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Monarch's Journal of 2008 Trades

  • #181
  • Edited 6:56pm Jan 22, 2008 5:36pm | Edited 6:56pm
Based upon the 448 pip move from 152.10 I took a Short at 156.31 and will watch for some movement upwards to test the upper high again near 156.58.

SHORT EJ 156.31 6:30 pm EST - Tuesday (1st Entry)
SHORT EJ 156.44 6:38 pm EST - Tuesday (2nd Entry)
SHORT EJ 156.56 6:41 pm EST - Tuesday (3rd Entry)
SHORT EJ 156.79 (4th Entry) CLOSED +10
SHORT EJ 156.88 (5th Entry) CLOSED +20
SHORT EJ 156.79 (6th Entry)
SHORT EJ 156.91 (7th Entry)
SHORT EJ 157.07 (8th Entry) was drinking tea when this entry hit.

All trades will exit at 156.30 (this missed by 2 pips a few minutes ago, will watch for second touch of low here)

Update:
Based upon the 1 minute, there is a Head and Shoulders that is forming now, should bounce up and down some then head for the 156.25/29 area again and catch my exit that is waiting.
  • #182
  • Edited 9:17pm Jan 22, 2008 7:11pm | Edited 9:17pm
UPDATED after LOSS on next post.

Just like popping gum drops once again.

Very good profits, and my exit was set for 156.30 and my broker closed it at 156.28

Quoting monarch
Based upon the 448 pip move from 152.10 I took a Short at 156.31 and will watch for some movement upwards to test the upper high again near 156.58.

SHORT EJ 156.31 6:30 pm EST - Tuesday (1st Entry) CLOSED +3
SHORT EJ 156.44 6:38 pm EST - Tuesday (2nd Entry) CLOSED +16
SHORT EJ 156.56 6:41 pm EST - Tuesday (3rd Entry) CLOSED +28
SHORT EJ 156.79 (4th Entry) CLOSED +10 (earlier scalp)
SHORT EJ 156.88 (5th Entry) CLOSED +20 (earlier scalp)
SHORT EJ 156.79 (6th Entry) CLOSED +51
SHORT EJ 156.91 (7th Entry) CLOSED +63
SHORT EJ 157.07 (8th Entry) was drinking tea when this entry hit. CLOSED +79

TOTAL TODAY (1 hour and 45 minutes of trading)
+ 270 pips Full Lots -23 pip loss = 247

(8wins - 1 loss Today)

All trades will exit at 156.30 (this missed by 2 pips a few minutes ago, will watch for second touch of low here)

Update:
Based upon the 1 minute, there is a Head and Shoulders that is forming now, should bounce up and down some then head for the 156.25/29 area again and catch my exit that is waiting.
  • #183
  • Edited 11:04pm Jan 22, 2008 8:04pm | Edited 11:04pm
UPDATED End of Tuesday's Trades

Market Open (all win/loss is based on a Full Entry per trade)
Sunday
3 wins - 1 loss +13 pips
(loss was a gap based trade - not a normal trade setup)

Monday
9 wins - 0 loss +115 pips

Tuesday
10 wins - 2 loss +267 pips
(more trades as soon as price indicates to go)

Running Total
22 wins - 3 loss +395 pips profit
  • #184
  • Edited 9:15pm Jan 22, 2008 8:32pm | Edited 9:15pm
LONG 156.33

This will be a 20 pip test of the median price at 156.58/62 area.

Also will watch the support at 156.10 for exit if price goes against me.

Okay, this is about the slowest trade I have seen in a bit, really would like to see a spike upwards real fast here. LOL

This is what I am thinking about the EJ for Frank/London session time.

I expect it to rise back up to the 157.00 area for a test of the high at 157.13, then from there a good move down for a retracement of todays big move up.

I am not going to be trading this prediction, but wanted to post it to my thread so I can look back tomorrow and see where it went.

Prediction:
Up to 157.00
Retrace down to 155.50 area.

As for now, my little ploy of a LONG is getting smashed, lol.
Will leave it in for 20 pips either way, no biggie on my big wins today.

Okay, price shot down and broke the 156.10 line, I held for 2 pips more to see if it would come back up, but to no success. took a -23 pip loss on that idea, but had determined either way I would take the exit with 20 pips or so. This is for my journal, so I am trying strategies that I have watched over and over, and must put money on the line to get a real feel for these concepts.

I will continue to place trades on my strategy and also newer concepts that I have worked on over the past year.

Maybe the prediction above is backwards after all.

Cheers all, and good night.

Ken
  • #185
  • Jan 22, 2008 9:30pm Jan 22, 2008 9:30pm
Okay, I was ready to close out but seen a good move down on EJ so will be watching for my 5min strategy to form, for now waiting for move upwards.

GJ Trade LONG 108.57 1/2 Entry for a test of Hourly Bounce.

The GJ trade is not one of my preferred pairs, I will let it go just a short distance on win or loss.

GJ has a tendency of taking off real fast and deep, the EJ is much more predictable in my eyes.

EJ Update:
The 5 minute candle shows stall on the drop, watching for the retrace upwards now.
  • #186
  • Jan 22, 2008 9:49pm Jan 22, 2008 9:49pm
closed my short from 156.29 for 49 pips if we can stay above here 157.50 looks likely
  • #187
  • Jan 22, 2008 9:49pm Jan 22, 2008 9:49pm
Good trades, glad to see you are making some cash!!!
  • #188
  • Jan 22, 2008 9:58pm Jan 22, 2008 9:58pm
Quoting Rosco_P
Good trades, glad to see you are making some cash!!!
The EJ is a fun pair to watch, it is much more predictable then the GJ which has taken my cash over a long period of time. LOL

I have focused most of my trading on the EJ pair, and I will remain this year working on many facets of the pair.

I have about 10 different concepts/strategies I trade on EJ, but try to focus on more short term style rather then the long term trades.

I have several long terms open now, and will leave them in for now, hopefully price will come back up to my highest entry I took, then I would release those trades.

The FED rate decrease should push the GJ back into the low of the past few months I would think.

Thanks for the post.

Cheers.
  • #189
  • Jan 22, 2008 10:01pm Jan 22, 2008 10:01pm
Quoting 59fender
closed my short from 156.29 for 49 pips if we can stay above here 157.50 looks likely
I had previously thought EJ was going to test the High before this drop, my retrace level was set for around 155.50, which is only 20 pips below, I am thinking we will still test the high of 157.00 again.

I am not taking any trades on EJ for the moment, I have a LONG GJ open for a short period here, but only 1/2 entry on it because I am getting to really hate this pair over the past 12 months. LOL

Ken
  • #190
  • Jan 22, 2008 10:11pm Jan 22, 2008 10:11pm
thinking 155.25 may be a good place for a long
  • #191
  • Jan 22, 2008 10:36pm Jan 22, 2008 10:36pm
Okay, the GJ was a bad deal overall, this post is to remind me of how much I really don't want ot trade this pair ever again.

I was down deep, then took another 1/2 entry to minimize the drawdown, and then I took a Full Entry on EJ when price hit 155.45 and took a +10 pip gain that offset the GJ loss that was at -16 pips of time I closed all trades.

Overall a loss on GJ, but not as bad as it could have been.

I will focus more on the EJ, these are my daily reminders.
  • #192
  • Edited 10:50pm Jan 22, 2008 10:39pm | Edited 10:50pm
Quoting 59fender
thinking 155.25 may be a good place for a long
I just seen the price come to the 155.37 bottom and took 1/2 Entry LONG from there.

Will watch for more slippage here possible.

The overall move up is retracing to the 38.2 line here at 155.21, near your area.

Daily Pivot is alaso at 155.06

Took 2nd 1/2 Long Entry at 155.24

Well that was a nice move for me, took profits here on both 1/2 entries:
1/2 Entry Long 155.37 Exit 155.57 +20 pips
1/2 Entry Long 155.24 Exit 155.57 +33 pips
  • #193
  • Jan 22, 2008 10:43pm Jan 22, 2008 10:43pm
155.18 long
  • #194
  • Jan 22, 2008 10:43pm Jan 22, 2008 10:43pm
Quote
The EJ is a fun pair to watch, it is much more predictable then the GJ which has taken my cash over a long period of time. LOL

It sure is.

I am not as big of a G/J "hater" as many are. In the past, I have watched certain traders play it correctly and can see how you are able to profit. Nevertheless, I have seen others lose their backsides as well.


I just went long @ 155.23.

If you look on 1 Hour U/J their was a previous triple bottom of sorts @ 106.07 which it just hit. So, I hope this is the reversal point.

Update: U/J bounced hard and looks to be forming a decent pinbar on 30min here in a few minutes. Up, Up. Up I say..
  • #195
  • Jan 22, 2008 10:48pm Jan 22, 2008 10:48pm
Attached Image (click to enlarge)
Click to Enlarge Name: buy.gif Size: 21 KB
  • #196
  • Jan 22, 2008 10:49pm Jan 22, 2008 10:49pm
155.60 exit
  • #197
  • Jan 22, 2008 11:00pm Jan 22, 2008 11:00pm
Quoting 59fender
155.60 exit
I exited with the thought of my broker going off line about 10 minutes till midnight EST.

Was a great day of trading here, that last trade rocked and we hit it right on, looks like Rosco was in on it also.

I am thinking the 155.16 low may be tested, this is the overall 38.2 retrace area at 155.21.

I am out for the night, going to kick back an hour.

Good Trading to you guys, keep up the great work and give us an update on your results of trades through the London session.

Ken
  • #198
  • Jan 22, 2008 11:05pm Jan 22, 2008 11:05pm
Final Total for Tuesday

Quoting monarch
UPDATED End of Tuesday's Trades

Market Open (all win/loss is based on a Full Entry per trade)
Sunday
3 wins - 1 loss +13 pips
(loss was a gap based trade - not a normal trade setup)

Monday
9 wins - 0 loss +115 pips

Tuesday
10 wins - 2 loss +267 pips
(more trades as soon as price indicates to go)

Running Total
22 wins - 3 loss +395 pips profit
  • #199
  • Jan 22, 2008 11:09pm Jan 22, 2008 11:09pm
time for a shower and some sleep possible pull back to 155.00 could be a magnet once again a break below 155."29" could be the key see you all soon peace 59
  • #200
  • Jan 23, 2008 2:00am Jan 23, 2008 2:00am
I just read through all the pages. Thanks for posting your trades.

I mainly trade EY and will be glad to join you guys from time to time to scalp and have fun with the EY. I look at a whole boat load of boring plain simple indicators. I see that you trade mainly with trendlines and Fib's so my thinking is it might be a good fit for us to scratch our heads together as for some possible entries.

Thanks again for your journal, it has been helpful to me already.
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