Monarch's Journal of 2008 Trades | Page 2 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Another Trading Journal - Yuhu's Journal 17 replies

My Personal journal up 18% in 2 months going to start a journal 8 replies

Daily Trades = Lazy Trades Journal 7 replies

AkuKaya Backtest-Journal 2008 EA 3 replies

My Trading Journal For 2008 20 replies

Attachments: Monarch's Journal of 2008 Trades
Exit Attachments

Monarch's Journal of 2008 Trades

  • #21
  • Jan 2, 2008 9:20pm Jan 2, 2008 9:20pm
Quoting 59fender
the pound yen and dollar yen have been getting pretty beat up.But the euro/yen seems resilent,there seems to be a diconnect,just an observation
That is an interesting point, I have been watching the E/J and E/U stay upwards and strong, while the G/U and G/J have taken the lower path.

One of the first times I have seen such a seperation from the E/J and G/J, but the G/U and E/U do move differently occasionally.

I also know the G/J moves twice as far as the E/J does, and usually I will not pick up more entries on G/J until 250 pips, now I have decreased it to 225 pips or so on average, while the E/J is at 150 for now.

In times past I would watch the E/J move in segments of 75 pips or so, but for now, will continue with a larger movement average on E/J since it lagging the other JPY pairs some.
  • #22
  • Jan 2, 2008 9:31pm Jan 2, 2008 9:31pm
Quoting monarch
Trade Entry

1/2/2008

Eur/Jpy

LONG 161.01

Target (162.51)

Stop Loss - None
I kind of like this one as I have been watching/trading it. If the theory of whole numbers mean anything, I wonder about it wanting to try to hit 160.00?
  • #23
  • Jan 2, 2008 9:36pm Jan 2, 2008 9:36pm
Quoting Stan
I kind of like this one as I have been watching/trading it. If the theory of whole numbers mean anything, I wonder about it wanting to try to hit 160.00?
So true, I have anticipated this for some time, but the G/J took south and the E/Y just stood still, actually making some upward progress along the way.

I have taken a early entry here at 161.03, but have several other LONGS waiting below to lower my average if it decides to drop another 300 pips later tonight.

That would not shock me, most of my trades here lately are on a longer term time frame, and I take entries early in case it finds support sooner then later.

Either way, this could be a week or longer before clearing out profits.

Drawdown is one thing I have considered in all my trades, and when it dips lower, it just lowers my average buy in, allowing me a greater chance of profiting on all my trades.

Let me know when you jump in on this one.

Ken
  • #24
  • Jan 2, 2008 11:11pm Jan 2, 2008 11:11pm
Based upon the 4 hour line chart

High 163.90
Low 161.00

Retrace 61.8 - 162.79
Retrace 50% - 162.45

Target 162.51

Price must break and close above 161.59 then 161.82 on the hourly prior to next move up to the 162.11 -
(38.2% Retracement Level)

For now E/J is in a range till Frankfurt and London open, with a chance of a test of 160.80 low.

Click on chart to enlarge.
Attached Image (click to enlarge)
Click to Enlarge Name: EJ 4 Hour chart 1-3-2008.PNG Size: 32 KB
  • #25
  • Jan 2, 2008 11:23pm Jan 2, 2008 11:23pm
Based upon the Daily chart

High 2.3309
Low (so far) 2.2156

23.6% Retrace 2.2438
38.2% Retrace 2.2604 (one of my original targets)

Target 2.2502 (at the consolidation of 12/30 and 12/31 Daily candles.
(the Blue line above the Purple line)

There is still possibility of a further move down into the 2.1950 area, in which I have another Long placed, but for now will target the 2.2500 area for exit.

Click on chart to enlarge.
Attached Image (click to enlarge)
Click to Enlarge Name: Gbp-Chf Daily 1-3-2008.PNG Size: 36 KB
  • #26
  • Jan 2, 2008 11:33pm Jan 2, 2008 11:33pm
Based upon the 4 Hour Chart

High 222.29
Low 216.41

61.8% Retrace 220.18
76.4% Retrace 220.89

Target (Blue Line) below the Consolidation and Recent Support area at 221.10/30.

Common for G/J to retrace to the 61.8% and 74.6% retrace levels.

Click on chart to enlarge.
Attached Image (click to enlarge)
Click to Enlarge Name: G-J 4 Hour 1-3-2008.PNG Size: 29 KB
  • #27
  • Jan 3, 2008 12:50am Jan 3, 2008 12:50am
1:45 am 1/3/08

Eur/Jpy (Trade #8)
LONG 161.01
(correction on entry price, was looking at chart, but platform was 161.01)

Exit 161.41

+ 40

I have taken the exit on EJ with the upcoming London open.

Will evaluate this pair again at NY Open.
  • #28
  • Jan 3, 2008 1:00am Jan 3, 2008 1:00am
As of 1am EST 1/3/08 (LONDON OPEN)

Gbp/Chf (Trades #1, #3, #7)
3 entries LONG averaging buy in at 2.2355
Drawdown -199 pips

Gbp/Jpy (Trades #4, #5, #6)
3 entries LONG averaging buy in at 218.66
Drawdown -144 pips

Eur/Jpy (Trade #8 closed)
Exit + 40 pips

Gbp/Jpy (Trade #2 closed)
Exit +30 pips

Trades remain open and will update at NY Open.

Other Trades (Order Entry Waiting)
Gbp/Chf LONG Entry 4 (2.1956)
Gbp/Jpy LONG Entry 4 (214.16)
Eur/Jpy LONG Entry 1 (160.32)
  • #29
  • Jan 3, 2008 1:13am Jan 3, 2008 1:13am
This is top stuff Monarch ! Wish you all the best in '08.

Do you hedge ? I realise you have a long order waiting at 214 area for GBP/JPY. Would you short on the break of 216.41?
  • #30
  • Jan 3, 2008 1:17am Jan 3, 2008 1:17am
Quoting Sith Lord
This is top stuff Monarch ! Wish you all the best in '08.

Do you hedge ? I realise you have a long order waiting at 114 area. Would you short on the break of 116.41?
Hey Sith L, I cannot hedge on the EFX Platform I use, but do have the use of FXCM for that purpose.

Most of these trades are one directional, with the purpose of adding entries on the move against me.

These trades are seriously taking lots of drawdown on my account, so I am being careful about adding other pairs while I am in a few this deep. LOL

I will take small trades as the weeks progress, but for now I am trading against the trend that was set forth when we broke out today.

I am adding entries, which will allow my exit to be lower also, hopefully while I sleep tonight the price will spike up and hit my targets, if not, then I will wake to a deeper drawdown.

Will take a look in 6 hours or so, I am going to bed now.

Ken
  • #31
  • Jan 3, 2008 2:16am Jan 3, 2008 2:16am
Hi Ken - good to see your trades - wishing you a Happy and Pipful New Year.

Jono
Trading Levels with WRBs
  • #32
  • Jan 3, 2008 5:25am Jan 3, 2008 5:25am
Quoting Islander
Hi Ken - good to see your trades - wishing you a Happy and Pipful New Year.

Jono
Good to see you again Jono.

Yes I am having a pipful year thus far, only problem is they are RED still. LOL

This reminds me of the meltdown that we seen in August, but I don't think the FED can help this one.

And we are still coming to the news in 2 hours, not a good sign for these pairs I am trading right now, then Non Farm tomorrow, OUCH. LOL


Let's see how she goes.

Ken
  • #33
  • Jan 3, 2008 6:48am Jan 3, 2008 6:48am
Trade Entries
1/3/2008

Trade #9
Gbp/Chf
LONG 2.1956

Trade #10
Gbp/Jpy
LONG 214.16

Trade #11
Eur/Jpy
160.32

This is the 4th and final entries on Gbp/Chf and Gbp/JPY.
(Long Term Trades)
Gbp/Chf Average buy in 2.2256
Gbp/Jpy Average buy in 217.53

1 entry on Eur/Jpy
(Short Term Trade)

Let's see where today's news take the JPY pairs.

Ken
  • #34
  • Jan 3, 2008 7:11am Jan 3, 2008 7:11am
Trade Exit
1/3/2008

Trade #11
Eur/Jpy
Long 160.32

Closed 160.82
+50 pips

I exited this trade prior to the new in a few minutes since it was a short term trade.
  • #35
  • Jan 3, 2008 7:44am Jan 3, 2008 7:44am
The employment news was pushing the JPY pairs upwards, then the revisions came out and stalled out the pairs for now.

We also had a very big sellof yesterday with US Dow Stocks (-220), today could have buyers interested in lower price entries.

Next news in over 1hr 45min.
  • #36
  • Jan 3, 2008 7:48am Jan 3, 2008 7:48am
Quoting monarch
Trade Exit
1/3/2008

Trade #11
Eur/Jpy
Long 160.32

Closed 160.82
+50 pips

I exited this trade prior to the new in a few minutes since it was a short term trade.
I assume these are the FXCM trades since you cant close individual trades with EFX ?
  • #37
  • Jan 3, 2008 7:52am Jan 3, 2008 7:52am
Quoting Syafi
I assume these are the FXCM trades since you cant close individual trades with EFX ?

Hey S, good to see you again, how is your trading going?

The trades on this thread are all EFX trades for now.

Everytime I enter a new trade, it averages my total buy in.

The E/J trade was only 1 entry and exit.

Cheers, Ken
  • #38
  • Jan 3, 2008 8:00am Jan 3, 2008 8:00am
As of 9am EST 1/3/2008

Gbp/Chf (Trades #1, #3, #7, #9)
4 entries LONG averaging buy in at 2.2256
Drawdown -177 pips
Target 2.2406 (Below the 38.2 on the Daily Chart)

Gbp/Jpy (Trades #4, #5, #6, #10)
4 entries LONG averaging buy in at 217.53
Drawdown -152 pips
Target 218.93 (Below the August Support/Low)

The Targets are set while I am out of the office today, if price does not reach these before Asia Session, and it looks like more bullish movement is coming in the Asian/London Session, I will adjust Target higher.

Cheers,

Ken



Eur/Jpy (Trade #8 closed)
Exit + 40 pips
Gbp/Jpy (Trade #2 closed)
Exit +30 pips
Eur/Jpy (Trade #11 closed)
Exit +50 pips
  • #39
  • Jan 3, 2008 7:18pm Jan 3, 2008 7:18pm
Been out all day away from charts, left them to play out.

Looks like the down side is still in charge with both my pairs taking a beating.

I will leave all trades in here for Asia/London Session, then will watch for the results of what the NFP will stir up.

Hopefully they fabricate a good number to help these JPY pairs give in a little. LOL

All is well, drawdown as expected on G/J, but the Gbp/Chf is a little deeper then I wanted to have, amazing weekly candles on the third bearish and very big on my screen. :surprised

Let her role, give it space, and turn this ship around (or sink).

Will update later on the total drawdown I am experiencing.

Ken
  • #40
  • Jan 3, 2008 7:38pm Jan 3, 2008 7:38pm
Good luck Monarch wishing you all the best in trading I knew you could make it 2,008 trades in 2k8! Happy New year bro!
6 traders viewing now