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Gejordan Weekly Journal

  • #701
  • Nov 23, 2017 7:58am Nov 23, 2017 7:58am
Hi Jordan,

I took a EURUSD short today. I took it from repetitive failure from the edge of the channel to the middle from yesterday's high. The PA was Bearish engulfing candle. Unfortunately it didn't work out. When time permits would you be able to comment on this? Thank you.
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  • #702
  • Nov 23, 2017 8:38am Nov 23, 2017 8:38am
Quoting Rearden
Hi Jordan, I took a EURUSD short today. I took it from repetitive failure from the edge of the channel to the middle from yesterday's high. The PA was Bearish engulfing candle. Unfortunately it didn't work out. When time permits would you be able to comment on this? Thank you. {image}
I would prefer to see what you do over a few weeks before I start commenting. One trade doesn't tell the story of your trading. But, in short, here are my comments on the two posts:

1. I like that you are looking at the chart and trying to find locations to trade from. And your locations make sense.
2. You waited for action today and the other day, that's good... you are seeing the chart for what it is.
3. I don't like the day (US Holiday) or time of day you picked to take the trade.
4. If your box was yesterday's high and low and it failed from the top of the box to the middle... did you think about top of box away from the middle? Which simply means, it broke out from yesterday's high and then supported on it... how about a long from the new support?
Be bullish on you.
  • #703
  • Nov 23, 2017 9:50am Nov 23, 2017 9:50am
Quoting gejordan
{quote} I would prefer to see what you do over a few weeks before I start commenting. One trade doesn't tell the story of your trading. But, in short, here are my comments on the two posts: 1. I like that you are looking at the chart and trying to find locations to trade from. And your locations make sense. 2. You waited for action today and the other day, that's good... you are seeing the chart for what it is. 3. I don't like the day (US Holiday) or time of day you picked to take the trade. 4. If your box was yesterday's high and low and it failed...
Thank you.. I will post the trades that I take in coming weeks.... I am missing a number of trades....

Just like today....I took the trade and lost...and was analyzing that.. Only after you highlighted I noticed the trades in other direction....

Now I see 3 opportunities that I could have taken on retrace .....I should have went long in the other direction...

Thanks Again jordan
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  • #704
  • Nov 27, 2017 7:00pm Nov 27, 2017 7:00pm
HI Jordan,

I took two trades.
1. EURUSD: The price went up and made a HH. The price was making HL as well. The price came down to a level from where it went up and gave a PIN. I took a long but was stopped out. Two reasons I can see when doing a review is
a. I didn't take it from a pivot line (But I was aware of this when I took the trade. My thinking was it came back to a place from where it went up. Also, if you look left there are resistance around 1.1935 area which is the Asian high of yesterday.
b. The PA candle (PIN) was small compared to candle which came before it. Could you advise if this is a place from where you would have taken a trade or Am I missing something.

2. GBPUSD. I saw a hangman at my pivot line yesterday. It stopped me out and went one more pip and dropped down. Is there anything that I should have done better for this trade. I don't see an opportunity to reenter this trade based on PA. Please advise.
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  • #705
  • Nov 27, 2017 10:20pm Nov 27, 2017 10:20pm
Quoting Rearden
HI Jordan, I took two trades. 1. EURUSD: The price went up and made a HH. The price was making HL as well. The price came down to a level from where it went up and gave a PIN. I took a long but was stopped out. Two reasons I can see when doing a review is a. I didn't take it from a pivot line (But I was aware of this when I took the trade. My thinking was it came back to a place from where it went up. Also, if you look left there are resistance around 1.1935 area which is the Asian high of yesterday. b. The PA candle (PIN) was small compared to...
EU - No, I don't like the location of your trade. What is different between the action after the first high versus the action after the second high that you have marked HH? Tadeusz will give you the answer if you don't get it right. I have discussed this with him about 100 times.

GU - Don't like it. Price was moving up the day before, I think you should have been looking long first until it gave you a reason to look short.

Lose the trendlines, see the simple things first.
Be bullish on you.
  • #706
  • Nov 27, 2017 11:50pm Nov 27, 2017 11:50pm
Quoting gejordan
{quote} EU - No, I don't like the location of your trade. What is different between the action after the first high versus the action after the second high that you have marked HH? Tadeusz will give you the answer if you don't get it right. I have discussed this with him about 100 times. GU - Don't like it. Price was moving up the day before, I think you should have been looking long first until it gave you a reason to look short. Lose the trendlines, see the simple things first.

I see two main differences.

1. At the first high area the bulls didn't attempt to break the high again. The place I have marked HH.... Bulls attempted to break the high (red arrow)but failed which means the sellers are overpowering any attempts by the bulls to take market up.
2. It took few candles from first high for the price to reach 1.1930 area where as from HH there was a single candle which came all the way down which means momentum is high to the downside.

did I get it right?
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  • #707
  • Edited 3:29pm Nov 28, 2017 12:08am | Edited 3:29pm
Quoting Rearden
HI Jordan, I took two trades. 1. EURUSD: The price went up and made a HH. The price was making HL as well. The price came down to a level from where it went up and gave a PIN. I took a long but was stopped out. Two reasons I can see when doing a review is a. I didn't take it from a pivot line (But I was aware of this when I took the trade. My thinking was it came back to a place from where it went up. Also, if you look left there are resistance around 1.1935 area which is the Asian high of yesterday. b. The PA candle (PIN) was small compared to...
bonus video
Attachment 4
Be bullish on you.
  • #708
  • Nov 28, 2017 1:56am Nov 28, 2017 1:56am
Quoting gejordan
{quote} bonus video {file}
HI Jordan,
Thank you very much for the video. It was very helpful. Yes you are right.. I noticed the Higher Highs but didn't notice the sharp pull backs from there. I see that there is a story in relation to the previous price movement and risk from where you took the trade and my trade was just a stand alone pin bar. Good part is I saw exactly the same action yesterday and recognized it to be a good location to take a long from.

One quick question. I would have taken my first profit at the upper orange line that you have drawn and closed my second profit after first or second bearish candle because we are not sure it would go up again. Is there any reason (PA wise) that you held the trade during the first sharp pull back and took profit when you saw price getting rejected from the second HH.

Thanks again for the video. It was very beneficial.
  • #709
  • Nov 28, 2017 6:35am Nov 28, 2017 6:35am
Quoting Rearden
{quote} HI Jordan, Thank you very much for the video. It was very helpful. Yes you are right.. I noticed the Higher Highs but didn't notice the sharp pull backs from there. I see that there is a story in relation to the previous price movement and risk from where you took the trade and my trade was just a stand alone pin bar. Good part is I saw exactly the same action yesterday and recognized it to be a good location to take a long from. One quick question. I would have taken my first profit at the upper orange line that you have drawn and closed...
Taking profits where you mentioned is perfect. Why didn't I... I just wanted to see if it would break out and run again and I was willing to have a break even trade to see if it happened. In trying to become profitable... take profits where you mentioned!!!! This is the one place I will tell you to not do as I do. You need to learn to consistently see the charts, so take TP1 and TP2.
Be bullish on you.
  • #710
  • Nov 28, 2017 7:31am Nov 28, 2017 7:31am
Quoting gejordan
{quote} Taking profits where you mentioned is perfect. Why didn't I... I just wanted to see if it would break out and run again and I was willing to have a break even trade to see if it happened. In trying to become profitable... take profits where you mentioned!!!! This is the one place I will tell you to not do as I do. You need to learn to consistently see the charts, so take TP1 and TP2.

Thanks much Jordan... it helps.
  • #711
  • Nov 28, 2017 8:51pm Nov 28, 2017 8:51pm
I think I finally figured out how to get the video to show up in here again... great day I'm getting old.
Inserted Video
Be bullish on you.
  • #712
  • Nov 29, 2017 5:49am Nov 29, 2017 5:49am
Attached Image
  • #713
  • Nov 29, 2017 6:42am Nov 29, 2017 6:42am
Quoting gejordan
I think I finally figured out how to get the video to show up in here again... great day I'm getting old. https://youtu.be/GcLhPpWXi5g

seeeez videos. what took you so long huh

.....now lets see the footfall increase in this space
It's a dirty job but someone's gotta do it!
  • #714
  • Edited 9:01pm Nov 29, 2017 9:02am | Edited 9:01pm
Quoting Tadeusz
{image}
nice... mention this one in video below... good stuff... notice how he avoids the sucker and patience pays off.
Be bullish on you.
  • #715
  • Nov 29, 2017 8:52pm Nov 29, 2017 8:52pm
and videos continue...
Inserted Video
Be bullish on you.
  • #716
  • Nov 29, 2017 9:03pm Nov 29, 2017 9:03pm
Quoting gejordan
I think I finally figured out how to get the video to show up in here again... great day I'm getting old. https://youtu.be/GcLhPpWXi5g
Hi Gejordan,

Thank you for the video. Very informative. couple of questions if you don't mind.

1. when you say the B area (that I have marked in the chart) is a good place to go short,I believe, it is the top of the channel for a low risk entry with SL just above the channel. I also heard you saying it is good because it is also close to the "A" area. ...My question is, are we considering "A" as good because it just broke out of that area and we are expecting it to hold (support turning to resistance).... I am just trying to confirm if that is the only reason or if i missed something.

2. you talked about an advanced strategy. i see a bearish PA candle at the C.... But when the top of that PA candle is broken to the upside that trade is invalidated right? that is the reason why we place SL few pips plus or minus the wicks of PA candles. Could you explain why are we using the PA candle there at C to go short at a higher area. Is it because the PA candle is at the bottom of the channel and the ideal Stop loss should be above the channel . Trying to understand why are we looking a short entry after the PA candle high is taken out.

Also, I never noticed that it made a first LL @ "A" in few days after continuously making HH..... That comment was helpful too. Thank you.
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  • #717
  • Nov 29, 2017 9:35pm Nov 29, 2017 9:35pm
Quoting Rearden
{quote} Hi Gejordan, Thank you for the video. Very informative. couple of questions if you don't mind. 1. when you say the B area (that I have marked in the chart) is a good place to go short,I believe, it is the top of the channel for a low risk entry with SL just above the channel. I also heard you saying it is good because it is also close to the "A" area. ...My question is, are we considering "A" as good because it just broke out of that area and we are expecting it to hold (support turning to resistance).... I am just trying to confirm if that...
Inserted Video
Be bullish on you.
  • #718
  • Nov 30, 2017 5:46am Nov 30, 2017 5:46am
Quoting gejordan
{quote} https://youtu.be/y7e2JPyC_B8

Thank you.... for the explanation... you didn't say about the invalidation of PA candles.... It was my general idea to think that when the wicks of PA candles are taken out the PA becomes invalidated. Thank you for clarifying that.

I took one trade . That trade was taken because price was making HH in short term. I think the trade idea was ok but didn't execute it properly. I saw a channel and took a trade after a bullish engulfing candle. it was not the best place to take the trade from. But took it there without waiting for the price to come down because of the support at orange arrow. If I had waited for the price to come down to bottom of channel, it would have been better. the good part is price moved 1:1 in my direction..... but sad part is I didn't move to BE and ended up taking a loss.

Now when I review... I see the bigger channel in 1 hour and the best trade was a short on retrace from bearish engulfing at blue arrow instead of trying to squeeze few pips on a long... I think I was expecting it to break to the upside....I should trade what price shows... I also recall you talking about 1880ish area in the video other day...
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  • #719
  • Edited 9:08am Nov 30, 2017 6:56am | Edited 9:08am
Quoting Rearden
{quote} Thank you.... for the explanation... you didn't say about the invalidation of PA candles.... It was my general idea to think that when the wicks of PA candles are taken out the PA becomes invalidated. Thank you for clarifying that. I took one trade . That trade was taken because price was making HH in short term. I think the trade idea was ok but didn't execute it properly. I saw a channel and took a trade after a bullish engulfing candle. it was not the best place to take the trade from. But took it there without waiting for the price to...
Tadeusz... if you are up for it, do some teaching. Break Rearden's post down and it will be a nice review for you and see if you can remember the things we've covered over the last 100 years. (and if you can't I will or if you miss something I'll fill it in... just had a thought this morning that this would be a good exercise for you to start cementing all this success you are having lately.) Helpful hint Tadeusz - don't focus comments on price action, but on big concepts of what we do as unprofitable traders versus where we try to get as profitable traders.
Be bullish on you.
  • #720
  • Nov 30, 2017 9:06am Nov 30, 2017 9:06am
So, I'll do a short text update and then do a video tonight, but price moved up during Tokyo, tested the low during London, and then bounced off the bottom of our overnight channel and is going up right now. Hmmm... seems like I remember hearing something similar to this might happen?!?! Rearden, can you see how I weaved together the simple movement of price, located some interesting areas, accounted for news, and put together a plan? All a day in advance.
Be bullish on you.
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