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Thread: The Slow Walk to a Million Dollars

  1. #1
    Junior Member
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    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.

  2. #2
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    Let's hear what you've got! It'll be a pleasure to read and learn some more from you...

  3. #3
    Junior Member
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    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.

  4. #4
    Wizard
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    Welcome, liftoff :-)
    If you show the commitment to your charting/learning, I am sure you will collect valuable comments from experienced traders.

  5. #5
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    EURUSD

    The Slow Walk to a Million Dollars-12.6.12-eur.gif

    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.

    GBPUSD
    The Slow Walk to a Million Dollars-12.6.12-gbp.gif


    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.

    AUDUSD
    The Slow Walk to a Million Dollars-12.6.12-aud.gif


    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.

  6. #6
    Junior Member
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    EURUSD

    The Slow Walk to a Million Dollars-12.6.12-eur4.gif

    The fiber had a very bearish session on Tuesday forming a new two year low. With the previous low broken to the downside, we can expect more downside pressure if the FOMC minutes today do not point to any further QE. The Italian PM mentioned the possibility of Italy needing aid in the medium term.

    Market structure is highly bearish with Market flow bullish on the 1H but bearish on the 4h and the daily.

    Price has broken last weeks low and has opened up the weekly and monthly trinities for tests of the lower fib extensions.

    The key level I ll be looking at to add back to my short is the 1.2285 level. It lines up with a previous daily low & Tuesday's Asia low.

    GBPUSD

    The Slow Walk to a Million Dollars-12.6.12-gbp6.gif

    The cable had a roller coaster session on Tuesday. It initially made an aggressive move upwards on good data from the UK but later fell lower after more bad news flowed out of Europe. The candle formed on Tuesday points to sterling strength compared to the Euro. With so much exposure to the EU, the cable may break lower if more bad news comes out of Europe. But the relative strength still points to a move upwards. Trade with caution.

    Market structure remains highly bearish with Market flow bullish on the 1H, 4H but bearish on the daily.

    Price continues to trade in the sell zone of the weekly trinity whiles it has moved to to the fair value zone of the monthly trinity so enter with caution.

    The key level for a long will be 1.5500. This is a big round number, lies on Monday's CPP, Monday's Asia high and Tuesday's Asia low.

    AUDUSD

    The Slow Walk to a Million Dollars-12.6.12-aud4.gif]

    The Aussie rallied to the top side on the back of some risk appetite but this was quickly quenched when bad news came out of Europe which sent the pair lower. With the Chinese economy slowing down Aussie exports are sure to be affected in the near term. These external factors are weighing in on a rather good set of numbers that have been coming out of Australia in the past two weeks. Trade this pair with caution as the FOMC minutes today can send us breaking lower.

    Market structure is fairly bullish with Market flow bearish on the 1H but bullish on the 4H and the daily.

    Price continues to trade in the buy zone of the weekly trinity but remains in the sell zone of the monthly trinity.

    The key level one can look to go long off is the 1.0180 level.
    Last edited by liftoff; 07-11-2012 at 08:45 AM.

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