Monarch's Journal of 2008 Trades

I am going to exit soon I think, I have to mow and spray my orchard today, and cannot afford to sit here and twiddle my thumbs.

Should have exited on that last spike up, now I am down again. LOL

Will have to play this out, but will take some breakeven at this point.

Sometimes it is better to get out then to sit by and watch a consolidation and your profits go up and down.

Cheers.

Ken

Was very close to adding 1 entry, but it did not touch down to 50ema at 160.95, 1 pip from that, but I always wait for more then 10 down before adding any.

Waiting for profits on 1 entry still. LOL

The 160.98 area just won't cave right now. It has taken quite a few stabs at it and can't get through.

Could be a signal we are headed up?

With this last spike up I am out and done trading this morning.

I will be back to make some money tonight!

"M" and "S" have a great day and save some pips for me!

Best pippin' to ya,

Ryan

the breakout shall be large one.. once it break out, We enter on pullback .... hehe.. thats my plan for today trades.

Okay, missed the entry near the 50 EMA by 1 pips which could have lowered our entry price much better.

We got the spike off the 50EMA as expected and I was up +9 pips and took a +7 pip profit on that trade, which should have been over 10 pips with an average in price if I we had taken the 50EMA entry.

So, only two entries in this whole trade scenario with the first entry profiting +6 and the second for +7, which is about my normal profits on exits 6/7 pips.

On a trade that fits my strategy, I place more lots per entry and usually get out much quicker then this took us.

Overall profits were made, just took too long and seen profits turned negative a few too many times. LOL

Let me know how you did Big Pippin?

Syafi, what was your Short entry on EJ???

Breakout either way correct? or do you expect a breakout south with a pullback upwards to enter shorts???

On that last trade, you only had 1 entry correct?

Did you add any more on the 50EMA?

What was your profits on exit???

Cheers,

Ken

Even though we were bounced around there the past few hours, the 4 MA's are still above each other with only price tapping each MA with exception of the 144 lwma.

My indicator is showing a LONG on the 5 minutes, but watching this indicator there are many times a pull back to the 144 has completed before either continuing in the trend or reaching the high/low before the pullback.

The price is above the 18LWMA now, and the 18LWM never crossed under the 21EMA, but it is wanting to cross under here now.

Price did make a touch on the 18lwma, 21ema, and 50ema, but has yet to tap the 144 lwma on the 5 minute chart.

I would expect the 144 lwma to climb gradually and price may rest upon it int he 160.95 support area reached 30 minutes ago, that would be a LONG entry if price were too hit that lower 144lwma and also bounce the 161.95 line again.

I am not going to make any trades till Asia session, this is only an analysis for futher review later today to see if it does as I expect.

Cheers "S" and "BP"

Will be around later tonight.

Ken

Note:
Looking back at the scenario we trades, the best results would have been 1 entry on the 18 lwma with a second entry at the 21 ema combining for 2 average entries at 161.07 - 161.00 = 161.04, price rises up after the 21 ema for an easy 6/7 pips profit.

The third entry could have been at the 160.96 area when price drops to the 50 ema, there would have been another 6/7 pips profit and even up to +10 or more on that entry.

The final stage would be coming forth at a second tap on the 160.95 support area which should meet up with the 144lwma rising now. That would be the last planned entry on a setup as this, but I would have really liked a better takeoff north before all this scenario came into play.

I look for strong moves with 3-5 good Bull/Bear candles and a 2-3 pull back on the move for my entries, and I prefer the move to be a +70 pips or more and an aggressive move before entering any trades, such as yesterday's big bull 5 min candle.

Price touched 50 EMA once again, I took one Long here - will only go for 6/7 pips.

Looking for price to make move down possible to 144 lwma, will take longs there also.

This is small entries, just for pattern recognition and strategy testing of indicator only.

Ken

Price Taps the 144 lwma and second entry entered there.
Will exit with +6/7.

Entry 1 at 50EMA 160.98
Entry 2 at 144 LWMA 160.90
Average 160.94
Exit 161.03

+ 9 pips both entries

Would hold longer but have to go farm.

Cheers

Ken

The last two green arrows are the two entries LONG on the 50ema and 144lwma taps.

Click on chart to enlarge.....

Total trades in complete scenario today (+6, +7, +9, +9 = 31 pips) 4 wins 0 loss

This is the type of channel EJ took once the price moved 78 pips from low 160.50 to high 161.28.

I placed a Fibo from the body of low candle to the body of high candle.

Then on the pullback/retrace, I marked the 38.2, 50, 61.8, 50 levels for entry, using the 23.6 level as an exit.

The important part of this strategy is that it is trading with the short term trend, even though price had been going down, this move took the EJ into a higher channel area with possiblity of reaching the high from yesterday, which could still happen later during ASIA.

I will be watching the low and high of todays activity for the Asia session in a few hours.

The 23.6 level is also the low of the first bearish candle on top of the channel.

Even though price could reach back to the top and break out higher, these were consodered safe entries and exits just using the Fibo count.

The areas of entry on the 15 min were a little different then the ones I took based on the 4 MA's I use.

This is about the deadest time to trade, but there are little movements that happen around 5pm EST, therefore based on the channel I am taking trades SHORT against the top breakout.

These will be small entries because it is not my typical trade, I will take 1 entry short now at 161.17 then another at 161.25.

Will see if the top holds strong or breaks.

Then I will make alternate plans on a break out upwards. LOL

Update:
Price reaches the top line at 161.27 here at close of the NY Market.

I have several entries in SHORT based on a rejection of HIGH, will update here soon.
Entry 161.17,25,25,26,27 (5 entries so far)

Average price 161.24
Exit Waiting -

Okay, very nice rejection up on top, took 3 lots off +7, 1 lot +8 and 1 lot +6=35 pips total.

Gotta love the EJ - it really talks too loud.

Scalping pips today +66 (EJ is a Bank Card in disguise)

Took trade based on Rejection of Top and the time of day, maybe later during Asia session it will have strength to go, but not at the close of NY session.

Easy pickins once again.

Cheers, see everyone later during ASIA.

Ken

keep it up bro
I am trading similar setups but I just can't trust eurjpy enough to trade it. I mean one moment the trade is going your way and before you know it, a little eurusd or jpy movment blows all your technical analysis away..

I expected both way. and plan to enter on any direction, but I was too sleepy it was 12 am so I just slept... no trades.

Earlier I short when it goes up, 2 position, 161.24 closed 161.10 & 160.97 closed at 161.04 ( a +14 and -7 trade. nett +7 pip

Spend exclusive time with E/J and you will get very comfortable with it.

I have watched the 5 min E/J for a long time, and it speaks volumes.

The main thing is only trading when there is movement, stay out of dead markets, and always trade with the trend.

Let's rock and roll with E/J, keep me up to date if you can on what your looking at.

Thanks,

Ken

Good job "S"

You do short and long term trades right?

Do you only trade GJ and EJ?

Cheers friend.

Price has made a slow upwards incline today and were still sitting under the High at 161.71 and above the low at 160.47.

Where shall we go from here?

yes I trade GJ and EJ only..

long term trades were those losing trades that I hold on ... I stop holding losing trades 2 month ago and feel much better.

all my trades are short term, few second to few minutes.
sometime 1-2 days thats max.

I tried to dump the chart andjust look at quotes, when it go down then stall, I enter made good pips like that, but feel better with chart so i am back with chart... and SMA 1 for 15m trades & rainbow combination moving average for scalp . trying to learn your 4 MA system and took a long on 161.15 when it hit 144lwma and put tp +7 pip but it stall on +6 and managed to get out on +1