Charts

GBPUSD

This is just a simple SR play. This is my trend continuation setup. Price acted as res so I marked the zone and once it broke the level when price came back it acted as support.
Have scaled out 1/3 pos and stops are at break. 2nd target will be most recent swing high.

J

Charts

EURJPY

So Im a little bit behind today as this was my trade from last week and I was meant to update over the weekend but decided to take it easy on the weekend and finish all loose ends today.
Took this trade as price has been making HH and res turning to support. Missed the 1st entry when price went straight into level (I think there was a FOMC meeting or something) but when we had a bullish bar the next day looked like level was holding and I was looking for continuation. Not much happened and eventually got stopped out on Friday.
Down 40 pips on this one and that was all I did last week.
Last week of the month this week and data looks quite light so will be interesting to see how this week plays out.

J

Master The Method

Theres many ways to skin a cat and with all the fancy whiz bang indicators these days multiplied by the currencies and different timeframes there are so many different options/styles on how to trade. This is where I believe most people get lost. They hear someone on twitter or a blog post some winning trades and maybe that individual is using a 7, 31 and 79 moving average (I just used numbers from my birthday but hey who knows maybe they are the holy grail....lol) or someone else is using the MACD with different settings and so the aspiring trader thinks this person has the answer or the SECRET. Well the truth really is that the only difference between the successful trader and the unsuccessful one is that the successful one has mastered their method/strategy. The successful trader has defined their edge and know what they are looking for and when it happens they strike. The reality is from my experience all strategies work some of the time and it is your job as the trader to figure out how to make the strategy work most of the time. This may mean sitting doing hours of testing and finding the nuances to the method but in the long run it will be worth it.
Once you understand what defines a high odds setup then just hunt them. This may mean sitting there for days waiting for a setup to form and if you struggle with this its not methods/strategies or setups you need to work on its you PATIENCE! Ive heard WMD aka Will Hunting ask a very valid question which is "Whats the minimum number of trader to take a day?" Think about it for a second and if your answer is greater than 0 this could be where you are getting in trouble. If you trade on timeframes like the M15 or higher I do not believe you can get really high odds setups every day or at least this is the way that I see the charts anyway.
Ive noticed common patterns/setups occur on the chart regularly but they dont occur every day so when the pattern/setup happens then I know what to do and this is what Im hunting.
Remember the key to successful trading is "MASTERING THE TRADE NOT BEING A JACK OF ALL TRADES"

J

Charts

GBPCHF

Took this trade yesterday once I saw old resistance holding as support. Simple but effective.
Have to admit price was in and out of profit since I took the trade so was unsure how could go but had more confidence in trade once yesterdays candle closed a bullish pin.
Have scaled out and in a risk free trade. I actually have a longer term view on this trade but will need to see how price plays out over the coming days and see if Im still in the trade.

Absolutely HILARIOUS!

Something funny to finish up with. Hope you enjoy!

Charts

EURUSD

Played the trend line break and re test but was stopped out at BE.
Entry wasnt the tightest as an aggressive entry could have been taken when price was about to strike the line but I prefer having candle confirmation and in this scenario I was waiting for a H1 to turn bullish and the candle that confirmed was quite a large candle. Guess thats the way the cookie crumbles.

Charts

EURUSD

Seeing as its NFP's tonight I will sit the rest of the week out. Its been quite a quiet week for me but thats usually expected seeing as its the 1st week of the month and also the month of August which has a reputation for being a little bit erratic.
I just wanted to post this chart of EUR and how technical it has been. I dont like trading during big news announcements like the ECB or FOMC or any other acronym that seems to cause huge reactions in the markets as I tend to find you get stopped from whipsaw more than anything else but had the big boys not been out and about talking their talk these levels would have been very nice to play.
Note how that old support level held to the pip and had a 3rd touch trend line near it. SO CLEAN!
Then there was the support turned resistance turned support again. I love these setups when I can catch them!
Well thats it for me. I hope you all have a great weekend and remember play it safe tonight and dont get into too much trouble if you are gonna play at all!!

J

Charts

EURUSD

Im just looking at this pair and thinking everything about it is technically down at the moment.
You can see Ive marked a potential trend line waiting for validation with a 3rd touch which is also aligning with a proven support level so we should be expecting it to turn resistance and this zone could also be an attraction point especially for the 3rd touch of the line BUT...............
If these levels are broken and when I say broken I dont mean by a few pips I mean a strong break through the level there could be a potential move long for a decent move. I think either way some interesting levels that could provide some trading opps. Will need to see what kind of reaction we get from the major news announcements this week either way hopefully we can get some volatility and some direction for some trading opportunities.

Hope you all have a great trading month!

J