Saturday, November 15, 2008

eur/usd short at 1.2505

Here is a short I made on the euro at 1.2505. Pretty self explanatory but as you can see I have completely weened myself off of all indicators. Support and resistance is my bread and butter and I just want to focus on that. Although I spotted more trades this week, for whatever reason I did not take it. I have been really backtesting my s/r trades and after a little adjustments to how I cherry pick my s/r levels (thanks to my friend Steve W.), my trading and confidence has taken off. My focus is now on s/r, but more specifically areas that I am tentatively calling a Fractal Price Pivot or FPP. Simply put, it's an area where price tugs and pulls at, usually within a fractal. Another trade I am also tentatively calling an Apex Trade. This is exactly what it sounds like, I look for major areas where price pivoted and as price approaches the apex of the pivot, price will usually bounce at these levels. Many time it's where complete reversals occur. I am still utilizing fibs, weekly pivots, and chart patterns, but I will use it when there is a confluence with major s/r area, FPP, or apex. I'll include several other snapshots.

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