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Monarch's Journal of 2008 Trades

  • #41
  • Jan 4, 2008 4:46am Jan 4, 2008 4:46am
hopefully 2008 profitable trades
  • #42
  • Jan 4, 2008 7:09am Jan 4, 2008 7:09am
monarch:

A reality check can be very helpful to yourself
and others. In that regard, I would suggest that you
give a results summation of your trades weekly. In this
way, you will be able to step back and analyze
the pros and cons of the trades you made. It will be a
great way to stay grounded as you work on
your target of 2008 trades.

I shall be following your progress.

You will do well.
  • #43
  • Jan 7, 2008 12:14am Jan 7, 2008 12:14am
Quoting winterwhite
monarch:

A reality check can be very helpful to yourself
and others. In that regard, I would suggest that you
give a results summation of your trades weekly. In this
way, you will be able to step back and analyze
the pros and cons of the trades you made. It will be a
great way to stay grounded as you work on
your target of 2008 trades.

I shall be following your progress.

You will do well.
Thanks for the advice, always appreciate everyones comments.

Ken
  • #44
  • Jan 7, 2008 12:25am Jan 7, 2008 12:25am
Trade Entry

LONG Eur/Jpy 160.34
(Short Term Trade)

This will be a very quick trade for 10 pips profit or 10 pips stop.

Trade is based on several formation patterns I am watching with the E/J 1/5/15/30 minute charts.

Either way, this is only a test with a 10 pip allowance.
  • #45
  • Jan 7, 2008 12:40pm Jan 7, 2008 12:40pm
glad i came across your journal. always enjoy your perspective and analysis.
you must have one whale of an account to allow for those drawdowns.
i will have to wait awhile before i can emotionally handle that.
  • #46
  • Jan 7, 2008 10:35pm Jan 7, 2008 10:35pm
Quoting Just1Pip
glad i came across your journal. always enjoy your perspective and analysis.
you must have one whale of an account to allow for those drawdowns.
i will have to wait awhile before i can emotionally handle that.
Yeah, the bottom was deeper then I wanted so I have found time away from the charts so not to worry about them all. LOL

I did the EY trade last night, even though it went against me 16 pips, I remained in that one and caught a good upwards break. I have not been at my desk all day, so I did not respond to my exit on that one.

I will let what happens, happen.

Good to hear from you,

Ken
  • #47
  • Jan 7, 2008 11:22pm Jan 7, 2008 11:22pm
hello my friend,

we've got a long year ahead! cheers to a great journal!

best regards
jest
  • #48
  • Jan 8, 2008 8:41am Jan 8, 2008 8:41am
Quoting jest1081
hello my friend,

we've got a long year ahead! cheers to a great journal!

best regards
jest

Thanks for the post. Yes we have long year with many opportunities ahead of us, let's make the best of each trade.

Keep in touch if you can.

Ken
  • #49
  • Jan 8, 2008 8:43am Jan 8, 2008 8:43am
Quoting monarch
Trade Entry

LONG Eur/Jpy 160.34
(Short Term Trade)

This will be a very quick trade for 10 pips profit or 10 pips stop.
I let this trade go 16 pips in drawdown and exited with +16 pips Profits.

Trade #12
EUR/JPY
Exit +16
  • #50
  • Jan 8, 2008 8:45am Jan 8, 2008 8:45am
Trade Entry

Eur/Jpy
Short 161.03

No Stop Loss

(Trade based on 5Min and 15Min time frame)
  • #51
  • Edited 9:09am Jan 8, 2008 8:52am | Edited 9:09am
Trade Entry

Eur/Jpy
Short 161.05

(Second Entry on this trade, I will scale out these two entries - Entry 1 @ +10 and Entry 2 @ +20)
  • #52
  • Jan 8, 2008 8:58am Jan 8, 2008 8:58am
Trade #13

Eur/Jpy
Short 161.03

Closed +10 pips
  • #53
  • Jan 8, 2008 9:03am Jan 8, 2008 9:03am
Trade #14

Short Eur/Jpy
161.05

Closed +20 pips

(This exit caught on the short spike at news time, good thing for Limit Orders)
  • #54
  • Edited Jan 9, 2008 12:00am Jan 8, 2008 11:30pm | Edited Jan 9, 2008 12:00am
Nice movement on the E/J, looking for some retracement down, then a possible Long coming.

Will post on entry point.

00:30 EST.

Update: 00:52
Price has stalled and I am waiting for the drop to 160.85 and lower to 160.72 area, those are my intitial entry points, but will enter upon formation of candles, most of my EY trades have scaled entry and exits.

00:55
Price did not reach the 160.85 (4 pips from entry) and the bull candle (5Min) has turned to a negative LONG trade for me according to the strategy I am using on this specific trade setup.

NO ENTRY on this setup.

01:00
Looking for price to stall once again at the 161.40/50 area.

Frankfurt Open time now.
  • #55
  • Edited 12:21am Jan 9, 2008 12:06am | Edited 12:21am
I just had 1 hour to watch and wait, now will retire for the evening here.

I do not plan to have many trades this week, I will check back in again tomorrow this time.

Good Trading to all.

Ken

Update:
161.50 E/J High for now, really wanted that LONG from 160.85, that is one of the bugs I have worked on for over 1 year, finding the perfect entry point on this E/J (quick) strategy.
Once again, we must take the time and record a picture of the formation/strategy so adjustments can be made on the points of entry for all future trades.
If I was not tired, I would stay up for another hour or so and pick on this till we get an entry. LOL.

Take care all.
  • #56
  • Jan 9, 2008 11:14am Jan 9, 2008 11:14am
Hi Monarch, great journal so far.

I was curious on what type of strategy you use when experiencing extended draw down. I am assuming you still have your gbp/chf and gbp/jpy longs on the table and seeing as how they are bleeding now and no one can guess where the bottom is how do you mitigate that?

Do you just ride them out with proper money management keep buying on the way down or are you one to hedge?
  • #57
  • Jan 9, 2008 7:42pm Jan 9, 2008 7:42pm
Quoting lepiricus
Hi Monarch, great journal so far.

I was curious on what type of strategy you use when experiencing extended draw down. I am assuming you still have your gbp/chf and gbp/jpy longs on the table and seeing as how they are bleeding now and no one can guess where the bottom is how do you mitigate that?

Do you just ride them out with proper money management keep buying on the way down or are you one to hedge?
Well, money management is number 1, and no I have not hedged at all on these two trades.

I see the G/Chf has double bottomed around 2.1800 area, which was expected, I am going to see if that support is breached, or if it holds.

For now, let it ride, and if it does go deeper, then I will evaluate another entry to lower average, or on the retracement upwards release some entries to help with drawdown, and then add if it drops.

Many things to consider on the G/Chf, but for now, I just let her ride.

On G/J, it has found good support in the 214 area which was my last entry, if it dives, I may take more Longs, thinking the 209 may be the final support line, if it climbs, then I will watch for release of some entries.

In the meantime, I am doing other trades to have fun, like the EJ, I will work on this along the way, and looking to take some LONGS on G/U possibly in the 9400 area.

Will be around later tonight.

Cheers,

Ken
  • #58
  • Jan 9, 2008 8:15pm Jan 9, 2008 8:15pm
Trade Entry

Eur/Jpy

LONG 161.05

9:15 pm EST

Trade #16 CLOSED +12 pips
  • #59
  • Edited 8:28pm Jan 9, 2008 8:18pm | Edited 8:28pm
Trade Entry

Eur/Jpy

LONG 161.05 CLOSED +15

2nd Entry at same price

(candle formation showing spike up here)
  • #60
  • Jan 9, 2008 8:20pm Jan 9, 2008 8:20pm
Trade Entry

Gbp/Jpy

LONG 214.90 CLOSED +12 PIPS

Trade #18
2nd Entry at 214.90 CLOSED +11 PIPS
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