Tuesday Update GBP Mission Accomplished

Market Maker leave the trails going up. I think many people doing the same strategy as I did. Many times price not hitting the targets or just scratch the zone. I am not surprised if price not penetrate the Target Zone before reverse.

Lessons from this trade:

• Price move whipsawed before big trend to shake the holding positions in this case 2x double    bottom and fake spike when London Open.
• Price only scratch the Play Zone. Likely to miss the setups.

1 min TMA is needed especially if I did the reverse trade like this trade. London open spike can give 15 pips more profit which is nice.

The strategy shifted since maybe so many traders doing the same strategy so MM won't let we ride the 100 pips wave. Be very aware when price rejected just above the play zone. It is probably the MM doing.

After price hit the TARGET ZONE we need to update new price level. I will keep updating very soon..

Monday Update GBP

Price Retrace before hitting the TARGET ZONE indicate MM want to lure traders to short. Herd Mentality breakout without hunting stop losses make traders trapped both long and short.

MM need more sellers to drive market up. The best way is to drive price going down more into the PLAY ZONE before price GOING UP.

Weekend Update

Target Zone on the upside. Price might retrace a bit to scare traders and stop loss hunter. Before price reach the BIG TARGET ZONE then long position is still valid.

Good strategy is to buy on every dip when stop loss hunter happened. Price may consolidate and choppy for quite some time and may hit the target with big spike. Be aware and keep cautious.

Update GBP

Friday will be a tough day. Another lower high is indication to attract more shorts and shakes the longs. It is a strong signal for long breakout maybe next week after more longs are cleared

Stop Loss Hunter Experiment

After long time inactive I post new experiment about Stop Hunting Money Maker. This is GU hourly chart. More Buyers trapped than Sellers. It means Price will likely going down to Trigger the Stop Losses before Going Up again.


More update soon...

Short Update Oct 17 2018

CAD currency according to sentiment is going strong. Some oil deficit news can strengthen the currency. The pair is the previous strong economic data currency NZD. Next step is to identify the pivot location which is already touch R61 and not yet hit the weekly pivot. The trade decision is to short NZDCAD the target is weekly pivot.

Quick Update

Busy with old trading method which is I am not proud of. Now after the party is over I am back to the drawing board.

I have been neglected the harmonic pattern for a while because I think it is more suitable with long term and diversified instrument like stocks. My next project will be converting local stock market into harmonic pattern analyzer which is challenging for me.

Meanwhile for forex market I am looking for sentiment analysis. I think to be in touch with market sentiment is very important. Combining it with Pivot Trading will become a quite prospective method.

Keep ditching and looking for new method and it is almost 6 months on and off demo account and surprisingly all the demo is profitable, whatever method I use. Now the one I am looking for is the most logical way of trading which is market sentiment.

I subscribe the news feed to keep updated with market condition and so far the analysis is very good. Italian crisis, Trade War, Brexit, everything is very important. For example last news about Brexit which is near deadline and there is no sign of a deal. Market already rally last week in the hope of the end of Brexit solution and then come possibility of extended time of the deal, also there is a threat of cabinet walk out if no deal happened. This is not good and I should short Sterling. Next step is to find strong currency which is happened to Yen. Trade War and US stock market tank is a good sign of safe haven currency. Then we should short the GBPJPY.

Before that I short EURAUD with the Italy Crisis and AUD already very oversold and also have the Pivot Point Gap. Should use EURJPY but anything works is fine.

Final word, I will keep honing the skills reading market sentiment and I will update with the progress later.