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Razors Journal - Basic trading with PA at S/R

  • #361
  • Feb 2, 2010 6:24pm Feb 2, 2010 6:24pm
Taken profit on the E/J trade and closed out as we have approached and hesitated below this S/R line. My thoughts are now taking a long if we break above it and I get confirmation (pullback and PA) or short if we move away.

Razor
  • #362
  • Feb 3, 2010 6:51am Feb 3, 2010 6:51am
Spewing I missed this one
I was chatting with another trader on Skype this morning about the following trade and it happened nicely. I thought I would add it here for you mate cause I know how much you enjoy simple trading.

The plan was a pullback to the base of the previous few bars as seen on the daily chart and then to scale down as we got nearer to see if we could get some good PA. It happened and I wasnt there for it DOH. Oh well we miss some here and there dont we. lol

Razor
Attached Image(s) (click to enlarge)
Click to Enlarge Name: GBPUSD daily.jpg Size: 63 KB
Click to Enlarge Name: GBPUSD Houly BEOB confirm.jpg Size: 71 KB
  • #363
  • Feb 3, 2010 10:07pm Feb 3, 2010 10:07pm
Quoting Razor_trader
Spewing I missed this one
I was chatting with another trader on Skype this morning about the following trade and it happened nicely. I thought I would add it here for you mate cause I know how much you enjoy simple trading.

The plan was a pullback to the base of the previous few bars as seen on the daily chart and then to scale down as we got nearer to see if we could get some good PA. It happened and I wasnt there for it DOH. Oh well we miss some here and there dont we. lol

Razor
Hi Razor.
Nice work. Just curious about the various price points highlighted on the daily chart by diff coloured dotted lines. What is the significance of these points? They don't appear to be S/R levels....at least from what I can determine? Hope you can clarify? As always, I enjoy reading your posts and find your journal very informative.http://cdn.forexfactory.com/images/icons/icon14.gif
Thanks mate.
M
  • #364
  • Feb 4, 2010 1:45am Feb 4, 2010 1:45am
Quoting MitchOZ
Hi Razor.
Nice work. Just curious about the various price points highlighted on the daily chart by diff coloured dotted lines. What is the significance of these points? They don't appear to be S/R levels....at least from what I can determine? Hope you can clarify? As always, I enjoy reading your posts and find your journal very informative.http://cdn.forexfactory.com/images/icons/icon14.gif
Thanks mate.
M
The white ones are weekly S/R lines and the colour lines are just from a FIB that I have drawn. I only have 1 chart for each pair because I only mark the weekly S/R lines. Daily S/R lines can be seen visibly and lower than that I dont care about as I am only use the lower TFs for entrys so that I can get a good price with good risk around those areas. So weekly chart lines, daily chart looking for action and lower TFs for getting a good price all done off 1 chart.

I know it can look confusing but there is game plans on each chart lol

Razor
  • #365
  • Feb 4, 2010 4:00am Feb 4, 2010 4:00am
Trade as so far been very nice to me. Currently up around 150 pips and have taken 2 lots of profit off the table on the way down. SL is now in at 80 pips and I may close it out manually depending on how this area treats me.

Razor
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.jpg Size: 151 KB
  • #366
  • Feb 4, 2010 6:34pm Feb 4, 2010 6:34pm
SL moved down to lock in 150 pips. That leaves about a 100 pip margin for the move back up and will hopefully be enough in case this moves down to the 1.35 area which is ultimatly my turning point.
  • #367
  • Feb 5, 2010 7:46am Feb 5, 2010 7:46am
Well the final move of my stop loss proved to be too close to NFP whipsaw but final target gave me around 290 pip profit. It was another great trade that delivered some healthy returns.

Have a good weekend

Razor
  • #368
  • Feb 5, 2010 4:27pm Feb 5, 2010 4:27pm
Hey Razor

Thanks for the V man. I must say I am impressed with the amount of time and effort you spend contributing to this great forum, keep up the good work mate.

Your journal is going well and the trading seems to be doing great so good way to start the year, keep it up.

Cheers

Perry
  • #369
  • Feb 7, 2010 6:57pm Feb 7, 2010 6:57pm
I have taken some longs on the following pins. SLs are below the 50% retrace of the pins and targets are around 2x to 3x but will see how things go. I will be locking in some profit and moving SLs to BE when I get the chance due to this being against the grain but there is some upside potential for a few pips and the Pins were quite strong and around areas of S/R

Dow mini
Silver
and AUD/USD I have a pending order at the 50% retrace mark. It is not the best pin bar due to where it is sitting in relation to the previous bar however a 50% retrace with a 30 pip SL isnt too bad considering there is at least 100 pip potential to the upside. If the pin bar breaks up without coming down well there is no love lost there

Be back this afternoon

Razor
  • #370
  • Feb 8, 2010 1:49am Feb 8, 2010 1:49am
Quoting Razor_trader
I have taken some longs on the following pins. SLs are below the 50% retrace of the pins and targets are around 2x to 3x but will see how things go. I will be locking in some profit and moving SLs to BE when I get the chance due to this being against the grain but there is some upside potential for a few pips and the Pins were quite strong and around areas of S/R

Dow mini
Silver
and AUD/USD I have a pending order at the 50% retrace mark. It is not the best pin bar due to where it is sitting in relation to the previous bar however a 50% retrace...
I took a half sized position at 8670 on the AUD/USD as it looks to now be moving forward. It lingered around the mid point of the pin without executing my order. SL is below the mid point at which point the other half will be picked up with SL below the base of the pin. Profits will be watched as we head higher.

Silver and Dow are slightly up also.

Razor
  • #371
  • Feb 8, 2010 9:09am Feb 8, 2010 9:09am
Quoting Razor_trader
I took a half sized position at 8670 on the AUD/USD as it looks to now be moving forward. It lingered around the mid point of the pin without executing my order. SL is below the mid point at which point the other half will be picked up with SL below the base of the pin. Profits will be watched as we head higher.

Silver and Dow are slightly up also.

Razor
Lacklustre day which is not uncommon for the first trading day after NFP. I have moved SLs up to below todays low points. There was a chance to take some profit on Dow mini earlier today but I was away however I still have this position running at full.

Razor
  • #372
  • Feb 9, 2010 12:26am Feb 9, 2010 12:26am
Update on Positions

AUD/USD Long @ 8633. 1/3 postion removed at 45 pips and SL moved to BE

DOW mini Long @ 9913. 1/3 position removed at 9940 and SL moved to BE

EUR/USD Long @ 1.3668 Trade is full lots and SL is now at BE. Aiming for 1/3-1/2 off at around 60 pips, rest to run but will consider trailing stop below the 4 hourly lows

Silver Long @ $15.17. Currently lingering and 1/2 off set for $15.50 or there abouts.

Had a small loss on yesterdays AUD long but left the order for 50% retrace in place which was picked up. So far the small profit taking I have done today has made up for that loss and then some.

Razor
  • #373
  • Feb 9, 2010 3:37am Feb 9, 2010 3:37am
Quoting Razor_trader
Update on Positions

AUD/USD Long @ 8633. 1/3 postion removed at 45 pips and SL moved to BE

DOW mini Long @ 9913. 1/3 position removed at 9940 and SL moved to BE

EUR/USD Long @ 1.3668 Trade is full lots and SL is now at BE. Aiming for 1/3-1/2 off at around 60 pips, rest to run but will consider trailing stop below the 4 hourly lows

Silver Long @ $15.17. Currently lingering and 1/2 off set for $15.50 or there abouts.

Had a small loss on yesterdays AUD long but left the order for 50% retrace in place which was picked up. So far the small...
All positions have had a little taken off them and are now running at 1/3 except silver which has had the SL tightened but it running full. There is still a good deal of upside and I am looking to perhaps trail the SL for the others below the hourly swings. So far these trades have reversed a slight drawdown and have added about 1.5-2% which just aint too bad.

Razor
  • #374
  • Feb 9, 2010 4:59am Feb 9, 2010 4:59am
Quoting Razor_trader
All positions have had a little taken off them and are now running at 1/3 except silver which has had the SL tightened but it running full. There is still a good deal of upside and I am looking to perhaps trail the SL for the others below the hourly swings. So far these trades have reversed a slight drawdown and have added about 1.5-2% which just aint too bad.

Razor

nice trading razor better than mine lol, i seem to be treading water atm my slowest month for some time... i've been in and out of cable shorts but took profit to soon and was a bit zealous with protective stops still every little helps.

only in 1 trade atm chf/jpy 83 touch after consolidation with div on multi tf's... unloaded half @ .44 and some more @ 83.80 gonna leave the last .25 on for the long term with stop @ 83.20 below the daily piv.

thats me for the day.... off to buy drywall ready for bashing down the ceiling! great fun...

take it easy
  • #375
  • Feb 9, 2010 6:28am Feb 9, 2010 6:28am
Quoting Razor_trader
All positions have had a little taken off them and are now running at 1/3 except silver which has had the SL tightened but it running full. There is still a good deal of upside and I am looking to perhaps trail the SL for the others below the hourly swings. So far these trades have reversed a slight drawdown and have added about 1.5-2% which just aint too bad.

Razor
Nice trading mate. The only concern for AUDUSD progression is PA is heading for confluence of resis ( 50% fib (4H swing), SR level (87.3ish prev low ) so PA around this point will be of interest. A failure to breach could see revers as trend I believe is still bearish. If PA moves past, then 89 to 89.50 becomes next point of interest (for me) for a sell. Just my 2c and ofcourse I could be wrong (have attached a chart which hopefully explains what I'm on about). Be interested in your views.
Good luck.
Cheers
Mitch
Attached Image (click to enlarge)
Click to Enlarge Name: AUDUSD_H4.png Size: 30 KB
  • #376
  • Feb 9, 2010 7:26am Feb 9, 2010 7:26am
Quoting MitchOZ
Nice trading mate. The only concern for AUDUSD progression is PA is heading for confluence of resis ( 50% fib (4H swing), SR level (87.3ish prev low ) so PA around this point will be of interest. A failure to breach could see revers as trend I believe is still bearish. If PA moves past, then 89 to 89.50 becomes next point of interest (for me) for a sell. Just my 2c and ofcourse I could be wrong (have attached a chart which hopefully explains what I'm on about). Be interested in your views.
Good luck.
Cheers
Mitch
Attachment
Yep I have noticed that which is why the position running is small in terms of the starting amount due to profit taking and the SL is currently there to lock in at least 60pips, dow is much the same although the SL will still lock in a good number of pips. I am looking to see if we break through to higher grounds otherwise I am just going to have to wait for another opportunity.

The best part of it all is that some time in the future, possibly short term or mid, price will come back so the lower it goes the more upside.

Take care

Off to bed for some ZZZZZZZs
  • #377
  • Feb 9, 2010 6:17pm Feb 9, 2010 6:17pm
Well the above topic is somewhat true. During my sleep the dow peaked at around 10130 which was a great level to take profit but alas I was having my ZZZZZs so I woke this morning and took profit at 10061 which is quite a bit less but the AUD trade was closer to the peak and I took profit on this too. I would be happy to see a small pullback before coming back and retesting the highs. It will be at this point interesting to see if the bulls have some strength over the bears.

The EUR trade was completelt closed out also and silver has been halved and SL in at BE for the move up, if it gets there. All in all a fantastic set of trades based on the 50% pullback of the pin on the daily charts. I will more than likely now be looking for confirmation back up or down and making a decision on a light trade if needed, but I may just take the rest of the week off also.

Razor
  • #378
  • Feb 9, 2010 6:44pm Feb 9, 2010 6:44pm
Quoting Razor_trader
Well the above topic is somewhat true. During my sleep the dow peaked at around 10130 which was a great level to take profit but alas I was having my ZZZZZs so I woke this morning and took profit at 10061 which is quite a bit less but the AUD trade was closer to the peak and I took profit on this too. I would be happy to see a small pullback before coming back and retesting the highs. It will be at this point interesting to see if the bulls have some strength over the bears.

The EUR trade was completelt closed out also and silver has been halved...
Well done mate. The Europeans did you a favour overnight with the +ve reports regarding Greece's debt woes (appears a plan is being put in place by Germany to ensure Greece and others eg Portugal and Spain dont default). This ofcourse was favourable to EUR which also helped to push other crosses against USD eg. AUD. All in all a good result for you so well done. Be interesting to see how PA progresses over next couple of days as TL breach has been retested once. If TL fails to hold, 87.50 comes into play, if not, I will be looking at longs at 88+. Just my 2c
Have a good day
cheers
Mitch
  • #379
  • Feb 12, 2010 8:51pm Feb 12, 2010 8:51pm
Hey razor,

Finished all my schooling, should have a light load nexxt couple weeks. I'll be on skype if you want to talk about forex any time this weekend!
  • #380
  • Feb 15, 2010 7:03am Feb 15, 2010 7:03am
Been a quiet start to the trading week. Most of the pairs I am looking at are currently at or around an area of S/R and are somewhat ranging in a tight space at the moment. So to be safe no trading for me today. I will look back tomorrow and see if I can throw a chart or 2 up with what ever I am looking at in the moment.

Razor
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