zoopy's trading journal | Page 47 | 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: zoopy's trading journal
Exit Attachments

zoopy's trading journal

  • #921
  • May 27, 2008 8:51pm May 27, 2008 8:51pm
Quoting zoopy
Yes but this is a separate study I'm doing. If I'm right about my assumptions on wave analysis, I will be able to spot a major trend reversal on the euro (or any other market for that matter) using the weekly chart. This to me is important because if I was to trade Jacko's method, I need to know how to spot when a trend reverses. This can be done using a number of ways but I find this easier. Trading this way also gives me more insight into why his method works so well so when market conditions do change, I will know my boundaries and can adjust the method accordingly.

Do I see more downside? If the daily wave collapses, yes. I'd be very cautious to take longs then because the waves going down will be larger in size but even the moves up will probably still be around 300 pips or so.
I entered long at 1.567 - lower May trend channel, think it'll hold?
Interesting stuff, will be watching for your reversal call, thanks
Money & Pain Respect the market, protect your capital, be patient
  • #922
  • May 27, 2008 8:57pm May 27, 2008 8:57pm
Quoting toyboy tramp
I entered long at 1.567 - lower May trend channel, think it'll hold?
Interesting stuff, will be watching for your reversal call, thanks
Don't know, anything is possible. Euro will have to take out 1.5800 to convince me to go long again.
  • #923
  • May 28, 2008 4:24am May 28, 2008 4:24am
Quoting zoopy
I prefer not to use targets because that's like trying to predict where the market is going and we all know no one is capable of doing that. What I do know is that price is suggesting currently that it wants to drop. We had a wave collapse on the daily (lower highs/lows), we had a pullback and it looks like it's turning south.

It is now 8:00pm NY and the eurusd has now given me enough evidence that the current 4 hour wave has collapsed. I'm now going to wait for a retracement up (hopefully I can get as high as 1.5750) then short using a small position to find the top. Once I'm in with a small position, I will wait to see further signs of a move down where I will add another small position. When momentum picks up I will add the rest of the position and start riding the waves down.


Price now at 1.5690 , isn't this beutifull?
  • #924
  • May 28, 2008 6:29am May 28, 2008 6:29am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting kaunasny
Price now at 1.5690 , isn't this beutifull?
break of th downside, is confirmed for me now, will look to close out my 1.5600 long, long on AJ after the break fo the high.

love this line chart trading, of now to take the kids swimming, catch you all later.

EDIT: revued the daily chart, not so sure about this, looks like a 50% retracement on the last daily run up, possibly going higher, so will let the trade play itself out - stick to the original plan.
  • #925
  • May 28, 2008 7:08am May 28, 2008 7:08am
Quoting MPP
break of th downside, is confirmed for me now, will look to close out my 1.5600 long, long on AJ after the break fo the high.

love this line chart trading, of now to take the kids swimming, catch you all later.

EDIT: revued the daily chart, not so sure about this, looks like a 50% retracement on the last daily run up, possibly going higher, so will let the trade play itself out - stick to the original plan.
Even though we were making smaller waves up, the wave down that broke is far more defined and I would trust that more. If you're not sure, zoom out. I think you may be seeing too much noise.
  • #926
  • May 28, 2008 7:15am May 28, 2008 7:15am
Here is the gbpchf 4 hour chart. We now have a confirmed break of the wave to the upside. This means the direction for this pair is up until we get a wave that collapses to the downside.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpchf_4hour.gif Size: 10 KB
  • #927
  • May 28, 2008 7:37am May 28, 2008 7:37am
Thought I had a more detailed post of this but I guess I don't. This post is going to be about how I use round numbers to gauge the strength of the market. Even though I do use wave analysis to find the direction, in order to help with better entries I use the round number analysis. Here's how this works...

If price on the euro is currently at 1.5083 and moving up, I will watch how it reacts when it hits 1.5100. If price was to sail through, the closer it gets to 1.5150, the higher the probability of price eventually hitting 1.5200. The reason for this (and I could be wrong - if I am, hopefully a more experienced trader can share some insight into this topic) is because the big players tend to push price from one round number level to the next.

If the market was going up, how do I know if there is a strong set of orders waiting to sell at the round number approaching? More often than not if something was hiding behind the closest round number above, you will start to notice a heavy reaction 20 pips before. So if we're approaching 1.5200, you'll notice price push down at 1.5180. If the market was heading lower, the area to watch for would be 20 pips above the closest round number below.
  • #928
  • May 28, 2008 7:46am May 28, 2008 7:46am
For those that are following my journal and don't have too much time to read through everything quickly, I have created an index to find information I deem important in my trading. You can find all of this information in the link below:

http://www.forexfactory.com/showpost...77&postcount=1
  • #929
  • May 28, 2008 9:30am May 28, 2008 9:30am
Here's a look at what oil's doing. After the wave collapse, it's pulling back and is now in the HZ area that I would be interested in before shorting. However, if price breaks the previous wave's high, we will be resuming with the uptrend.
Attached Image (click to enlarge)
Click to Enlarge Name: oil_4hour.gif Size: 9 KB
  • #930
  • May 28, 2008 9:36am May 28, 2008 9:36am
I've been asked by some traders where do I see gbpjpy going? On the weekly chart I would watch the current wave formation I have mapped out. If the wave breaks to the upside, this may be the early signs of a weekly reversal. If this happens, price will continue to move higher until a wave collapses.
Attached Image (click to enlarge)
Click to Enlarge Name: gbpjpy_weekly.gif Size: 10 KB
  • #931
  • May 28, 2008 1:33pm May 28, 2008 1:33pm
Quoting zoopy
Seems like I keep revisiting this scenario not because I think this is going to happen but because price is suggesting it. AGAIN I'm going to post the daily chart with the wave collapse which happened a while back. I'm now revisiting the 4 hour chart once again and I do see a collapse. However... I would like to see a more convincing one so I'll wait for another 4 hours to make sure (4 hour period for me ends at 8:00pm NY). If we are still below, I will be placing orders to sell around 1.5750 if price can get that high which will also help to limit risk should the current wave decide to break to the upside again. The size of the position again will be a small one to see if I can find where the top is and if I happen to find it I'll add the rest.
Moved all of my stops to breakeven on this trade. Might even collapse the trade entirely if the euro starts to creep higher. I'm noticing movement at 1.5620 which means there may be buyers waiting at 1.5600.
  • #932
  • Edited 5:49pm May 28, 2008 3:47pm | Edited 5:49pm
Ok... so I'm sitting here holding a short and happened to look at the calendar for tomorrow and of course Bernanke has to be speaking. Out of all the days, he has to speak tomorrow. Last tally was 10 of 12. Lets see what tomorrow brings.

Because of the above, I may be bailing out of my trade since there's an 83% chance euro will go up lol

Edit: collapsed trade. Will be looking at a possible short around 1.5700 depending on what happens in that area.
  • #933
  • May 28, 2008 3:54pm May 28, 2008 3:54pm
Quoting zoopy
Ok... so I'm sitting here holding a short and happened to look at the calendar for tomorrow and of course Bernanke has to be speaking. Out of all the days, he has to speak tomorrow. Last tally was 10 of 12. Lets see what tomorrow brings.

Because of the above, I may be bailing out of my trade since there's an 83% chance euro will go up lol
I was actually going to mention that earlier but I thought ah hes a big boy he knows what hes doing...
Never say never.
  • #934
  • May 28, 2008 3:57pm May 28, 2008 3:57pm
Quoting razldazl
I was actually going to mention that earlier but I thought ah hes a big boy he knows what hes doing...


We might see price hit 1.5600. I was watching it earlier and I believe something is hiding there and I don't believe it's bears lol.
  • #935
  • May 28, 2008 6:06pm May 28, 2008 6:06pm
What I am finding so far with this kind of trading is perhaps it's best to take all off the table once 100 pips is hit. Although more pips can be made on a few occasions where the market actually does make a run for it, this is also based on the assumption that the market will go further. One thing I've learn't about the markets... NEVER assume.

Here are the positives of taking a fixed 100 pip target (keep in mind this is more my approach).
1. You cover yourself quickly by booking profits.
2. After taking profits, you will be able to enter in again at a better price.
3. Because of point number 2, compounding works quicker doing the work for you instead of you actually having to earn pips.

I know this will be brought up since it may not make sense to others. Some will argue that taking a fixed 100 pip TP doesn't justify the larger stop. Keep in mind my first position is very small and is used more to find out where the top/bottom of the market is. Once I have a good idea and am confident about the direction, I move in with the larger position. Since I am in with the larger position, it also means I'm subject to greater risk during that time so therefore it's best to take the profit and get out.

  • #936
  • May 28, 2008 7:03pm May 28, 2008 7:03pm
Quoting zoopy
One thing I've learn't about the markets... NEVER assume.

Here are the positives of taking a fixed 100 pip target (keep in mind this is more my approach).
1. You cover yourself quickly by booking profits.
2. After taking profits, you will be able to enter in again at a better price.
3. Because of point number 2, compounding works quicker doing the work for you instead of you actually having to earn pips.

Keep in mind my first position is very small and is used more to find out where the top/bottom of the market is. Once I have a good idea and am confident about the direction, I move in with the larger position. Since I am in with the larger position, it also means I'm subject to greater risk during that time so therefore it's best to take the profit and get out.

Hi zoopy, very wise thought. Thats why I asked you about targets yesterday same time. I agree to bank your profit about 100 pips with your large position and if you like leave the very small first position run with the waves.......
From now on I am a zoopy wave follower
  • #937
  • May 28, 2008 7:15pm May 28, 2008 7:15pm
Quoting fanias
Hi zoopy, very wise thought. Thats why I asked you about targets yesterday same time. I agree to bank your profit about 100 pips with your large position and if you like leave the very small first position run with the waves.......
From now on I am a zoopy wave follower
Fanias

There's so many ways to trade these waves I didn't want to trap myself in a corner too soon. Taking a 100 pip profit makes sense if you're trading the 4 hour waves but if we switch to the daily chart, we may want to consider holding trades longer since there won't be as many.

I also think that it just makes more sense to take the 100 pips since every time I enter back into the trade, I will be compounding. This also means I'll have to work less harder to actually earn pips and let the compounding do all the work for me.
  • #938
  • May 28, 2008 7:48pm May 28, 2008 7:48pm
For me is better to trade the 4 hour waves in direction of daily waves and bank about 100 pips with use of smaller stop loss if trade goes against me.
  • #939
  • May 28, 2008 8:01pm May 28, 2008 8:01pm
Quoting fanias
For me is better to trade the 4 hour waves in direction of daily waves and bank about 100 pips with use of smaller stop loss if trade goes against me.
I think the important thing is that you should trade in a way you're most comfortable with. I'm sure we all analyze the waves in a similar way, however the way we trade them may be different. It's all about knowing the basics, knowing the boundaries within the basics and trading it accordingly.

What I'm doing now (but not limiting myself to this since I may change it over time the more I understand waves) is to enter into the trade when the market is showing signs of weakness/strength. I enter in with what I refer to as my "scout". The scout is my "sacrificial pawn". If he comes back to me alive I know it's safe. If he doesn't make it back, I know I'm terribly wrong lol. Once I know I have the direction and the market starts picking up momentum, I will move in with a 4-5% position based on a 100 pip stop.
  • #940
  • May 28, 2008 8:09pm May 28, 2008 8:09pm
Quoting fanias
For me is better to trade the 4 hour waves in direction of daily waves and bank about 100 pips with use of smaller stop loss if trade goes against me.
For example two pairs that I trade are eurusd looking for short opportunity and usdjpy looking for long position.
2 traders viewing now