Charts - Monday 12th January

by 21:10 0 comments
I didn't get around to posting on Friday - slap on the wrist for that! Truth be told, I had another poor morning and decided by about 11am to just step away and let it be for the weekend. NFP was incoming so it was as good a time as any to just let it go and try to move past it.

I got a surprise visit from my girlfriend on Friday night so I took it easy with her for the weekend, ate some good food, drank beer and watched films. Much needed and all of which helped me to unwind after a cack week.

On to today, I took one trade, a sell on EU which came good.


The orange zone is from FOMC last Wednesday and the black zone is NFP from Friday.

1. After an early morning fall and pullback, price rejected the 50% of the FOMC zone so I decided to try a short at point B from the P&F chart. 

2. A quick word about point A. There's a nice short here but I stayed in bed an extra hour this morning to catch up on a little sleep so I wasn't at the computer at the time. I'm not sure I would have taken this entry as it was right on the high of the FOMC bar, but thought it was worth pointing out.

3. On Thursday and Friday of last week I set up an excel sheet that I found through Forex Factory, it pulls data from MT4 and gives me a P&F chart on a square grid, allowing me to draw in the trend lines. Why I didn't try and do this a lot sooner, I don't know. 45 degree trend lines are common place in P&F and i'm seeing over the past few days that i've been missing out with not using them. Sierra charts isn't based on a square grid so I unfortunately can't draw them in there.

4. The 45 degree trend line was the reason I closed out the trade where I did. It was within a couple of pips and I was already over the 1:1 mark for my trade. Instead of arbitrary R:R targets I think these trend lines could help me with targets for my trades. Something to give some thought to anyway.

Good start to the week. I'm working all day tomorrow - 10:30am - 10pm so i'll be remote logging to my trading computer. I'll be keeping an eye out, but depending how busy we are, I might not take any trades. I've hit today's and tomorrow's proposed target with the trade today, so i'm not too worried about missing a day. I'll see how it goes.





28. Forex. Trading. Music. Beer. Food. Travel.


Post a Comment