Monarch's Journal of 2008 Trades

My short is still alive by a few pips, but I may have to take this loss. Some jackass decided to buy U/J before I hit my take profit .

Okay, the 158.47 line was breached, getting ready to long here.

158.44 down to 158.34 area or so, will watch 1 minute.

Entry 1 LONG 156.45 - CLOSED 158.50 + 5 pips (did not want to be in this at Franky open)
Entry 2 LONG 158.34 - CLOSED 158.44 +10 pips
Entry 3 LONG 158.26 - CLOSED 158.44 +15 pips

watch out for that pesky 158.29 on the bid that could spell trouble

I had my eye on a few entry points, and the 158.26 was a great entry.

I am watching this third entry LONG, will take what I get on it, was ex[ecting a 54 line test and breakout upwards, but it has stalled for now.

Watching the 26 on this move back down.

The 158.26 was low, this move down on the 1 min came just near it and settled at 158.33, which is a higher low, now looking for the next stab upwards to see if the 158.45 is stronger then the 158.33 on bottom.

Just some consolidation testing.

No Trade open at the beginning of Franky, will watch their lead.

Give it some time to show.

Okay, Franky showing a little upwards to the 158.67, I got out not wanting to get trapped if it went south.

Will watch for test of this 158.54 then will shoot to 158.73 line to complete the 70 pip segment of this upward move.

Remember, London may refuse the upward later and take us back down, they are rivals in every move. LOL

Will joing long in a bit here.

Ken

Update:
Well it is getting closer to my predicted target at 158.73, just two pips shy of tapping that line.
A predictable EJ once again. LOL

Now that a 70 pip move has happened, I was looking for the dip down there, it is happening now, looking for 158.49 tap again.

Long at 158.49 when that happens.

Correction, I like the 158.49, but will not long there just yet, there may be a drop lower to take.

Update: I am not liking the looks of the 30 minute candle there, that has me worried, I am going to be careful here with only 1/2 entry LONG with a quick exit before it drops possibly in a bit.

LONG 158.50

EJ Long 158.50 CLOSED +10 pips


Did anyone else take the LONG???

Nice move upwards from the entry, tapped the High and reached 158.76, could have gotten over 20 pips easy on that jump, but being satisfied time and time again with these smaller targets makes my bank roll get thicker and thicker.

The top is complete here for now, should consolidate and wait for LONDON to join before making the next breakout down or up.

SHORT 158.65 Closed +5 pips (was a channel 1 min trade only - 30 second duration)

Take the last low at 158.46, then price went up to 158.76 for a new high, then a drop below median 158.61, then price went upwards past this median price to the last 1min candle after the high, I used the wick of the first bearish candle to pick my entry.

EJ 1 min chart

Your trading experience that you share with us, is very valuable M. You know your stuff !

I got onboard that fast train north as well

Bought @ 00:16 @ 158.44 and closed @ 1:31 @ 158.62 for + 18

Now I am not too sure where we are heading next. I am thinking retrace since we had an upmove all day today but hesitant to go against the strong uptrend.

Don't make any trades right now.

We have consolidated in this channel and the High at 158.76 is not yet tested or broke, we must break 158.71 high that was accomplished before the high of 158.76 can be tested.

For now it is squeezing into a narrow median price around 158.61 for the LONDON Open, we must allow that market to open and give us direction in 5 minutes.

I am expecting London to reverse some of todays upward move, but will only see in a bit.

OH, good job on that LONG you took, great entry and exit G.

I usually watch all time frames, but when it consolidates after a move I refer to the 1min chart, you can see this last 2 candles came up and fell short of the 158.71, now we see if it will fall back to 158.61 or below to the lower part of channel at 158.52 low.

The London opened with a 10 pip drop, then retraced upwards.

I took a short, but being real careful for now.

SHORT 158.67

Thanks for your updates. What you are saying, makes a whole lot of sense to me. Its so much better to stay with the trend, I will wait

I traded that entry on the basis of London going down first, but should have remembered that the London likes to move one way at open, then reverse.

Took a -10 pip loss on that trade when price tapped and breached the high 158.76.

This is a record so I will stay clear of these type of trades in the future.

I am done for the day, real tired and starting to lose focus.

Updated 2:20 am EST

+12
+20
+20
+9
-20
-10
+10 (20 1/2 Entry)
+13
+5
+10
+15
+10
+5
-10

Total +89
11 wins - 3 loss

Another Fine Day, I will post my weekly results tomorrow.

Enjoy the trading session, London is pushing it higher and I predict the next stop upwards is going to reach 159.73.

thank you for your journal,Monarch,it's very informative and helpful i also love to trade e/j on 5 min charts asian/early london sessions though i;m not really consistent yet ok keep up good work ,man and have a great weekend

Not a bad week of trading, I focused on the E/J mostly for this week with a supp/res and breakout style of trading.

I made two trades that were based on my normal strategy, and I also traded a couple of trades that were simply experimental.

Also I had one loss this week with a G/J trade, which I have decided to leave alone for now. LOL

I still have the Gbp/Chf and Gbp/Jpy trades, but rarely look at them because they are long term trades that may take months to complete.

For this week my totals were:

Sunday
3 Wins 1 Loss +13 Pips Profit

Monday
9 Wins 0 Loss +115 Pips Profit

Tuesday
10 Wins 2 Loss +267 Pips Profit

Wednesday
3 Wins 0 Loss +34 Pips Profit

Thursday
11 Wins 3 Loss +89 Pips Profit

Weekly Total
36 Wins 6 Loss +518 Pips Profit after subtracting all Losses.

42 Trades >>averaging +12 pips per trade profit.

Total screen time was about 15 hours

Next week I will be focusing on the E/J once again, but probably less trades with a larger target for exit, but you never know, I may just make 100 trades also.

Enjoy and have a great weekend Folks!

Ken

Hourly Chart:

HIGH 166.65
LOW 152.10
MEDIAN 159.37

Major Upper Trend Line breached - now acting as support

Minor Trend Line resist at high 159.11

Price is sitting on the 100 LWMA as of market close

The 18 LWMA is above the 100 LWMA and the price tapped and found resistance at the 500 EMA.


Click on chart to enlarge >>