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Attachments: Azzity's trading journal II, (365+200+50+8 rainbow M15 gj)
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Azzity's trading journal II, (365+200+50+8 rainbow M15 gj)

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  • Post #1
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  • First Post: Edited Feb 7, 2009 4:47am Jan 18, 2009 11:43am | Edited Feb 7, 2009 4:47am
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
I started this thread to test and find consistency needed to make successful trades. Before this I started Trading Journal I.

In this journal, I formulate my own trading system based on my own observation of the market rhythm.

And I shall call this method the "2400+1800+1200+600+200+50+8 rainbow M15 gj".

I only use gbp/jpy pair for this method.

I only use M15 chart.

I only use moving averages and price actions.

a) sma 8, ema 50, ema 200, ema 600, ema 1200, ema 1800 and ema 2400
-these lines are to be viewed as support and resistance lines. The higher the ema the stronger
support and resistance. Crosses of ema lines don't mean anything here. It's the location of
prices relative to the the lines that's important. If say price is located between 600 ema above
and 50 ema below it means that the price is located between a stronger resistance (600 ema)
and a weaker support (50 ema).

b) qqe and momentum indicators as additional helpers

***********************************************************

Market Rhythm

Before writing notes on entry/exit I want to make clear of Market Rhythm that I have been observing.

There are two situations:
a) Prices would cut through or bounce from higher ema to lower ema,
this is main trend.
When prices depart away from higher emas lines, the market is trending,
or continue trending after retracement.
The ema lines would depart from each other, or simply call 'gap opening'.

b) Prices would cut through from lower ema to higher, this is during retracement.
If prices retrace after trending, they would retrace back to the next
higher level emas. Meaning the lines would come closer to their
higher emas, or simply call 'gap closing'.

-Say, if prices retrace and cut through 8 emas, they would at least go
back to their higher emas, that's 50 emas.
-And if prices don't bounce but cut through 50 emas, they would at least go back to their higher emas, that's 200 emas.
-And if prices don't bounce but cut through 200 emas, they would at least go back to their higher emas, that's 600 emas.
-And if prices don't bounce but cut through 600 emas, they would at least go
back to their higher emas, that's 1200.
-And if prices don't bounce but cut through 1200 emas, they would at least go back to their higher emas, that's 1800.
-And if prices don't bounce but cut through 1800 emas, they would at least go back to their higher emas, that's 2400.

*************************************************************

Entry:
For main trend

a) Look for the area where the higher emas are close to each other. The more
the higher emas are close to each other the better. The best is when all 4 higher
emas that's 2400,1800,1200,600 and 200 are close to each other.

b) Wait for the cut through or bounce from higher emas to lower emas. From 2400,1800,1200,600 and 200 emas. Observe the cut through or bounce right through until
above/below 200 emas,

c) Then wait for retracement or sideways area.

d) Then look for bounce from the 8 or 50 ema and/or the break of bottom/top trendline.

e) At the break of bottom/top trendlines (referring to c above) plus 20 pips
I would put my order.

For retracement
For taking retracement, I have to make sure the gap between the ema pair
is wide, enough room to take profits.

a) Prices pierce through lower ema of the ema pair and close above/below the lower emas high/low line.

b) qqe showing reverse direction.

c) Momentum showing retracement, hook up/down.

d) Break a horizontal trendline.

e) I would put order 20 pips above/below the trendline


Target profit:
400 pips initial target.
Would adjust as prices hike up or going down.


Stop loss:
2 choice
a) 200 pips fixed
b) A few pips from the top/bottom trendline identified as per my judgement.


Money management:
I would adjust the entry lot so that the stop loss would only be 2% of my account balance.


Trailing:
200 pips. This is to minimize lose or get some profits in case prices turnaround before reach initial target of 400 pips.


Exit:
For trending-2 choice
a) After the price pierce back through the top/bottom of 200 ema.
b) According to my judgements.

For retracement-2 choice
a) When prices reach the next higher ema.
b) When prices bounce from the much higher ema.



Azzity.
29 January 2009.
****************************************************************************
Note:
This thread was originally written on 19 January 2009. But after observing the price actions since then I decided to revamp the method to be as above.

Posts no 2 through 16 are to be skipped. Those are my earlier learning processes.

I'll focus in this method now and see how it goes.


Azzity.
28 January 2009.
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-Azzity
  • Post #2
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  • Jan 19, 2009 8:08pm Jan 19, 2009 8:08pm
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
Current setup 20 jan 2009 1:00 gmt
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-Azzity
  • Post #3
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  • Jan 20, 2009 12:12am Jan 20, 2009 12:12am
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
Progress for today's trade taken at 22:13 gmt 19 jan 2009.
As at about 5:05 gmt 20 jan 2009.
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-Azzity
  • Post #4
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  • Jan 20, 2009 6:29pm Jan 20, 2009 6:29pm
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at 23:23 gmt 20 jan 2009.

The first trade for 20 jan 2009 was closed at SL at 5:55 gmt for $40 profit.
Previous trade closed manually at 13:26 gmt 20 jan 2009 for the $218 profit
Another trade took at 19:02 gmt 20 jan 2009.
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-Azzity
  • Post #5
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  • Jan 21, 2009 6:43pm Jan 21, 2009 6:43pm
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
Current setup as at about 23:30gmt 21 jan 2009.

The last trade was closed at SL at 18:40 gmt 21 jan 2009 for the profit of about $84.
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-Azzity
  • Post #6
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  • Jan 22, 2009 11:29pm Jan 22, 2009 11:29pm
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
Currently the price comes to the region of no trade area.
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-Azzity
  • Post #7
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  • Edited at 4:03am Jan 23, 2009 3:21am | Edited at 4:03am
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
Current setup as at about 8:15 gmt.
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-Azzity
  • Post #8
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  • Jan 23, 2009 8:04pm Jan 23, 2009 8:04pm
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at 20:59 gmt 23 jan 2009.
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-Azzity
  • Post #9
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  • Jan 25, 2009 9:26pm Jan 25, 2009 9:26pm
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at 2:15 gmt 26 jan 2009.
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-Azzity
  • Post #10
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  • Jan 26, 2009 1:22am Jan 26, 2009 1:22am
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at about 6:00 gmt 26 jan 2009.
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-Azzity
  • Post #11
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  • Jan 26, 2009 6:09am Jan 26, 2009 6:09am
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at 10:30 gmt 26 jan 2009.
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-Azzity
  • Post #12
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  • Jan 26, 2009 8:33am Jan 26, 2009 8:33am
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at about 13:30 gmt 26 jan 2009.
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-Azzity
  • Post #13
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  • Edited at 10:58am Jan 26, 2009 10:44am | Edited at 10:58am
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at about 15:30 gmt.
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-Azzity
  • Post #14
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  • Edited at 12:27pm Jan 26, 2009 11:54am | Edited at 12:27pm
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at 16:45 gmt 26 jan 2009.

There is a slight divergence
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-Azzity
  • Post #15
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  • Jan 26, 2009 6:19pm Jan 26, 2009 6:19pm
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at about 23:15 gmt 26 jan 2009.

Prices come to consolidation period.
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-Azzity
  • Post #16
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  • Edited Jan 27, 2009 11:24am Jan 26, 2009 9:32pm | Edited Jan 27, 2009 11:24am
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at about 2:30 gmt 27 jan 2009.

365 and 200 emas start to come closer together.

I would wait until 365 and 200 emas unite within each other, this is the neutral time that I look for to begin new entry.

Then I would look for prices behaviour when they come close to this unified emas, whether they bounce or run through them.

After this I can expect a new round of trend.

I would not make entry until prices prove 3 thing about their direction:

a) they must bounce from 50 emas and later 8 emas.

b) they must make 8 emas angle by at least 60 degrees and 50 emas by 40 degrees.

c) they must break horizontal trendline.
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-Azzity
  • Post #17
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  • Feb 2, 2009 2:08am Feb 2, 2009 2:08am
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at about 7:00 gmt.
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-Azzity
  • Post #18
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  • Feb 2, 2009 7:09am Feb 2, 2009 7:09am
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at about 12:00 gmt 2 feb 2009.

Took a trade.
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-Azzity
  • Post #19
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  • Feb 2, 2009 10:40pm Feb 2, 2009 10:40pm
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at about 3:30 gmt 3 feb 2009.

ema 1200,600,200,50 and 8 are close to each other and heading east.

ema 2400 is about 200 pips above them and also heading east.
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-Azzity
  • Post #20
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  • Feb 3, 2009 5:37am Feb 3, 2009 5:37am
  •  fx21
  • | Joined Feb 2008 | Status: Member | 123 Posts
As at about 10:30 gmt 3 feb 2009.

Market is now sideways.
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-Azzity
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