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Skracor's Thoughts and Journal of Trading

  • #61
  • Jan 6, 2010 6:36am Jan 6, 2010 6:36am
Quoting Skracor247

Trade Plan Overview

I. Map the Trading area using S/R and TLs in a couple thousand pip range.

II. Identify current Trend and Trend Strength.

III. Gauge the Strength of the nearest S/R areas.

IV. Identify the most likely Turning Points.

V. Take Entry in the direction of the Trend.

VI. Manage Trade until completion.


Note: Each section will have its own posts and accompanying pics. Also, notice how all the 'work' is done before the entry is taken.

I do have this all written out(twice), but decided not to post it. Writing it out has served its purpose to hammer it into my head.
  • #62
  • Jan 6, 2010 9:15am Jan 6, 2010 9:15am
Quoting Skracor247
So far the best opportunity I see for the next couple hours is on the Eur/Jpy cross. Looking for a failure at the current highs to have an entry short. Should be good to the 132.20ish area.
In case anyone was paying attention Eur/Jpy acted fairly closely to what I had said. Didn't trade it though... too close to ADP NFE.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy_m15_01_06_10.gif Size: 14 KB
  • #63
  • Edited 10:48am Jan 6, 2010 9:59am | Edited 10:48am
Quoting Skracor247
In case anyone was paying attention Eur/Jpy acted fairly closely to what I had said. Didn't trade it though... too close to ADP NFE.
That EJ was a beauty, with a typical dip to resistance area, would be nice to just monitor like 4 or 6 pairs for these formations, and just trade them.

Could make a huge dent in the cash stash.

Great thread, and the charts are very nice to learn from.

Keep up the good work SK.

What time frame do you prefer SK? 15 minutes.
  • #64
  • Jan 6, 2010 12:30pm Jan 6, 2010 12:30pm
Shorted Eur/Jpy kind of a large SL so entered with smaller position. Thin Market after London close. I am looking at a possible continuation of the H4 down trend. Will add to my position as opportunities arise.
Attached Image (click to enlarge)
Click to Enlarge Name: eurjpy_m15_01_06_10.gif Size: 14 KB
  • #65
  • Edited 1:18pm Jan 6, 2010 1:11pm | Edited 1:18pm
SK, the Hour chart has 4 candles with lows at 133.14, if they breaks, south it goes.

The news released 12 minutes ago, EU is up and UJ is down.

Will watch it at that support line.

Updated: SK, I am short now, anticipating the break of that 14 line, target area on the hourly at 132.80.
  • #66
  • Jan 6, 2010 1:18pm Jan 6, 2010 1:18pm
If it breaks and retests that should be another opportunity to enter this trade.
  • #67
  • Jan 6, 2010 1:19pm Jan 6, 2010 1:19pm
In hindsight my entry may have been slightly aggressive, but I saw what I saw so I think I'm gonna go for it.
  • #68
  • Jan 6, 2010 1:23pm Jan 6, 2010 1:23pm
Quoting Skracor247
If it breaks and retests that should be another opportunity to enter this trade.
When the 14 line breaks, we should be able to ride it down in segments for sure.

I am in Entry 1 same as you, if we hit 80, I will exit, then wait for move up to test, and re-entry.

Just a thought of where it could go.
  • #69
  • Jan 6, 2010 1:27pm Jan 6, 2010 1:27pm
Quoting N2FX
When the 14 line breaks, we should be able to ride it down in segments for sure.

I am in Entry 1 same as you, if we hit 80, I will exit, then wait for move up to test, and re-entry.

Just a thought of where it could go.
That is my line of thinking exactly! Dude that's scary! LOL
  • #70
  • Edited 1:45pm Jan 6, 2010 1:32pm | Edited 1:45pm
Quoting Skracor247
That is my line of thinking exactly! Dude that's scary! LOL
Well, for now, it is not doing exactly as planned, but we do have our targets and exits.

Target 132.80
Stop above 133.47

Thought of Entering 2nd lot to get a better short price, but will watch how it reacts to any type of top test.

Update SK:
I took E1 at 133.16
It has been positive and negative so far.
I took E2 at 133.25

Will target the same for both, but I may take profits on the higher Entry sooner, and add a 3rd entry on the lower area once it breaks.
  • #71
  • Jan 6, 2010 1:41pm Jan 6, 2010 1:41pm
Quoting N2FX
Well, for now, it is not doing exactly as planned, but we do have our targets and exits.

Target 132.80
Stop above 133.47

Thought of Entering 2nd lot to get a better short price, but will watch how it reacts to any type of top test.
Yes, the alternate scenario that still works out is a test of the high that fails. At that point(if it fails) I will add up to my usual full position, otherwise cut my losses and wait for the next opportunity to present itself.
  • #72
  • Jan 6, 2010 3:20pm Jan 6, 2010 3:20pm
Okay SL Moved to something a little more reasonable. Not so uptight about this trade now. Held it through the roll over and am in profit. Hope you get many pips from this.
  • #73
  • Jan 6, 2010 3:30pm Jan 6, 2010 3:30pm
Quoting Skracor247
Okay SL Moved to something a little more reasonable. Not so uptight about this trade now. Held it through the roll over and am in profit. Hope you get many pips from this.
I have been doing my taxes, and quit looking at it till about 5 minutes ago.

Looks like it finally reached that support level again.

Would like to see 133.00 break.

Profit on both entries at the moment.

Going to let it ride here the next bit.
Attached Image (click to enlarge)
Click to Enlarge Name: EJ 4 Hour.PNG Size: 24 KB
  • #74
  • Jan 6, 2010 3:48pm Jan 6, 2010 3:48pm
Closed out my Eur/Jpy Short. Got a meeting in a little bit, and I too don't like leaving in trades while not present.

Excellent trading today Bro! N2FX

Later!
  • #75
  • Edited 4:13pm Jan 6, 2010 3:49pm | Edited 4:13pm
I just closed Entry 2 from 133.25 at 133.96, which was +25 pips on that lot.

On Entry 1 from 133.16, I placed my stop at 133.06 for +10 no matter, but I lowered my target 10 more pips, price will need to reach the 132.72 for profits.

Also, to this thread.
This was solely the call from Skracor that inspired me to look at the EJ chart, then I decided to join in this profitable trade.
I do not even own a EJ chart LOL.

Okay, Entry 1 closed at 133.06, +10 pips

All out of trades.
  • #76
  • Jan 6, 2010 9:26pm Jan 6, 2010 9:26pm
Quoting N2FX
What time frame do you prefer SK? 15 minutes.
Will answer your question real quick before bed. I prefer Weekly and H4 for mapping out reversal areas and M15 for Most Current Trend and Entries.

By the by don't take my trendline ideas too seriously, it's not that they are bad but we can talk more about that tomorrow. G'night!
  • #77
  • Jan 6, 2010 9:33pm Jan 6, 2010 9:33pm
Quoting Skracor247
Will answer your question real quick before bed. I prefer Weekly and H4 for mapping out reversal areas and M15 for Most Current Trend and Entries.

By the by don't take my trendline ideas too seriously, it's not that they are bad but we can talk more about that tomorrow. G'night!
Thanks for the answer, sleep good.

I will be around off and on in NY, mostly Asia tomorrow.

See you then.

Oh, the EJ bounced around but we finally got that 132.80 target hit.
  • #78
  • Jan 7, 2010 6:20am Jan 7, 2010 6:20am
Slept soo bad. My little girl kept coughing, and coughing. I think I'm gonna try to catch a quick 45 until NY open. Looks like I have to wait anyway no crosses have made a decision on direction that I can see. Will post back later.
  • #79
  • Jan 7, 2010 7:53am Jan 7, 2010 7:53am
Still waiting for things to clean themselves up. Most pairs are in reversal areas and I'm not gonna take a gamble on any of them. I will patiently wait until a decision is made then find a spot to get in.
  • #80
  • Jan 7, 2010 8:27am Jan 7, 2010 8:27am
Okay first coherent thought of the day.

Cable looks to be breaking out of the "Hole".

First chart shows the H4, and how the price has been in a reversal area. This is significant because it is also in a reversal area on the Weekly chart. It also shows where the strong barriers to the up move are.

Second chart shows double bottom on the M15 breaking out to the upside out of the Hole. Also identified a target for today's price to go to.

Will enter this on a retracement.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbpusd_h4_01_07_10.gif Size: 16 KB
Click to Enlarge Name: gbpusd_m15_01_07_10.gif Size: 18 KB
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