Monarch's Journal of 2008 Trades

Trades
#15 +12 PIPS
#16 +15 PIPS
#17 +12 PIPS
#18 +11 PIPS

All closed (wow, price spiked down 15 seconds after I closed those)

Very tight scalps, expected more movement upwards, will stay out until next setup.

Ken

Trade Entry

Gbp/Usd

LONG 1.9580

This trade is based on the 4HR doji and the support at 1.9552 for now.

Target 1.9624 (45 pip target)

Stop 1.9535 (45 pip stop)

I have the Big Fibo 38.2 at 1.9437, I expect retracement upwards prior to move down to this level.

Recent Fibo (4 HR)
High 1.9762
Low 1.9552
38.2 1.9632

Trade Entry

Gbp/Chf

LONG 2.1842

(this trade is not associated with the account that is holding longs on G/C)

Short Term Trade

Target 2.1907 (65 pip target)
Stop 2.1782 (65 pip stop)

Well based upon the two last trades, I would say the Pound is getting pounded. LOL

I think from now on when I mention LONG on Gbp/Chf, everyone should take SHORT, that would be the perfect indicator here on this pair.

In all my trades made since the Thread started, the G/C has been the most unpredictable pair so far, the G/J is okay, I am down on that pair, but it has more hope then my G/C pair I believe.

The G/U Long was based on the 9552 support line, will be watching this area close, and possibly taking an exit on this before the stop takes effect. (watching for the bounce to double bottom on the 4hr)

I will monitor these two trades for a bit, then pull the trigger if it looks like they are going bad.

I win some, and lose some, overall it is part of trading.

Cheers

Okay, just trying a couple things out here for a little bit of fun, it only cost money so here it goes.

Trade Entry

Gbp/Usd
LONG 1.9559 (at the bottom test)
2nd Entry

Trade Entry

Gbp/Chf
LONG 2.1819 (at the bottom test)
2nd Entry

On these two trade with 2 entries, I will release 1 Entry if it becomes profitable, and hold 1 Entry for more pips if it holds up from support bounce.

I will close both if price drops below the support on each pair.

G/U support 1.9552
G/C support 2.1793

To clarify, I use many different type of strategies, with different allowance on drawdown, these trades were based on a short term, so I will enter and exit on a short term span.

Trade #21
Gbp/Usd
LONG 1.9559 CLOSED +13 Pips

Trade #22
Gbp/Chf
LONG 2.1819 CLOSED +8 Pips

Gbp/Usd
LONG 1.9580 CLOSED 0 pips

Price spiked 8 pips above entry price, but did not break upper high areas at 1.9589.

Will watch for another attempt to break this point, no entries in at this time.

Gbp/Chf
LONG 2.1842

Did not exit this when price spiked up to 2.1840, was looking for some profit or 0 at least.

Will wait for price to come back up, or break below the 2.1793 support for exit.

Gbp/Chf

LONG 2.1842

CLOSED -50 Pips

I had a limit at 2.1852 prior to going to bed, but price spiked below support at 2.1793 closing this trade before going back above my limit.

Good call on getting out of the G/U long before it took that last dive. Took that exact same trade, got stopped out by 2 pips and then watched it get wings and fly.


Good Luck on your Trading and keep up the great Journal.

Thanks for posting, appreciate the comments.

G/U had a rather slow day actually, I was thinking of it going to the 1.9433 area, but that may not happen till London opens.

I had a 5th Entry set for the Gbp/Chf today at 2.1511, and it came within 27 pips of entry, will be watching for this to test the 2.1500 later on during the Frankfurt and London.

This would help my drawdown on this pair, it is getting rather rediculous now. LOL

The Pound is getting whacked hard on this pair.

The bad thing overall on the G/C is that I could see it going as deep as 2.1236, but I am hoping the turnaround will appear here soon or else I will have to bleed more.

Ken

UPDATE:

I have an entry LONG (waiting) on Gbp/Chf at 1.1548, up 10 pips above the low today. My target is still 2.2406 at this time, but I may scale out once we see retracement upwards, to clear some of the risk off the table.
This trade is still considered a long term trade, as I mentioned when I took it. I will continue to take other trades using different strategies.
Let's have some fun and make some pips in 2008.

Personally, I think you are in line for a move up on G/C and G/U.

I am long G/U and G/A both are in the positive. The G/A trade is a short-term as I expect the Aussie to simply retrace for a few hours and then continue it's march toward .9000. Hopefully, the G/U run up will last a bit longer given Bernake's statements and the fact the rest of the */USD Crosses reacted especially well.

Price spiked to 161.83, 4 pips below my waiting entry at 161.87

Once again the entry misses by a few pips.

Will let this go and see what happens later.

Friday 00:00 1-10-08

Okay, it is almost the end of the week and here is the update for my open trades.

Trades are still in, and yes you can see,

I am getting hammered ............ LOL

Gbp/Chf (Trades #1, #3, #7, #9)
4 entries LONG averaging buy in at 2.2116
Drawdown -2634 pips (Price at Present 2.1600)
Target 2.2406 (Still the Target)
I have several more entries waiting 2.1548 and 2.1265


Gbp/Jpy (Trades #4, #5, #6, #10)
4 entries LONG averaging buy in at 217.53
Drawdown - 1240 pips (Price at Present 214.40)
Target 218.93 (Still the Target)
I have several more entries waiting 211.52, 209.02 and 206.52

Remember, these are not trade recommendations, unless you have traded the opposite of my trades.

Cheers,

Ken

Trade Entry

Gbp/Chf
LONG 2.1548
(Entry 5)

Hi Monarch,

Good luck with the year ahead and thanks for sharing your entries.

I think I have found the "holy grail"...
System Name - Monarch's Journal
Strategy - Trade opposite direction to his entries...

Mate, sorry couldn't resist , please take it in the spirit intended.

Seriously though, I hope those two critters turn real soon. Good luck with your goals for 2008.

Oromis.

Thanks for the post, good idea on the G/C, take opposite of my calls, you will get rich indeed.

Good trading to you.

Cheers

Ken

I remember that strategy from aus thread ........ indeed its good only for anything monarch says long term.. if he says scalp it should always be the same direction.

I am in the same boat as you on the gbp/chf long Monarch. Although my boat isn't taking on as much water as yours

I entered long on the 8th when I got a reverse signal, but that didn't happen. Today I am got another signal so I am entered long again. That pair has yet to have a proper retrace

Here is turning the tide

Cheers.