Monarch's Journal of 2008 Trades

Here is the big picture, I will make some comments on this when I return home from Church later.

Cheers.

Ken

Short EJ 158.17 @ 8:45 pm EST - Sunday

5 Entries

Exit EJ Short +5 pips

(1 Min support break)

Total Trade Time 2 minutes

SHORT 158.23 @ 10:19 pm EST - Sunday

Waiting for lower segment to close this trade

This trade is only based on a Resistance test on the 1 minute chart.

1st Entry Short 158.23 Closed at 158.23 0 pips (Platform is closing at midnight EST)

2nd Entry Short 158.32 10:27 pm EST

2nd Entry Short closed +5 pips

3rd Entry Short 158.31 10:35 pm EST

3rd Entry Short closed @ 158.21 +10 pips

4th Entry Short at 158.25 11:08 pm EST

4th Entry Short closed @ 158.23 +2 pips (platform is closing at midnight EST)

I think the entry at 158.25 was a good entry, I closed all trades when my platform is going to be off line for 10 minutes or so, I use to keep trades open, but have lost lots of money because I had no control to close those trades.

I had expected price to drop from 158.25 down to 158.03/08 on those trades, but safe is always better then sorry.

The drop came at the top of the midnight hour EST - but as I said, I would rather be out with 0 b/e or + 2 pips profit then if it had taken off north and left me at a 20-30 pip loss in 10-15 minutes.

Down to 158.0 so far, just above my target, bummer. LOL

Todays Totals:

+ 5 (5 Entries) +25 pips
+0
+5
+10
+2
+5 (post #405)
+8 (post #407

+55 pips
7 wins 0 loss 1 trade b/e

Took SHORT at 158.18 when platform came on.

Closed +5 pips in 3 minutes on the support test (was watching 5 min supp turned resistance line)

Price has since went a little deeper to my target area of 158.03/08.

Added trade to total in post above.

Cheers, and good trading to all.

Ken

Just 25 minutes from exiting my two shorts from 158.23 and 158.25 and the price made it's way down to the 158.04 (1 pip from my original target area I had marked).

It has been a very good Sunday compared to last Sunday when I took a 2 hit loss.

Overall I see the EJ bouncing around a bit here in a channel, but we should see some activity when Frank/London comes on line.

Price may reach up to the 158.45/65 areas, but I am thinking by tomorrow when I start trading price could be down into the next lower segment at 157.18 Support from Friday, possibly retesting the support at 156.68.

Either way, the long term does not change my sytle of trading, I can make pips anytime there is an open market.

Enjoy the evening, or early morning depending on where you live.

Cheers.

Ken

Took a Short when the doji closed on the 5 minute last candle.

15 minute should close with bounce up into the wick here in 1 min.

New 15 min candle here, looking for price to spike up the wick to 158.22 area (no trade on this formation - only posting for my record)

+8 pips on that 5 minute candle, couldn't resist that setup.

Highs are getting lower on the 5min, waiting for a break below the 158.04 now for further downside.

The previous candle had a long wick upwards, I figured price would open and go up for 8 pips minimum, but since my picture here price went up to 158.26.

Here is the candle I was watching at 00:45 am EST-Monday.

At 1:00 am EST - Monday, the next 15 minute candle broke above the previous two candle high, I am watching the high at 158.36 upcoming here.

Ken

I am going to start logging trades manually on paper.

There has been little response on this thread with the ideas of others in relation to the style of trades I am doing.

I will spend more time concentrating on trades rather then posting charts and entry/exits on the forum which takes a lot of times.

Good trading to all.

Ken

Pic of EJ 5 minute chart

Click to enlarge

People like to read and follow, its hard to reply to something good.

Thanks bro, hope all is well.

Took the evening and day off, came back to the computer 45 minutes ago to see this monster 5 minute candle and was just loving the great opportunity.

I was in for 16 Lots at the arrows and took much profit as price made it's final drop to the 18 LWMA for the shot upwards.

Was a wonderful 19 minutes of excitement and MUCHO MONEY.

GOTTA LOVE THE EJ - a money machine.

Here is the chart, all standard cycle of trading, wished their was one of these a day.

Cheers,

Ken

Even though I have many time frames, I watch the 5 minute for 90% of my trade entry/exits.

There was a 74 pip move from the bottom of the small bearish candle and then one small bullish candle followed by the extremely large 5 min. bullish candle that took this move into a very predictable trade.

I was only expecting 2 and at the most 3 bearish candles, and was a little surprised the 61.8 fibo and 4th straight bearish candle presented itself.

I had the target 10 pips at least from high, and scaled out of my entries as price took north.

All exits were done before the last bullish candle presented itself the 4th bullish in pattern, and then I stayed out completetly after the exit.

Now the consolidation has progressed, and the high remains at 161.71 and low at 161.22.

I don't have any plans on taking a trade just yet, even though the long at the green 21 ema was a good place to think of a quick hit, lets see if it takes the move upwards to test the 161.57 from the left bullish rejection candle.

Ken

M,

Since we are in this range of 161.22 to 161.77, where are you looking for another trade?

Are you looking for a break of either one of these or just gonna sit out the rest of the night?

I took all my trades at the previous post (412) using the 5 minute chart.

When price hit 161.71 and then retraced downward I placed a top and bottom line to watch there.

Since the high price has gotten no closer then the top of the 8th 5 minute bullish rejection candle price has stayed below that lower high point since.

One thing I do watch for is the amount of times a consolidation will tap a high or low, and in this case there was a double tap of the low with not even a single tap of the high.

On the 2nd tap of the low/supp, price rises upwards a bit then back to test the low for the third time and pushes lower 10 pips to hit the high candle before the big move up.

EJ has a great memory of price, and if a person has patience to wait, they can pick off many pips in the whole process.

I personally will not make any trades during this time, but just watch for the complete process and learn, only waiting for the big moves that usually makes it presence known easily enough.

Never over trade, and take only the trades that count, if your going to try new things, only put small amounts on that trade, but when the big moves come, jump in heavy and take it quick.

Never let a trade that goes profitable become a loss, and if I had taken my trades at 161.30/40 area I would now be negative 10-20 pips.

Overall, my longs lasted 19 minutes from entry to all the scale out exits, I was hoping for 2-5 minutes in that trade.

Cheers,

Ken

This is the progress so far on the EJ.

High 161.71 - the high after take off upwards
Lower High 161.57 (14 pips below high)

Low 160.97 - the low before the take off upwards
Higher Low 161.11 (14 pips above low)

Median Channel Price 161.34
(price is there now at 00:20 am EST.

the 5M candle pattern look to me as if a Big drop is forming...

With no movement upwards since the surge up, price has gradually made a curve down and has broken the low once, watching the 161.11 support here for now, break below that then the 160.97 line is next.

I am in no trades for now, but I am anxious since my MBT platform is now banked my profits and is showing a 0 on positions taken. LOL

Your short still correct?

Just a backup look.

I would expect the attempt downward to the 74.6% fib on this 15 min chart, I have a gray triangle with the Doji marked as point of interest, that would be 160.98 level, should catch some support soon enough.

Ken

p.s. I have no trades, just watching it all play out and attempting a simple analysis.

Still watching price as we get closer to the 161.00 area, point of reference is also the 5 minute big bull candle that started it all, may take some long entry there.

Entered small long entry here at the tap of 161.05 area, could be more droppage still, so will play around with it. LOL

Dropped good there, was -8 down and added another entry, will play some more while waiting for next few minutes when Frankfurt comes online.

FUN FUN FUN - only small entries though, will use large lots for big trades.

Here is my entries LONG
1.161.05
2.161.99
3.160.96
Average buy in at 161.00
Price has attempted upwards and hit part profit, but will wait a bit more here for jump up to 161.11

Well I lost my connection to MBTrader, hope it comes back up so I can exit. LOL

MB Trader was having difficulty, I called to close these 3 longs at B/E, can't believe it took about 7 minutes for them to take the call, glad I didn't put bigger bucks on this trade.

May not have anymore trades today with the platform problems.

Cheers