MW's trading journal | Page 43 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Another Trading Journal - Yuhu's Journal 17 replies

Twitch Journal - Live Journal 4 replies

Creating my Trading Plan + My Trading Journal 27 replies

My Personal journal up 18% in 2 months going to start a journal 8 replies

Azzity's Trading Journal III (Azzity's 3/30 Trading Method) 9 replies

Attachments: MW's trading journal
Exit Attachments

MW's trading journal

  • #841
  • Feb 19, 2008 12:50pm Feb 19, 2008 12:50pm
Longs are now in play for me on the gbp/jpy pair from 209.50 and a few added in at 210. I am looking for price to initially test the daily resistance at 212-213, then probably fail on a break at first. If that happens, we should see another good buying opportunity around 211 something. If not, then I plan on adding another larger position at 214 for the rest of the ride to 217. If price does end up rejecting at the daily resistance, then I will already be in profit so I guess it doesn't really matter. I will reassess the situation there, however, if it would.
I dream, therefore I become.
  • #842
  • Feb 20, 2008 10:20am Feb 20, 2008 10:20am
I've tacked a long order on the eur/usd into my repertoire for now. I got in towards the lower of the retracement and am now holding until price action on a higher timeframe tells me to break it.
I dream, therefore I become.
  • #843
  • Feb 21, 2008 2:22pm Feb 21, 2008 2:22pm
Those euro longs are playing out nicely and for the day, I also added another long on g/j at the bottom of its retracement/support area.
I dream, therefore I become.
  • #844
  • Feb 22, 2008 11:57am Feb 22, 2008 11:57am
This looks to be a solid trade opportunity on the weekly; the cad/jpy closed this week as the confirmation bar to a pin bar from last week. I would look to see the prior lows at first, then a possible break below.
Attached Image (click to enlarge)
Click to Enlarge Name: weekly canada to yen.gif Size: 13 KB
I dream, therefore I become.
  • #845
  • Feb 26, 2008 1:47pm Feb 26, 2008 1:47pm
Quoting mike w
This looks to be a solid trade opportunity on the weekly; the cad/jpy closed this week as the confirmation bar to a pin bar from last week. I would look to see the prior lows at first, then a possible break below.

That didn't happen. lol Anywho, the euro longs are still going strong. As for the gbp/jpy, we've run into that brick wall at 213. I'm thinking we'll see a retracement before further upside comes into play- nothing has changed at all in my perspective for it's price.
I dream, therefore I become.
  • #846
  • Feb 26, 2008 1:56pm Feb 26, 2008 1:56pm
Quoting mike w
We're coming back up now off that monthly pin bar on the gbp/usd which only fuels my thoughts for that retracement on the g/j. I think we will end up seeing that higher level off that bar. After that, who knows.
My thoughts are still the same on the pound as they were back then as well. I'm thinking we will meet newer highs again fairly soon.
I dream, therefore I become.
  • #847
  • Feb 26, 2008 9:27pm Feb 26, 2008 9:27pm
We're at 1.50 on the euro now and I wouldn't be surprised to see a bearish close for the day. This is going to be a tough area I think. I'm still holding longs until a solid reversal pattern presents itself.
I dream, therefore I become.
  • #848
  • Feb 26, 2008 9:37pm Feb 26, 2008 9:37pm
I am waiting for the retracement on g/j to see what will happen next. I am still thinking we will see a higher level, but it's going to need more push before that happens.
I dream, therefore I become.
  • #849
  • Feb 28, 2008 1:32am Feb 28, 2008 1:32am
Hi Mike!

I read through the first 15 or so pages of your journal, and the last few pages....are you still using the Moving Averages to help you in your trading?

I noticed in the very beginning that you saw that the moving averages can be very good in a trending market....If you are interested, I too trade with moving averages in addition to pivots/fibs/price action....but focusing on the moving averages. At first I have to agree with you on that moving averages work great when the market is trending. But I came across a pattern that seems to have especially big influence on gbpjpy.

It has to do with when the market is not trending...a counter trend move.

If you are interested let me know and I will post a chart here for you and explain what I see.

Zack
The only sovereign I can allow to rule me is reason.
  • #850
  • Feb 28, 2008 11:51am Feb 28, 2008 11:51am
Quoting pearsonfx
Hi Mike!

I read through the first 15 or so pages of your journal, and the last few pages....are you still using the Moving Averages to help you in your trading?

I noticed in the very beginning that you saw that the moving averages can be very good in a trending market....If you are interested, I too trade with moving averages in addition to pivots/fibs/price action....but focusing on the moving averages. At first I have to agree with you on that moving averages work great when the market is trending. But I came across a pattern that seems to have especially big influence on gbpjpy.

It has to do with when the market is not trending...a counter trend move.

If you are interested let me know and I will post a chart here for you and explain what I see.

Zack
Hey, how's it going Zack? And yeah, definitely! I'm always open to learning new things about the market. I've been over in your journal too, and I like your style of trading. Good stuff man


On another note, the pound trade from the beginning of the month is turning out nicely now, and believe me, it took a lot of patience for that one. I look for next month to be bullish as well on the close of this monthly bar.
I dream, therefore I become.
  • #851
  • Feb 28, 2008 4:51pm Feb 28, 2008 4:51pm
Long on g/j up until 210.75. From there, I am possibly looking to enter a short position. Everything is basically pointing towards the bottom of the range on my charts. It would be nice to see that support break for the long ride down. I'm still not counting out the possibility of seeing a higher level again however. Time will tell as they say
I dream, therefore I become.
  • #852
  • Feb 28, 2008 5:02pm Feb 28, 2008 5:02pm
Hey mike what made you to long gj mate? are you seeing something which i dont see bro? by the way your journal is quite informative, i was going through it. keep up the good work bro.
regards
Quoting mike w
Long on g/j up until 210.75. From there, I am possibly looking to enter a short position. Everything is basically pointing towards the bottom of the range on my charts. It would be nice to see that support break for the long ride down. I'm still not counting out the possibility of seeing a higher level again however. Time will tell as they say
  • #853
  • Feb 28, 2008 5:09pm Feb 28, 2008 5:09pm
mike what are your thoughts about nzd/usd daily pin bar of yesterday. it has retraced as well as broken to the downside. are you playing it?
  • #854
  • Feb 28, 2008 5:12pm Feb 28, 2008 5:12pm
Quoting kenneith
Hey mike what made you to long gj mate? are you seeing something which i dont see bro? by the way your journal is quite informative, i was going through it. keep up the good work bro.
regards
Hey How's it going Kenneith? My reasoning for going long G/j is this: Firstly, I still think we could see a higher level before a fall comes about and secondly we need a retracement based on the daily candle that just closed. WIth that, I see, for a few longs, 210.75 as a good target that should get hit. I still plan on holding a few for higher levels if they come about, but if not, then I will just reverse my positions towards 211 if it can't break for another fall in price.
Thanks for the kind words as well, I appreciate that!
I dream, therefore I become.
  • #855
  • Feb 28, 2008 5:14pm Feb 28, 2008 5:14pm
Quoting kenneith
mike what are your thoughts about nzd/usd daily pin bar of yesterday. it has retraced as well as broken to the downside. are you playing it?
Thanks for the heads up on that trade, I am actually not going to be trading it at the moment though. However, IF it stays bearish for the end of the week, that should put us into a pinbar or overall bearish bar for the weekly, which holds a lot more weight to it. If that were to happen, then I would plan on shorting this pair.
I dream, therefore I become.
  • #856
  • Feb 28, 2008 5:22pm Feb 28, 2008 5:22pm
thanks matey, i am also placing small long as daily momentum is indicating 5sma retracement which is around 210.70(5sma low) and as it is out of 5sma channel at the moment so i wont expect it to reach 5sma close.
quote=mike w;1876009]Hey How's it going Kenneith? My reasoning for going long G/j is this: Firstly, I still think we could see a higher level before a fall comes about and secondly we need a retracement based on the daily candle that just closed. WIth that, I see, for a few longs, 210.75 as a good target that should get hit. I still plan on holding a few for higher levels if they come about, but if not, then I will just reverse my positions towards 211 if it can't break for another fall in price.
Thanks for the kind words as well, I appreciate that![/quote]
  • #857
  • Feb 28, 2008 5:25pm Feb 28, 2008 5:25pm
[quote=kenneith;1876022]thanks matey, i am also placing small long as daily momentum is indicating 5sma retracement which is around 210.70(5sma low) and as it is out of 5sma channel at the moment so i wont expect it to reach 5sma close.


I agree, and that is partially what makes me want to take longs as well. Once time pans out, price should meet along with my system as well. We could possibly just see a bounce down from that area, and if that happens, then I plan on taking shorts there. If not, though, then I think longs could still be in play.
I dream, therefore I become.
  • #858
  • Feb 28, 2008 5:27pm Feb 28, 2008 5:27pm
got that mate. i have taken a small position with s/l above the high of yesterday's candle so we will see how it will play.
Quoting mike w
Thanks for the heads up on that trade, I am actually not going to be trading it at the moment though. However, IF it stays bearish for the end of the week, that should put us into a pinbar or overall bearish bar for the weekly, which holds a lot more weight to it. If that were to happen, then I would plan on shorting this pair.
  • #859
  • Feb 28, 2008 5:31pm Feb 28, 2008 5:31pm
Quoting kenneith
got that mate. i have taken a small position with s/l above the high of yesterday's candle so we will see how it will play.
Nice stuff man, Good luck to you! I'll probably be with you at the week's end on it.
I dream, therefore I become.
  • #860
  • Feb 28, 2008 5:32pm Feb 28, 2008 5:32pm
Excellent. any thoughts about gj's twin brother, i mean gbp/chf? there is a huge divergence (bullish) that too on daily and the pair still is falling like a rock.[quote=mike w;1876026]
Quoting kenneith
thanks matey, i am also placing small long as daily momentum is indicating 5sma retracement which is around 210.70(5sma low) and as it is out of 5sma channel at the moment so i wont expect it to reach 5sma close.


I agree, and that is partially what makes me want to take longs as well. Once time pans out, price should meet along with my system as well. We could possibly just see a bounce down from that area, and if that happens, then I plan on taking shorts there. If not, though, then I think longs could still be in play.
3 traders viewing now