Gejordan Weekly Journal

Wow are my setups THAT bad?

Ha ha, nope, to the contrary, your locations are illustrating some massively important points I've made over the years.

Still out there watching the charts, just haven't seen any good action at a predefined line/location in the last month or so. Yeah, I'm sure I *could* find trades to jump into, but the goal here is to be involved with good price action at a well defined location. Will continue to post up new opportunities as they come.

Been awhile since I saw something worth taking. Here's a long I have going on USDCAD from yesterday's close. I have a line at 3320 which the pin is poking down through, and got long about 3326 (about 3320 + spread). SL about 3280 and TP1 is set to 3370 on first lot. Will keep watching and if things move a decent clip in my direction, will consider taking SL to breakeven.

Didn't get picture of chart when taking trade yesterday, but the bullish pin was the trigger.

Been consistently watching, but not finding much action/activity at my lines which is criteria 1 for me to enter a trade, which is why I haven't been posting much over last 6-8 weeks. Will continue posting, comments/discussions/alternate viewpoints or trading with RSI tips are always welcome.

Note: Moved SL to BE when I was about 10 pips away from TP1, and have since been closed out at 2xBE.

Edit to add - THere was some USD CPI data that was released at 8:30 which could be why things started moving this morning (that and its USD/CAD so they are in same EST-PST timezones. Anyway, interested in how people treat news in their trading? For me on dailies and higher, I don't really worry about the news but am more aware of it if I were to be looking at 4 hour and lower timeframes.

I guess the big market moves has everyone interested. For those that have enquired, here is what I am looking for this week....

EU - I want to trade south this week if I get the chance.

How can you do that? Many ways, some ideas:
1. use your own system and take valid short setups this week.
2. Pull up an hourly, wait for price to take out the last swing low (1.0952 right now). See if it can stay under for a few hours and then trade on a pullback. Obviously price may create new last swing lows if we chop and push higher first so update that level as necessary.
3. Use that same hourly, put a 50 simple on it and wait for price to close below and pull back to it. Then start going short. You might enter a little at the pullback to the 50, look for a range and enter the rest at the top of the range.

Exit anything at your discretion.

Ek - you asked about minimal engagement, this only asks you to look in every so often and is most practical in this volatility.

For extra practice for you Ek (and everyone else watching charts more actively) check out the last couple of weeks and see if you could have figured out a way to take trades and only have to check a chart twice a day.
Practice 1 - Start with last week - We wanted to be long. When was that possible using method 2 above? Method 3?
Practice 2 - Week of 3/15 - No bias, but could you have followed the down move using method 2 or 3? Was there a time telling you to go long?
Practice 3 - Week of 3/8 - Down - when using method 2 or 3?
Practice 4 - Week of 3/1 - no bias - could you follow move? ever tell you to try short?

Follow Up


Idea #1 in action. 100 pips, didn't even grab best entry, did this while typing above post yesterday.
Idea #2 - no action yet
idea #3 - just closed below 50, if it goes back I could enter small and then more at the top of the most recent range. A bit more risk than my overnight trade so would adjust position size accordingly.

Let's continue following up post 945, this time let's look at idea #3.



Idea#3 - In the last post I mentioned we closed below the 50 simple. I laid an order at the 50 and a larger order at the top of a range. 104 pips.
Idea #2 - Just closed below the last swing low (obnoxious white line). We'll see if we can stay below for a few hours or if price drives right back up after closing outside the low. If it drives right back up, we pass for now, if it stays below I'll look to enter on a pullback.
Idea #1 - 100 pips.

204 pips minimum. More if you left Idea #1 running. I'm trying to show you don't have to be greedy, either trade makes an entire week.

To finish the series... Here is idea #2 in action (Post 945 is the beginning of this series)(this could also technically be a second trade of idea #3, but I took it based on idea #2)



Another 100 pips. With idea #2, I really want to see price stay below the swing (big white line) for a longer period. So not a perfect following of the rules of idea#2 but kept risk small. I put 2 entries in at possible swings it could revisit. It hit the one entry, and the other higher at the top of the bigger range did not.

I gave you a bias, some ideas on how to enter, ON SUNDAY, and 300 pips for the week on just EU. In less volatility, it might be 30-40 pips per trade, so take advantage of the volatility while we can.

Ek - Each of these were entered end of day, closed when I woke up.

We'll go for it again next week. I'll tell you my bias and see if you can figure out what I'll do.

And to close out the series.. (start at post 945) we had an official idea #2 fire off. Price stayed below the obnoxious white line for a few hours (see blue box) and then came back inside. I placed an order at the pivot, went to sleep, and as you can see I didn't get hit (they showed me who was boss). A little better placement and you'd be up about 50 pips right now. There you go. Play again next week, without all the commentary, probably just pictures.

Update, price fell another 50 pips, making the Idea #2 trade also achieve 100 pips pre-news and more if held thru news.
This series started at Post 945.

Do it again tomorrow night for next week.

Post 945 has ideas and practice to see how I trade the info below. Posts 946 to 950 show it in action last week.

This week, No Bias on EU, so I will trade down until price shows me it wants to go up (if it ever does). I will use a break of the last swing (obnoxious white line) to signal potential for price to reverse direction.

You can argue what the last big swing is, could be 1.09, could be my white line, could be 1.0814... pick one and live with it. Don't get hung up on it, take low risk trades and you'll know soon enough if you are right or wrong. If new lows are made, I will lower the white line.



Idea #1 - use your own system, take valid shorts till price breaks higher than a previous big swing.
Idea #2 - It's already happening from last week, so the best thing is to see if price will swing up toward the white line and get short as it moves toward it.
Idea #3 - Not immediately interested in the simple50 for shorts unless price breaks higher than last swing and revisits then I can think about it for longs. We'll see if it happens. If you did the practice you'll see sometimes that never happens on No Bias weeks.

My only other thought of note this week is that I have 1.0720ish in my sights as a place to take some profit if we continue down and get the rest to break even. From there I get curious if we make some new multi-year lows or turn the ship around. (Don't confuse this comment, If you get an entry and it drops 50-100, don't be a ding-a-ling and give up everything waiting to see if it gets to 1.0720)

Idea #1 and #2 in action. 50 Pips



Put this in and triggered overnight. My larger order closest to the white line didn't fire. Closed this trade on out to show that I have no problem taking profit and to drive home the last point of the last post... don't be a ding-a-ling. Also, nice natural range to close it at.

Of note... I mentioned debating the last significant swing... lots of action on that lowest possible area of 1.0814 so I am going to watch that as possibly where I move my big white line.

Let's close out the week.

On Sunday, Post 951, I said it was a No Bias week. Which simply means I follow the move until the move changes. I gave some options for swings that would indicate a change in direction and price ended up blowing through all of the swings, so no matter which swing I picked, price told me it was likely to go in a new direction.



After the early week trade going in the original direction and grabbing 50 pips, price changed and I went back to work with idea #2 and idea #3. I chose the pivot for my Idea #2 pullback to get long, and then I put in an entry at the 50 simple for the Idea #3 trade. Both entered as I slept (for those that ask me about doing this with minimal chart time). Again, I don't have to do both trades, just letting you see some ideas and options for how to trade.

I obviously had higher original targets, but it's a Holiday weekend and I am ready to close up the charts for the week, so I grabbed 73 pips between the two trades, 123 for the week total. I'll be back at it next week.

Side note: missed the best trade if I would have used the lowest swing. Could've entered long around where I closed my short. For new traders, I like to talk about the evil trading brain. This is the thing inside of us that no matter how successful the day or week is, we focus on the one that we missed and let it drive us crazy and make bad decisions later on. If you dig up my retired threads from 100s of years ago, you will learn that it is my stance that failure to address the evil trading brain will never allow for successful trading. Yeah, I didn't get the best entry and trade up... I don't care. I made money and had a great week with low stress and spent more time typing these posts than thinking about trades. That, IMO, is successful trading.

Every once in a while you come back and post. I very much appreciate your posts . Now I have to have a chat with my ETB

Thanks LaBoca. I'll keep it going as long as I can manage. Hopefully its helping someone else make money other than just me.

Posts 945 explains the "ideas". Posts 945 and 951 show how I use the info. Everything in between are these ideas in action.

This Week - No Bias. This means I will follow the move until it reverses.

Idea #1 - Long signals would be favored until Idea #2 happens.
Idea #2 - At the moment, price would have to get below 1.0829 for me to trade down. If price moves higher first I can move that swing up to 1.0916.
Idea #3a - That Simple50 is creeping up. If price could hit it I could use the possible new swing low at 1.0916 as a point for measuring risk on a trade up. That would require me to be a little more active and watch charts so those asking about low chart time trading, it would be best to let idea #2 develop or use a stop.
Idea #3b - These are tougher on no bias weeks. If price goes below the Simple 50 and I decide to use that for a early short signal, I still wouldn't go heavy unless price made it back to the top of a range and I could lower risk. Same problem as trading long from it right now.

Again, the easiest thing to do this week is be patient.

Price broke higher and stayed higher (notice yesterday, it broke higher but came right back in, so I prefer this new break) so I can move up the swing low from 1.0829 to 1.0913 (1.0891 more conservative). this would be the area I would want to break lower and stay lower for an idea #2 or #3b short.

Nice longs from yesterday and today using idea #1. I liked the Idea#3a long today since we had a nice range to use for defining our risk.

I'll update again if anything new happens.

39 pips for first and 29 for 2nd lot based on idea #2. Thank you for the post GJ.

Awesome Reardon, made my day.
Looks familiar:



As Reardon showed you idea #2 and I will add an idea #3. Price went and stayed below the obnoxious white line swing... Up move over for the moment. Idea #2 is to pick a pullback. You can use Fibs, Pivots, big round numbers, etc... 63 pips

I added an idea #3 trade, so when price went below and stayed below, I put in an order where I thought the simple50 might be on a retrace and caught this one (unlike the one I missed last week)… 96 pips

Let's say you were at your essential employment while I entered, you could've entered end of day, price was at a good area still, enter short.

Practice from Post 945. When time permits, Comments welcome. Thank you.