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Monarch's Journal of 2008 Trades

  • #221
  • Jan 23, 2008 11:59pm Jan 23, 2008 11:59pm
The last high we seen was 156.44 and the last low was 155.26 for a distance of 118 pips, that divided into 2 would be 59 pips and placing the median price at 155.85 for now.

We are finding some resistance at the 155.83 for now, but we also know the Frankfurt is opening in 1 minute, let's see what it does, and make our decision based on the movement.
  • #222
  • Jan 24, 2008 12:01am Jan 24, 2008 12:01am
Thanks for sharing your chart with us.

I can see now on 1 Minute we are having some resistance and some O bought.

But maybe still higher a bit later ?
  • #223
  • Jan 24, 2008 12:05am Jan 24, 2008 12:05am
Based on a spike at open here, I took a SHORT from 155.75, but will watch it closely on exit, don't know if it really wants to short just yet.

Maybe 10 pips here or so.

Price went my way, jumped up against me, but should go down to get me out with some profits, maybe 10 or less, will see.
  • #224
  • Jan 24, 2008 12:07am Jan 24, 2008 12:07am
5 min now also O bought a bit your trade should be ok
  • #225
  • Jan 24, 2008 12:08am Jan 24, 2008 12:08am
Quoting FxPip
Thanks for sharing your chart with us.

I can see now on 1 Minute we are having some resistance and some O bought.

But maybe still higher a bit later ?
When you say you bought some, does that mean LONG?

What price did you enter?
  • #226
  • Jan 24, 2008 12:10am Jan 24, 2008 12:10am
Quoting FxPip
5 min now also O bought a bit your trade should be ok
So you watch the STOCH indicator then?

I have no indicators on my charts except horizontal lines and some trend lines occassionally.

Most of my trades are based on price action and pressure, most pressure is what I feel when I pull the trigger. LOL

I was really liking this move down at first, and was looking at the 4Hour candle that closed 3 hours ago, it was showing SHORT on it, but for now tightness is occuring and waiting for the move to propel us to the next level.
  • #227
  • Jan 24, 2008 12:16am Jan 24, 2008 12:16am
M I like your way of thinking I scalp the EY all day long up and down on the 5 and 1 min charts till death do us part.

I am not in a trade now I am watching I meant to say I look for Over bought before entering :-)

Doing a Skype think tank during trading will be nice Skype has that feature of draw and talk you can put up a chart and everyone can draw on it nice feature forsure.
  • #228
  • Jan 24, 2008 12:20am Jan 24, 2008 12:20am
I am thinking long at the moment, as E/U just broke out if it ascending triangle and U/J seems to be holding up.

It may dip however, before a move north.
  • #229
  • Jan 24, 2008 12:25am Jan 24, 2008 12:25am
Price is bouncing a bit here, up to 155.90 and still holding me in negative.

I have the next support at 155.75 on the 1 min, looking for it next, and back to my enry price.

Break below that were good on short.
  • #230
  • Jan 24, 2008 12:25am Jan 24, 2008 12:25am
Yes I agree with you more long than short now as different TF's are lining up saying the same direction
  • #231
  • Jan 24, 2008 12:27am Jan 24, 2008 12:27am
Quoting Rosco_P
I am thinking long at the moment, as E/U just broke out if it ascending triangle and U/J seems to be holding up.

It may dip however, before a move north.
Very possible indeed, I am squeezing this for now, if price comes back to my entry, may take breakeven on this trade.

I am hoping the 90 area holds true for now, but feeling like the 1 minute is on a upward trend for now.

Considering my trade now. LOL

Pretty tired here, and eyes are burning.
  • #232
  • Edited 12:31am Jan 24, 2008 12:28am | Edited 12:31am
An H4 bar opening above 156 would make me sit up but I am not trading the yen pairs at the moment because we are still in a down trend. On the H4 we are nearing the top of the channel. I can only see down from here.

Add to this a cup and handle formation from 18th on H4 I just see a confirmation of further falls.

I tend to use mtf stochastics for entries and I will only be looking for shorts on the ***/JPY
Gone to a better place
  • #233
  • Jan 24, 2008 12:30am Jan 24, 2008 12:30am
Quoting monarch
So you watch the STOCH indicator then?

I have no indicators on my charts except horizontal lines and some trend lines occassionally.
I have a whole lot of indicators on my chart, last time I counted, it was something like 21 of them ... its a very colourful affair !:-) Fully loaded, so to speak. Does it help me to trade better ? For me its the only way.

I am an ESFP Meyers & Briggs personality type we are forever gathering info and asking questions before we can pull the trigger and it shows very clearly in my trading.
  • #234
  • Jan 24, 2008 12:31am Jan 24, 2008 12:31am
Quote
Pretty tired here, and eyes are burning.

Yeah me too, I am up @ 1:30 A.M writing a training manual and try to trade at the same time.

So far so good actually...
  • #235
  • Jan 24, 2008 12:45am Jan 24, 2008 12:45am
Okay, Short is closed with +20 pips, nice to see that 155.55 support come into play here.

That is all my trades for today, nice profits here.

Sorry boys if you were long, but the shorts took control with that strong Resistance up at 155.80/90 area.

Maybe now there will be more bulls on board to overtake it.
  • #236
  • Jan 24, 2008 12:50am Jan 24, 2008 12:50am
I was not really sure which direction in the short term so I stayed out.

Still am a bit bullish, but going to bed, maybe manana.

I am long E/U...
  • #237
  • Jan 24, 2008 12:55am Jan 24, 2008 12:55am
I am having lots of internet problems here, I seen price jump up to 155.69 and took a short there for +7 pips, but could not post it here, that was based on the 1 minute chart.

Will respond to my PM's here in a minute and the post also.

Ken
  • #238
  • Jan 24, 2008 12:57am Jan 24, 2008 12:57am
Quoting Rosco_P
I was not really sure which direction in the short term so I stayed out.

Still am a bit bullish, but going to bed, maybe manana.

I am long E/U...
I don't think you could go wrong with long on EU, as far as EJ, I also have my doubts on short, but still think my 30 minute chart in the past post will come to past in the next 24 hours, I don't know if there is anything pushing price outside of this channel just yet, but the EU catches on fire and goes up could help it break north.

Sleep well, chat with you tomorrow around 8pm EST.

ken
  • #239
  • Jan 24, 2008 12:58am Jan 24, 2008 12:58am
Quoting smikester
An H4 bar opening above 156 would make me sit up but I am not trading the yen pairs at the moment because we are still in a down trend. On the H4 we are nearing the top of the channel. I can only see down from here.

Add to this a cup and handle formation from 18th on H4 I just see a confirmation of further falls.

I tend to use mtf stochastics for entries and I will only be looking for shorts on the ***/JPY
That 4 hour candle was telling me that we had some short left in this past hour, my new 4hr will open in 2 minutes, but I am heading to bed.

Willl do some more trading tomorrow, I have all evening.

Ken
  • #240
  • Jan 24, 2008 1:06am Jan 24, 2008 1:06am
For not trading today, it was profitable once again, too bad we didn't stay in that short, it is bombing down big time now. Wow.

Will that 30 minute chart (POST 216) come to past the next 24 hours?

Todays totals

+7
+20
+7
Total +34
3 win - 0 loss


Will add my weekly after tomorrow night.

Cheers all,

See you at 8pm EST tomorrow.

Trade safe and save me some money, post your trades if you can.

Ken
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