Wednesday, June 24, 2009

Busy Day Pre-FOMC

Setups have never been so plentiful, so powerful, or so profitable. You know that giddy feeling you get in your stomach when you really feel like you can make money trading? Typically that feeling is followed by massive losses in my accounts. Hasn't been the case with this price action nonesense just yet. Why?

I think it is a combination of a lot of things, but primarily: Taking trades at decision points in the market (i.e. S/R), using proper risk:reward for the first time in my life, NEVER fighting the trend, letting actual price action tell me their is something amiss at these decision points before I jump in, and getting in MUCH MUCH SOONER!!!

More sim trading today... the Oanda platform really isn't too ideal for placing buy/sell stops accuratly. Open E Cry is far superior but for the time being, i'm with Oanda. I had TONS of trades today and really got my pure price action goggles cemented into my head even moreso.

I continue to be staggered by the amount of good trades offered. And when I think about where I would be getting into trades using my old methodologies it isn't suprising I lost money constantly.

Heres a new video I made going over a live trade I took as I was making it and then explaining more of the trades I took this morning. I've spent the last night trying to tweak camtasia so I can give you all high quality, high resolution videos. So many trading videos on youtube and other sites may have good information, but if you can't tell whats in the videos because its too small and blurry whats the point? Especially when we are dealing with small price action signals, clarity is important. I haven't perfected it just yet, but I think you'll find its a vast improvement over even last nights presentation.

Video Down. Making a UBER webinar to be released in a bit.

And after receiving some questions on pinbars I thought I would do a quick video on the mechanics behind pinbars and how and where to use them on your charts.

Video Down. Making a UBER webinar to be released in a bit.

Thats all for today... Its FOMC as we all know so things are bound to get a little nutzo in the next hour. I'm planning on going live with this on my tiny Oanda account next week. Until then its just practice, practice, practice!!!

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