Hello everyone,
Not much to comment about today to be honest. I only found a fistful of tradable setups and most of them were based off the Daily charts. Most of my Trade Plans got violated (thus no entry was taken) and the other few left are still taking their time to unfold, so I am setting up my sound alarms and I am stepping away from my trading desk for the day.
Pretty uneventful session to be honest. The best thing to do during these days is to keep your discipline in check, take no entry and go outside for the rest of the day because if you get involved with the markets chances are you will lose money. One of my Golden Rules of Sensible Trading (I swear I am going to copyright this punch line one of these days) is to not sniff the charts for an entry more than a couple of minutes per chart. If the trade is there, it will jump right in front of your eyes and scream “take meeee!!!“. If you don’t quite see anything in those first few minutes, then chances are that there’s indeed no trade worth considering at all!
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25 July, 8:22 pm
The setup EURJPY is only gone for today right ?
Because i pipped only once the 50-SMA ?
So do we look at it tomorrow again ?
Or is the 50 SMA too flat now ?
Another thing is that 29.7.07 is an election in Japan.
I dont know if it is important or not.
25 July, 8:41 pm
hi hector
keep up the good work.
eur/gb 1hr charts are good trending. nice trade there today.
I do the r/s lines on the daily then go down into the 1h and if it breaks and retests a line i know its really strong and use next daily line as target [in the direction of the trend] with stop just behind the line.
i learnt this from a guy who only uses r/s lines [no other indicators] from daily chart then goes down into smaller timeframes. simple yet amazing.
25 July, 10:22 pm
Gerold, I will re-check EURJPY tomorrow but yeah I wouldnt like it to retrace any further.
Richard, that sounds interesting indeed. Always worth trying out new well thought strategies :)
-HECTOR-
25 July, 10:28 pm
Richard,
please pass us a picture from this :)
I think hector is forwarding it.
Hector
we need pictures here in your blog !