Looks like it's time to test the breakdown
Hello
No market updates today. Here is what's up.
Here are your instructions for joining the trading room. This is the first of 2 registration emails you will recieve. Today you will recieve an instructional video.to help you get started. There will be no charge for the first week for students who have purchased any of the products on the website. 1 on 1 students free fulltime access all the time. Any Prior or current 1 on 1 students can drop in at any time without registering.
Those who have downloaded the free version of The Laws Of Charts and Men will recieve 1 day free access but Partisipation will be limited. You will be allow to observe but not participate.
This is a beta format and is a change from how I've ususally been doing it. So, please be a little patient. I planned to open the trading room tonight but will have to start for the Wednesday London open.
Skype# tradingmajic
Land line 1-313-406-7798
Trading Room Rules
1. Mute your microphone. When it's your turn to talk you will be directed to unmute your mic.
2. Type questions into text chat window and your question will be answered in the order recieved.
3. Questions must be on topic. Topic will be directed by instructer (me). Although salutations are welcome, we want to avoid questions and topics of personal nature. This is to insure that all partisipants will have an opportunity to get their questions answered fully. This also keeps things directed.
Trading Room times
Trading room will be open 3 day a week for The open of the London Session until the close of the London Session. 11 hours of the trading day.
2:00 am. til 1:00 pm New York Time (0700 to 1600 GMT)
Session days will alternate from week to week. Week 1 schedule will be Monday, Wednesday, and Friday.
The next week will be Monday,Tuesday, and Thursday. Alternating between the 2 each day. I'm only human and must fit real life situations into my life so, there will be times when something unexpected comes up. If I have to cancel class for any reason, that class will be made up either, in that same week or the next week.
Students may feel free to join the session at any time during the trading day.
Class will be in session for the first 15 minutes and the last 15 minutes of each hour during that days class.
When you want to join the class you will need to notify me during the times that class is on break so that I can add you to the class for the next 15 minutes.
Learning Format
Live interactive training. You will be able to see my screen live in real time as I give chart illustrations of THE CHARTS AND MEN SYSTEM as well as how to trade the method in real time on whatever time frame you are trading.
Real time trading advice on whats going on with any pair during the class.
You will also be able to allow me to see your screen when you deem necessary.
In addition to being able to see each other's screens when we allow it, we can also transfer control of our respective mouse to each other. When you combine voice, chat, and file sharing, You now have a true interactive learning inviornment.
I'm in the process of making sure everything goes smoothly so I don't know If I will be able to but I will try to post a market update.
Cheers, Jerry
click to enlarge
Let’s resume our gbp/usd tracking for a moment.
Today we can see that the 4hr gmt bar closed right above at 61% daily Fibonacci. So, we can assume that price will attempt to move up and challenge 50% daily fib at 9899. Why there? Because, That is the location of overhead price resistance as well as 50% fib resistance.
Both of these levels are untested after the breakdown through them. Most moves cannot be trusted to continue fully until the broken support or resistance level has been tested.
The 4hr trend is currently down so we would only be looking for opportunities to go short.
When price reaches our resistance area we don’t want to enter just because price touches that level. When price gets to resistance we want to drop down to our 1 hr chart and wait for the close of that 1hr bar to see if we have a setup. It is only then that we look for an entry trigger.
As I write this we are currently at 23% fib resistance where we can normally expect a pause and this is the first level we must close above before we can make it to the price resistance level of 9899.
You must not enter on the touch of resistance especially in this case because the 2 bars ago we closed with a long range down bar and it was a public.
You can best believe that operators are going to at least attempt to fade this bar up to near the high of that public and the high of that bar is a 61% fib resistance of the last down swing.
So, when we look at our 1hr we currently see the market is trying to form a bull pivot reversal. We won’t know until the end of this current hour.
We want to see this bar close higher than the high of the last bar (9849)
With higher volume than the previous 1hr bar or strong professional/operator participation.
If that should happen we will have a bullish 1hr setup. We would then look for our trigger which will be a pullback to 61% Fibonacci (9841) where we would enter long. This would be a counter trend entry so the risk on this one would be enhanced more than if we are entering with the trend.
If we get our trigger we would look to take profits at 9900 (50% daily fib resistance).
Our stop would go 6 to 11 pips below 61% fib and the low of the day ( 9815)or on 1hr weakness after entry even if stop is not hit. These are composite support for the moment.
So, no setup means not entry. No trigger means no entry. These are safety guidelines to keep your risk small.
Cheers, Jerry
jerry@foretradingmajic.com
tradingmajic1@gmail.com
