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Monarch's Journal of 2008 Trades

  • #421
  • Apr 8, 2008 1:27am Apr 8, 2008 1:27am
Quoting monarch
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 entered short earlier. GJ and EJ ..... maybe I need to learn to break free. once i am biased, I dont take opposite trades... 200 pip long yesterday..
I just watch .... and today re enter short.....
  • #422
  • Apr 8, 2008 1:38am Apr 8, 2008 1:38am
this long is trying to catch the range right . but this is the 3rd attempt down
  • #423
  • Apr 8, 2008 3:17am Apr 8, 2008 3:17am
Great Shorts...... 200 pip on GJ and 30 pip on EJ
consolidating period began I guess
  • #424
  • Apr 8, 2008 9:37am Apr 8, 2008 9:37am
Quoting Syafi
Just entered short earlier. GJ and EJ ..... maybe I need to learn to break free. once i am biased, I dont take opposite trades... 200 pip long yesterday..
I just watch .... and today re enter short.....
I am the same way, I see some type of trend setting up and want to start taking trades in the direction I feel it is going.

Your longs yesterday must have been good bank, good job bro.

Then you started seeing the top of EJ after yesterday's big jump just rejected instantly, with no effort of even a tap on the top for the 2nd time, we can see that price was at a nice angle downward to catch some good pips, I took only a couple positions at a support with those longs and closed out at breakeven because the MTB platform went out for an hour, that trade would have been an easy 10 pips if I had left it alone.

Anytime there is technical difficulties I usually "panic" LOL.


Cheers, Ken
  • #425
  • Apr 8, 2008 9:51am Apr 8, 2008 9:51am
It is 10:50 AM Tuesday and price has made some efforts towards the top of the range of yesterday.

Price is 43 pips from the top of the big move yesterday and I expect it to drop to 161.10 area to find support before making it's first real stab at the top line of 161.71.

Lets see if it retraces 15 or more pips here before heading upwards.

This is only an analysis, not taking trades in this range areas.

I was tempted to take a small short entry at 161.25 to the 161.10 area, but will wait for signs of retrace to the 18 lwma around 161.05/10 which is the median of the channel from yesterday through today.
  • #426
  • Apr 8, 2008 10:04am Apr 8, 2008 10:04am
Price stalls at 161.28 then falls to the 18 LWMA at 161.05 just a few pips under the 161.09 I expected to see.

Took first Entry LONG at the 18 LWMA (161.11), and will add another Long at the 21 EMA around 161.03.

Target is the 161.25 on the first long, if the second enters at 161.03, I will leave it in for the breakout above 161.28.

Big "P", I figured I would sit around a little bit this morning to trade, which is not my normal trading times. LOL
  • #427
  • Apr 8, 2008 10:09am Apr 8, 2008 10:09am
This trade is not a typical trade I took, therefore I am only trading with smaller entry sizes.

If price moves up to the 161.71 and breaks upwards, then we would be in a better position to long, the longs here could collapse since were in the middle of the range only.

Ken

Update:

Was up on first entry, left it alone and remain Long still.

Second entry at 161.03 Long is in and now remain with two entries.

Third entry will be at the 50 EMA estimated around 160.90 area.

This would be my last long entry - all three are the same size lots, but small enough to handle drawdown.

Will now take one lot of at +10 profit and leave the second in for breakout north.

Third entry not in yet.
  • #428
  • Apr 8, 2008 10:15am Apr 8, 2008 10:15am
M

It is good to see you on here in this morning.

I too usually don't trade right now but figured hey why not check it out.

Lets make some easy money this morning!
  • #429
  • Apr 8, 2008 10:20am Apr 8, 2008 10:20am
Quoting Big Pippin'
M

It is good to see you on here in this morning.

I too usually don't trade right now but figured hey why not check it out.

Lets make some easy money this morning!
I have not traded in the morning in months, hope the same things I do at night work now. LOL

I don't know about easy money, but a little would help us this morning.

Good to see you.

I set one exit at 161.19 area, this is the last bull 5 min candle and the first bearish candle on top there between 161.21 and 161.28.

That would be +10 or more on one entry, with the second holding out for breakout north.

Let's play small and see, if we get a big move upwards to the 161.71, we could be ready for more to make.

Did you take any trades here just now?
  • #430
  • Apr 8, 2008 10:28am Apr 8, 2008 10:28am
I took a small buy at 161.11 and was gonna take another one off the 21ema real quick.

I didn't take the one off the 21 ema and wish i would have. I would have been up overall and could have exited within minutes.

This is the learning curve now!
  • #431
  • Apr 8, 2008 10:28am Apr 8, 2008 10:28am
LOL - price got real close to my first exit, but stalled out on me.

Waiting patiently here for the stab on 161.21 area, usually I would be out on the trade with +6/7, but will play with it here since we have the upwards angle pressuring upwards still.

I am also playing with an indicator I have been watching for a while, everytime it gets a signal it confirms the direction I trade. I will watch this for a couple more weeks before I really depend on it, I usually don't like indicators, but why not have some fun tyring different things along the way.

Cheers
  • #432
  • Apr 8, 2008 10:32am Apr 8, 2008 10:32am
Quoting Big Pippin'
I took a small buy at 161.11 and was gonna take another one off the 21ema real quick.

I didn't take the one off the 21 ema and wish i would have. I would have been up overall and could have exited within minutes.

This is the learning curve now!
I could have exited both of my entries with +9, but was going to really try to be more patient on my exits.

I am not one to let a winner turn loser, but I am also the type of trader that gets out way before it's time and this is pushing me to the next level of extending entries for the target I have marked.

I will wait for it here.

We have reached the 161.03 area twice here and also the 161.15 twice, lets see if we can break the 161.15 to 161.28 test or breakout???

Big P, not really liking this dead market, I am use to it moving differently, will take some profits on the next chance probably???
  • #433
  • Apr 8, 2008 10:33am Apr 8, 2008 10:33am
I too don't like indicators all that much.

They can all be changed to what YOU think will happen.

Is it overbought or oversold? Who are we to say which it is?

Let price tell us which way it is headed!

Although I do like one indicator that may work out for us here.

It is Auslanco's StopLevelReversal. It is very accurate most of the time.
  • #434
  • Apr 8, 2008 10:47am Apr 8, 2008 10:47am
It looks to me that we are consolidating right now and our move is going to be
downwards for a move to the 50ema at 160.93.

But it could run up to the 161.25 and retest that area.

I would like to buy off the 50 for a quick 10 pips.

What do you think?
  • #435
  • Apr 8, 2008 10:50am Apr 8, 2008 10:50am
Two entry average was 161.07, I took profit +6 on that last move up on one Entry, the second remains in still. Was hoping for the 21 move up, but looks like it wants to dive. LOL

Lets see here, different type of move then I am use to in the evening.
  • #436
  • Apr 8, 2008 10:54am Apr 8, 2008 10:54am
Quoting Big Pippin'
It looks to me that we are consolidating right now and our move is going to be
downwards for a move to the 50ema at 160.93.

But it could run up to the 161.25 and retest that area.

I would like to buy off the 50 for a quick 10 pips.

What do you think?
That was what I was thinking also, released one entry up there, kept one, and will add at the 50 also.

That will average me in at a better price, the lowest MA I have seen reached on this indicator signal is the 144 LWMA which is my overall trend MA, that would be the true support here.

Will play this out all the way through, remember if you get a lower entry, take profit on 1/2 if it spikes up, then you can add more entries at a lower price already having added profits.

Then when we get to a final support area, our buy in price is much better and we can take profits out at a lower price.

My original entry 161.11 and 161.03 to average 161.07, took 1 entry off the table for +6 pips and kept one entry in for 161.19/21 area, will add another if it drops to the 160.95 area, which is 10 pips lower then 161.07, and a third would be waiting at 160.85 area which is another 10 pips segment.

That would be my strategy here. LOL

How many entries do you have, and what is the entry price?
  • #437
  • Apr 8, 2008 11:05am Apr 8, 2008 11:05am
Now I remember why I don't trade these times of the day

Next profit area I may just exit, getting tired of watching. LOL
  • #438
  • Apr 8, 2008 11:07am Apr 8, 2008 11:07am
Quoting monarch
I......
Your longs yesterday must have been good bank, good job bro.
...............

Cheers, Ken
I didnt take longs I had shorts that hit SL,
I was biased on shorts so i never took long and just watch it go fly up.
thats my weakness, when i am biased i dont take trade on the opposite direction ..

today I re enter shorts at better price & more lots .. TP at yesterday projection. so i get more $$
  • #439
  • Apr 8, 2008 11:07am Apr 8, 2008 11:07am
Quoting monarch
Now I remember why I don't trade these times of the day

Next profit area I may just exit, getting tired of watching. LOL

lol very true!

I would rather just stay in bed for this.

I am looking to just exit also right now.
  • #440
  • Apr 8, 2008 11:12am Apr 8, 2008 11:12am
Quoting Syafi
I didnt take longs I had shorts that hit SL,
I was biased on shorts so i never took long and just watch it go fly up.
thats my weakness, when i am biased i dont take trade on the opposite direction ..

today I re enter shorts at better price & more lots .. TP at yesterday projection. so i get more $$
I know when the day is up you'll once again bank many pips, a few stop losses nevery slowed you down.

Your gains surely are greater then the losses taken.

Keep up the great job.

Ken
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