Skracor's Thoughts and Journal of Trading

I don't like the PA. I'm not going to take the trade. That is going to be it for the Asian session. Coming back for 5:00 a.m. est for as much trading as I can stand tomorrow.

Chart updates. Looks like they are pushing into slightly new territory. I will wait for some kind of reversal for a long entry, then wait for the short entry.

I see at 142.90 starts a weekly S/R zone so some interesting things could begin to happen.

Was able to update my trendline due to PA. A long trade is looking much more immanent. It will probably be a scalp for smaller pips though, as this down trend ramps up. I will be more excited about the short entry that follows.

Well the whipsaw action following my previous chart knocked me around a little before it decided on north, at which time I was drawn away from my computer missing the 100+pip move. Frustration but I'm getting it.

What a lovely Eur/Jpy channel we have had. Will it break out of the channel? Yes, indeed! Which way? Either up or down. When? Soon enough.

Breakout happens.

One thing more.

Long the Gbp/Jpy from 140.60 SL is at BE.

My normal charts are ganky right now so I am using my backup charting platform.

Knocked out BE, but that is to be expected after the move we had today.

Recently I figured out the strategy I have been pursuing is not for me. While it is a viable strategy I do not have the time to put in to make it as profitable as it can be. Maybe someday...

I am going to move ahead with a trend following strategy of my own devising that uses PA for entries and a couple MA's for Trend Direction, and S/R(sort of). It is simple enough that I feel confident following several pairings at one time and seeing trend and other relevant info quickly. I will be posting several charts of entry examples(including failures, although I won't differentiate between the two) to ingrain ~Good-Very Good entries. Afterward I will try and post live trades as often as I can.




Here are the examples. The strength of this lies in decent entries with very good MM.

Here is an entry I took early this morning. It has not moved very well due to the holiday in the US. Hoping Asian session picks things up for the trade. I am very close to pulling the plug because of the amount of time elapsed.

Out of E/J trade -28 no big deal.

I see no reasons to take another trade. I will check back in four hours.

Entered three postitions on the close of the last candle.

Long
Usd/Jpy
Usd/Chf

Short
Eur/Usd

I realize these are all dollar Long positions. Perhaps one of the other countries will be slightly weaker than the others giving the advantage to my position being spread out. If they don't go well... that would be a bummer but no real loss as that is trading.

With a little over an hour left on the first candle from the opening of my trade I am not yet in the money. I am only down 30 pips so that is not bad. I want to see this next hour move my way or my chances of these trades succeeding goes way down. I will be patient though.

Trades are still on and starting to move my way, so far Usd/Jpy is the best performer. There are no new trade opportunities according to my rules this four hour period.

Stopped out of two trades.

Stopped
Eur/Usd -42
Usd/Chf -36


Usd/Jpy trade is still going strong and I am up 40 pips.

There are no new H4 entries at this time. My Usd/Jpy trade is still running and, I am up 30pips at this time.

I will try to identify my trades more clearly in the future. For example: this Usd/Jpy trade is counter trend when I am looking at the weekly chart. Counter trend is not wrong IMO as long as you have a goal that you can meet and you are very careful with your stoploss. I would much rather be following the trend but it may take some more time before the H4 tf lines up with the weekly chart again.

My earlier Eur/Usd and Usd/Chf trades were trend following but price was somewhat overbought/sold when I entered.

Usd/Jpy trade closed profit of +56pips. No new trades to be taken at this time.