The Slow Walk to a Million Dollars
I came into the this market with hopes of making a million bucks in a year. I spent time reading and learning and I came to the conclusion that it can be done but probably over a longer period. I have therefore increased my timeframe to 5 years. The learning process is unending and this thread is a will serve as a documentation of my journey.
I mainly employ the concepts of support and resistance, market flow, market structure, and trinity as I have learned from the Inner Circle trader. I have been trading a live account for 4 months and the account is still strong.
I ll be posting my morning analysis in this thread and I hope newbies like myself will find value in it.
Let's hear what you've got! It'll be a pleasure to read and learn some more from you...
Great. I ll start posting my daily analysis from next week . I am staying flat the rest of the week as the EU summit makes the market unpredictable.
Welcome, liftoff :-)
If you show the commitment to your charting/learning, I am sure you will collect valuable comments from experienced traders.
The fiber had a very bearish session on Monday. This was mainly down to most participants fading the EU summit progress. A lot of bad numbers came out of Europe on Monday including the PMI (45.1), unemployment (11.1%) and Finland and the Netherland's reiterating their opposition to using Euro-zone bailout funds to purchase government bonds. With the upcoming US holiday liquidity will run out and we might see more of a range bound session in the next two days.
Market Structure is highly bearish with Market flow bullish on the 1H, 4H and the daily.
Price is currently trading in the sell zone of the weekly trinity and the monthly trinity.
The key level I will be watching to get in long is the 1.2540 level. Its a support level I identified on the daily, lies in the buy zone of the weekly & monthly pivot and it is today's R1.
The cable had a fairly positive session on Monday but closed way below the high of the day and way above the low of the day forming a doji. With the market expecting more OE from the BoE we are sure to see some downside movement before we continue upwards. Although the UK PMI numbers that came out were sub 50 it still contributed to the upward movement as it was higher than the previous number.
Market structure is now highly bearish with Market flow bullish on the 1H, 4H and the daily.
Price continues to trade in the sell zone of the weekly trinity and the monthly.
The key level I ll be watching to go long on is the 1.5640 level which is a support level identified on the higher time frame. This level lies right between today's R1 and yesterday's CPP.
The Aussie had a very light bullish session on Monday. With the RBA's interest rate decision out of the way, can expect higher prices as long as the Risk On environment continues. With a good PMI number out of China in the Asian session, we can expect to see continued strength in the pair. I expect the pair to find support at 1.025 before heading backup.
Market Structure is fairly bullish with Market flow bullish on 1H, 4H and the daily.
Price has broken out of the weekly trinity and could be aiming for the 1.217 fib ext and continues to trade in the sell zone of the monthly trinity.
The key level I am looking at is the 1.025 level. This level lies in the sell zone of the sell zone of the daily pivot and lines up with the higher timeframe support.
Last edited by liftoff; 07-11-2012 at 07:45 AM.
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