MW's trading journal | Page 49 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

Another Trading Journal - Yuhu's Journal 17 replies

Twitch Journal - Live Journal 4 replies

Creating my Trading Plan + My Trading Journal 27 replies

My Personal journal up 18% in 2 months going to start a journal 8 replies

Azzity's Trading Journal III (Azzity's 3/30 Trading Method) 9 replies

Attachments: MW's trading journal
Exit Attachments

MW's trading journal

  • #961
  • May 5, 2008 8:34am May 5, 2008 8:34am
Quoting Infinity
Great stuff guys. My analysis tells me the same. I have no open positions now but it has been a great week . I am looking to get in Sunday night as well on a pullback of gj to 205 area looking for 210, also looking to reenter gu short in the 1.9800 area. I have been shorting rallies all week on the gu. I scalped the gj a bit but not much. The charts are also indicating that the gj could be on the way up to 221ish soon but I have reservations because of the weak pound. Anyway, as usual, we will let price action be our guide and ride the waves which follow, whichever direction it takes us.

Have a great weekend guys.

Bless
Excellent man! I'm loving the simple charts. As for g/j, I sold last night and I'm holding until 206.50 for a reasonably conservative target. After I close that position, I have longs loading up at 206.50, 206.25,206.00, and 205.50. It's going to be a good week my friends lol Reasoning for longs are the double low higher close on the weekly and overall bullish feel at the moment until we get more buyers for the drop.

I already set up the longs on the eur/jpy because there really isn't much room for downside with it, but every 25 pips that it drops or so, I plan on adding to the position. Reasoning for longs is a great weekly pin bar.

I learned this one from Moe a long time ago through one of his posts- If you have a solid core position, take full advantage of it and load em up.

Other than that, I still have my other positions open on the eur/usd, gbp/usd, nzd/usd, and aussie. I may take the last two out though and possibly reverse the position very soon.
I dream, therefore I become.
  • #962
  • May 6, 2008 11:14am May 6, 2008 11:14am
Alrighty, I closed up the shorts I had for the run down to the weekly 5 sma for a nice profit and now I've reversed the position and am long until 210 on g/j. I also just placed some longs on the usd/jpy as well and am targeting 107. If today closes well, I will add more to the position there, as I think it will close as a pin or close to it. I added to the eur/jpy core position as well.
I dream, therefore I become.
  • #963
  • May 6, 2008 11:24am May 6, 2008 11:24am
Quoting mike w
Alrighty, I closed up the shorts I had for the run down to the weekly 5 sma for a nice profit and now I've reversed the position and am long until 210 on g/j. I also just placed some longs on the usd/jpy as well and am targeting 107. If today closes well, I will add more to the position there, as I think it will close as a pin or close to it. I added to the eur/jpy core position as well.
Hi Mike,

I've been 'watching' GJ and of course the lower trend line.

Noting your latest GJ Long, are you quietly confident that price is now heading away from the trend line for some time?

Thanks,
Rob
  • #964
  • May 6, 2008 4:31pm May 6, 2008 4:31pm
Quoting priceaction
Hi Mike,

I've been 'watching' GJ and of course the lower trend line.

Noting your latest GJ Long, are you quietly confident that price is now heading away from the trend line for some time?

Thanks,
Rob
Yes I am. I'm fairly confident in my position and I'm thinking that we will see at least 210 and possibly higher before the next drop in price. I look for this week to close higher than last week did because of the setup that last week's close produced.

On another note, I've added other positions to the mix and they all support my initial gbp/jpy long position. They are on the usd/jpy, eur/jpy, gbp/chf, and lastly I've added to the gbp/jpy position on today's close.
I dream, therefore I become.
  • #965
  • May 7, 2008 10:35am May 7, 2008 10:35am
The gbp/chf trades were closed automatically by my stop for a loss sometime thoughout the night. The others are mostly weekly trades and so I plan on holding them until the end of the week.
I dream, therefore I become.
  • #966
  • May 7, 2008 10:04pm May 7, 2008 10:04pm
Giggity giggity giggity that's all folks. All those previous longs went down the drain. I'll make no excuses except for laziness on my behalf for those- I've let myself become comfortable with trading to a point that it's monotonous. It's because of that that I have been taking losses recently, I do believe. I've started to read through James16 thread again and already have learned something that I didn't already know. This goes to show that even when you think you know it all- you have a hell of a lot to learn.

I've taken a trade on the eur/cad based on the daily bar which is also at support with a fairly tight stop. I'll only be taking A plus setups again as I was earlier in my career. I don't really know why I stepped away from it in the first place- possibly because I feel used to the markets, but there is no reason to take any trades that are just so so. That's the fastest way to lose money and I hope anyone that reads this in the future (including myself) learns from my mistakes here. After I read through the J16 thread ( which will probably take about 3 days or so, I'll be back to trading as I was- only better. Have a great day everybody!
I dream, therefore I become.
  • #967
  • May 7, 2008 11:47pm May 7, 2008 11:47pm
Quoting mike w
Giggity giggity giggity that's all folks. All those previous longs went down the drain. I'll make no excuses except for laziness on my behalf for those- I've let myself become comfortable with trading to a point that it's monotonous. It's because of that that I have been taking losses recently, I do believe. I've started to read through James16 thread again and already have learned something that I didn't already know. This goes to show that even when you think you know it all- you have a hell of a lot to learn.

I've taken a trade on the eur/cad based on the daily bar which is also at support with a fairly tight stop. I'll only be taking A plus setups again as I was earlier in my career. I don't really know why I stepped away from it in the first place- possibly because I feel used to the markets, but there is no reason to take any trades that are just so so. That's the fastest way to lose money and I hope anyone that reads this in the future (including myself) learns from my mistakes here. After I read through the J16 thread ( which will probably take about 3 days or so, I'll be back to trading as I was- only better. Have a great day everybody!
Mike, 'it happens to the best of us', as the old saying goes. I've been reading a lot recently about Livermore, Darvas, Loeb, etc, and see that they were far from fallible, despite being some of the greatest traders in history.

I'm starting to keep a diary of my errors, just so that, amongst the successes, I don't forget my foolish ways and losing days.

Great attitude Mike and thanks for sharing everything.

Rob
  • #968
  • May 8, 2008 11:24am May 8, 2008 11:24am
Quoting priceaction
Mike, 'it happens to the best of us', as the old saying goes. I've been reading a lot recently about Livermore, Darvas, Loeb, etc, and see that they were far from fallible, despite being some of the greatest traders in history.

I'm starting to keep a diary of my errors, just so that, amongst the successes, I don't forget my foolish ways and losing days.

Great attitude Mike and thanks for sharing everything.

Rob

I agree with you 100%. Everyone has losses, no matter who they are. If someone tells you they don't, they are lying and that's a fact. Thanks for the comments Rob, it's much appreciated. As for the journal, it really does keep you in check a bit more than what you would normally have been.

On another note, the eur/cad position is going well.

Here are some other price action setups that I just placed.

The eur/usd closed as a bullish outside vertical bar so I bought into it targeting a much higher level.
The usd/chf closed the exact opposite with a bearish outside vertical bar so I just sold it.
The aud/usd closed as a BUOVB and a dblhc. I have an order pending at .9420 for it for long.
These are all based on my 4 hour charts which just closed at 12 o' clock.
I dream, therefore I become.
  • #969
  • Edited 3:06pm May 8, 2008 2:51pm | Edited 3:06pm
Quoting mike w

Here are some other price action setups that I just placed.

The eur/usd closed as a bullish outside vertical bar so I bought into it targeting a much higher level.
The usd/chf closed the exact opposite with a bearish outside vertical bar so I just sold it.
The aud/usd closed as a BUOVB and a dblhc. I have an order pending at .9420 for it for long.
These are all based on my 4 hour charts which just closed at 12 o' clock.
Ok, here's the 4 hour update. My candle closes in 15 minutes so I am doubting too much movement will happen from here to there.

The eur/usd is in retracement mode, possibly down to 1.5380's but the BUOVB is still intact and considered a good trade. This bar will also close as an inside bar and because of this, I will post another entry above the previous BUOVB bar.

The usd/chf is doing the exact opposite and while it's BEOVB is still intact, it is retracing as well. The candle, like the eur/usd, will close as an inside bar, and so I will place another order below the previous BEOVB bar.

The Aud/Usd will quite possibly close as a pin bar in a fairly solid resistance area. This, to me, means that we just need a little more steam to break it and so we need to retrace. I'm looking to see my order at .9420 be hit for another ride up and through that resistance level. The retracement could possibly last longer and ride down to 9400.

The nzd/usd is closing as a double bar high lower close. This is spelling out bearishness overall, but it is also an inside bar. The way I will play this is to set my entry below the previous bar. Until that previous bar is breached, I am not thinking of this to have much momentum and it probably make another move back upwards before continuing on. I would rather have no trade than a bad trade.

I've also placed an entry for a usd/jpy long at 103.80 because of the pin bar at support.

For the nzd/jpy, which there was a pin bar on my other charting package, I plan on waiting until I see solid bullishness on a lower timeframe (1 hour) before placing an order to buy into it).

The Eur/Jpy closed bearish with a pin bar.
I dream, therefore I become.
  • #970
  • May 8, 2008 3:13pm May 8, 2008 3:13pm
Next up are the dailies in an hour for me. I'll be posting in this format from now on in this thread as it's just easier to read instead of just babble.
I dream, therefore I become.
  • #971
  • May 8, 2008 3:18pm May 8, 2008 3:18pm
I decided to close out the usd/jpy trade as there is bearishness on other timeframes for it. I closed for a loss of 2 pips which is better than a large loss if the pin wouldn't hold up.
I dream, therefore I become.
  • #972
  • May 8, 2008 3:44pm May 8, 2008 3:44pm
Ok , here's the daily analysis with trades that are looking good.

The eur/usd closed as a pin bar in a solid support area. I already have a position on this and plan on adding to the breakout of the inside bar around 1.5445 for a safe position. After this, I will lock in profit on my initial core position.

The gbp/usd is closing with a trend continuation pattern. It closed with a double low and overall bearish bias in price. I am placing a sell order below the lows.

The Usd/Chf is closing as a BEOVB at a solid point of resistance which also coincides with the bearish price action on the lower timeframes so I'm thinking it will break down soon.

The Aud/Usd is closing as a pin bar at solid support.

The eur/cad closed with a confirmation bar of yesterday's pin bar and so I will add to the position during retracement.

The Gbp/Aud is closing as a BEOVB, as is the Eur/Aud. I will not be taking these last two as trades - they are only here for documentation.

I still have my longer term eur/jpy trade open that was based on the monthlies. It just finished up it's 5 sma retracement and so I am thinking that we should see bullishness soon on this pair.
I dream, therefore I become.
  • #973
  • May 8, 2008 7:29pm May 8, 2008 7:29pm
Quoting mike w
Ok , here's the daily analysis with trades that are looking good.

The eur/usd closed as a pin bar in a solid support area. I already have a position on this and plan on adding to the breakout of the inside bar around 1.5445 for a safe position. After this, I will lock in profit on my initial core position.

The gbp/usd is closing with a trend continuation pattern. It closed with a double low and overall bearish bias in price. I am placing a sell order below the lows.

The Usd/Chf is closing as a BEOVB at a solid point of resistance which also coincides with the bearish price action on the lower timeframes so I'm thinking it will break down soon.

The Aud/Usd is closing as a pin bar at solid support.

The eur/cad closed with a confirmation bar of yesterday's pin bar and so I will add to the position during retracement.

The Gbp/Aud is closing as a BEOVB, as is the Eur/Aud. I will not be taking these last two as trades - they are only here for documentation.

I still have my longer term eur/jpy trade open that was based on the monthlies. It just finished up it's 5 sma retracement and so I am thinking that we should see bullishness soon on this pair.
Howdy from Texas Mike! Really enjoyed your posts on Sheriff Joe in Arizona. He is a true American role model. Hey...I just wanted to tell you how much I appreciated those last few posts from your journal. I've been really busy with work as of late so I'm not trading as much as I normally do. I'm studying more than trading and I'm trying to find a style I'm comfortable with. I really like to see your thoughts and then look at my charts. It's almost summer here, will you be coming down our direction? I've got a bike for you to ride. I'm doing a 4 hr enduro saturday. See ya around.
  • #974
  • May 9, 2008 10:07am May 9, 2008 10:07am
Quoting KissFan
Howdy from Texas Mike! Really enjoyed your posts on Sheriff Joe in Arizona. He is a true American role model. Hey...I just wanted to tell you how much I appreciated those last few posts from your journal. I've been really busy with work as of late so I'm not trading as much as I normally do. I'm studying more than trading and I'm trying to find a style I'm comfortable with. I really like to see your thoughts and then look at my charts. It's almost summer here, will you be coming down our direction? I've got a bike for you to ride. I'm doing a 4 hr enduro saturday. See ya around.
Hey Roger, how's it goin man?! It's good to hear from ya! Thanks for the comments too. How's work goin? I hope everything's great man! As for coming down there during the summer, I almost definitely will be...I'm just not sure as to when yet. Good luck in ur enduro too, those are rough as hell lol Alright, take it easy brother!
I dream, therefore I become.
  • #975
  • May 9, 2008 10:11am May 9, 2008 10:11am
OK I'll be posting up the 4 hour progressions around 12 or so as there is still a little room to move.
I dream, therefore I become.
  • #976
  • May 9, 2008 10:42am May 9, 2008 10:42am
Here are some thoughts about the previous day's trades before I put out the 4 hour comments and updates.

The eur/usd is still going strong and is just about to finish up it's retracement to end the day well.

Same goes for usd/chf, only vice versa.

The gbp/usd's trend continuation pattern worked out well and I am in a gain from it still. I'm not sure as to when I will take it off the table yet.

The aud/usd pin bar isn't holding up too well at the moment, although I still have my position in. Right now, by the looks of it, we will see a dbhlc and that may negate the pin.

The eur/cad looks to finally be finishing up it's retracement and so we should see more upside. My buy order at 1.5520 got triggered.

Today's trades are all looking good so far with the exception of the aud/usd. I'd like to see a higher close on the daily in order to keep this position open.
I dream, therefore I become.
  • #977
  • May 9, 2008 11:07am May 9, 2008 11:07am
OK for the 4 hour, I'm only seeing a few things shaping up.

First, there is a bullish pin at support to finish up the retracement on the eur/usd. I am adding to my position here and raising my stops on the previous positions.

The gbp/usd closed as an indecisive pin and so I'm closing my position that was taken off of the trend continuation bar of yesterday. I played this conservatively and only made 20 pips from it.

The nzd/usd is closing as an indecisive pin which affects my position that was taken off the break of the 4 o' clock inside bar of yesterday. I just closed this position for 35 pips. Small, but still a gain.

I still think the eur/cad is in retracement mode, but the next few bars will tell me for sure if it is or if it will get burned. Both trades are in profit at the moment.

THe usd/chf finished up it's retracement and should continue on now as well.
I dream, therefore I become.
  • #978
  • May 11, 2008 7:10pm May 11, 2008 7:10pm
I'm a little late on my weekly and daily analysis so I'll be checking in with both after the Pens take down the flyers. I don't need a crystal ball to know those facts. lol What I do know is the nzd/usd closed as a beovb on the weekly chart... after a little retracement activity, I plan on selling this pair to the next support area. It might be tomorrow morning before I make the daily and weekly analysis yupdate.
I dream, therefore I become.
  • #979
  • May 12, 2008 11:25am May 12, 2008 11:25am
Here are the 4 hour updates with possible trade setups. My 4 hour bar closed at 12 o'clock.

The usd/cad closed as a bearish outside vertical bar and so I will be looking to place a sell order in the 1.0055 area.

The Aud/jpy closed as a bullish outside vertical bar so I placed a buy order on it.

Gbp/jpy closed as an inside bar and so on the breakout, I would look for a trade. Longs are looking far better than shorts at the moment.

The eur/usd just hit resistance and so I would expect a bounce from ehre before maintaining it's overall bullishness.

The gbp/aud closed as a bearish outside vertical bar and so I placed a sell order on it.

The nzd/jpy closed as an inside bar, but with overall bullish potential to it. I would look to buy on the breakout.

I'm looking for the usd/chf to continue bearishness now that it's finished the 5 sma retracement on the weekly. Vice versa for the eur/usd.

All other trades are as is.

I'll just post the daily update on the close.
I dream, therefore I become.
  • #980
  • May 12, 2008 12:32pm May 12, 2008 12:32pm
A little late, but here's the weekly update.

Eur/usd - The week closed bullishly and hasn't looked back since. I plan on holding these longs for a while

Usd/Jpy closed as a double high lower close and so after the retracement is over, I would look to short at a solid level.

Nzd/usd closed as a beovb and so, once we get to the higher .7700's, I plan on placing a few short orders into this pair.

Cad/Jpy closed as a beovb and I will be placing shorts on the next sign of bearishness on the 4 hour or daily.

That's really about it for solid looking opportunities based on the weekly charts. I plan on trading in that direction for trades based on lower timeframes for this week once retracements are done.
I dream, therefore I become.
0 traders viewing now