Below is my first bounce area in case we see a retrace from current levels. Would look to long around 1.43. Some fib confluence just below.
Below is the alternative, a short around 1.4575. A close up follows the bigger view...
Close up below...
And of course I'm also watching the linked USD/CHF, which can sometimes provide a cleaner level. We have a picture perfect short level around 1.0730...but we have to get there first Chart below...
3 comments:
Whats up Sam! Nice blog you got going here. Now I understand the time pattern of when you post over at HSM I didnt know you live out Washington State. (We add the state part cus over here people will think you mean Washington DC) I guess trading the London session is a breeze for you out there while i am slaving away from 2am on! lol
Question, can you clarify how you actually trade? Like how often you actually take trades, what timeframe charts you look at when actually taking an entry signal, and what indictors and such you use because I read some of your posts but I still am not completely clear about your approach and it looks interesting.
Thanks
I tried to put in my open id for the comment above but it was messing up so I tried google this time and I guess it worked.
Hey Jeff,
Thanks, I hope to see your blog pick back up. I think the URL is really great (www.mybluecollarhedgefund.com) and could work as a great double journal or perhaps just something more refined to post weekly updates and such.
Yeah, I'm sorry I missed you on the London session last night...I guess it is easier for me then you but granted that I work at 5AM PST, getting up or staying up until 12-2AM PST is rough. If I had a regular 9-5, maybe it would be possible...but not at the moment :\
How do I actually trade?
I start at the 4hr and 1hr charts, look for credible S&R, try and match it up with 38%, 50% and 61% fibs and then wait for price to come. Trend, counter trend, doesn't matter. I try and make sure I stay out of the way of news. That's it.
No indicators. Straight S&R. Easy stuff and it works...my discipline is the only thing that needs improving.
These S&R levels are areas where banks/big money have buy and sell orders at. They're not playing breakouts...they're rebuying or reselling at major support/resistance levels. I look to play along with them.
Right now, my SL and TP are 1:1 and I'm risking 25 points. When I refer to x2 full size, full size for my account = $1/pip...so $2 a pip or 20k, as noted at HSM.
Check out the thread below - it's where I derived my current trading idealogy from. I've always trades support and resistance but never used it as directly as I am now.
It's pure...clean and simple.
http://www.forexfactory.com/t/86429/brainer-trades-1.html
Thanks for the comment Jeff! :)
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