Why not this level its S&R right?

Ramblings of a Forex Junkie

One more point I would like to make with regard to price level trading. As with any other type of trading method we will never achieve 100% accuracy. Historically I have 58% winners and I average about 1.8:1 reward to risk. I am right only a little ...

Ramblings of a Forex Junkie

You have raised some valid and interesting questions. First point: It is very easy to draw S&R in hindsight, in fact the zones are everywhere and they are constantly violated and or respected. In the example chart I posted for Kanzler however you ...

Ramblings of a Forex Junkie

I posted in my thread yesterday that demo is worthless and micro is pricless for learning to trade. There are many reasons this is true. Any trade, no matter how small, with real money will bring out the conflicts within most people between fear and ...

The 3 Elements of a Successful Trader

Thank you for the vouch.

Ramblings of a Forex Junkie

Also note that this level is the .75. Well known in trading that orders often stack up at 00/25/50/75 levels.

Ramblings of a Forex Junkie

It isn't so much that I am looking at levels within wicks but that levels cause the wicks in the first place. Another chart example:

Ramblings of a Forex Junkie

Important price levels generally hold because that is where traders place their orders. In one of my earlier posts I described the way I understand price moves from level to level. Brokers and banks must fill these orders to get paid and they have ...

Ramblings of a Forex Junkie

Side note: I still have the tiny account with Oanda. Opened it in 2009 and still use it to try out new ideas. Leads to my last truth for the week. You can do anything on demo, but it doesn't mean a thing until you have REAL money on the line. The ...

Ramblings of a Forex Junkie

Your statements show that we do agree. You are correct that the psychology problems come when the trader is unsure of the outcome of a specific trade. If you know, however that your method is profitable you will not worry about the current trade, ...

Ramblings of a Forex Junkie

I hope everyone had a great first trading week of 2013. Green pips for all my friends.

Ramblings of a Forex Junkie

Psychology is vasty Important in enabling the trader to stick with winners until they reach their target. Psychology is also critical in helping the trader to cut his or her losses quickly without reservation. If there is any holy grail in trading ...

Ramblings of a Forex Junkie

London close is one of several valid price levels I trade each day. I don't intend to go into trading too deeply in the thread but if you spend some time with charts for each pair, you will begin to see patterns that center around certain price ...

Ramblings of a Forex Junkie

I only use until the next London close. Update each day. These prices are great for scalping if you are into that sort of thing. Price usually reacts off these prices at least a few pips and often a lot.

Ramblings of a Forex Junkie

I want to celebrate my 100th post. With a truth. Trading is simple... It is definately not easy, but it is simple. :-) If it isn't simple: If nine things have to line up before you can make a trading decision: You are not doing it right. Also I am ...

Ramblings of a Forex Junkie

On Monday morning at 8:30 I posted a chart with two lines. I said I could use that to trade successfully. Here is the same chart today. Same two lines. I changed it to thirty minute so I could show the whole week. I said those two lines were the ...

Ramblings of a Forex Junkie

This

Ramblings of a Forex Junkie

I want to make three points that chart illustrates very well. 1)All three of the trades illustrated are counter trend and noone was sliced by a falling knife. 2)You don't have to make fifty trades a day to have good success. 3)You will know you are ...

Ramblings of a Forex Junkie

There was a fourth trade, can you spot it?

Ramblings of a Forex Junkie

I will give you an example then you can do some investigation and find more yourself. Put up a cable chart. GBP/USD fifteen or thirty minute. I don't know your time zone but just put a line on the chart reflecting the price at London close. (noon US ...

Ramblings of a Forex Junkie