I discipline myself to use a TRADE-MAP approach. I have to remind myself to use "best practices" and not let emotions cloud my view. TRADE-MAP stands for:
1. T : Time and space (Fractals); 2. R : Repeating Cycles; 3. A : Advancing Trend; 4. D : Declining Trend; 5. E : Energy in Phase Forces.
Now the letters in MAP:
6. M : Momentum and Velocity; 7. A : Analysis of Structure; 8. P : Price Performance. This is my personal "TRADE-MAP" approach. Your technical tools certainly can differ.
The following information (my interpretation of the above chart) is for USDJPY . Here are "Don's Top Ten Technicals": 1. The is FALLING relative to structure to the left. 2. Prices are trading BELOW the cloud. 3. Prices are trading BELOW the thick red Conversion line. 4. The thick red conversion line is moving LOWER. 5. The thick black line is the Ki jun-Sen baseline of the and this is HEADING DOWN.
6. The indicator on the top of the page is / , and this is peaking. 7. The top-side middle indicator is and this is turning NEGATIVE (red over green).
8. The Top (bar-type) indicator measures the "phase energy", and this is WEAK, and completed a ZERO LINE CROSS-OVER. 9. The red arrows (not pictured) are DOWN. 10. Look to the far lower right on the chart, you will notice a blue line on the top (lips), with black dots below (teeth), and a yellowish line (jaw) below the black dots. This is where I ask you to use your imagination and envision these three items as the "jaws, lips, and teeth" of a FEEDING in a down-trend. This is a negative indication and suggests lower prices for USDJPY .
If there is a short term up reversal attempt, WHICH IS LIKELY, remember, the trend must go higher than $94.30 on DXY .
I hope this has been helpful, entertaining, and informative. I hope it saves you money. May all of your trades go well. Don.