Trading Experiment Day 13: Charts and Monsters University

Yes, Monsters University. We took the kids to see it yesterday as Florida is a rain drenched mess right now and normal beach activity is on hold

So to the movies it was. Monsters University was a very well done flick. I enjoyed it. Possibly its because I see everything through mastery goggles these days but it was a kids movie that brought out the idea of mastery. It was great. It was this glimpse into the early lives of two monsters that are presented as professionals in the first movie. It was their journey. They started out the way we all do, really wanting to “be somebody” by being the best scarer. They beat themselves up, fight against each other and the whole world, until that path doesn’t work. Near the end of the movie Mikey, the green one eyed little monster, looks at Sulley and says something like I guess I don’t need all of this to be ok, i’m just ok with being ok. Probably totally butchered the line but you get the idea. And that is when their journey as professionals began. They start at the bottom of Monsters Inc and work to become the greatest in their field.

Like I said, I am not proud that I just dissected my kids movie to illustrate a trading/mastery idea, but its everywhere if we look for it. Its just the journey. I am posting the charts everyday and the way that I see them to start at the beginning. Just do the work every day that is necessary to learn how to trade, and before I know it, I will go from the mailroom to the CEO of my trading company.

Today’s Charts:

4 hour

Snagit screen capture
http://screencast.com/t/Yf1q5mR3LCo

Looking nicely supported and may want to try for my 1.3060-70 area

1 hour

Snagit screen capture
http://screencast.com/t/q3kLzHXIu

1 hour has 8 touches of this line. Again, until something changes, I view EU as highly supported on the higher time frames

15 min

Snagit screen capture
http://screencast.com/t/YIIRMAvLsnXC

Again, looks to be supported, maybe a bit range bound. Looks to be “pressuring” the upside but would be decidedly bearish below that trend line for me as all but the 4 hour would have broken down and then 1.2990 comes heavily into play.

5 min

Snagit screen capture
http://screencast.com/t/NFHQKzSk

So on this 5 min with my trigger lines, I am waiting for a cross up. If it breaks the higher time frame trend lines to the downside which it looks like its about to do, then reset and adjust. Markets are always fluid and the analysis we do only lasts for a moment. Don’t be afraid to reset when conditions change. Happy Tuesday

TradingLife:OwnIt

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