Monarch's Journal of 2008 Trades

I agree with watching other pairs while making an analysis of what type of entry your going to take.

I have done this for several years now.

I did make a big change in my overall trading style, even though I do a few LONG term trades, I am beginning to phase them out completely.

I am looking at trading the EJ 100% of the time, that is the reason for this thread. I plan on continuing this type of record of the different types of trade strategies I am using, overall I will shed most of the strategies I use and begin to narrow my trades to one strategy, which will probably be the strategy I use the most on this pair.

I planned on deciciding by March eliminating certain scenarios I use, but first I must give them the chance to prove themselves or not.

I have one strategy I use as primary, and have not used it at all during this week of trading, all this weeks trading has been based simply on supp/res and distance of movement.

The biggest problem with this style of supp/res, it takes you against the trend at times, which is okay usually on a smaller time frame, but could cause some serious losses.

I will change to another strategy next week, keeping the results of this week for my records.

My monitor consist of 6 charts only, and they are all EJ.

I take a peek at all the other pairs for 5 minutes a day, but do not plan to trade any other pairs this year.

I have made some analysis on this thread with other pairs, but it is only for a record to look back at 6 months from now to check my analsyis process.

I have several long term trades open right now, and have not even looked at those charts today.

Ken

I use two screens, one for the platforms I trade on, and Forex Factory/Web pages.

The second is only charts, which you see here.

This is all I look at, but I do use a calculator constantly.

Top Left is the 15min - Top Middle 5min - Top Right 1min line chart
Bottom Left 30min - Bottom Middle 1hr - Bottom Right 4hr.

As you can see, i only have the horizontal lines, and Moving averages.

I do have one indicator on the 30 minute, and one on the 15 minute, but do not base any trades on these.

In about 5 Minutes we should have Double High with a Lower close on the 30 min chart. I think it is time to short...

I was hoping for some droppage before the 4hr candle change here in 1 minute, for now I am not happy on shorting this candle, but will watch the move here now.

I do like what your seeing on the 30 min, I see some of the same thing on the hour and 15min.

I still have the 1/2 entry short in, it was +10 pips, but will keep if for a break down possible.

I would like to see the 158.17 line breached here, then would look for 157.90 area next.

Ken

Okay, I am going to break for a couple hours or maybe all night. LOL

Closed the last 1/2 entry for +20 pips to recover some of my losses.

Not a bad day so far.

Ken

things are looking up not much in the way of resitance

once again my chart did not post

Congrat on the good trading, keep it up. You seem to have a solid strategy that should only keep getting better.

I am still short from 158.29. Let's see what happens...

i would be suprized to see a pullback here ok here is my chart and we do seem to be moving on up

Updated 10:45 pm EST - Thursday

Thanks for the chart, if finally posted.

I see some tight consolidation, with small downward still. (possible downward to 157.50-80 area)

We break above 158.47, I would expect a push up to the 159.73 area based on the 4Hr supp/res.

No trades for me right now, taking dinner and relaxation.

I may stay up tonight and do some scalping at Frank open, I don't have a chance to do this much anymore, but tomorrow is Friday and I like to get in 1 night of good trading.

Will give a shout when I am back.

Ken

Hour Chart - gray area showing support area before a bounce could take place upwards.

Click on chart to enlarge >>

Ken,

I agree 100%, as I am still short and TP'ing @ 157.80, if it makes it that far.

i'm thinking there could be stops above 158.50 leading up to 159 hmm

So far the 30 minute double top you spoke of is paying off, the 158.94 break then down to your 157.80 should be an easy exit.

Good job.

Ken

Was looking across the 158 segment and was trying to find a good place these stops would be, it may just be we dip into the high 158 and could break down to the 158.50 and possibly even to to 157.13/28 area which would be a Fibo Retrace 38.2%, and the high 2 days ago seen on the 1 hour chart.

I am still watching the support zone I place on the hourly chart a while ago 157.50 and 157.80.

My Longs will be placed at the 157.50 down to the 157.13 area

I exited those 2 shorts earlier based on the upper high being breached, but now I can see the move today was already completed and the retrace I expected is now in progress.

Some we win, and some we lose.

The main thing is being careful in everytrade, and in doing so we take losses.

Keep losses small, and they don't hurt as bad.

Will start trading in an hour or so.

ken

Move upwards attempting the High at 158.41

I will be watching the break of this high for possible LONG, but not yet.

Did 1/2 Entry LONG here at 158.28, will watch break of high still.

+13 Pips, closing for line test here.

The previous high earlier was 158.41, but I am also watching the 158.47 line on the 4hr.

Either way, pips in bank and more to come here on breakout.

Update:
The spike went to 158.44 so far, still looking for the 158.47 to come into play, should happen here soon.
Then will wait for the next move down and take longs there.
Will do my best to give entry points prior to trades.

I expect the 158.47 to breach and the move to take us to 158.73 in this segement of LONG.

I am watching the 5min chart for candle formation and time to take trade.

Also, the Frankfurt opens in 40 minutes, will have to consider this in the direction I trade.

Okay, the 5 minute candle is doing a triple high here, the thing to watch is the lows that we get.

So far the last and this candle is low at 158.34.

This is the Entry point for my LONG once we get a breach above the 158.47 and it comes down to test.

This could change depending on the lowest 5 minute candle we get before the break above line.

Patience is the key, just sit and watch, and will catch the trend in a bit.

Also: The move here started at 158.01, I am counting a 70 pip move or so in this upward move, which will place us at 158.73 area. A perfect move is arising.