 using a small stop 0f 10-12 pips. This is not the best trade setup that I look for but worth watching for. If an ideal bouncepoint is missed then only once a clear trend is established will I consider entering. The current downtrend is too well established on one hour charts as I would have preferred to sell from much closer to the 4600 mark. In terms of Elliot counts the trend down is showing a-b-c down with a "c" finishing conservatively. If this interpretation is wrong a bouncepoint will still be provided that will enable one to enter a trade and place stops at or very near zero relatively quickly and take some small profit if so inclined. If trade succeeds then reward/risk ratio is satisfactory. The probability of success is high enough to take the trade(as demo) if one catches the bouncepoint well. The one reason to not attempt the trade is if the proposed entry is nearing a highly important news release time. All for now...
Now that the Pair has reached the 4540ish mark it should bounce however not by much yet probably. The Elliot pattern shown by minute charts indicate further descent before larger uptrend resumption as the likely cenario as outlined in previous post.
Whats it about besides Forex you mean? For me it's about honing trading precision and recording a journal of proof positive entries and targets with calls made in advance. Maybe I should have chosen a less busy site. Having said that any focused forex commentary is encouraged, be it comments or questions. I watch several Pairs in order to gain ideal entries and preferably large swings.
what you are doing is predicting market movement.... i don't see that as being useful. either you trade, or you are an analist. but don't be a person who predicts based on so and so... market calls are clear specific buy/sell entries with targets and stops and not "the market shoud/would/could".
Was late getting into confirmed GBP/JPY and have exited despite a possible nearterm target of 211.60ish before bounce down. Conservative targets preferred. EUR/USD has confirmed an upward trend leaving the original proposed conservative entry a missed one. 4600 within reach... had daytrend reversal confirmation marked as above 4560 or back down lower. Missed that one for not taking the predicted bouncepoint of 4540-45. Sleep time.