Monarch's Journal of 2008 Trades

Ahhhh, he's back!

So glad to see you back at it bro...been a long time..Hope all is well with the family. I will be following your journal closely, as always.

Pete

you back.. glad to see u, hope u enjoy alot of pips ..

Good to see your lurking in the factory.
Give me a shout some time on skype when your around.
Enjoy the holidays and tell the family hello for me.

Cheers bro.

It is good to be back, even though I have not posted too much the past week, I am making great progress on the EU rejection trades.

Hope to see some of your analysis here if you get some time.

Cheers

This is the final hour of London and I took two trades based on range formations.

After I posted this chart, price broke the top, I did not get the Long breakout, even though I wanted it.

2 Trades
Short +10
Long +5

Will wait now for London to close at Noon EST.

Price reached 3794 area which I anticipated from Market open Sunday, 1.38 to 1.40 areas will be interesting.....

Tuesday 11am EST session

This is the final hour of London and I took two trades based on range formations.

After I posted this chart, price broke the top, I did not get the Long breakout, even though I wanted it.

2 Trades
Short +10
Long +5

Will wait now for London to close at Noon EST.

11:27 AM EST price dipped within 2 pips of breakout line

Long +10 pips to target on 1 min candle area.

This is a chart showing the setups prior to London close of Market Thursday.

Very typical and predictable EU setup.

Long 11:22 AM EST +10 (quick trade)
Short 11:32 AM EST +10 (quick trade)

Besides these two trades, I had many more EU setups, and a nice GJ Short trade breaking major support after London closed.

Cheers

This shows the trade prior to the test of support level.

I will usually look for the move prior to the support for pips, exiting prior to a rejection or a breakout.

You can see price breaks lower, then just a few minutes later, come back into the range of London.

I am expecting this area to be tested once again during the NY close or Asia session.

You can tell London was getting nervous of their extreme move upwards right after the session opened, maybe they are thinking HOLIDAY next week

Either way, the upper level reached a zone of the weekly that was near perfect for resistance.

Lets see some range for the next week???

Cheers, enjoy the weekend.

Ken

Another easy and predictable trading session.

My 2 hour goal is 25 pips, which has been very simple to achieve.

I took 3 small trades today on EU.

Here are the times of my traded Eastern Standard Time (EST)

Long #1
10:04 am
Entry 1.3937 Exit 1.3947 +10

Long #2
11:49 am
Entry 1.3878 Exit 1.3888 +10

Long #3
12:36 pm
Entry 1.3861 Exit 1.3871 +10
(here are two charts showing setup and completion)

I started a brand new account specifically for the EU trades.

Unfortunately I have traded several other pairs using this account which has changed some of my total profits.

30 days of trading, I took numerous trades, either breakouts, sup/res bounce, or trend trades.

I had one bad day overall in the past month on E/U, and it took some of my total pips away from what was going great. lol

Total after losses was 517 pips for the month. (+25 more after post) = 542

My goal is 25 minimum per day

I had 22 trading days in this period = 550 pips goal

I was short 33 pips for the month.(8 short of monthly goal)

I have learned a few things concerning my setups that should eliminate some losses.

Cheers

Ken

Nice work Smakmaster!

Long 1:16 pm EST
1.3839 exit 1.3849 +10

I had a stop if price broke the 1.3837 line

If your around during holidays, give me a skype.

Cheers bro, and happy holidays to you and your family.

ken

Greetings to you Ken and yours,been hectic here, All the best.

W

Give me a ring this week, would like to put a few things by you.

Skype me when available, it is a holiday week, so less trading and more study time.

cheers bro.

ken

Okay, will someone please tell me that trading is difficult.

Please, why spend years going through every forum and every indicator to make a few pips?

The biggest challenge to most traders is chasing the dream, which usually leaves one with a very "messy chart"

What I call indicator dependant.

I personally enjoyed many things on my charts that I thought assisted me in making the right decision, but honestly, they only captured my curiosity and left me in search of trying to find the right combination.

I am of the belief that if you paint a picture for someone else to see, they can follow along until they get the same concept down.

What is the most important factor in trading FOREX???

No, not making money, not even making pips, but understanding the market enough that you will "not lose money/pips."

After many months and years of searching, learning, chasing, dreaming, and eventually collapsing, I have found a simple truth - WOW, this is easy.

I have found that patience is my number one KEY to trading.

In the past, I always entered a little soon, or late in a trade, finding myself in what we call draw down, and after many many many failed trades I have realized that the important part of my success was going to be a mental challenge.

I will continue this weekend, I have to run here now. cheers.

Here is a chart showing some simple concepts that can make some pips with no problem.

If your interested in learning more, please private message me.

Looking back at the past 5 months on E/U, Price Action has taken a faster and larger moves then normal.

I put together a Weekly chart showing some key areas, once you look across where price has been, you can identify that E/U is going through some very basic patterns of movement and retracement.

The greatest challenge is the size of moves that E/U is taking on a daily basis, it almost feels as if were watching the G/J pair. LOL

Cheers.

Ken

With just over a week left in 2008 and the monthly candle, it will be interesting to see if the E/U will hold the support at 1.2329.

One thing is for sure, there are lots of pips to be taking home everyday.