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Monarch's Journal of 2008 Trades

  • #481
  • Apr 9, 2008 10:21pm Apr 9, 2008 10:21pm
Based on the perfect touch of each fib on this move down, and a test and rejection of the support at 160.19, I will be watching the pull back make it's way to the 38.2, 160.52 and hopefully 160.72/76 area for the stall and short setup on this move.

Even though I think it will move up, I will not take LONGS against the trend, because it could collapse and take of south of the support we have right now and go down to the 15975 line for next support level.

If we get break south, I may take a short or two for fun, but the move I wanted is over for now, unless we get a push upwards here the next hour or two.

Ken
Attached Image (click to enlarge)
Click to Enlarge Name: Fibo 5 min EJ.PNG Size: 32 KB
  • #482
  • Apr 9, 2008 10:25pm Apr 9, 2008 10:25pm
Quoting Syafi
didnt take the retracement trade ?
Were you already short before this move happened, me, I was spending family time while every one else made bank. LOL

Lets see if this pulls up here, I would like a 160.52 entry or even a 160.66 short if it pushes up here.

50ema is sitting at 160.52/38.2% and the 144lwma is still above 61.8% at 160.72 line.

No hurry, I like watching and planning, then attacking quick for the pip kill.



I was very tempted to take a long here just now, but looked at the clock and seen 30 minutes till MB Trader closes the platform, I don't like being in trades when that happens. Will wait till after and push up completes.
  • #483
  • Apr 9, 2008 11:12pm Apr 9, 2008 11:12pm
Very wise move, I only have shorts from yesterday.. good pips.
today I long GJ @200.00 and exit for 25 pips. now going to tend my doves.
  • #484
  • Apr 9, 2008 11:50pm Apr 9, 2008 11:50pm
Quoting monarch
Based on the perfect touch of each fib on this move down, and a test and rejection of the support at 160.19, I will be watching the pull back make it's way to the 38.2, 160.52 and hopefully 160.72/76 area for the stall and short setup on this move.

Even though I think it will move up, I will not take LONGS against the trend, because it could collapse and take of south of the support we have right now and go down to the 159.75 line for next support level.

If we get break south, I may take a short or two for fun, but the move I wanted is over for now, unless we get a push upwards here the next hour or two.

Ken
Price breaks supp and goes to the 159.75 area, this was right on as expected, but the pullback was not there at all.

Cheers, time for bed once again.

ken
  • #485
  • Apr 10, 2008 12:15am Apr 10, 2008 12:15am
Slow Pullback ? 25 Minutes 25 pips
  • #486
  • Apr 10, 2008 8:40am Apr 10, 2008 8:40am
too good to pass...... Short at 144 LWMA for 10 pip

but then see it goes 20 pip
Attached Image (click to enlarge)
Click to Enlarge Name: scalp.JPG Size: 76 KB
  • #487
  • Apr 10, 2008 8:59am Apr 10, 2008 8:59am
50 pip on table and only took 10 ... Should I be happy I was able to sell on top with only 3 pip drawdown or cry because left so much ..
  • #488
  • Apr 10, 2008 4:49pm Apr 10, 2008 4:49pm
Quoting Syafi
50 pip on table and only took 10 ... Should I be happy I was able to sell on top with only 3 pip drawdown or cry because left so much ..
You have been very busy making money without me, slow down. LOL

I guess I should hang around more, your having too much fun.


Looking at the charts since I last looked 18 hours ago shows many trade opportunities, it is amazing how much a person could make just following the EJ 5 minute setups that appear very often.

Maybe tonight I will jump in for some casho mundo.

Cheers to all.

Ken

Here is the hourly chart once again, you can see the price made it to the bottom of my triangle, who would have ever guessed the big drop, well, it is not rocket science to figure this out.
Attached Image (click to enlarge)
Click to Enlarge Name: Thursday EJ Hourly.PNG Size: 39 KB
  • #489
  • Apr 10, 2008 4:53pm Apr 10, 2008 4:53pm
After the big drop, the price finally comes to my short area of 160.55, took 18 hours to get back here but the pair remembers points of existence lots of times.

5 Minute Indicator gave signal to go long about 3 hr 15 minutes ago, another good signal put out with the 5 minute indicator and price action to the 4MA's.

Looking for price to dip here to the 144 LWMA around 160.07.

No Trades at this time of day for me, only analysis and reviewing my strategies.

Cheers.
  • #490
  • Apr 10, 2008 5:02pm Apr 10, 2008 5:02pm
Based on the 4 hour candle that is forming here now, with just 1 hour left before mine closes, I would think the move up to 160.43 at the 61.8% is sufficient enough of a retrace, therefore when the candle closes at 7pm EST I expect one more surge upwards to 160.50-60 to find the resistance and tap the middle of the 61.8% and 74.6% fibo retrace from the move down today.

I always use 38.2% of the distance of 61.8% and 74.6% as a mark to catch a trade, if price breaks above the 74.6% it could mean the move has reversed.

Doji candle on the 4 hour would be excellent shorting opportunity, then at 11pm EST we will see the close of the next 4hr candle to confirm.

Scalping the 4 hour candle is a very profitable strategy that I have not introduced to my journal thread, but I to make many trades on just this type of setup forming now.

Also look at the daily candle, large big wick to the downside would tell me there is short money there as price may test a portion of this wick, important to only take a little on each trade you make and be happy.

New Daily just opened now.

Will take short soon I expect.

Ken
  • #491
  • Apr 10, 2008 5:08pm Apr 10, 2008 5:08pm
Took one entry short here 160.22, will add at each 10 pip increment if price moves up towards 160.50/60.

Target is only 159.92 for 30 pips, this is considered a few hour trade only.

Each entry if price moves up will be a double size entry to better my average buy in for the short.

This is not my typical strategy that I put lots of money on, but more of a 4hr/daily scalp only.

Enjoy, chat later.

Ken
  • #492
  • Apr 10, 2008 5:15pm Apr 10, 2008 5:15pm
Price moves upwards here, very nice indeed.


Short - Entry 1-1lot 160.22 (in)
Short - Entry 2-2lots 160.32 (in)
Short - Entry 3-4lots 160.42 (waiting)
Short - Entry 4-8lots 160.52 (waiting)
Short - Entry 5-16lots 160.62 (waiting - Final entry)

Overall Target 159.92 for 2 lots as of now and 159.82 for 1 lot exit.

Lets see if it comes up to catch some more of me entry orders, hoping for the 160.60 area to catch mega entries.

cheers.

Ken
  • #493
  • Apr 10, 2008 5:35pm Apr 10, 2008 5:35pm
good to see you on right now.

i made some money earlier today by trading off the MA's. it was nice indeed.

I would like to see us retest the 160.55ish area one more time for that nice drop of yours!

when you get a chance pm me the 4 hour trade you spoke of.

thanks
Big P
  • #494
  • Apr 10, 2008 5:59pm Apr 10, 2008 5:59pm
Gottal like that spike up before the Asia Session opens, went about 10 pips higher then I wanted. LOL.

Will take some profits when price comes down again, for now, big move catches monarch with surprise.



Ken
  • #495
  • Apr 10, 2008 6:03pm Apr 10, 2008 6:03pm
Quoting Big Pippin'
good to see you on right now.

i made some money earlier today by trading off the MA's. it was nice indeed.

I would like to see us retest the 160.55ish area one more time for that nice drop of yours!

when you get a chance pm me the 4 hour trade you spoke of.

thanks
Big P
Will do, it is all candle formation I watch at close of each candle, I mostly like when price has been going up and I see certain rejections, then I take shorts.

I don't have as good of an eye on the moves down that will go up, so for now I only watch for stalls on top.

Will get with you later, for right now I am in deep drawdown with all this move up, the good thing is I took bigger lot sizes on the upper surge which made my entry excellent.

Will take some off the table on each stage down, but +20 on all of it would be okay with me.

Cheers.
  • #496
  • Apr 10, 2008 6:12pm Apr 10, 2008 6:12pm
I just love those head fakes that took me in on those mega entries, I entered way more then I had planned and just closed out with +20 pips on all entries, will give a summary in a few minutes.

Bank Bank Bank

Gotta love it, played out perfectly, moves up before Asia, then Asia Session opens with rejection to pay out bigggggg time for Monarch.

Never even batted my eye, just added on mega mega lots.

back in a few.
  • #497
  • Apr 10, 2008 6:16pm Apr 10, 2008 6:16pm
Okay, I had planned to take this in the beginning

1 - 2 - 4 - 8 - 16 for 31 total Short pips, but with the jump up I actually took this: 1 - 2 - 4 - 8 - 16 - 19 equaling 50 lots.

I had entry average at 160.64 and exited all 50 lots at 160.44 for +20 pips and I am smiling baby.

Going long now with 1 lot only on the 21 Ema Test.
Long now with 2 lots at the 21 ema and 50 ema taps.
Average buy in at 160.37
This will be for 9-10 pips profit on push up to 160.50 area.
  • #498
  • Apr 10, 2008 6:25pm Apr 10, 2008 6:25pm


once again you did it!

im on my laptop and couldnt move quick enough to get out of everything in time plus buy but i could see what was going to happen.

what's funny is i had figured you were out already with that little spike and had made good money, lol!

one day i shall be like you

big p
  • #499
  • Apr 10, 2008 6:27pm Apr 10, 2008 6:27pm
Wow, talk about dying in the stream.

This thing said good night. lol

Drawdown - looking for the next bounce to catch on.

Me like it, smaller trade, but hoping for a move back up to 1/2 of this move down around 160.47 for exit.

Will hang a bit on this one.
  • #500
  • Apr 10, 2008 6:29pm Apr 10, 2008 6:29pm
Quoting Big Pippin'


once again you did it!

im on my laptop and couldnt move quick enough to get out of everything in time plus buy but i could see what was going to happen.

what's funny is i had figured you were out already with that little spike and had made good money, lol!

one day i shall be like you

big p
Hoping you are like me while ago, but not on this long. LOL

May be digging in here with rescue lots.

The more we watch and see how EJ moves, the easier most trades become, the hardest thing for me to learn is to win big and not give back any like now.

Well, at least I have some to give, but I don't give back much usually.

Let's rock this baby.

Ken
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