Hi Folks,

In this video I take a look at the main trade that worked well for me today which was EURUSD... I did forget to mention the Break Out on GBPCHF which took two goes before the trade held first entry on a short break out which produced a loss and the second entry based on fibs which is currently scaled out and on a free run. Fib set ups also on EURJPY GBPJPY not mentioned on this video... as I wanted to talk a little about discretionary trading and trading before the break out.

Discretionary trading... that really is a tough one... how to you explain an opinion and experience? For the last 2-3 weeks we have talked about price running up and down by the big dogs often referred to by us little fish as stop running, which I suppose if you can identify it will help you identify and time a potentially good low risk entry into good potential movement.

Anyway as a part of my own home work projects (yes I set  myself home work) I'm looking at trying to simplify and rule define when you can trade a pattern ahead of a break out move as well as a few other things I'm trying to I'm looking at some money management variations and Fib patterns like Gartley's

So as soon as I can rule define them and explain them with simple clarity as these patterns are made sooooo complicated by the people who describe them or write about them and so much seems to be done with hind sight... isn't it always with these bloody vendors who don't trade. Long story short when I'm satisfied that its simple, rule defined and can be traded in real time, I'll roll it it.

Enjoy

Phil

Part 1

Part 2