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Attachments: Monarch's Journal of 2008 Trades
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Monarch's Journal of 2008 Trades

Based on the 4HR chart, the EJ made it's move down to 157.11 which is a 50% Fibo Retrace from the low 155.54 to high 158.52.

I would be expecting more upwards movement possibly to 157.68 to 157.82, then we could be in for more downward movement to the 156.68 which is 61.8 Fib.

Even though I am looking over a longer term view, I am only taking trades on the smaller term strategies that I am using this week.

Cheers,

Ken
LONG EJ 157.47 11:22 PM - EST Monday

Strategy > 5 Min EMA Setup

Close EJ Long 157.49 11:38 PM - EST Monday
(market stalled and I released this trade)

+2 Pips
Total Trade Time 16 Minutes
This is the 1 Min Line Chart I am using on the EJ.

The Green Lines are Resistance I am watching and the Red is the Supports.

The final move down to 157.13 is showing to be a good support with the continuing upward move to the high at 157.60 for now.

We are now in a channel prior to the Frankfurt and London open, I am still expecting the price to test the 157.68/82 area during this consolidation, then we can see where the open session takes it from there.
Attached Image (click to enlarge)
Click to Enlarge Name: 1 Min EJ Monday.PNG Size: 35 KB
Price spikes up from the Frankfurt open to pass the 157.68 and the 157.82 mark I had noted.

Let's see if price comes back down here to test the lower line of 157.68 or if it just keeps going.

I was analyzing charts when this took off, with no intention of trading for now.

The 1 Min Resistance breakout was a perfect entry at 157.60 area.

Watching for drop to 157.66 here at 1:23 am Tuesday.
LONG EJ 157.67 1:21 AM - Tuesday

Retrace Entry on Breakout 1/5 Min

4 Entries

Close EJ Trade 157.77 1:28 AM - Tuesday

+ 10 pips
Total Trade Time 7 minutes
Watching the 157.96 Resistance on the 15 min chart, also from the last low on the 15 min there has been a move of 70 pips, I would expect the 157.96 to resist then a retrace back a bit possibly.
(high reached 157.94 so far - remember this point on the move up for 2nd test)

Will wait for retracement prior to entering a Long.

Also remember the London session opens in 25 minutes, they may reject this upwards move all together, or just hop on the band wagon upwards.
LONG 157.77 1:45 AM EST - Tuesday

Entry 1

Watching for next drop level at 157.68
(this entry did not trigger)
SHORT EJ Closed at 157.84 1:58 AM - Tuesday
(London Open - All Trades Closed Prior)

+7 pips
Total Trade Time 13 minutes
The 2nd test of 157.94 happened right before London Open.
London opens bearish, will be going to bed, done for the day.

Quoting monarch
Watching the 157.96 Resistance on the 15 min chart, also from the last low on the 15 min there has been a move of 70 pips, I would expect the 157.96 to resist then a retrace back a bit possibly.
(high reached 157.94 so far - remember this point on the move up for 2nd test)

Will wait for retracement prior to entering a Long.

Also remember the London session opens in 25 minutes, they may reject this upwards move all together, or just hop on the band wagon upwards.
Monday 1/28/2008 Totals

+20
+20
+10
+5
+2
+10 (4 Entries)
+7

Total +104 Pips
10 wins 0 loss

Week Total
Sunday -74 pips
Monday +104 pips
Weekly Balance +30 pips
13 wins 2 loss
scalping a long here 157.85 looking to short after that towaards the bottom of the chanel around 154.25 or so peace 59
Attached Image (click to enlarge)
Click to Enlarge Name: channell.gif Size: 20 KB
exit 157.98
expecting a pullback to 157.85
Quoting 59fender
exit 157.98
Very nice take there, I was watching the 5min here in 1 minutes showing short, but will wait for candle close first.

Thinking Long is stalling here now.

I am not making calls on the thread the past two day, I have been making many trades, just been focusing on that instead of posting.

Ken

Looking for the 158.00 to 158.03 as resistance.
Short 157.97 11:10pm EST - Wednesday

Will take it down to the 157.77 area or so.

Spike upwards, took 2nd entry at 158.08 here.
so much for the pullback seems we do have a little h&s I'll just wait this one out
here is another chart they are so hard to post these days
Attached Image (click to enlarge)
Click to Enlarge Name: chart 2.gif Size: 20 KB
short 158.15
Quoting 59fender
so much for the pullback seems we do have a little h&s I'll just wait this one out
Just completing the 2nd test of the high of 159.29 during the Asian Session.

Price breaks above this line, I will exit my Shorts.

Trying to keep the losses smaller overall, usually about 20 pips in loss is what I allow.

I took a couple more entries higher up to balance this spike, will exit them when it drops though.

I am using my platform here that averages the trades together, I am averaged in at 158.08 in this short, that will take me up to the high at 158.29 for exit -22 if it breaks up.
exit 158.12
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