Monarch's Journal of 2008 Trades

Todays move up was a weak move, I traded through the channel but it was only throwing change at those trades.

Yesterday we had a big candle and that was a no brainer for me, pullback was strong and I entered 16 entries for some very quick and easy profits.

I am posting a chart for you on more of what I like, they come every so often, even if I get one to two of these a week, I could do very good.

I have a lot formula also, but do not usually speak of this on the thread, mainly I like to post charts and entry exit points to verify my trades.

Ken

This strategy is basically a breakout style with pullback to get in on the final move to the recent supp/res.

Once the EJ breaks a supp/res and price really goes good for more then +70 prefered on nice size 5 min candles, I usually monitor the retrace levels by watching certain formations as it moves down/up.

And then when we get the stall on the move and rejection sets in, the pullback will come usually 35-40 pips on a 70 pip move, which would be 38.2% fibo or around the 18 lwma to 21 ema.

Some wait for certain candles to come up, I usually count movement and watch for certain amounts of pips to transpire before I jump in.

For now I am taking 6/7 pips up to 12 or so with all lots in exiting, but I have slowly worked on being patient and letting a small portion remain to catch the supp/res line that was reached before pull back.

There have been as many not make it back as there has been ones that continue further, so I have focused on trying to enter the best point for the quickest in and out there is.

I have found myself getting a drawdown at times, but I also have a set amount of add on lots I put in to assist these deeper pull backs. The main thing is catching a super move, pull back enough and if you add on, it also lowers your target which makes it easier to profit quicker.

I have the 3 MA's as my primary entry, the 4th 144 LWMA is only a strategy I am working on with an indicator I have played with some time now.

Here is the chart for you.

Another thing is you could take entry short on both breaks when support is breached, this is one portion I am working on when price breaks out.

You know it takes many months to focus and get comfortable, but I only watch EJ and it starts to make better sense each time I see the move happen.

With no thougts of making a trade just yet, I don't want to hurry or predict, but wait.

If we can wait for the trade to come to us, it will keep us from getting frustrated of making a trade too soon or late.

I would love to enter short here when price tapped the purple 18LWMA, and especially since it is the support area from the move up earlier.

I am watching the candle to see if it breaks below the low here just set to really confirm we may have some short power building up, it would be awful to enter short here if all it is is a support test on the move up to a higher high.

The main thing in this move down is we have had some movement here the past 45 minutes, but really not enough to throw real money at, if your apt to be trading just to trade, then play on a demo.

I am trying to verify and confirm my entries before I ever enter, what we need is a plan and with the plan we need the escape, so when we finally see our entry confirm, we already know our exit, if you don't have a plan you will fail more and more.

So in this pattern, really not much happening yet, were still a couple hours from Frank and London, and were in a channel between the high at 161.71 and low at 160.47.

If this is the high and low, then we need to configure where the middle is at, and that is 160.95, right where were at now.

So the real problem in this is, which side of the fence will we jump off of???

The bulls and the bears have not even decided where to go, just stay off the fence, keep the finger off the button and let these boys play out.

It will come to us, and all we have to do is wait and watch, then when it shows it's hand up or down, we jump in the same side of the fence as the river current.

For now the best trade to make is NONE.

Cheers,

Ken

NOTE: on the 1st Supp Yellow Line, I brought this lower to 160.90, it should be based on several lowes instead of the last low.

Took a test SHORT at the 144 LWMA to test the break below the 0.00 on my indicator, will watch what happens here on this small trade.

This is not a normal trade as of now, but hopefully at a later time when I see everything I need to see on this type of indicator price action supp/res area moves, I will be able to trade heavier lots.

For now, small stuff only on unchartered waters.

Ken

The thing is, its too early to trade ..... so slow.... even if the indicator is good the volume wont make it possible to trade good lots.

This is true, market is real slow, and not enough pressure either way.

I entered very small lot size and will exit 1/2 at 5 pips and the 1/2 for 7 or more, or drown trying. LOL

This is something I am only working on outside of my actual style of trading, but I have to be honest, each time I see this indicator cross along with formation setup, it gets profit, just have to enter right and not be greedy on exit.

I am always happy with a + anytime, so it may be an early exit which I do about 99% of time. LOL

This is true, market is slow and were coming up to the midnight hour, but I have watched this indicator alot and I am now putting money on it's signal with price confirmation above.

I took +5 on 1/2 of this short already and have the 2nd 1/2 to close at +9 pips.

I usually take small gains on all my trades, the reason for the 5-10 pip targets is for a later date when I get comfortable with this I will begin adding larger amounts as I do on my original strategy.



I am almost always too quick to exit most of my trades, but I am very satisfied with anything over +5 on all trades, the success rate is far more important then pips gained, I took small pips yesterday, but had mucho money on it because I have confidence I can get up to 10 pips easily on my standard strategy.

Cheers bro.

Ken

+5 pips on 1/2 Short and +9 on 2nd 1/2 of Short.

Really exect price to tap the low at 160.90, but it won't matter to me know, I picked my trade entry perfect with only 3 pips drawdown and the indicator along with price confirmation was as expected again.

Total was +7 pips on that trade added to my +66 today for 73 total pips gained.

All small targets with little drawdown compared to most long term styles.

And all this with a dead cat market.

I am really starting to believe this stuff.

I entered right at the Green arrow above and took easy profits, but left toooooo much on the table.

Wow, price drops as per MA and Indicator was telling me.

You gotta believe.

I do.

Ken

I got +1 pip on 1 trade today .... my short GJ just triggered ...... lets see if it goes down or get back up.

Looking at the GJ daily looks good for some short, needs to break below the 200.82 to really pick up steam, that will be an awesome move down then.

Possible move down to the 198.70 area, but I have not watched GJ at all these days, so I could be lost as I always am on GJ. LOL

Go get em S

From the High at 161.44 we have nearly cleared the first segment of 70 pips as price nears 160.74. were 3 pips from that point now.

Still not too much into what is happening, took the short on the indicator earlier and made pips, but left a bunch on the table.

I am going to rest the evening and get some good sleep, no use trading too much.

Good trading to all.

Ken

I woke early to sit and watch only, with no intention of trading this ranging market.

I did watch the 4MA's turn over to the top side and my indicator once again called for a long which would have been entered at price pullback to the first support area I had at 161.15 (50 EMA) around at 9am EST, then a second entry would be waiting at the 144 lwma if price had breached and dropped to the next support area of 161.05.

This also works with my 2nd type entries of 10 pips drawdown, will be working on the formula of entry size and rescue this weekend.

Once again the indicator with the MA and Price action confirms an easy trade for over +20 with 10 pips to spare from the high which I always consider on targeting a test of supp/res.

High was reached at 161.47 an hour earlier then the signal I got, the patience of entry is key to this strategy, but there is very viable reason to believe I am going to start trading this with a much heavier pocket.

I will post a chart later today when I have time, gotta run.

Cheers.

Here is the 5 minute chart I was looking at this morning.

All 4 MA's turned upwards and the indicator crossed -01 level /0.00 level/+.01 level to confirm upwards trend.

Price moves upwards and taps a high at 161.47 (orange line)

Then I had picked two spots of support on the move upwards:
1) Blue dotted line is the formation with 3 pullback candles
2) Orange dotted line is the formation with the pullback from the High that was reached.

I was then watching a pullback from High 161.47 for 30 pips at least for Long Entry to test the high mark, and that came perfectly at the 50 EMA and the orange support line marked before it ever came.

This trade would have netted my preference of +10 pips easily with room still at the top for a buffer.

Secondly price taps the near top after the first purple X on the left, and price takes another dip, this time to break that support and head to the next support which is 10 pips below the first entry.

This touches down to the 144 LWMA and support level, and I Enter Long again here for another +10 pips of easy profit.

This support is finally breached on the rejection of the high, and price is basically bouncing around these two support areas here at 2PM EST.

Cheers,

Ken

Note: On the first tap of 18lwma and 21 EMA, there could have been a Long there before it ever got to the 50EMA, just something for me to watch in the coming months.

The Hourly is showing some slowing down on the upwards move, I placed a Triangle in the 144 LWMA (white ma) and the 500 EMA (purple ma) to show what could happen here at this junction.

I am not a long term trader and it does not matter to me if it does drop here, I just love posting charts and getting the anticipation up.

The question every trader might asks?

What is the trend.....
Where is it going.....
What if I had traded that one........
Why did I get out of that good trade .............
Can I succeed in forex............
Can anyone help me.............
What is the best strategy................
Can I borrow more money (lol) .................
Who is in control of this circus..............
Will I get out of this trade alive............
Can I borrow more money to put into my account............
Should I pray before I make a trade or during...............
Who is the guy behind the curtain making price go the opposite of my trade...........
Will I ever learn...........
Will I ever sleep..............
Will my wife/husband love me after I tell them how much I lost........
Can I borrow more money please..........
Tomorrow I am going to change right...............
What is my stop on this runaway.........
Should I ask for help...........
Am I making any money...........
Should I switch to long term trading ....................
Is anyone making money at this game...........
Can I please have another 500.00 added to my Forex account..........
Should I use a Demo account again.................
Should I start hedging since I don't know where it is going anyways........
Can I have credit to increase my Forex account.........

These are questions that every trader has asked themselves,
but the most important question is - Does this work for me, and will it or does it interupt my life and interfere with the important things of life such as,

Family - Friends - Sleep - What was your finances before - Your Job - Your Sanity - your free time enjoying life at it's fullest.

Don't let the machine operate you, but take control of it!

Let trading be a small part of your life timewise, but a large part of your life financially.

Do we want to learn, or we just interested in practicing and never changing?

Cheers to all the traders who have visited this thread.

May you be Richly Blessed during all of your Days.

Ken

Amien

Well, the move has begun towards the triangle and question marks, the true question is will it drop more here or retrace up to the 144 LWMA then drop.

I think I will let the pullback up to 160.55/60 area happen then take some short scalps there.

Cheers folks.

Ken

Missed the move from the last support break at 160.85 because of dinner with the family.

EJ moved 86 pips from the start of this move at 161.05 pressing through the support with ease finding support now at 160.19 and median support at 160.37.

My entry for Short was when price hit the low at 160.19 and came up to the 21ema at 160.52 and the 38.2% fibo from this move, which was also confirmed with my indicator to go short with the trend.

I was hoping for a move up to 160.60 or more before the move back down, but we can't trade them all.

I will post a chart here in a few.

Ken

didnt take the retracement trade ?