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Gejordan Weekly Journal

  • #921
  • Dec 19, 2018 4:07pm Dec 19, 2018 4:07pm
Quoting nyjetfan
Note: These charts are from about 4:20 so I still have 40 minutes until the candle closes, but don't expect any drastic change to the look of the chart, but will revisit at close and make a final determination on course of action at that point. {image} {image}
So while not drastic changing the USDJPY did close bearish and with not nearly the same pin look to it so that trade is now off table from my perspective. Updated chart attached and I added a "trendline" - note: this trendline is just to highlight what I was saying about the recent pushes higher each putting in lower high as the two more recent pushes higher have touched the trendline and the most recent from a few days ago didn't.

In any event that puts me on the sidelines for the evening.
Attached Image (click to enlarge)
Click to Enlarge Name: USDJPY121918-2.png Size: 40 KB
  • #922
  • Dec 20, 2018 8:06am Dec 20, 2018 8:06am
Quoting nyjetfan
{quote} So while not drastic changing the USDJPY did close bearish and with not nearly the same pin look to it so that trade is now off table from my perspective. Updated chart attached and I added a "trendline" - note: this trendline is just to highlight what I was saying about the recent pushes higher each putting in lower high as the two more recent pushes higher have touched the trendline and the most recent from a few days ago didn't. In any event that puts me on the sidelines for the evening. {image}
Yes, this will be much more interesting if price goes below and then bounces up and gives you a short setup at or around your line.
Be bullish on you.
  • #923
  • Dec 20, 2018 5:16pm Dec 20, 2018 5:16pm
One chart of interest tonight - NZDUSD showing a pin at a monthly SR line. Entry would be on retrace to line with low below the tail of the pin bar that just printed. Not the greatest looking pin as it has an upper wick that is bigger than I'd like, and I am planning to watch this but not trading as I'm heading out of town tonight and won't have ability to monitor my trade very well.

Note: Late posting this so if I was trading (again I'm not) the entry would have been triggered about .6765 and the SL would be in the 6720 area to account for the spread.

Probably won't be trading much next week so I hope everyone has a Merry Christmas.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSD-1220.png Size: 38 KB
  • #924
  • Dec 20, 2018 9:19pm Dec 20, 2018 9:19pm
Quoting nyjetfan
One chart of interest tonight - NZDUSD showing a pin at a monthly SR line. Entry would be on retrace to line with low below the tail of the pin bar that just printed. Not the greatest looking pin as it has an upper wick that is bigger than I'd like, and I am planning to watch this but not trading as I'm heading out of town tonight and won't have ability to monitor my trade very well. Note: Late posting this so if I was trading (again I'm not) the entry would have been triggered about .6765 and the SL would be in the 6720 area to account for the...
I'll trade once again with the worst indicator in the world and see how I do. If it falls below the line I will use the same premise and look short. Either way it could be a few days before I can give it a go so I'll add pictures if it fires off.
Be bullish on you.
  • #925
  • Dec 21, 2018 2:59pm Dec 21, 2018 2:59pm
Quoting gejordan
{quote} I'll trade once again with the worst indicator in the world and see how I do. If it falls below the line I will use the same premise and look short. Either way it could be a few days before I can give it a go so I'll add pictures if it fires off.
So what has you looking short? I didn’t like
the way the last setup went for the long, as it seemed to test the level a few bars ago before giving action, as well as the “pinning” bar being about half the size of the previous bearish bar.

Ideally if I had that same pin at about 6500 I’d be more inclined to get long. Interested in what has you looking short with the worst forex indicator ever?
  • #926
  • Jan 2, 2019 3:53pm Jan 2, 2019 3:53pm
Hope everyone had a great start to 2019. Been watching the charts but haven't seen anything that jumped out at me, so will stay on the sidelines.

EURAUD and EURNZD caught my attention earlier in the day when I had checked but closed more as doji/indecision candles as opposed to pins. Will keep following along as they are approaching a level of interest.
  • #927
  • Jan 2, 2019 5:12pm Jan 2, 2019 5:12pm
Quoting gejordan
{quote} {image} I watched a video the other day where some guy was saying RSI is the worst indicator on earth for FOREX. So, I wanted to use it to illustrate a point that I have been making for years on here. Jet coming back and giving it another go gives me the opportunity to make it again. The importance of Preparing the Chart. It's the first thing Jet did and it immediately improved his odds of success. Jet identified what he thought was going to be a good area to trade from. He waited for price to arrive there and then gave it a go. This one...
So with this craziness, I finally took TP1 on the RSI trade as it slid into a bit better than 1:1. I'll see if this second part can go 300 or so more pips
Be bullish on you.
  • #928
  • Jan 21, 2019 5:05pm Jan 21, 2019 5:05pm
Quoting gejordan
{quote} So with this craziness, I finally took TP1 on the RSI trade as it slid into a bit better than 1:1. I'll see if this second part can go 300 or so more pips
So how did this one turn out? I’ve been checking my charts but haven’t seen action at any of my lines that looked good enough to put my capital at risk - trying to stick to higher quality trades as I work on patience and chart reading skills.
  • #929
  • Jan 22, 2019 4:08pm Jan 22, 2019 4:08pm
Just came across the NZDJPY which giving a bullish pin off a line. This is a bit of a range play as well with the line at 73.50 being the bottom. Looking to see a retrace down towards the 73.50, will set an alert and would like to get in at 73.60 or lower. SL would be down at 73.20 which is below the wick of the pin and near the low of the previous push below 73.50. TP1 will be in the 74 area (for 1:1 for first lot) which is near the top of the bodies of the recent congestion.

So chart prep is done, plan has been worked out and will be watching price action to see if there's an opportunity for entry this evening.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDJPYDaily.png Size: 40 KB
  • #930
  • Jan 22, 2019 7:36pm Jan 22, 2019 7:36pm
Quoting nyjetfan
{quote} So how did this one turn out? I’ve been checking my charts but haven’t seen action at any of my lines that looked good enough to put my capital at risk - trying to stick to higher quality trades as I work on patience and chart reading skills.
Closed it for 230. There was RSI divergence the other day and broke the high of that candle today, so closed it. Since I took it on RSI, thought I'd manage it with it as well.
Be bullish on you.
  • #931
  • Jan 22, 2019 7:49pm Jan 22, 2019 7:49pm
Quoting nyjetfan
Just came across the NZDJPY which giving a bullish pin off a line. This is a bit of a range play as well with the line at 73.50 being the bottom. Looking to see a retrace down towards the 73.50, will set an alert and would like to get in at 73.60 or lower. SL would be down at 73.20 which is below the wick of the pin and near the low of the previous push below 73.50. TP1 will be in the 74 area (for 1:1 for first lot) which is near the top of the bodies of the recent congestion. So chart prep is done, plan has been worked out and will be watching...
I was out so just seeing this... yeah, I like this a bunch. I'm long GBP and USD against JPY (not related to anything I'm doing with RSI with you). Looks like it took off, so hard to enter now, but... keep looking and hit the next one. Your areas are looking solid, so there will be another.

Reviewing it with RSI, it did what you wanted it to do about a week or so ago, so the best first tries were on those hits of your line. I'll await your next find and we'll see how it shapes up.
Be bullish on you.
  • #932
  • Jan 23, 2019 6:10am Jan 23, 2019 6:10am
Quoting gejordan
{quote} I was out so just seeing this... yeah, I like this a bunch. I'm long GBP and USD against JPY (not related to anything I'm doing with RSI with you). Looks like it took off, so hard to enter now, but... keep looking and hit the next one. Your areas are looking solid, so there will be another. Reviewing it with RSI, it did what you wanted it to do about a week or so ago, so the best first tries were on those hits of your line. I'll await your next find and we'll see how it shapes up.
Yes, I can see this was really a couple weeks ago (early January) with the red pinbar poking through 71.72, but I'm sticking to price action at a line (mainly pins and outside/engulf bars) which close in the direction I want to trade. So the pin earlier this month poking through 71.72 wasn't a tradeable pin due to bearish close.

Granted this will keep me out of some trades, but right now I'm looking to work on discipline and finding good trades. Once I can be consistently profitable (ie several months of demo/micro lots) I can then trade that live and demo/test/study any new setups that I want to try to determine if they are worth adding to my toolbox.
  • #933
  • Jan 28, 2019 4:09pm Jan 28, 2019 4:09pm
Three charts of interest (attached).

First one AUD USD - Bearish pin hitting line. Would look to enter on retrace to the line (7172) with stop loss pushed up about 7210 (above wick) and TP1 at 7140 area (top of bodies of previous bearish candle).

EURNZD - Bullish pin at the line at 1.6685. Would look for retrace to 1.6685, and SL of about 1.6600 (below wick) and TP1 in neighborhood of 1.6770 (top of body of bearish candle two days before the pin).

Third one is NZDUSD which I won't trade, as the pin didn't close bearish. Plan for this (if I was trading) would be similar to the above, and looking for TP1 would be in the 6785 area (top of bodies prior to the large green bullish candle). One thing that I don't exactly like about this setup (well there are a couple) is that the previous bullish candle was over 100 pips (from high to low) whereas the pin was about half that.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: AUDUSDDaily.png Size: 38 KB
Click to Enlarge Name: EURNZDDaily.png Size: 37 KB
Click to Enlarge Name: NZDUSDDaily.png Size: 43 KB
  • #934
  • Jan 28, 2019 7:26pm Jan 28, 2019 7:26pm
Quoting nyjetfan
Three charts of interest (attached). First one AUD USD - Bearish pin hitting line. Would look to enter on retrace to the line (7172) with stop loss pushed up about 7210 (above wick) and TP1 at 7140 area (top of bodies of previous bearish candle). EURNZD - Bullish pin at the line at 1.6685. Would look for retrace to 1.6685, and SL of about 1.6600 (below wick) and TP1 in neighborhood of 1.6770 (top of body of bearish candle two days before the pin). Third one is NZDUSD which I won't trade, as the pin didn't close bearish. Plan for this (if I was trading)...

Ok, let me see how I can do these with RSI...

AU - I will wait for RSI to close below the level of 3 days ago. OR, if price bounces around here, I will see if a new higher RSI low value gets printed and then broken. Might take a few days either way. If price goes higher, I'll avoid.

EN - There was a high about 6 days ago. Wait for a close above that RSI value or if price bounces around, I'll wait for a lower RSI high value to break. Again, could be a few days.
Be bullish on you.
  • #935
  • Edited 4:44pm Jan 29, 2019 12:11pm | Edited 4:44pm
Quoting nyjetfan
Three charts of interest (attached). First one AUD USD - Bearish pin hitting line. Would look to enter on retrace to the line (7172) with stop loss pushed up about 7210 (above wick) and TP1 at 7140 area (top of bodies of previous bearish candle). EURNZD - Bullish pin at the line at 1.6685. Would look for retrace to 1.6685, and SL of about 1.6600 (below wick) and TP1 in neighborhood of 1.6770 (top of body of bearish candle two days before the pin). Third one is NZDUSD which I won't trade, as the pin didn't close bearish. Plan for this (if I was trading)...
Just to follow up - both gave the pullback entry that I was looking for, however on my feed AUDUSD didn't hit the entry point/line (was within 0.5 pips - might need to revisit my calculations to make sure I'm accounting for the spread properly but end of the day its not a big deal - next potential trade is coming soon to a chart near you) So while it has since moved about 20 pips south, I'm not in that trade.

EURNZD did make the pullback to get me into the trade at 1.6685. Currently price is about +45 pips from entry and will check back in on things after today's close, at which point I will decide if I leave things alone or possibly move the stop to BE.

Edit/Update: Almost an hour after close of daily, price is at 1.6738 (about 53 pips above entry) - going to move position to BE at this point, but still looking for TP1 of about 1.6770 (about 30 pips away)
  • #936
  • Jan 29, 2019 12:13pm Jan 29, 2019 12:13pm
Quoting gejordan
{quote} Ok, let me see how I can do these with RSI... AU - I will wait for RSI to close below the level of 3 days ago. OR, if price bounces around here, I will see if a new higher RSI low value gets printed and then broken. Might take a few days either way. If price goes higher, I'll avoid. EN - There was a high about 6 days ago. Wait for a close above that RSI value or if price bounces around, I'll wait for a lower RSI high value to break. Again, could be a few days.
Gee now I'm starting to wonder if I need to scamper around and add RSI to all my charts. Not that I'd actually look at it for trading or anything, just would make it easier to "play along" with some of these that GE is putting up on this thread as of late.
  • #937
  • Jan 29, 2019 4:59pm Jan 29, 2019 4:59pm
Quoting nyjetfan
{quote} Gee now I'm starting to wonder if I need to scamper around and add RSI to all my charts. Not that I'd actually look at it for trading or anything, just would make it easier to "play along" with some of these that GE is putting up on this thread as of late.
No need to do that, again, I'm just trying to make a point about good locations. If any trigger, I'll put up a picture.
Be bullish on you.
  • #938
  • Jan 30, 2019 3:16pm Jan 30, 2019 3:16pm
Quoting nyjetfan
{quote} Just to follow up - both gave the pullback entry that I was looking for, however on my feed AUDUSD didn't hit the entry point/line (was within 0.5 pips - might need to revisit my calculations to make sure I'm accounting for the spread properly but end of the day its not a big deal - next potential trade is coming soon to a chart near you) So while it has since moved about 20 pips south, I'm not in that trade. EURNZD did make the pullback to get me into the trade at 1.6685. Currently price is about +45 pips from entry and will check back...
So at this point the EURNZD had dropped down through the 1.6685 area of interest and has continued downward, so I was taken out at BE. Will continue watching this pair, however I think a better long would be from down near the December lows (6430 or 6350).

AUDUSD has taken off with a heavy push north, and has taken out the recent pin - although while the pin was at a good point, the pin was small compared to the previous bullish candle, so probably not the best setup.

NZDUSD (which wasn't even considered due to bullish pin) has played out similar to AUDUSD, although at least on my feed none of the recent candles have closed bearish, but today was another big up move which took out the high of the recent pin.

End of day, BE on the one trade and moving on to start hunting the next potential trade opportunity at a line and respond accordingly.
  • #939
  • Edited Jan 31, 2019 8:58am Jan 30, 2019 4:13pm | Edited Jan 31, 2019 8:58am
Next one up - USDCHF - bearish pin going through the 9955 line. Will look for retrace to 9955, with SL at 1.0002 (just above high of pin) with TP1 looking around 9900. Stay tuned for GE to hop in with an RSI based trade that will be coming soon to a post near you :-)

Update - didn’t get retrace was looking for overnight and have cancelled infilled order.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHFDaily.png Size: 40 KB
  • #940
  • Feb 1, 2019 12:54pm Feb 1, 2019 12:54pm
Quoting nyjetfan
Next one up - USDCHF - bearish pin going through the 9955 line. Will look for retrace to 9955, with SL at 1.0002 (just above high of pin) with TP1 looking around 9900. Stay tuned for GE to hop in with an RSI based trade that will be coming soon to a post near you :-) Update - didn’t get retrace was looking for overnight and have cancelled infilled order. {image}
The worst indicator in the world kept me out of your setups. I'll keep watching with you.
Be bullish on you.
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