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zoopy's trading journal

  • #1,021
  • Jun 4, 2008 2:44pm Jun 4, 2008 2:44pm
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
Pulling trade.

Reason
1. No momentum behind this move going down. This may be because the market is waiting for NFP this Friday I'm not sure.
2. I watch price as it approaches x.xx20. If it shows a reaction in this area then there may be buyers at the round number below ie. x.xx00 (1.5400)
3. I will be looking for a higher price to short at. If the market tanks, I'm letting this one go.

Edit: Will be sending in my scout at 1.5500 or higher if possible.

so you pulled your scout and withdrew the army? + or - on this trade?

i'm still holding a short, but now i'm back at my charts i look to see whats going on.

Edit: strong support at 1.5415 +/- a few, next support after that is in the low 1.52's, i'm holding to see what the US close brings.
  • #1,022
  • Jun 4, 2008 2:47pm Jun 4, 2008 2:47pm
What broker has oil on Demo account?
  • #1,023
  • Jun 4, 2008 2:49pm Jun 4, 2008 2:49pm
Quoting MPP
so you pulled your scout and withdrew the army? + or - on this trade?

i'm still holding a short, but now i'm back at my charts i look to see whats going on.
Pulled everything. It's possible the market may grind away until we hit 1.5400 but I think there's something there.

I made a small profit on this trade. +/- 30 pips

Didn't feel comfortable with that trade and when you experience that, you get out with a small profit if possible and rethink your strategy.
  • #1,024
  • Jun 4, 2008 2:52pm Jun 4, 2008 2:52pm
Quoting Fxtrader
What broker has oil on Demo account?
Oil + main charting feed = ODL Securities
DowJones + S&P500 + NasDaq = North Finance
  • #1,025
  • Jun 5, 2008 2:47am Jun 5, 2008 2:47am
Quoting zoopy
Oil + main charting feed = ODL Securities
DowJones + S&P500 + NasDaq = North Finance
Thanks you are always helpful, am applying your waves to my trading and its going well so far, but i use price action for entry, lets say a waves collapses and price retraces, i will look for exhaustion spikes, a 123 reversal pattern and outside bars to enter the trade
  • #1,026
  • Jun 5, 2008 6:53am Jun 5, 2008 6:53am
Quoting Fxtrader
Thanks you are always helpful, am applying your waves to my trading and its going well so far, but i use price action for entry, lets say a waves collapses and price retraces, i will look for exhaustion spikes, a 123 reversal pattern and outside bars to enter the trade
Everyone will use the waves differently. The main thing is that you understand the basic principle of how they work because it occurs in all markets, not just forex. A while back I believe I also posted up some of the ways it could be applied using PA and the 50.0% fib retracement.

Personally, I just trade it the way you see it in my charts. Sometimes I use the 50.0% fib retracement to cut down on the risk exposure if the wave is large but that's about it. Nothing fancy


  • #1,027
  • Jun 5, 2008 8:00am Jun 5, 2008 8:00am
Quoting zoopy
Pulling trade.

 Reason
1. No momentum behind this move going down. This may be because the market is waiting for NFP this Friday I'm not sure.
2. I watch price as it approaches x.xx20. If it shows a reaction in this area then there may be buyers at the round number below ie. x.xx00 (1.5400)
3. I will be looking for a higher price to short at. If the market tanks, I'm letting this one go.

Edit: Will be sending in my scout at 1.5500 or higher if possible.
Yep. Something was hiding behind those bushes LOL

Going to be monitoring 1.5500 and beyond to see what price does then I'll be sending in my scout.
  • #1,028
  • Jun 5, 2008 8:24am Jun 5, 2008 8:24am
Quoting zoopy
Yep. Something was hiding behind those bushes LOL

Going to be monitoring 1.5500 and beyond to see what price does then I'll be sending in my scout.
Sending in my scout. If this move starts to tank I'm sending in the army.
  • #1,029
  • Jun 5, 2008 8:34am Jun 5, 2008 8:34am
This is what I currently see on my euro charts. We have breached the 50.0% fib retracement based on the line chart. Once that happened, my goal was to try and get a really good price to short at, relative to the blue highlighted box (the closer you can get to that box, the smaller the risk).

Sending in reinforcements...
If we start dropping faster I'm sending in the army.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: euro_4hour_50.gif Size: 10 KB
Click to Enlarge Name: euro_4hour_highlight.gif Size: 9 KB
  • #1,030
  • Jun 5, 2008 8:59am Jun 5, 2008 8:59am
That was one very scary move up there. We went from 1.5364 to 1.5543 within 2 hours? Not sure how much I trust that move even though it was caused by Trichet's comments. Trading euro is worse than trading cable nowadays

Watch for a possible move down in the next few hours. This move up seems way too extreme and in such a short period too. Also keep an eye on a break of the current wave to the upside and a confirmed close. If this happens I'll be pulling my trade once again and will probably wait until the market calms down. NFP is tomorrow so something to keep in mind.
  • #1,031
  • Jun 5, 2008 9:07am Jun 5, 2008 9:07am
Here's the current wave we're now working with. The 4 hour period for me closes in about 2 hours time so will be interesting to see what happens from then onwards. Euro just hit around 200 pips up in 2 hours lol. One of these days it's going to put gbpjpy to shame.
Attached Image (click to enlarge)
Click to Enlarge Name: euro_currentwave.gif Size: 9 KB
  • #1,032
  • Jun 5, 2008 9:09am Jun 5, 2008 9:09am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
That was one very scary move up there. We went from 1.5364 to 1.5543 within 2 hours? Not sure how much I trust that move even though it was caused by Trichet's comments. Trading euro is worse than trading cable nowadays

Watch for a possible move down in the next few hours. This move up seems way too extreme and in such a short period too. Also keep an eye on a break of the current wave to the upside and a confirmed close. If this happens I'll be pulling my trade once again and will probably wait until the market calms down. NFP is tomorrow so something to keep in mind.
My EU short was shot at 1.5550, twice EU has slapped me this week - might swap to Uchf, much clearer.
  • #1,033
  • Jun 5, 2008 9:14am Jun 5, 2008 9:14am
Quoting MPP
My EU short was shot at 1.5550, twice EU has slapped me this week - might swap to Uchf, much clearer.
Shot? Is that the short from the previous trade?

What has happened this week is the reason why I don't let trades run but aim for 100 pips then get out. My reasoning behind this is simply because if the big players are involved, they will push price from one round number level to the next. If you look at what's happened this morning, price pushed from 1.5400 to 1.5500+.
  • #1,034
  • Jun 5, 2008 9:17am Jun 5, 2008 9:17am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting zoopy
Shot? Is that the short from the previous trade?

What has happened this week is the reason why I don't let trades run but aim for 100 pips then get out. My reasoning behind this is simply because if the big players are involved, they will push price from one round number level to the next. If you look at what's happened this morning, price pushed from 1.5400 to 1.5500+.

broke through the 1.5400 first and just missed my 100pip tp, to add to that i missed my entry on AJ while i was out - not a good week. only have a long on AU now.
  • #1,035
  • Jun 5, 2008 10:29am Jun 5, 2008 10:29am
Sorry guys, this is an out of topic question. How will the elections affect the USD?
  • #1,036
  • Edited 10:57am Jun 5, 2008 10:42am | Edited 10:57am
  •  MPP
  • Joined Jun 2007 | Status: Be yourself, everyone else is taken | 2,734 Posts
Quoting Fxtrader
Sorry guys, this is an out of topic question. How will the elections affect the USD?
Obama will win - it's written on a $20 note, i'll post the report in the comedy club.

Edit: FF could load the images - i'll convert it later
  • #1,037
  • Jun 5, 2008 10:45am Jun 5, 2008 10:45am
Quoting zoopy
That was one very scary move up there. We went from 1.5364 to 1.5543 within 2 hours? Not sure how much I trust that move even though it was caused by Trichet's comments. Trading euro is worse than trading cable nowadays

Watch for a possible move down in the next few hours. This move up seems way too extreme and in such a short period too. Also keep an eye on a break of the current wave to the upside and a confirmed close. If this happens I'll be pulling my trade once again and will probably wait until the market calms down. NFP is tomorrow so something to keep in mind.

LOL....
nothing is scary where you know what you're doing and where to go long/short.
trading s/r in addition to PA is very predictable and profitable....
.
Attached Image
  • #1,038
  • Jun 5, 2008 10:52am Jun 5, 2008 10:52am
this is the one I took this morning..... on a touch. It would be really nice to get some PA at the end of the day today.....
I had a hard choice between cable and fiber at 7est and picked cable
.. out of greed. I thought it would move faster.... damn greed
.
Attached Image
  • #1,039
  • Jun 5, 2008 10:54am Jun 5, 2008 10:54am
Quoting Fxtrader
Sorry guys, this is an out of topic question. How will the elections affect the USD?
Might need someone who's from the US to maybe give their input on that question. Since I'm from Canada I can't comment too much on that plus I'm not too knowledgeable when it comes to fundamentals.

However... what may happen is the USD strengthens temporarily because everyone pretty much wants Bush out of office. Change is good, just a matter of how good the change is I guess.

Would be interesting to hear from those in the US what their views are if Obama wins vs McCain and where they see the USD heading.
  • #1,040
  • Jun 5, 2008 10:58am Jun 5, 2008 10:58am
Quoting raczekfx
LOL....
nothing is scary where you know what you're doing and where to go long/short.
trading s/r in addition to PA is very predictable and profitable....
.
The move itself didn't surprise me. I already knew something was hiding behind 1.5400 when price hit 1.5420. What surprised me was the SIZE of the move. A year ago euro was moving around maybe 80-90 pips a day. Today alone we made a move of 200 pips, maybe even more. I don't even think cable moves that much in day lol.
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