Use the market context, use the opening analysis.
What sort of open is it?
What do we expect from this open?
Where are the key S/R zones?
Which zone is it heading to next possible scenarios?
Remember it probably prints the high or the low of the day within the first half hour.
Wednesday, 25 July 2012
Tuesday, 24 July 2012
Grinding/Consolidation periods
Recognising the type of period the market is now in is crucial and as I found out yesterday if you try and adopt 1 style of trading to all price action you can get destroyed. When price is not moving low volume, no swings you need to either scalp for smaller gains or place a more positional trade with a wider stop and leave. You are not going to get the same sort of orderflow in these periods traders aren't going to be getting trapped and price is not going to be very volatile. YOU HAVE TO RECOGNISE AND ADAPT
Thursday, 19 July 2012
Journal 19th May
Passed Trades:
a)First trade long would have hit around +10 out for B/E
b)Short after level broke out for +30
c)Long off 900 level out for +15
d))Long after level broke out for +5
a)First trade long would have hit around +10 out for B/E
b)Short after level broke out for +30
c)Long off 900 level out for +15
d))Long after level broke out for +5
Wednesday, 18 July 2012
18th July Trading
OPEN DRIVE - Longer time frame buyers in control of the market
Today was interesting open-drive plenty of nice pullbacks looked like longer time frame buying coming into the market. I had a feeling that if it sold off later buying would come back in due to the type of interest and the structure of the market. It was right and buyers emerged after a minor sell-off. The trading today was poor, what I'm learning is that again I need to FOCUS more this type of discretionary trading there is no magic understanding of the market what I feel are the most important attributes in trading like this are, Adaptability and intuition. Being able to apply these skills logically at the right times. I am now struggling to cut losers and just leaving the to hit the stop. Both losing trades recently have been poor trades. I places a trade against an 8 pip buying pin on the 3m time frame when I had noticed that when ever there seems to be an 8 pip tail price generally moved in the direction of the tail. This was poor I passed on a lot more trades earlier that were better and then ended up placing that trade which was probably the worst trade of the afternoon.
I need to be fully engaged when trading this needs to be priority I also need to be more adaptable in trades and while I am watching price unfold.
Today was interesting open-drive plenty of nice pullbacks looked like longer time frame buying coming into the market. I had a feeling that if it sold off later buying would come back in due to the type of interest and the structure of the market. It was right and buyers emerged after a minor sell-off. The trading today was poor, what I'm learning is that again I need to FOCUS more this type of discretionary trading there is no magic understanding of the market what I feel are the most important attributes in trading like this are, Adaptability and intuition. Being able to apply these skills logically at the right times. I am now struggling to cut losers and just leaving the to hit the stop. Both losing trades recently have been poor trades. I places a trade against an 8 pip buying pin on the 3m time frame when I had noticed that when ever there seems to be an 8 pip tail price generally moved in the direction of the tail. This was poor I passed on a lot more trades earlier that were better and then ended up placing that trade which was probably the worst trade of the afternoon.
I need to be fully engaged when trading this needs to be priority I also need to be more adaptable in trades and while I am watching price unfold.
Monday, 16 July 2012
Friday, 13 July 2012
Tuesday, 10 July 2012
Monday, 9 July 2012
Monday, 2 July 2012
2nd July Analysis
Very bad trading today, I think Monday's always seem to bad for me price action was quite good today but I think it is mainly my psychology on a Monday which I need to look into.
Hindsight Analysis of what I should have been noticing
Hindsight Analysis of what I should have been noticing
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