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zoopy's trading journal

Quoting milan47
just a question here, zoop.
woudn't it be better to wait for the 50% retracement from the previous high of 1.4757 which is 1.4589-1.4600? This area is also a minor PPZ... It is a hindsight 20-20 of course...
Milan

1.4600 isn't a bad area as Bakuli also pointed out. The reason why I said 1.4550 was because it's a better price (if it gets there) plus it's near a trendline. If that trendline were to break and I get taken out at 1.4500, I won't be entering into the market any time soon because that tells me we may be headed lower by quite a bit. That's just my analysis as to why I said that. Bottom line... 1.4600 is a good area BUT if I can get a lower price then why not? I always try to see if I can get the next round number below the 50.0% fib retracement or support area. The lower the better but that's just me.


zoopy
Quoting zoopy
12:09am NY: AH triggered: 1.4674
2:20pm NY: +30 SL moved to 1.4660
5:15pm NY: +38 SL moved to 1.4674 (I am now covered and we have a free trade)
11:43pm NY: +50 SL moved to 1.4683
This is just a continuation of the AH trade that was triggered yesterday at 1.4674. Figured I'd detail this trade more carefully as an example of how my loss at 1.4724 (post#86) is recovered.

Feb 21 update
5.48am NY: +67 SL moved to 1.4710 (+36 pips now locked - nearly all of losing trade at 1.4724 recovered)
6:27am NY: AH knocked out with +36 pips (recovered 72% of loss on initial trade)
Quoting zoopy
I have included a new chart for cable. The reason for this is because there are 2 valleys touching the area of 1.9415 (1.9400... round number). What's going to be interesting here is if price bounces off that 1.9400 level or go down further.
Just a follow up chart on what happened on post#97. I mentioned that if I was to trade this pair I would watch 1.9400 and go long. I won't be following this pair any further as price shot up. We're now at 1.9570 a move of +170 pips.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpusd_daily_feb21.gif Size: 10 KB
Quoting zoopy
Ok... looks like my one trade is going to get knocked out with +60 pips. I've re-evaluated the current conditions to see where is the next area I may buy at. I'm currently looking at a line chart which shows support at 1.4675. The closest round numbers to this is 1.4700 and 1.4650 which is where I originally bought at. I've placed orders to buy at 1.4650. The lower the better!
Bringing up this post again since the info is now relevant (see post#83).

edit: Looks like I may have missed this trade. I was hoping it would get down to 1.4700 and below first which is where I would have considered buying (preferably 1.4650 or even 1.4600 if it dropped down that much - I want the euro dirt cheap haha). Can't win them all. My soldiers and I will be back to fight another day :
Quoting zoopy
I was looking at the audusd daily chart. Right now I'm practicing to draw the support/resistance lines using the line chart approach. It'll be interesting to see if price goes up from the 0.9000 level which is a nice round number as well.
A follow up chart on the audusd and post#27 plus additional info on post#67. Looks like we may possibly be going up all the way to 0.9300. So far we have a move of almost +200 pips!
Attached Image (click to enlarge)
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Quoting zoopy
Just a follow up chart on what happened on post#97. I mentioned that if I was to trade this pair I would watch 1.9400 and go long. I won't be following this pair any further as price shot up. We're now at 1.9570 a move of +170 pips.
We are on the same page here, Zoop. I had a buy order at 1.9398 since yesterday afternoon. Figured it may bounce back from the pivot level. It was a nice surprise when I woke up, even though I am not really a morning person.
James 16 works.
Attached Image
A few days ago I noticed a possible trendline on the usdjpy daily pair which I found interesting. In case you haven't noticed by now, when it comes to trendlines I tend to be a minimalist.

Getting back to the usdjpy daily chart, I have marked off trendline breaks and colour coded possible entries associated with the breaks. IF I were to trade the usdjpy right now I would have shorted at 108.00 because of the trendline PLUS I have included a line chart showing a resistance area of 108.30.

Lets see if this one drops
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Click to Enlarge Name: usdjpy_daily_trendlines.gif Size: 14 KB
Click to Enlarge Name: usdjpy_daily_resistance.gif Size: 10 KB
Quoting milan47
We are on the same page here, Zoop. I had a buy order at 1.9398 since yesterday afternoon. Figured it may bounce back from the pivot level. It was a nice surprise when I woke up, even though I am not really a morning person.
James 16 works.
James16 material definitely works. Nice trade Milan

I'm finding the line chart incredibly helpful... to some degree even more so than trendlines lol. All I'm pretty much doing is determining the trend of the pair on the weekly using a trendline (yes just one, not 10 lol) and if the pair is trending up, I use the line chart to plot my support areas and just keep buying using that and round numbers.
Quoting zoopy
James16 material definitely works. Nice trade Milan

I'm finding the line chart incredibly helpful... to some degree even more so than trendlines lol. All I'm pretty much doing is determining the trend of the pair on the weekly using a trendline (yes just one, not 10 lol) and if the pair is trending up, I use the line chart to plot my support areas and just keep buying using that and round numbers.
Thank you
I am using line charts too, mainly for drawing support and resistance levels. Soultrader from FF has a video on You Tube of how to use them. He says, since the line charts show only the open and close they are more precise then OHLC.
Quoting milan47
Thank you
I am using line charts too, mainly for drawing support and resistance levels. Soultrader from FF has a video on You Tube of how to use them. He says, since the line charts show only the open and close they are more precise then OHLC.
That's interesting, I'll have to take a look into that.

There's another reason why I think it's more accurate, not so much because of the open/close but because visually you're able to identify those areas more easily. Remember, the more traders are able to identify the same pattern, the more likely they'll react to it the same way. With bar charts/candles, you'll find it creates a very jerky/scratchy representation of what price is doing vs a line chart which can really only show you one picture since you don't see all the distraction in the background. That's just my take on it
Quoting zoopy
A few days ago I noticed a possible trendline on the usdjpy daily pair which I found interesting. In case you haven't noticed by now, when it comes to trendlines I tend to be a minimalist.

Getting back to the usdjpy daily chart, I have marked off trendline breaks and colour coded possible entries associated with the breaks. IF I were to trade the usdjpy right now I would have shorted at 108.00 because of the trendline PLUS I have included a line chart showing a resistance area of 108.30.

Lets see if this one drops
Well... that was a quick drop
Lets see if we get a dbhlc by the end of today
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Ok well... the euro skyrocketed to the moon pretty much so now I have to start planning out my next trade. The next area of support I see is 1.4751 (1.4750). I will be monitoring this area only tomorrow and there will be NO trades today. I'm going to let the market do it's thing for the time being and will do further analysis when I get a new daily bar.
Attached Image (click to enlarge)
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my charts are gone and I need to post. I'm not sure how long I can last, this is how I avoid over trading LOL
Attached Image
Quoting zoopy
my charts are gone and I need to post. I'm not sure how long I can last, this is how I avoid over trading LOL
Well, if you are bored, you might have a look at GBPCHF. I was in it yesterday and it spiked up to 2.1579, missing my TP by couple of pips and now it was pushed down mercilessly to 2.1362.
The trend is south and it is range bound. Maybe I just wait till it breaks through the support of 1.1250 and then short it around 2.1240. The conventional wisdom is that it can go anywhere.

Hmm.. the chart did not upload... Will try again.
Quoting milan47
Attachment

Well, if you are bored, you might have a look at GBPCHF. I was in it yesterday and it spiked up to 2.1579, missing my TP by couple of pips and now it was pushed down mercilessly to 2.1362.
The trend is south and it is range bound. Maybe I just wait till it breaks through the support of 1.1250 and then short it around 2.1240. The conventional wisdom is that it can go anywhere.

Hmm.. the chart did not upload... Will try again.
Just took a look at that pair, I probably would have shorted that one around 2.1750/2.1700 area (of course I'm a great trader when I have 20/20 hindsight lol). Personally I would either wait for a break of the support or better yet, let it break then retest that area (which now becomes resistance) and short from there.
Quoting zoopy
So I was looking at the FF calendar tonight and noticed "Mr B" was going to be giving a speech tomorrow at 10:00am. This is just for laughs but what I have noticed in the past... during the 12 hours before he speaks, the eurusd and gbpusd always seem to go up. I'm documenting this now in my journal because I want to see how many times this ACTUALLY happens LOL
So I was reading some of the news articles posted here on forex factory and saw this one (link posted below).

http://www.forexfactory.com/news.php?do=news&id=71374

Anyone want to place bets that we see the euro and cable go up 12 hours before he opens up his mouth? I'm 1 for 1 so far
http://www.forexfactory.com/showthre...34#post1863934
you are not alone LOL
Never say never.
Quoting zoopy
Ok well... the euro skyrocketed to the moon pretty much so now I have to start planning out my next trade. The next area of support I see is 1.4751 (1.4750). I will be monitoring this area only tomorrow and there will be NO trades today. I'm going to let the market do it's thing for the time being and will do further analysis when I get a new daily bar.

Update analysis
There's not too much of an update on the above post (post#112) with the exception that the market is now 60+ pips above 1.4750. One thing that we have to keep in mind especially when the market moves so fast and by quite a large margin in a short timespan, you can be sure that it can retrace back down just as quick. I would not be surprised if we see price go down as much as 1.4750 but chances are we'll be seeing within 1.4750-1.4800 range. OR... I could be completely wrong (I always have to add that in because as much as I like being right, I should also be prepared for if I'm wrong). Be very prepared to see 1.5000 be obliterated, that move up today looked like it was on a mission LOL.
Quoting zoopy
Well... that was a quick drop
Lets see if we get a dbhlc by the end of today
Here's a follow up on post#111. We have now what I consider a dbhlc (double high/low close) PA setup which is coming off a trendline. This tells me there's a good possibility of a downward move coming. I'm just going to take a wild guess and say if it does drop, we'll be seeing 100.00. If it reaches that price I'll give my explanation
Attached Image (click to enlarge)
Click to Enlarge Name: usdjpy_daily_dbhlc.gif Size: 12 KB
Quoting milan47
Thank you
I am using line charts too, mainly for drawing support and resistance levels. Soultrader from FF has a video on You Tube of how to use them. He says, since the line charts show only the open and close they are more precise then OHLC.
Actually it uses the close price. Just to verify, I looked it up in the MT4 Help Topics.

Quote
Line chart — display the chart as a broken line that connects the points of bar close prices.
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