MW's trading journal | Page 25 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Another Trading Journal - Yuhu's Journal 17 replies

Twitch Journal - Live Journal 4 replies

Creating my Trading Plan + My Trading Journal 27 replies

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

Azzity's Trading Journal III (Azzity's 3/30 Trading Method) 9 replies

Attachments: MW's trading journal
Exit Attachments

MW's trading journal

  • #481
  • Jan 3, 2008 12:08pm Jan 3, 2008 12:08pm
The day ain't over yet...!!!! But so far I agree... not looking like a PB day after all... we will see...

Quoting mike w
Excellent, Thanks Mike! As you'll notice it couldn't break and hold above that level and so I am still looking to see more downside.


On another note, the Usd/Cad trades are finally panning out well (My newer ones that is) and are finally in profit for the ride on down.
  • #482
  • Jan 3, 2008 12:09pm Jan 3, 2008 12:09pm
Quoting Tiki Trader
If this continues to retrace today... we could end up with a daily PB !!!

Sorry I'm not good with acronyms what is PB?

I like shorts on USDCAD and GBPUSD but waiting to get a good chance for entry.
'When the student is ready, the teacher will come'
  • #483
  • Jan 3, 2008 12:09pm Jan 3, 2008 12:09pm
Quoting Tiki Trader
I think this very much coincides with the idea of daily Pin Bar today... would be nice... and mean some further retracement too...
Hey Tiki, I thought about it for awhile last night and into this morning. I thought of all possible outcomes and I gotta tell you man, I wouldn't take a buy order amidst all this downside. Even if a pin shows up, it's a pin in the opposite direct (Long) in a very much so bear market at the moment. If it would come up, I would just be looking to close out my position and wait for a better price if it would come along. If not, I live to trade another day and have lost no money.
I dream, therefore I become.
  • #484
  • Jan 3, 2008 12:13pm Jan 3, 2008 12:13pm
Quoting mike w
Hey Tiki, I thought about it for awhile last night and into this morning. I thought of all possible outcomes and I gotta tell you man, I wouldn't take a buy order amidst all this downside. Even if a pin shows up, it's a pin in the opposite direct (Long) in a very much so bear market at the moment. If it would come up, I would just be looking to close out my position and wait for a better price if it would come along. If not, I live to trade another day and have lost no money.
I agree with you Mike, its hard to find entry now since you be going against the trend. Looks like this is not the right time yet.
'When the student is ready, the teacher will come'
  • #485
  • Jan 3, 2008 12:13pm Jan 3, 2008 12:13pm
In your case I totally agree since you already have the long term shorts... and if there were a PB... I would be careful about taking it too... looking for only smaller longs.... but I would take it... especially if it were a very pretty PB... price has gone down SO far.... there will have to be some correction or retrace... and you know GBP/JPY moves 100s of pips at a glance.... I am happy for a hundred or two on a retrace PB....

Quoting mike w
Hey Tiki, I thought about it for awhile last night and into this morning. I thought of all possible outcomes and I gotta tell you man, I wouldn't take a buy order amidst all this downside. Even if a pin shows up, it's a pin in the opposite direct (Long) in a very much so bear market at the moment. If it would come up, I would just be looking to close out my position and wait for a better price if it would come along. If not, I live to trade another day and have lost no money.
  • #486
  • Jan 3, 2008 12:14pm Jan 3, 2008 12:14pm
PB = Pin Bar... !!!

Quoting Bodhimind
I agree with you Mike, its hard to find entry now since you be going against the trend. Looks like this is not the right time yet.
  • #487
  • Jan 3, 2008 12:15pm Jan 3, 2008 12:15pm
Quoting Tiki Trader
In your case I totally agree since you already have the long term shorts... and if there were a PB... I would be careful about taking it too... looking for only smaller longs.... but I would take... price has goe down SO far.... there will have to be some correction or retrace... and you know GBP/JPY moves 100s of pps at a glance.... I am happy for a hundred or two on a retrace PB....
I agree most definitely with that, and think of this though. On the retracement, you'll get a MAX of say 200 to 300 pips, whereas once you are with the trend, you will get a max of, what, 5634785034566523465734 lol

Check out what LearntoCount had to say on the subject. I'm telling you, I really like this guy and his thoughts on the market. He is where I want to be with Elliot Wave theory; In other words, he knows his stuff. Check out his posts with El Grande and that should give you something to think about.
I dream, therefore I become.
  • #488
  • Jan 3, 2008 12:18pm Jan 3, 2008 12:18pm
Quoting Bodhimind
I agree with you Mike, its hard to find entry now since you be going against the trend. Looks like this is not the right time yet.
Hi Bodhimind, It's nice to see you! How's it goin? Anyways, yeah, check out Learntocount's post with El Grande as well on the gbp/jpy. 219 could very well come about again and I doubt it can be broken as it was a strong support before. Because of that, it has turned into resistance. Hope that could help out.

It also just so happens that 219.20 will be the 38.2% fib retracement for this so I could definitely see a run up to there and then this pair falling again.
I dream, therefore I become.
  • #489
  • Jan 3, 2008 12:20pm Jan 3, 2008 12:20pm
Quoting Tiki Trader
PB = Pin Bar... !!!
Oh yeah shoulda known
Yes Pinbar are very useful to indicate reversal, what time frame do you like to use it on?
'When the student is ready, the teacher will come'
  • #490
  • Jan 3, 2008 12:22pm Jan 3, 2008 12:22pm
Yeah he absolutely knows his dtuff... unfortunately, I am not about to get into EW... !!! Way too much for my plate... but he called that triangle right to the last dot over the I.... !!! I have spent all morning now reading up on triangles... I am going to pay MUCH more attention to triangles from now on... the rules are very specific... and EASY to follow... it is easy money... which is the way I really like my money

I have also been reading up on HNS.... specifically about targets for HNS...

I was with my mouth wide open when I read about HNS targets... if all goes textbook... GBP/JPY target could 191.........!!!!

Quoting mike w
I agree most definitely with that, and think of this though. On the retracement, you'll get a MAX of say 200 to 300 pips, whereas once you are with the trend, you will get a max of, what, 5634785034566523465734 lol

Check out what LearntoCount had to say on the subject. I'm telling you, I really like this guy and his thoughts on the market. He is where I want to be with Elliot Wave theory; In other words, he knows his stuff. Check out his posts with El Grande and that should give you something to think about.
  • #491
  • Jan 3, 2008 12:24pm Jan 3, 2008 12:24pm
For me I am looking for PBs on daily... 4 hr Pin Bars are nice too... but you got to be VERY careful there.... they will fail much more often... I do not trade anything anymore on Hourly.... but I have noticed that hourly PBs tend to work better than 4 hr PBs....

Quoting Bodhimind
Oh yeah shoulda known
Yes Pinbar are very useful to indicate reversal, what time frame do you like to use it on?
  • #492
  • Jan 3, 2008 12:33pm Jan 3, 2008 12:33pm
Quoting Tiki Trader
Yeah he absolutely knows his dtuff... unfortunately, I am not about to get into EW... !!! Way too much for my plate... but he called that triangle right to the last dot over the I.... !!! I have spent all morning now reading up on triangles... I am going to pay MUCH more attention to triangles from now on... the rules are very specific... and EASY to follow... it is easy money... which is the way I really like my money

I have also been reading up on HNS.... specifically about targets for HNS...

I was with my mouth wide open when I read about HNS targets... if all goes textbook... GBP/JPY target could 191.........!!!!
I am getting much more into elliot wave because at the moment I am still a beginner at it and I have just been getting my feet wet for the past two years. As for triangles, you showed me they worked fantastic on several occasions! I don't know if you remember, but they are somewhere in this journal. I saw how easy it was when LTC did it as well and so I am going to get into triangles a bit more now as well. If he can do it, so can I; that's how I think of it.

Gbp/Jpy down at 191, Heck yes. I could see this EASILY. I just didn't want to say it and I don't know why. With the Usd/Jpy going to make lower lows, along with the Gbp/Usd, I could see it at possibly lower longer term.
I'm looking to see Usd/Jpy at 100 before a bounce from that level. On the same note, I'm looking for a gbp/usd at 1.80's again. With that, I don't know where exactly that puts G/J as I haven't thought it out, but it would be one of my targets.
I dream, therefore I become.
  • #493
  • Jan 3, 2008 12:34pm Jan 3, 2008 12:34pm
Quoting mike w
Hi Bodhimind, It's nice to see you! How's it goin? Anyways, yeah, check out Learntocount's post with El Grande as well on the gbp/jpy. 219 could very well come about again and I doubt it can be broken as it was a strong support before. Because of that, it has turned into resistance. Hope that could help out.

It also just so happens that 219.20 will be the 38.2% fib retracement for this so I could definitely see a run up to there and then this pair falling again.

Hi Mike Hope your doing well in your trades and aslo in your life.
Gbp/jpy looks like a good short but will wait for right timing for entry.
Can you give me the link to leantocount and El Grand aswell.

thanks.
'When the student is ready, the teacher will come'
  • #494
  • Jan 3, 2008 12:34pm Jan 3, 2008 12:34pm
Quoting Tiki Trader
For me I am looking for PBs on daily... 4 hr Pin Bars are nice too... but you got to be VERY careful there.... they will fail much more often... I do not trade anything anymore on Hourly.... but I have noticed that hourly PBs tend to work better than 4 hr PBs....
I agree. The dailies and weeklies are king. 4 hours are ok as long as they coincide with the larger trend; If they don't sometimes they are, in reality, just retracements that close at juuusssstttt the right time to screw people that don't look lower to see them as just that.
I dream, therefore I become.
  • #495
  • Jan 3, 2008 12:35pm Jan 3, 2008 12:35pm
Quoting Bodhimind
Hi Mike Hope your doing well in your trades and aslo in your life.
Gbp/jpy looks like a good short but will wait for right timing for entry.
Can you give me the link to leantocount and El Grand aswell.

thanks.
Check out my buddy list, I have LTC in there and then just follow his posts. El Grande is right there with him.
I dream, therefore I become.
  • #496
  • Jan 3, 2008 12:39pm Jan 3, 2008 12:39pm
Quoting Bodhimind
Hi Mike Hope your doing well in your trades and aslo in your life.
Gbp/jpy looks like a good short but will wait for right timing for entry.
Can you give me the link to leantocount and El Grand aswell.

thanks.
Thanks for the kindness and I hope the same for you! Right entries are what becoming a successful trader is all about. Best of luck to you in finding it! Once we get that retrace, if we get that retrace, I think we are headed much lower in the weeks ahead.
I dream, therefore I become.
  • #497
  • Jan 3, 2008 12:41pm Jan 3, 2008 12:41pm
It looks like Gbp/Usd is primed for a retracement as well. I look to place shorts once we get to it.
I dream, therefore I become.
  • #498
  • Jan 3, 2008 12:44pm Jan 3, 2008 12:44pm
On the daily Usd/Cad, we have a bearish engulfing pattern coming off of resistance. On this chart, it shows up as a different pattern, but for the charts that I actually use, it's closing as a bearish engulfment. These charts are just for pics for FF. I would plan to place more shorts after the day's close. The market is perfect right now.
Attached Image (click to enlarge)
Click to Enlarge Name: daily canada for my thread.gif Size: 12 KB
I dream, therefore I become.
  • #499
  • Jan 3, 2008 1:03pm Jan 3, 2008 1:03pm
Unfortunately, the time to go short... was a thousand or so pips ago... now people like you and me are left looking for some kind of a way to get in on it...

Quoting Bodhimind
Hi Mike Hope your doing well in your trades and aslo in your life.
Gbp/jpy looks like a good short but will wait for right timing for entry.
Can you give me the link to leantocount and El Grand aswell.

thanks.
  • #500
  • Jan 3, 2008 1:15pm Jan 3, 2008 1:15pm
I suspect at this point there is no stopping GBP/JPY until it actually gets to 213... I think that is a support point... and it only is a few more pips away... retrace after that perhaps...
0 traders viewing now