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MW's trading journal

Based on the 4 hour charts, we may be seeing another shorting opportunity on the Gbp/Jpy. It fell back from resistance and the bar may end up closing very bearish. Time will tell.
I dream, therefore I become.
Quoting mike w
Based on the 4 hour charts, we may be seeing another shorting opportunity on the Gbp/Jpy. It fell back from resistance and the bar may end up closing very bearish. Time will tell.
Well, that one didn't happen. I'll post my weekly thoughts if I have any here later today and tomorrow.
I dream, therefore I become.
Nope... 1hr Pin Bar is failing.... could not pass the 62 ema..........

Quoting mike w
Based on the 4 hour charts, we may be seeing another shorting opportunity on the Gbp/Jpy. It fell back from resistance and the bar may end up closing very bearish. Time will tell.
Quoting Tiki Trader
Nope... 1hr Pin Bar is failing.... could not pass the 62 ema..........
This is true. I guess I am glad nothing came up anyways. I'm really not a fan of holding over the weekend. The gap, unless I directly trade it, usually jacks me up because it gets people trading in all kinds of directions that they never would have normally.
I dream, therefore I become.
Maybe, but I am beginning to pay attention more to the GBP/jpy gap... can be very lucrative I think if I can find a pattern or something... 100-200 pip gaps are gonna fill...............

Quoting mike w
This is true. I guess I am glad nothing came up anyways. I'm really not a fan of holding over the weekend. The gap, unless I directly trade it, usually jacks me up because it gets people trading in all kinds of directions that they never would have normally.
Quoting Tiki Trader
Maybe, but I am beginning to pay attention more to the GBP/jpy gap... can be very lucrative I think if I can find a pattern or something... 100-200 pip gaps are gonna fill...............
Oh, I agree 100 percent! What I meant was that I don't like to be in a position over the weekend because I don't want the gap to go against me. When it does go against me, I would end with a loser because it would hit my stoploss which was already predetermined. It doesn't do this very often, but I'd rather be safe than sorry. I would, instead, wait for it to gap and once it opens, create an order and then the more that price moves away from it I place more orders in it's direction. Easy money that way. It's like a video game made for idiots. One that you only lose in once in a blue moon.
I dream, therefore I become.
As for finding a pattern for it, I haven't really noticed anything of too much importance. Price can be pretty erratic at the start and move a few hundred pips away or only 20-30 pips away and then go back to close it. When it moves a long way away though, I sometimes start to sweat but that is when I make the big profit from it. Would you think that there is any type of pattern that could be watched for?
I dream, therefore I become.
On gbp/jpy it iseems like it starts the gap in little waves... I always jump in too early to find it just makes another wave... and then it takes two days to close the gap... just got to see when it's really deciding to go and fill in.. and jump in with a lot of trade size... risky, but there is a certain point where you can just see and feel that it's gonna close...

I had not put much attention lately to the gaps... but, gbp/jpy offers the chance for a big gap, plus trading it when the market really is open... a lot of other pairs the gap is already closed or closing up right when the market really opens,,, and usually just for a few pips...

Quoting mike w
As for finding a pattern for it, I haven't really noticed anything of too much importance. Price can be pretty erratic at the start and move a few hundred pips away or only 20-30 pips away and then go back to close it. When it moves a long way away though, I sometimes start to sweat but that is when I make the big profit from it. Would you think that there is any type of pattern that could be watched for?
Quoting Tiki Trader
On gbp/jpy it iseems like it starts the gap in little waves... I always jump in too early to find it just makes another wave... and then it takes two days to close the gap... just got to see when it's really deciding to go and fill in.. and jump in with a lot of trade size... risky, but there is a certain point where you can just see and feel that it's gonna close...

I had not put much attention lately to the gaps... but, gbp/jpy offers the chance for a big gap, plus trading it when the market really is open... a lot of other pairs the gap is already closed or closing up right when the market really opens,,, and usually just for a few pips...
Yeah you are right that most to all other pairs don't really gap over the weekend, other than the Gbp/Jpy. Let's see if it does today and we can make some money on it. I've also noticed what you mentioned about it moving down around 3 waves before returning. With my knowledge of Elliot wave theory, that could be somewhat of a correctional 3 wave pattern, before resuming the previous trend? I am really not too sure. That was just a theory that came off the top of my head.
I dream, therefore I become.
Not much in light of gaps. I'm placing an order on the Eur/Usd short for 20 pips from 1.4666. The gap was from 1.4646. Hopefully this will close overnight. Other than that, I am not seeing anything in terms of tradability.
I dream, therefore I become.
I am also placing one on the Gbp/Usd short from 2.0535 to 2.0520 for 15 pips.
I dream, therefore I become.
Both of the gap trades turned out in profit. The Euro for 15 and the Pound for 20. I'll be posting in the morning and evening tomorrow.
I dream, therefore I become.
I am not sure if I will be trading this as it is just an idea right now. The risk to reward is not perfect, but we may have a short opportunity on the Pound. Based on the daily, we had a day of indecision and the 4 hour charts are facing resistance right now. With that in mind, we may end up short within the next few hours. I will post if I take it or not after my hockey game.
I dream, therefore I become.
I am placing my initial short order on the Aussie at .8825. I will wait now for price to rebound, as I think it will before making a drop to the .8750 area. I will add to this position if price rebounds and if it doesn't I will probably add another short around .8775 for an addition of 25 pips if I see the opportunity.
I dream, therefore I become.
I've decided to place the Gbp/Usd order short at 2.0491. My initial target will be around the area of 2.0400. I placed this because on all timeframes, the pound is going against resistance right now and I doubt it will break through. After this test, I think price will drop.
I dream, therefore I become.
I'd say something about to happen here... will it make it to mornig before a breakout ?????
Attached Image (click to enlarge)
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Quoting Tiki Trader
I'd say something about to happen here... will it make it to mornig before a breakout ?????
I think your right on that Tiki. Nice chart too! I hadn't even looked at it that way; as a wedge. I have a feeling it might follow suit of the pound when it does break out and break to the downside. I think the lowest we will see on it is the level of 1.4500. After that, we will be facing solid support and so I would be looking for a reversal back to the upside after this move downwards.
I dream, therefore I become.
I see it as a flag situation, which means price would break out UP... but this conflicts with my feelings that GBP/USD should break out down...

I'm so confused.....
Quoting Tiki Trader
I see it as a flag situation, which means price would break out UP... but this conflicts with my feelings that GBP/USD should break out down...

I'm so confused.....
I do see your point, but let me say this as well; Currencies don't always correlate as they should. I don't put too much emphasis onto that anymore, but I still put enough on it that if I see something tradable and then see a correlation going in the same direction, then I feel more comfortable about the trade. It's because of this reason that I didn't take a trade on the euro, but instead on the pound. I saw the pound as a better trade with a better risk to reward ratio.
I dream, therefore I become.
I could see this breaking out either way actually. If it breaks down, I could see a low of 1.44. This was the level we talked about a while ago as being the area that would hold as support AND allow the buildup to move to the 1.50 area. I'm not sure if we talked about it in this thread or not but I do remember!
I dream, therefore I become.
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