Bull flag failure

Bull flag failure at a trend line great hint for direction

Partial Rise .... Caught one alive!

Taken from Thomas Bulkowski's pattern book, found a live and beating partial rise! As above...
(homepage: http://www.traderslog.com/trading-partial-declines-rises.htm)



Woops, I called it partial rise, it is the opposite a partial decline

Complex broadening bottom on GBP USD

Going long the pound on a broadening bottom was hard work believing in the pattern but the London open completed the pattern.

Yesterdays pound trade

Watching enough of these in hind sight, may bring foresight!

The cleanest pair of the day? USD AUD

Messy pairs today as trending between ranges often is. However, AUDUSD showed a standard move. Explained in the picture itself

It happens again and again ... the OVERSHOOT

I don't usually trade this pair as their commission on my broker is 9 pips, hard to scalp on that sort of commission. However, this pair was the MOST trending of the night, therefore the need for a good anti trend trade. Because this pair trended the most, maybe the overshoot was the clearest. First goal after the overshoot: 23.6 fibonacci of the days range. It seems to work nearly everytime.

Big Moves

I have found that even on the 5 minute chart, some of the moves are so fast (and far) that to get on them, you have to sort of blindly push the sell or buy button without any real rules.
To bring myself back into some sort of system, ONLY on extremely fast moves (like todays London open on the pound dollar), the 1 minute chart gives accurate entry levels.

Wedge

Al Brooks: a trend is not finished unless there is an overshoot or a 2 push wedge, classic today on pound dollar.

Overshoots

These are not always seen, but they are helpful when they are seen.
Sybolize the end of the trend as well as potential entries. Trend reversal trades so sometimes just for a scalp.

London Open breakouts GBPUSD

3 trades yesterday, 1 failure, total of 8pips profit

London Open breakouts EURJPY

2 yesterday.
First was the failed L2 (double bottom)
The second was a trendline break, breakout pullback, 2 tries

Asian Open: Alive and Kicking

Al Brooks uses the open to try and catch 2 things:
1. a breakout of something .... breakout of a swing low/swing high, trendline/ flag/trading range ..
2. then look for a failure of this breakout to go WITH trend
3. look for a breakout pullback

Friday and Tuesday Tokyo opens:

Hindsight

Al Brooks calls it "third time's charm", Phillip Nel "3 little sisters" .... 3 pushes lower in this case, 3rd failure giving a good buy entry (with the trend). Of course missed. Hopefully these misses will add up to a non-missed soon.

Today, a lot nicer day

Waiting waiting, was thinking today, there is probably only about 5 ideal entries each day... only 5, in the 5 minute charts... probably about 10 or 20 OK entries, and hundreds of borderline entries that will either bring profit or bring losses. Wait for the ideal and expect where it may come from...
Nice quote from someone: "the longer you spend looking at a chart during the day, the more you begin to see patterns that do not actually exist".
I want to ask myself, why is hindsight so clear and yet so unseen at the time of trading?
As Al says, keep on looking for failed breakouts against the trend, and with the pound dollar, a nice example. Wow to have entered here.
Anyway, 6 trades today, one as small as 2 pips profit, no losses and a total of about 60 pips.

This photo sums up yesterday

Hindsight is easy

Hindsight is so easy, moving out in "faith" that these patterns represent something is a little different, but necessary. Nicest pair of the day had to be pound yen

Wonderful day after going to bed

God didn't make us to function 24/7, so missed the nice moves during New York zone time. Down 13pips for 3 trades for the day. I think I will post some entries of what would have been ideal in hind sight.



Missed the above EURUSD

2009 Monday 9th EURJPY

70 pips on this trade.
Against the trend of the day (down trend), but it seemed quite clear that a failure to break the low during the London open after breaking a trend line.

NFPR announcement trade Feb 6 2009

Using the pound yen only because today both the pound was getting stronger to the dollar and the yen weaker to the dollar, helps with the big bang time.

For the announcement I drop down to the 1 minute time frame, movement is too fast for the 5 minute. I wait for a movement to happen, so that a trend line can be drawn, for a possible trend line break, or a with trend ledge to get in on the trend, and therefore a trade.