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zoopy's trading journal

  • #281
  • Mar 21, 2008 1:36pm Mar 21, 2008 1:36pm
Hi zoopy,

While I can see the 50% fib you are talking about, I believe the 1.5300 level will show some support too. That's because:

1) It's a nice round number
2) It already acted as a resistance and support
3) A trendline (which started in early February) is near the 1.5300 level

However, it could happen, that the pair won't go below 1.5400 at all (at least for a few days). 1.5400 seems like a pretty hard nut to crack!

Not trying to be smart, just sharing my view. 4h EUR/USD chart is attached.
Attached Image (click to enlarge)
Click to Enlarge Name: 4h.gif Size: 19 KB
  • #282
  • Mar 21, 2008 3:12pm Mar 21, 2008 3:12pm
Hi Zoopy!

Great journal! Subscribed and rated 5 stars
I like you trading style based on Jacko's with price action elements. It matches mine although I use other proportion - J16 method with Jacko's AH, but it's still evolving.

Keep it going!

Cheers,
Pr1mer
  • #283
  • Mar 21, 2008 9:41pm Mar 21, 2008 9:41pm
Quoting hendrix
Hi zoopy,

While I can see the 50% fib you are talking about, I believe the 1.5300 level will show some support too. That's because:

1) It's a nice round number
2) It already acted as a resistance and support
3) A trendline (which started in early February) is near the 1.5300 level

However, it could happen, that the pair won't go below 1.5400 at all (at least for a few days). 1.5400 seems like a pretty hard nut to crack!

Not trying to be smart, just sharing my view. 4h EUR/USD chart is attached.
Nice post Hendrix. That's very possible it may go up from there and your reason is definitely valid so you may be right. The main thing is that you have a good reason to enter and don't enter blindly. What I like about your analysis is that you have a trendline and a PPZ intersecting and a round number.
  • #284
  • Mar 21, 2008 9:59pm Mar 21, 2008 9:59pm
Quoting Pr1mer
Hi Zoopy!

Great journal! Subscribed and rated 5 stars
I like you trading style based on Jacko's with price action elements. It matches mine although I use other proportion - J16 method with Jacko's AH, but it's still evolving.

Keep it going!

Cheers,
Pr1mer
Thanks Primer. My trading style is also still evolving and will probably continue to do so well into the future. I'm definitely more confident now in my trading abilities and it's probably because I have a solid grounding to work with which I think is very important.
  • #285
  • Mar 21, 2008 10:18pm Mar 21, 2008 10:18pm
Quoting zoopy
Nice post Hendrix. That's very possible it may go up from there and your reason is definitely valid so you may be right. The main thing is that you have a good reason to enter and don't enter blindly. What I like about your analysis is that you have a trendline and a PPZ intersecting and a round number.
We've got one week and 230ps to go to another round number...
Attached Image
  • #286
  • Mar 25, 2008 11:41am Mar 25, 2008 11:41am
Thought I would post this chart up since it's very possible we may be seeing a weekly buob. If the euro starts to surge up again we could be seeing the 1.6000 level broken and price heading to 1.6500.

I've read a few posts recently about Euro fundamentals not being too hot or about intervention. I don't know too much when it comes to fundamentals but one thing I won't do is trade what others say they "think" will happen. The trend for euro is up and I'm a bull all the way up to 2.0000 if I have to LOL.

"Trade what you see, not what you think will happen"
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_weekly_mar25.gif Size: 10 KB
  • #287
  • Mar 25, 2008 11:46am Mar 25, 2008 11:46am
I was reading Jacko's thread this morning and there was some very good advice he gave so I wanted to add that to my journal for reference. See below...


Firstly,you should never go into a trade without knowing exactly what you should do in a trade.

Secondly, unless you are absolutely sure what a trading strategy is, you shouldn't use that strategy.

Thirdly, you should never buy again, immediately after a loss. It is a "revenge" buy, and they are rarely successful


Thanks Jacko for the advice!
  • #288
  • Mar 25, 2008 1:07pm Mar 25, 2008 1:07pm
Quoting zoopy
1.5750 trade was stopped out with +30 pips
That's the whole idea that I trade with Zoop. I try to trade with the overall trend and buy/sell on dips/peaks. Or buy/sell around PPZ's. I think they are PPZ's. Pivot Point Zones? That whole 50% fib is a good line as well. Don't forget to keep all your trend lines. I love em'!
  • #289
  • Mar 25, 2008 6:00pm Mar 25, 2008 6:00pm
Quoting KissFan
That's the whole idea that I trade with Zoop. I try to trade with the overall trend and buy/sell on dips/peaks. Or buy/sell around PPZ's. I think they are PPZ's. Pivot Point Zones? That whole 50% fib is a good line as well. Don't forget to keep all your trend lines. I love em'!
Definitely! Trading with the major trend makes trading so much easier. You don't have to worry about whether you should be buying or selling since you'll only be focusing on one. With euro I may see a daily PA setup telling me price is going down but that puts me on alert to get ready to buy because I know there's an opportunity coming my way.

What you're doing buying on dips and selling at peaks is exactly what I'm doing. Sometimes I wait for the peak/dip to form first then place the trade when the move has more momentum behind it. As for PPZs, it's not Pivot Point Zones but "Price Pivot Zones". It's slightly different and is based on the highs and lows of bars/candles (If you want me to post a chart let me know).
  • #290
  • Mar 25, 2008 6:28pm Mar 25, 2008 6:28pm
Quoting zoopy
Definitely! Trading with the major trend makes trading so much easier. You don't have to worry about whether you should be buying or selling since you'll only be focusing on one. With euro I may see a daily PA setup telling me price is going down but that puts me on alert to get ready to buy because I know there's an opportunity coming my way.

What you're doing buying on dips and selling at peaks is exactly what I'm doing. Sometimes I wait for the peak/dip to form first then place the trade when the move has more momentum behind it. As for PPZs, it's not Pivot Point Zones but "Price Pivot Zones". It's slightly different and is based on the highs and lows of bars/candles (If you want me to post a chart let me know).
Yeah, I use them. Just didn't know what they were called. I use candles. I've always "said" I was a trend trader but once in a while PA will tempt me to trade against the trend. I am more of a trend trader now as I got my butt handed to me trading counter trend on the yen pairs early last week. I need to learn how to post charts.
  • #291
  • Mar 25, 2008 6:40pm Mar 25, 2008 6:40pm
Quoting KissFan
Yeah, I use them. Just didn't know what they were called. I use candles. I've always "said" I was a trend trader but once in a while PA will tempt me to trade against the trend. I am more of a trend trader now as I got my butt handed to me trading counter trend on the yen pairs early last week. I need to learn how to post charts.
I wasn't sure if you were referring to price pivot zones or pivot point levels lol. To post a chart, click on the "paperclip" in your text box when you post in a thread.
  • #292
  • Mar 27, 2008 6:03pm Mar 27, 2008 6:03pm
Quoting zoopy
Thought I would post this chart up since it's very possible we may be seeing a weekly buob. If the euro starts to surge up again we could be seeing the 1.6000 level broken and price heading to 1.6500.

I've read a few posts recently about Euro fundamentals not being too hot or about intervention. I don't know too much when it comes to fundamentals but one thing I won't do is trade what others say they "think" will happen. The trend for euro is up and I'm a bull all the way up to 2.0000 if I have to LOL.

"Trade what you see, not what you think will happen"
This should be interesting. 1.6000 may be on the horizon. Freight train coming through, all passengers on board! LOL.

If we end the week as a weekly buob, we may be heading up by quite a bit. However... the way I trade buob's is that I typically wait for a retrace to around 50.0% retracement of the setup so there will most likely be an opportunity next week.

Attached is an updated weekly chart which may or may not end up as a buob.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_weekly_mar27.gif Size: 10 KB
  • #293
  • Mar 27, 2008 6:10pm Mar 27, 2008 6:10pm
Just so that I have this in my journal (I tend to review my thoughts and charts over the weekend before trading)... I've marked areas on the attached chart that will be of interest in the future.

The reason I will be watching these areas in particular is simply because we have a well defined peak and valley. For those that are curious as to when I actually use them... I need to have at least two reference points (right now I only have one).
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd_daily_mar27.gif Size: 9 KB
  • #294
  • Mar 28, 2008 8:40am Mar 28, 2008 8:40am
Quoting zoopy
This should be interesting. 1.6000 may be on the horizon. Freight train coming through, all passengers on board! LOL.

If we end the week as a weekly buob, we may be heading up by quite a bit. However... the way I trade buob's is that I typically wait for a retrace to around 50.0% retracement of the setup so there will most likely be an opportunity next week.

Attached is an updated weekly chart which may or may not end up as a buob.
So much for that freight train. Too many passengers may have caused it to slide off tracks lol. I'll update charts end of today. Bargains are on the horizon
  • #295
  • Mar 28, 2008 8:56am Mar 28, 2008 8:56am
Quoting zoopy
So much for that freight train. Too many passengers may have caused it to slide off tracks lol. I'll update charts end of today. Bargains are on the horizon
I'd rather trade it down here or lower anyway.
  • #296
  • Mar 28, 2008 9:05am Mar 28, 2008 9:05am
Quoting KissFan
I'd rather trade it down here or lower anyway.
Definitely. Gotta go for those dirt cheap bargains lol. Last night I thought it was going to head up but then noticed every time it hit 1.5820 or so, it would sag down and that was telling me there's no buyers whatsoever at 1.5800. If there were buyers we would have been above 1.5850 at least.

I hope this move down eventually goes down as low as 1.4850 or so. That's when it may be time to back up the truck LOL.
  • #297
  • Mar 28, 2008 1:25pm Mar 28, 2008 1:25pm
Hi zoopy,

what's a "buob"?

Anyway, thanks for reminding me over and over, that I too should use the line chart more often! I don't know why, but I always forget it, even if I use it all the time on the Dow Jones index. (no, I don't trade stocks - I just buy & hold 'em) I've first seen this idea in the Baby Pips school and it is really one of the best ways to define important support and resistance areas.
  • #298
  • Mar 28, 2008 2:35pm Mar 28, 2008 2:35pm
Quoting hendrix
Hi zoopy,

what's a "buob"?

Anyway, thanks for reminding me over and over, that I too should use the line chart more often! I don't know why, but I always forget it, even if I use it all the time on the Dow Jones index. (no, I don't trade stocks - I just buy & hold 'em) I've first seen this idea in the Baby Pips school and it is really one of the best ways to define important support and resistance areas.
Hendrix

buob = bullish outside bar. I have the setup posted on page 2 of my journal (post#24)

The line chart is an incredibly powerful tool to have especially when identifying strong support/resistance areas. I haven't been able to use it as of late though because there aren't any support areas nearby except for the one at 1.4850.

Just took a look at the euro, seems like it wants to go up further LOL. I don't think it knows when to stop. If it breaks 1.5850 it's probably going to 1.6000... below 1.5700 and we may see quite a big move down to maybe 1.5150 or even 1.4850. Too dangerous placing a trade now, rather wait for an opportunity next week.
  • #299
  • Mar 29, 2008 11:18am Mar 29, 2008 11:18am
Quoting zoopy
Hendrix

buob = bullish outside bar. I have the setup posted on page 2 of my journal (post#24)

Thanks for the info. And btw, I really like the Price Action Setups PDF! Very elegant and simple.
  • #300
  • Mar 29, 2008 4:47pm Mar 29, 2008 4:47pm
Quoting hendrix
Thanks for the info. And btw, I really like the Price Action Setups PDF! Very elegant and simple.
Thanks.

Jim from the James16 Group really deserves all the credit though. There's tons of valuable information in his thread plus other setups I haven't yet included in my pdf.

Speaking of PA setups, we have an IB on euro which could signal a reversal. This also falls in line with the counter trend trade Jacko took yesterday.
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