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  • #1,381
  • Edited 9:08pm May 18, 2009 4:43pm | Edited 9:08pm
Quoting mike w
Yoooo Infinity, what's up my man?

Check out the eur/jpy and gbp/chf now.

You were exactly right on the retrace to 1.72 for the gbp/chf. I'm waiting for PA now on the 4 hour to confirm direction(My guess is down, although guesses don't make me any cash).

As for the eur/jpy, I'm jumping in now off this retracement. My target is 125.50. Entry is 130.15.

The eur/nzd and eur/aud are now cooperating and I am locking in profit on these pairs.
Hey Mikey! Both pairs played out nicely indeed... I missed the short on ej but got in long on the touch of this tl.... I closed out for exactly 200 pips on that bounce... Be careful with that short as I see a possibility of 131.8x - 132.xx on that pair based on the daily...We could also be beginning the right shoulder of an inverted shampoo which could take us even higher........ If we take out the lower tl, I definitely agree with your 125.5 target!

Great job with your eur/nzd and eur/aud bro!.....
Attached Image (click to enlarge)
Click to Enlarge Name: ej h1.gif Size: 24 KB
Patience + Discipline - Greed = Success
  • #1,382
  • May 26, 2009 4:58pm May 26, 2009 4:58pm
Quoting mike w
My man, I was just about to post on the eur/nzd as well as the eur/aud. To me, they are both excellent in location although the eur/nzd is the hot hand of the pairs so I will be putting more into it on a break lower than the eur/aud. Both are at a PPZ, even when shown on the weekly which is a big factor for my trading.

The previous lows of 1.76 and 2.24 will be my first targets IF we get into a trade. After that, I see no serious support until 2.15 and 1.71 respectively. If we break these lows, those are my secondary targets while placing stops...
Well, we saw my initial targets for the eur/nzd and eur/aud play out and now profit is locked for the remainder of the position.

I also got stopped out on the eur/jpy position. Why? I got antsy. Antsy trading is losing trading.... D'oh! 75 pip loss there. Because I'm a doofus.
I dream, therefore I become.
  • #1,383
  • May 26, 2009 5:01pm May 26, 2009 5:01pm
The nzd/jpy is looking good for a long order here soon. We'll see if it busts off the top of the daily range. If it does, I will enter on a retrace and look for 65 as a target.
I dream, therefore I become.
  • #1,384
  • May 26, 2009 5:18pm May 26, 2009 5:18pm
Quoting mike w
The nzd/jpy is looking good for a long order here soon. We'll see if it busts off the top of the daily range. If it does, I will enter on a retrace and look for 65 as a target.
Hey Mike! I'm showing support at 58.79 area. I'll be looking for PA here for a base trade long as well. Not too much else going on except I am still long since 132.17 on eur/jpy. Took some profit at 132.66 and stop is set in that area. I see no real reason to get out right now.

Hope you had a good holiday weekend bro!

K.I.S.S.
  • #1,385
  • May 27, 2009 4:55pm May 27, 2009 4:55pm
Nothing giving on the nzd/jpy yet, however I'm noticing a pin bar to create a double high on the cad/jpy. If we get a break below, I'll be short in this pair. 82.50 will be the first area that I am targeting if a trade is initiated.
I dream, therefore I become.
  • #1,386
  • May 28, 2009 2:33am May 28, 2009 2:33am
Well the cad/jpy didn't play out and we never got a break below the pin. The nzd/jpy finally took off and I am waiting for the retracement to jump into this position. First target will be 65 if triggered.
I dream, therefore I become.
  • #1,387
  • May 28, 2009 4:26am May 28, 2009 4:26am
Quoting mike w
Well the cad/jpy didn't play out and we never got a break below the pin. The nzd/jpy finally took off and I am waiting for the retracement to jump into this position. First target will be 65 if triggered.
I kinda figured that the CADJPY wouldn't show up for short pips for ya. Those yen pairs are moving north now. The yen is weak. I think it could be in part due to North Korea playing with nukes. The Japanese and the DPRK hate each other. Just an observation bro. You know I don't trade fundies.

K.I.S.S.
  • #1,388
  • May 31, 2009 10:30am May 31, 2009 10:30am
Quoting KissFan
I kinda figured that the CADJPY wouldn't show up for short pips for ya. Those yen pairs are moving north now. The yen is weak. I think it could be in part due to North Korea playing with nukes. The Japanese and the DPRK hate each other. Just an observation bro. You know I don't trade fundies.

K.I.S.S.
I hear ya on that brother, I'm just glad I didn't trade without the break like I did on that eur/jpy pair. ha

I'm not seeing anything particularly fantastic on the weekly charts so I'll just be holding my eur/nzd and eur/aud while waiting for the retracement on that nzd/jpy.

I thought North Korea was always playing with nukes?! lol

There's a BEOB on the aud/cad weekly chart but there is also support right below at .8550. That's not too shiny to me.

BTW, does anyone remember talking about the hot hand in between the eur/nzd and eur/aud? The eur/nzd position is up 700 pips right now while the eur/aud is only at 300. Always take the hot hand. There is no reason to short change yourself with the weak one if you could only trade one.
I dream, therefore I become.
  • #1,389
  • Jun 6, 2009 6:40pm Jun 6, 2009 6:40pm
On breaks of these weekly pins, I'll be going short on the nzd/usd, aud/usd, and gbpusd.

I'll be long on the usd/sgd as well.

Also still holding the last portions of the eur/nzd and eur/aud trades until stopped out in profit or getting a real runner.
I dream, therefore I become.
  • #1,390
  • Jun 6, 2009 6:41pm Jun 6, 2009 6:41pm
The eur/gbp daily is also looking good for a short on a break.
I dream, therefore I become.
  • #1,391
  • Jun 9, 2009 5:00pm Jun 9, 2009 5:00pm
Two more trades being taken tonight are the eur/cad and cad/chf based on the daily pins.
I dream, therefore I become.
  • #1,392
  • Jun 15, 2009 5:07pm Jun 15, 2009 5:07pm
Quoting mike w
Two more trades being taken tonight are the eur/cad and cad/chf based on the daily pins.
These two hit hit my initial targets for 200 pips and 100 pips respectively and the rest of the positions are at B/E.

I also took that eur/gbp short and attained 175 pips through it.

The weekly trades are still en route to a stop or gain. I added to the gbp/usd position short at the double top (1.6470).
I dream, therefore I become.
  • #1,393
  • Jun 28, 2009 1:00pm Jun 28, 2009 1:00pm
Hey Mike,

Thanks for keeping your journal going, I have learnt and still find things that help me alot, reading through it again sometimes it takes a second read for little peices to click.
Its nice for people to show their appreciation sometimes so, thanks mike.

all the best Lloyd
.
  • #1,394
  • Jun 28, 2009 7:44pm Jun 28, 2009 7:44pm
Quoting Luds
Hey Mike,

Thanks for keeping your journal going, I have learnt and still find things that help me alot, reading through it again sometimes it takes a second read for little peices to click.
Its nice for people to show their appreciation sometimes so, thanks mike.

all the best Lloyd
I second that! I always make sure to check out this journal to see what Mike is thinking about specific pairs. I find it very helpful to see how an experienced trader analyzes the charts. Thanks Mike, Hope all is well!

Jim
"Luck favors the prepared mind"
  • #1,395
  • Jun 29, 2009 5:56pm Jun 29, 2009 5:56pm
Thank you gentlemen! It's much appreciated.

For the time being, all of my previous trades are still on the table based on the weeklies and the cad//chf shorts as well as the eur/cad longs.

Apart from that, I am seeing nothing too tradable. Everything is in a range at the moment. On a breakout of these, I'll be posting up a few potentials.
I dream, therefore I become.
  • #1,396
  • Jun 29, 2009 6:04pm Jun 29, 2009 6:04pm
Don't forget that, every once in a while, trend reversals come off of areas of consolidation. If I see a solid range breakout, I'll be trying to hold for as long as possible as I would assume there will be force to it.

The longer a range is composed, the harder it will break.

It's like tightrope balancer. (crazy, but it's what I thought of). If two fall at the same time, and one is heavier than the other, which one falls faster? Of course, it's the fatty. When there is a range for a longer period of time, think of it as gaining weight. When it falls, it'll fall harder than the smaller one. As Peter Crowns put it, always go for the hot hand.
I dream, therefore I become.
  • #1,397
  • Jun 30, 2009 9:40am Jun 30, 2009 9:40am
My gbp/usd trade based on the weekly was stopped out for a loss. We are ranging now on the pair and so I will be looking for a breakout and retrace to the range. After that happens, I'll be entering a trade again on the pair.
I dream, therefore I become.
  • #1,398
  • Jun 30, 2009 10:20am Jun 30, 2009 10:20am
Wow, look at the gbp/cad possibility coming up on the daily here.
I dream, therefore I become.
  • #1,399
  • Jun 30, 2009 5:09pm Jun 30, 2009 5:09pm
Quoting mike w
Wow, look at the gbp/cad possibility coming up on the daily here.
I've shorted the gbp/jpy and gbp/cad based on the dailies here.

On the first signs of bullishness and bearishness, respectively, I'll be closing out the cad/chf and eur/cad positions.
I dream, therefore I become.
  • #1,400
  • Jun 30, 2009 7:57pm Jun 30, 2009 7:57pm
Quoting mike w
I've shorted the gbp/jpy and gbp/cad based on the dailies here.

On the first signs of bullishness and bearishness, respectively, I'll be closing out the cad/chf and eur/cad positions.
Hi Mike, I hope all is well.... I shorted cable based on the daily as well.. I already took some profit and covered the trade but I see us heading back down to the 62xx area at least before heading back up... This pair has been in a real crazy range these past few weeks...The monthly looks bullish still though so unless last month's low is taken out, I think we will be heading towards 1.7000 at some point in the near future....
Patience + Discipline - Greed = Success
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