6-4-2012 Monday - James

Monday 6/4/2012
6:28am

E/U

Weekly is down
Daily is down but had purple/gold crossing with open above gold.

Resistances:
Daily EMA: 1.2522
H2 Simple:1.2487
Daily Smooth:1.2443

Supports:
H1 TI: 1.2376
Daily Gold: 1.2350
Daily lower BB: 1.2258
Weekly lower BB: 1.23050

DMI's are up
TIs are synced up
Indicators are synced up (H2 gold about to cross)
H-Ls are synced up
Parabolics are not in sync however

We are approaching daily smooth for the second time since the beginning of this daily candle. The indicators are almost all synced up. If it does all sync, then long into daily ema. If signs of reversal show (i.e. gold sync down) then short at daily smooth. Another short opportunity may happen at daily ema if gold sync occurs.

1. Waiting for long entry off supports after h2 gold cross and parabolic sync
2. Short may come near near daily EMA/H2 simple or daily smooth depending on gold sync

Long at 1.2438
8:18am
Target=40/ SL=40

DMIs up
TIs synced up
H2 open above Daily smooth
Gold sync and parabolic sync up.



Out with +35. Saw the band pierces and open within M30 upper bands and took profit. (Just as I did this, price moved up and I would have had 40.)

I traded according to my plan. Waited for sync all around and watched out for daily resistance. I am happy with my entry although I probably could have waited for lower support. When I entered I knew that support would be within my SL.

Dana's Evaluation: Excellent plan and excellent execution of your plan but you seem to always worry about taking profit and cut yourself short - out with +35.

Comment for Today’s trading:

James – you was in the right trade in trend of the E/U above the 1 hour Simple – next target was the 2 hour Simple and you took profit before the hit on the Simple while the candle was still in motion of the trend. You need to work on focus and not worry about the money.

One other thing - you had your focus on the 30 which was the wrong chart. A very bad habit of yours and you have to break it or else one day you find yourself not making the profit and not compounding and being stagnate.