Well looking good for some nice 1-2-3 action on both pairs!

Just to recap the rules and the subsequent pending trades I have in queue.

Trading Rules:
Entry = high & low + 10 pip offset rounded up or down as necessary
TP = 100 pips
SL = ATR
Target 1 = 15%, stop move to breakeven
Target 2 = 45%, 5 pip trailing step applied
Target 3 = 100%
Positions = 3

EURUSD (calculated on thursday night last week)
Previous day high: 1.3738
Previous day low: 1.3416
Pending order high entry: 1.3750
Pending order low entry: 1.3405

GBPUSD (calculated on thursday night last week)
Previous day high: 1.4596
Previous day low: 1.4160
Pending order high entry: 1.4605
Pending order low entry: 1.4150

EURUSD



GBPUSD


I hope you guys find this as useful for being prepared in the market as I do!

New folks, please, keep an eye on the daily trend! Be careful of counter-trend trading on the great scalping systems here on the forum. They are great but be mindful of the direction of the current. The multi-time frame scalping needs to agree with your trades. The big money is trading daily & monthly so make sure to go with the flow.



Ciao!

__________________
-David T-
Verbtheory Trading Journal
-----------------------------------------------
When time is short, timing is everything.
In such an environment, technical analysis comes into it's own.

Thanks for the quality pic and explanations.

You're welcome, hopefully this helps our mutual trading!

Status Update:
My GBPUSD pending was triggered and the market went into retracement due to the housing news and the Geithner plan leak. Looks like we're back on our way, I expect the cable to bust up sometime tonite or next day. It made a higher high so trend continuation is the bias.

Waiting on market to trigger the EURUSD trades, it too experienced the retrace on the news. Market is correcting itself, my hope is that the Geithner discussion doesnt create a reversal. Although in the "macro-economic good sense" that might not be too bad of an idea. In that case I have pending orders as mentioned below for a bottom break. =)

__________________
-David T-
Verbtheory Trading Journal
-----------------------------------------------
When time is short, timing is everything.
In such an environment, technical analysis comes into it's own.

Cable breaks out of 1-2-3 pattern! +72 pips so far, closing one position at 115 and move stop to breakeven, close out another at 450 pips then let profits run with ATR (10).

__________________
-David T-
Verbtheory Trading Journal
-----------------------------------------------
When time is short, timing is everything.
In such an environment, technical analysis comes into it's own.

Well the EURO is just stalling, hasnt triggered my order yet. I see a double top which I'm a bit concerned about although it's already headed down lets see what happens.

Cable is doing great, I locked in 110 pips on one position yesterday and 2 positions still open at +155 pips at the moment. I'm looking to close another position at 45% of target = 450 pips. Then I'll apply a huge trailer on it's way to 1000 pips.

__________________
-David T-
Verbtheory Trading Journal
-----------------------------------------------
When time is short, timing is everything.
In such an environment, technical analysis comes into it's own.

Update!
Well the cable pulled back and hit my breakeven stop, no harm no foul. Still pulled 122 pips total off the move.

As far as the euro well, it still hasnt triggered my pending orders. It has formed a double top which inidicates a possible reversal and it has already corrected some with a bull candle today. I'm essentially looking to buy the high or the low, the market hasnt decided which way it wants to head yet. I still anticipate the euro to continue a rally as the economic stability in the USD hasnt happened.

As Obama said yesterday, he's been in office for a total of 60 days. Let's give it a bit.

Will be looking at a new setup on the cable off the high of the previous day, I'll post pics later.

Ciao!

__________________
-David T-
Verbtheory Trading Journal
-----------------------------------------------
When time is short, timing is everything.
In such an environment, technical analysis comes into it's own.

Update!

EURUSD


GBPUSD


Definitely in wait mode right now for a little more action on the cable, both pairs seemed to stall on their trends after strengthening dollar news from geithner, bernanke and I think a confident speech from OBA.

Ciao!

__________________
-David T-
Verbtheory Trading Journal
-----------------------------------------------
When time is short, timing is everything.
In such an environment, technical analysis comes into it's own.

Well I took the 2nd half of the week off to do some writing and stuff and watched the dollar rallybig time and crush the pound and euro bull trends in a falling pattern effect.

I will be looking to short both the Euro and Pound this week on price action setups. Pound and Euro both have news happening right now so let's see what happens!

Remember, this friday is first friday of the month aka "Bloody Friday". Stay out or play the breaks if you're brave =)!

EURUSD



GBPUSD


I will be dropping down timeframes to get into the bear trends on both daily charts.

Trading Rules:
Entry = high & low + 10 pip offset rounded up or down as necessary
TP = 100 pips
SL = ATR
Target 1 = 15%, stop move to breakeven
Target 2 = 45%, 5 pip trailing step applied
Target 3 = 100%
Positions = 3

Ciao!

__________________
-David T-
Verbtheory Trading Journal
-----------------------------------------------
When time is short, timing is everything.
In such an environment, technical analysis comes into it's own.

Ever wonder how do I get into a trade????

Here are IMHO some of the most durable ways to enter a trade:


Enjoy, safe trading to you!

Ciao!

__________________
-David T-
Verbtheory Trading Journal
-----------------------------------------------
When time is short, timing is everything.
In such an environment, technical analysis comes into it's own.

Make sure to trade with the bias of the day.

If price is under the open price then short.
If price is over the open price then long.

Use price action to determine entry and pivot points to set targets and support.



Ciao!

__________________
-David T-
Verbtheory Trading Journal
-----------------------------------------------
When time is short, timing is everything.
In such an environment, technical analysis comes into it's own.