Importance of having multiple charts in your Screen

These are the routine that I go through every time I analyze a chart. You may use this or enhance this routine. This will help me decide a good opportunity to trade

Chart used
1 day chart

•  tools used, SMA 20, SMA 50 help to identify trend
• Bollinger Bands paired with RSI and Stochastic Oscillator help identify over bought or over sold
• Candle stick - engulfing both bearish and bullish
• Pivot - identify support and resistance 

I seldom trade on this chart but if i do that if the RSI and stochastic and boilenger are pointing one direction however need to be carefull with this one since Stop lost may consume lot of pips trade usually go with in 1 to 3 days. 

4hrs Chart

• tools used, SMA 20, SMA 50 to identify trend
• Harmonious Pattern (head and shoulder)
• Stochastic Oscillator and Bollinger Bands  to identify overbought or over sold
• Candle stick - engulfing both bearish and bullish w/ MACD to identify momentum
• Pivot - identify support and resistance 

I trade in this chart when i se Head and shoulder pattern and a Candle stick engulfing but usually 4hrs chart is my confirmation using stochastic for trading in 1hr chart. I make sure 4hr chart stochastic is thesame direction with 1hr chart stochastic. Trade on this will last until pattern complete or 2 to 3 candles if i trade with engulfing or depends with the momentum (MACD)

1 hr Chart

• tools used drawing tools for pattern and trend
• SMA to know the trend (20 and 50)
• Stochastic , Bollinger and RSI bands to know over bought or over sold
• Pattern (Head and shoulder or "S")
• Pivot for support and resistance 
• Candle stick - engulfing 

I usually get my trade on this chart, Its where i identify the support and resistance by usind drawing tools and pivot. When ever Bollinger and stochastic are in one direction or stochastic and RSI in one direction  (overbought or oversold) i confirm it to 4hrs chart stochastics if confirm i take a trade. When ever pattern is shown most specially head and shoulders i take a trade, Candle stick are showing signal also i take trade 3 to 4 candles. 

5min Chart

• Tools used, Bollinger and Stochastic - to identify over bought or sold
• Pivot for Support and Resistance 

5min chart is my point of entry chart when ever 1hr chart or 4hrs chart provide trade for me my point of entry will be in 5min making sure it is on the overbought and oversold. 

Another bullish trade plan Nov 2

Non Farm payrol and the election seems to be the highlight of the news for this week. On thursday Ill be attending webinar hosted by pepperstone. its all about trading in news plus technical. As of this hour 8pm my trade plan created last night is achieved my goal is delivered that is why im making another trade plan again.

on the pic below if market break through all those support then Ill have to watch closely what will happen but if it bounce back neither by the two green square on the pic then i take trade of course this is also based on 4hrs and 1hr time frame. as for point of entry same as usual my favorite stochistics and boilenger on 5min chart.

waiting for pullback then ill trade

Trend is your friend

Consider the November 8 US Election

This is just my opinion but when ever new team or new system is taking place it takes time to settle down to flow the right way it should. Although system on america is already in placed yet somehow, something there will be period of adjustment.  election is near on them and honestly Im not aware on how this individual candidates gonna be. what i know there will be extreme to who ever will sit on the office of presidency. Which from the time of election untill everything is in place there will be a great impact on the strenght of USD.

As for the obvious based on technicality Euro is going Up and USD is going down but then again this is not the matter of who is going up or going down the matter is the extreme will happen.  in which technicality candle stick are showing its movement.

As for me, my trade is going up currently. and im gonna hold this for the rest of the week but then again my prio is to get at least 40 pips. so there will be series of trailing stops.

here is my trading plan for the week.

few hours later Tueday 8pm Philippine time target mark fulfilled goal for the day hit

Find the weakness of your Strategy

As i have continue my learning on forex I found out that there is no holy grail strategy. Every strategy has a witness and if you combine 1 strategy to another you will end up loosing more than earning. I could not lay all the details on this since my type of strategy might not work in you. But what i could share is when times hardship comes that no matter how good you prepare your trade plan if market is not with you then learn to stop pushing. You have to find your way back. Don't try to overdo it. I dont know how you are going to do this. to be back on track but find ways that you will be inspired again. See im writing this to document currently what im feeling. But i know as soon ill pass this through there will be something good. Now I understand why 90% fail on this kind work, its because on situation that pulls them back.

In my case  there will always be somebody close to me is waiting for me to fail. Believe me even my father want to see me fail. Its not because they hated me its just they are angry for what ever reason, valid or not. My point here is situation is situation and theres nothing you can do about it. But Future it can be re-write. Its in my hands if ill go with the flow of strong current of negativity and end up same as always or Ill have to stand my ground continue to pursue learn to lean back and fight another day...

Cyril this is your choice go fight the war you may loose a lot of battles but you will win the WAR!!!!