Mr. Trend's PA Thread

I thought I'd start up another journal. Don't expect anything enlightening. Just good ole' PA as one of my ways to trade... currency and futures.

I will try to post screenshots before hand with TPs and SLs... that's really more for me than anything...

For starters, I'm eyeing these two setups... GBPUSD and GBPJPY

GBPUSD - Weekly PB
Sell Limit @ 2.0980 SL 2.1160 TP 2.0650

GBPJPY
Sell Limit @ 235.00 SL 238.00 TP 223.00 area

How far will the EUR drop? My thoughts are 1.4400... At least that's where I'm going to be looking to buy.

T I love you bro

Yeah... sigh... I love you too man...

One other thing I wanted to point out. When you see my screenshots, you may ask yourself, "Now why doesn't he get in exactly where he put his little X?", or, "Why is it not exact?"

The answer is that I generally look in the area of the X, OR, in the case of limit orders (which most of mine are), I like round numbers.

All the things you heard Jacko say have been around for a LONG time, folks. It's not rocket science. I've been using round numbers for a long time, and I'm tellin' ya, what Jacko says is golden.

Use them. It works. That's why if I have confluence of Fibs, S&R, AND I also get 00's... man, that's a warm and fuzzy feeling right there...

Another trade I might enter this week. It depends on whether or not I scale in on my futures contracts (GBP and GBPJPY)

Limit orders set as follows:

Limit Sell @ 2.0900 SL 2.1160 TP 2.0640 (this is a gap play. I might take heat up to my first projection of 2.0980, but that doesn't bother me. Typically, when you get gaps, you can play the gap and sell/buy and price will go your way... sometimes it doesn't work.)
Limit Sell @ 2.0775 SL 2.1160 TP 2.0640 (scale-in or initial trade depending on if the first Limit hits)

Exited position from Friday:

Sell Limit @ 2.0872 Exit 2.0787 +85 ticks

You will see that I will play pins very very aggressively. Both from a trade setup point of view, and from a MM point of view as well. I don't recommend this if you're new.

Money in trading is made from getting in the market with the most risk you can accept at the right times. For me, if I see a pinbar on weekly or daily, I will enter at around 2-3% risk, and then double that at another trade setup.

For example, this week I'm looking at getting in on the gap play, and then scale-in on the break of the pin.

At that point, assuming it hits both limits, I will be in at around 6-8% risk. But I accept that. And that's what's important.

All other trade setups are 3% per trade.

This week will be all about playing this cable trade appropriately. If I get only one trade this week, I want it to be in cable.

To me, I see GBPUSD and for that matter, all US pairs, gaining a lot of strength with the momentum from Friday. I'm now beginning to wonder if we'll even see a pullback. There's been no pullback into gaps, so this usually means it's going to run hard.

My 0772 limit did trigger. So I'm currently short. I will be looking to scale in at a break of 0750 (see jpeg), or a pullback to 2.0890 (resistance)...

I have also re-evaluated my profit target to 2.0630 at a trendline bounce on 4H...

Well, as usual you may be right... since I have never lived in a small indiana town of 450 !!! But that is a big gap and going back I can not find many times that a gap will stay open very long... I am leery... I got out of the triggered PB at this mornings lowest so far... we have now run down a full 500 pips siince the down turn started... some retrace is due perhaps, to come up and close the gap ( ? ) then I will look to short again... Bu tmy CAD long stays open...

Mr Trend, just wondering what you are using on your charts? Moving average wise? Thanks

25, 150, and 365...

giving it another go mate

Alright. I had stated earlier in my posts that I was out at around 0640...

But I got up this morning, and I started thinking about this pinbar. Is a weekly pinbar only going to go 100 pips and then that's it? Very rarely. Usually, a pinbar is the start of a big drop.

So... I moved my profit target up to 0460. And I'm glad I did. We went through initial support this morning like knife through butter...

Nice to see you got a journal Mr. T.
I'll like seeing some of your trades.

You rock more than the guy in your avatar.

Peace,
Tom

Hehehe... yer crazy dude... thanks for the kind words...

See attached pic.

See pics. If we get a break of 109, USDJPY is gonna move. And I need to be sure I'm on it. I will enter short on a confirmed break AND THEN pullback.

OR

I'll enter immediately on the break. It depends. If I see a strong momentum, I'll just get on as soon as we break it. It all depends on how aggressive you are as a trader. I'm fairly aggressive depending on how the market is reacting.

Now why would I be aggressive with this move? Because of one big reason -- when it breaks this minor support, price is gonna want to make it to the bottom of that descending triangle...