Trading Strategies

Hi Folks,

I'm looking at the charts as usual this morning and have been all morning and all I can do is shake my head. 

Most of the cross rates that I'm looking at are still range bound and waiting for price to get to S/R levels or break past those S/R levels and so far they are nowhere close to being at those levels previously identified.

The only cross rates that have looked interesting for me so far today are AUDJPY AUDUSD and CADJPY which have broken out of the larger 240  min ranges and there is such a lack of activity today that I'm thinking that these might really struggle to make any significant intraday moves at the very least.  the good news with them is that I have managed the trades to a break even point as Ive described in the Ive room today.

So its back to waiting... waiting and waiting some more.

I think personally If I wasn't at the trade desk and doing some presentations, today and this week would be a really good time to go fishing. Have a long weekend. Spend some time with the family. If I was flat that's what I would do with my time.... something better than sitting at the desk.

What every you decide to do today and tomorrow... enjoy yourself and have a great weekend.

Phil

Hi Folks,

Looking forward to Mondays trading and the week ahead as always. Thinking about the scenario's that could unfold for me and thinking about a plan of action to trade those scenarios based on my trading plan.

Enjoy

Phil

Hi Folks,

Slightly shorter than normal week for me so I'm looking to wrap things up today.

Earlier in the week, on Sunday night, I took a look at the markets to assess the charts for the day and week ahead. I answered my usual 3 basic questions to assess conditions and think about scenarios that could unfold so that when or if those scenarios developed I had a course of action that I could execute based on my regular trading plan.

In this video I look back at what was mentioned on that video and see the out come of that analysis both the good trades and the bad trades that developed for me.

I hope you enjoyed some equal success

Enjoy

Phil

Hi Folks,

This is just some snags of the evening Fibonacci set ups that developed which we discussed in the room.

Personally I wasn't planning on taking some late day trades again but hey when the market say jump you don't ask why or how high, like Nike say's "Just do it"

Fib's set up in the normal way taking fibs from the current days high to current days low as I'm biased to the short side for the moment based on the 240 charts price action

Price retraced up to the high value fib levels then on the 15 min charts I'm looking for a bar to close below the lower value Fib level. for example a move up to the 61% Fib and then a 15 min bar to close below the 50% fib level.

This bar becomes my trigger bar for the entry and I will go short below the trigger bar.

CADJPY

AUDJPY

AUDUSD

As you can see above these trade have set up and triggered and already hit the scale out. Scale outs are for me by taking 2/3rds off at 50% of teh stop loss size as per my trade management rules.

For anyone interested I have the snags of the trades as they were settingup but I'm just trying to keep the blog entry short.

These next images show how I'm managing the trade whle I sleep. As I'm writing this I'm litterally shutting off for the night at about 10pm.

The intraday portions of the trade I'm now looking for a retest of the lows of the days and the swing portion of the trade I'm going to run and I'll manage that tomorrow morning.

CADJPY

AUDJPY

AUDUSD

These trades were mentioned in the live room (if you were about) as is all my trading winning and loosing trades. So a final note specifically to one person who very kindly sent me some choice words about my parentage and my hindsight "could have, should have, would have" trading style.

My reply to you is with all respect get a life and JOG ON!

Hi Folks,

Same sh!1 different day.

• Sell the rallies in a down trend
• Buy the dips in an uptrend

The plan of action if you remember was decided Sunday night all I'm doing is following that same plan of action and updating it with new information

I had to wait once again a long time for trades to set up and present themselves and some of those voided for me which is always frustrating to see when you wait 6 hours for a trade only to have it void and then go without you... the consolation prize though today is that I still have some exposure to some of the movements so all is not lost.

Enjoy the video folks

Phil