Cash rules everything around me

So hence forth this space will serve as my trading journal, a place for me to come during the long lonely hours behind the screen. Here you will find sentiment, trades and whatever else comes up. I am still very much a beginner, trading intraday because I enjoy it and am both greedy and fearful, but looking to begin a longer term campaign. Enjoy

Firstly, I am beginning to get bearish on AUD/USD for the long term. These next weeks are going to be critical in determining the longer term path.

-It can't seem to progress much past 9200

-Lower highs, lower lows

-Potential for a rounding top

-China and/or Greece situation affecting risk appetite

I am not sold on the bear side yet, but just began to consider it today. It seems to just be taking too much effort for it to try and go higher. Reasons not to hold this view include: potential for further Australian rate increases and the success of their economy in the current conditions, but as an export-based economy who soon may have to loosen economic ties to China in a big way in order to show solidarity with the US, how much further can it go?

I forgot to add, I am still in the process of defining my trading style. Thus far it is some kind of a bastardization of FTI's bank trading and James16's price action. I look at all time frames and IFR/WSJ but my charts are empty. I would like to learn a bit of what Darkstar is about because it looks like a hell of alot of fun, but I can't say that I am on the path quite yet.

So options barriers at 3400 on EURUSD, I am curious if that break could be the downfall of the Euro, looking at the dailys it very well could be. I know everyone is looking for an excuse to buy, but man is it a bear market. That little newspaper article form Germany causing the recent drop? Ridiculous. It looks like they are also looking for any excuse to sell

Short EURUSD from 3420

This is the first time I am hitching on an option play, so we will see. I have no idea where I will take profit or stop loss. My greedy side is hoping to ride this one all the way, but from the options plays that I have seen so far this week, it seems price often just hovers that level for a bit and then picks the path of least resistance and I don't yet think that it is time for the Euro to drop all the way. Most likely I will be taking profit just behind 3400, assuming that I have the opportunity to take any profit at all

Meh, small profits, but poorly thought out trades all around. Patience seems to be key

[quote=aeb;3578411]So hence forth this space will serve as my trading journal, a place for me to come during the long lonely hours behind the screen.
Would you not do better IN FRONT of the screen?

And fair enough. Wherever I happen to be, you are welcome to join me here.

Thank you. I might just do that.

So I am long EJ for a bit, hopefully to 123, it seems the yen pairs often like to touch even numbers, but I will be watching. There should be lots of orders at 122.70 so I am hoping that will help. I think this move is mostly in EU, however, as it seems to be gunning for 50.

Got in to this trade based upon the impulse waves between 1 and 1:30 am here time (PST)

No idea what to think now that EU broke through the 50, stop loss set to a safe level. Actually just got hit as I typed, in profit, but I was hoping for that 00 this time. I haven't quite figured out my exits so they are somewhat arbitrary at this point. I still think it might go all the way, but apparently am not convinced enough to stake money on it

In long AUDUSD, love the double top on m5 a couple hours back, hopefully lots of orders there. Nice tight SL and another long above the double top.

I find alot of times if price gets close enough to a crucial technical level where people will place stops it will cruise right through, the problem is determining those levels and how well they are protected. There is a post towards the end of the technical analysis fallacy that depicts impulse waves in action that I find helped me alot in learning to read short term changes in the market

If this 5m doesn't make it through, it may be time to get out

As far as I understand it, the market is a search problem, with liquidity as product and price as advertisement. I probably lifted all this off Darkstar or some other knowledgeable member, but what the charts are really saying is, "who will trade with me?" I am in a new long in AUDUSD but this one is just a scout. There doesn't seem to be any liquidity up top, so it is having some trouble, but it just looks wrong if it doesn't follow through a little bit. Market memory is important here, it will be big players gunning for stops at some other level. They should find some at 9140

Or perhaps I am an idiot. If anyone knows, do be sure to tell me.

I often don't listen to my own words. It is difficult not to get to attached to a trade. THere was cheaper liquidity just below where everyone in the past few minutes was setting SL's (myself included)

So did anyone else get destroyed by the stop hunt towards the begining of the American session in EURUSD last night?