Monarch's Journal of 2008 Trades

Good day to you. I just stopped by to thank you for your great thread. As usual for your posts, transparent and logical.
Long on sense and short on bull****
Cheers,
Smikester

nice to wake up and see all has gone as planned

154.39 let's see if this will hold as support

it hold nicely


oops, just broke

Okay folks, had about 10 minutes here before I head out for the evening.

This is my prediction based on the 5Min Chart.

I suspect the channel will begin to consolidate, I wished I had time today to make trades, would be some good opportunities.

Thanks for all the post everyone, I will chat with you all tomorrow.

NO TRADES TODAY.

Cheers,

Ken

Couldn't resist the top here, took 1/2 Entry SHORT at 156.31 then have two more orders in at 156.61 and 156.91.

3 - 1/2 Entries total for this round of Top Test.

Will release these if top is breached for a breakout above.

Note: This is the same place I took my short yesterday, wow a full circle in 24 hours.

Okay, that was fun, went 11 pips against me and did not pick up my two entries above.

I closed this Short (scalp) out for +15 pips (1/2 Entry), would like to have stayed in longer.

No need to be to greedy, especially since I am gone all evening.

Let's see if it goes as my prediction on the post above. (#205)

Cheers,

Ken

Next Support line is at 155.74 on the 5 min chart, if that breaks look for price to go to next support area at 155.55 and then the median below that at 154.54.

Overall, the channel is playing out perfectly, may bounce up and down as it consolidates, but I am looking for it to neutralize at 154.54.

But who would trade my calls right?

LOL - I only trade my own calls on short term scalps!

Ken

Nice thread! Keep up the good work!

Good trading to all!!

I got greedy last night, I was happy I did. Held that EJ long for 100 pips, but not soon after it took that massive dive, glad I got out .

Glad to have you here on the thread, when you can post some of your trades for us and let me know what entry areas you look at and what time frames.

Thanks, chat with ya later.

Ken

Please join us with your trades, we welcome those especially of the EJ pair.

I trade the EJ on many time frames, but mostly on the 5minute because I have studied the 5 min for over two years consistently.

Maybe in the future when things slow down a bit for me again we can start a Skype room for all EJ traders to give calls on trades.

For now, I only have time to trade a few hours each evening, I have backed off of the 15 hour days of chart time and started to focus specifically on one pair for small clips at a time.

Cheers.

Ken

Go Gators!

Welcome, give us a shout when your around and a trade you have going at the time.

Were here to help one another and become better traders, so post some charts also so I can see your perspective.

Ken

Will you be trading from now on Monarch?

I see EY is going up I didnt expect that What do you see on it now? As we look at such vast different things to make up our minds about which way to go i was thinking it will be beneficial for me to hang around your thread every once in a while. I just dont want to become a nuisance here :-)

Very nice, when you make some trades later on, can you please give me a screen shot at what your looking at, would be good for all of us here to see others and the success they are having.

Congrats, and don't let the greed beat you. lol

Ken (trader of small moves)

What is going on right now is what I call a channel consolidation, I take the extreme low that happened and the retrace upward to find the distance, then you can be sure that each high and low will be tested, because most traders are sitting back waiting for the next big move.

The EJ was heading down strong, then the US came in with a Fed interest rate drop and stalled the drop, since then it has recovered, but as you see it only recovered so much so far.

I had several supports I mentioned earlier before I left, one was 155.74 and I said if it was breached price would go down to the next support at 155.55.

It did just that, and dropped down to 155.26, and it made some move back up now to test that first support at 155.74 and will now test the lower area at 155.26 on it's way down to the median I mentioned at 154.54.

Once you spend many months just watching one pair over and over, you begin to recognize the same patterns shaping from the 1 min to the daily/weekly/monthly.

The key is allowing the pair to expand and then watch for the restriction that begins to take place in the perimeters I call a Channel High and Low.

Many things I would like to share on this pair, but it would take months to explain them in detail, but overall here, I am trying to introduce the basic concept of trading this pair successfully any time of the day, even when I make my pips is one of the slowest times to trade currency.

I will post a chart here in a minute to show you what I am saying.

Cheers,

Ken

This is the 30Min Chart so I can show it on the larger scale, it is the same as if your looking at it on 5 min.

Even though I have the blue lines drawn in the charts, it may not necessarily look like this when it is finished, that is one reason I go to 5min, so I can watch for supp/res and price action closer, and make the trades on what I see happening in accordance to what has happened.

Always use the left of the chart to try to figure out the right side of the chart, also from the left of the chart we are coming from the bottom, so were in an upward trend, which is recognizable with the rejection of the low, but we are only in a Upward trend to the point of the High of the Channel at 157.78.

I would actually consider this consolidation on a larger scale, but if you spend some weeks watching just the 1minute, you will begin to see how the breakouts occur, and how the high and lows are respected.

Please use this only as a basic guide to what could happen, we all know that it could just blow straight up in the next few hours.

Ken,

Yes I will. I took two trades so far tonight an N/U and A/U long which are both TP'ed, but next one I will throw up a screen shot and explanation.

~Harris C

Its 12.25 now Eastern

What I see on 15 mins down small moves now

30 mins : its looking more down than up

1h says up

4h says very small move slightly more up than down but very sideways

daily trend is mixed signals for me .. not clear at all

E/U is stuck and U/J is unclear. So I am not trading E/J just yet....

This is just an example of the 1 minute showing supp/res lines and how they can be viewed in reference to trades.

I put the supp/res lines from my 30 minute chart to show what actualy happens up close, I would watch here for the 155.94 to act as resistance on this move up, it could hold or breach, then would set a target higher for the next resistance.

I would think the 155.94 would be a strong resistance being near an even number and also looking where the last move tried to break above this area but failed, and has been under this point 4 1/2 hours ago and has since it moved down and stayed below this level.

I am watching the price to see how it responds between the 155.86 to 155.97 area.

May take some trades during the next hour.