Rufus

Didn't get hit so canceled out.

The EU moved exactly as above for 130 pips. Next week maybe I will split my position size in half and take both.

Worked like a dog these past two weeks. Finished off 4 houses. Also got a forth ready for the painter to come in. All this with just 2 people. Next week I should see a little more chart time.

I will be setting more pending orders also. The way I see the charts now, next week could be an interesting one. The EU has fallen to a key support area, I am a little leery of shorts right now. I think we will get an answer soon on Sunday or Monday what it will be doing.

Latter this weekend I will look at charts in more detail.

Rufus

This coming week may prove to be an interesting one. EU has fallen to a strong support level on weekly and monthly charts. We may see a few longs early in the week. Then depending on the news in euroland it may continue on up.

This last move retraced all the way to 127 fib basicaly to the pip. this fib will at times be the precursor to a head and shoulder reversal. If we fall through I show the next support 500 pips away.

As usual see what price action is saying and trade accordingly.

As for longs there appears to be a lot of room to the upside to the next resistance level. 200+ pips.

I will be watching the fib retracements like a hawk with any longs. If she starts to drop again I think It will be fast. In the case of the EU I think it will be climbing a wall of worry with any adverse news from Europe sending it plunging.

So as always trade safe and gathwer up pips.

Rufus

Position taken on EU.

First target off. Used break on 15m trendline and bounce off 61.8 fib.

Rufus

The rest stoped out @ 1.2317

Well I see there have been some big runs while I was at work today. Would have been a fun one to be a part of.

Now the million dollar question. Where will Tokyo and London take it? Personaly for me to take it short I would like to see some retracement to a strong pivot and fib. As you can see it will take quite a move up to get there.

I will see in a few hours with Frankfurt and London.

In the mean time I need to put together a bid for a large trim job here in town.

Rufus

Last night was a good night for me.

My first position was with the GU (see picture)

That was a bonehead move. I was trying to go long on a retest of the Tokyo high. I should have known better with how it reversed off the Daily Pivot and the S/R line I have drawn right under it from a pivot high that was earlier. This move taught me a lot about price action but more importantly something about myself. I was only looking for longs.......big mistake, it gave me tunnel vision and I was unable to see the obvious thing that I have traded numerous times before.

Latter the same evening took a nice short on EU. Made up for the lost pips and then some. (See picture)


Rufus

Here is another that went bad on me. This one obeyed all the rules for my entry and I have yet to find why it went awry. 4h, 1h all down. waited for a break down on 15m. Entered on 5m break of 15m trendline. etc.I even had the Daily pivot to protect my stop loss. But I guess there is a big bank somewhere that was not paying attention to MY trend lines. ( The fools) all is to move according to my lines. The sun is to rise and set at my command.

Whenever I get one to move against me I try to find out if I missed something. So far I have not found anything. That makes me happy. I obeyed my rules took a loss and ready to move on.

So last night was a wash. Took a small gain durring Tokyo. Small "expense" with London. Then went to bed.

Right now I am trading three nights each week. West coast USA for me. So I trade Sunday, Tuesday, Thursday, nights. Right now I am very busy with work and need the sleep to function.

I am off to bed now getting ready to hit it tomorrow.

Many pips to all.

Rufus

ps. I probably shold have waited for the horizontal support that was forming around 2270 to be broken before I took a short position.

This upcoming week may prove to be a tricky one. Bank holidays in GB and USA. Then Nonfarm payroll report.

Of course my perpetual nemesis, quality trading time and still do a good days work the following day. In the next two weeks I have two moderately sized houses to install cabinets in and trim, another house with a kitchen cabinet remodel, and finish up a cedar ceiling. Don't get me wrong I am not complaining about all the work to do. Just want more trading time.

One thing I have come to realize about myself is that because my trading time is so limited, I have a tendency to jump on trade signals to quick without evaluating the charts properly. As a result the quality of the setup is compromised. This past week I did a lot better in this regard. Thursday night was the exception. I was so tired I found myself putting on a position with the weakest of a signal. I closed it with a few pips profit and went to bed.

I feal my discipline to my trading plan has been getting a lot better. I am seeing my error before it happens or any harm is done and shutting it down. I am also seeing where I need to make changes in my lifestyle. For instance, on my trading nights I start work at 9:00. This way I can sleep till 6:00. If I get a position durring London session and the stop gets moved to BE , I go to bed. To some this may seem kind of wierd but I gotta do what it takes to function till I can trade "full time".

I like a stop no more than 25-30 pips with at least one, preferably 2 or 3 layers of S/R to protect it. My first target is usually 20 pips and then move my stop tighter by 10 pips. This will just about cover the cost of the trade. At 30 pips I move stop to BE. The rest of the position is taken off before different layers of S/R are hit. I usually have 3 or 4 targets.

I don't add to the position with a new signal unless my stop is at least on BE. The trailing stop then follows price pivots on 15m chart.

I did a bunch of yard work today. It was nice to get outside and improve things. I grew up on a farm with cattle, pigs and horses and at times I miss it. Today was one of those days. So I farted around in the garden and took care of Buddy (My horse).

I will start oiling up my saddle tomorrow. Working saddle from early 1920's a real work of art.

Good trading all

Rufus

One of my trading rules is to not trade if feeeling sick or "out of it". Head has been hurting last two days and looking at the monitor only makes things worse.

I have done a few positions but closed them out do to things not moving. Last night however (while I was in bed) was my bread and butter set up.
I love price turning on a calculated pivot in the direction of the overall trend breaking the 15m trendline I have drawn. This if my favorite. They happen often, but I am usually in bed or at work.

Enjoy...

Have fun all...I do.

Rufus

http://news.yahoo.com/nphotos/Floodi...0guatemalahole

omg Rufus were you remodeling this building? Change of plan - we are gonna need some fill. Maybe a few boatloads of euros....

Euros keep droping they will be cheaper then fill

that's the hot tube he is building for me!

Working on concrete trucks now.-----------------------------------------------------------------------

My Ma Ma always told me that if you find yourself in a hole quit digging. But now the walls are to high for me to throw the shovel out.

I was looking at the start of this journal which was back in Jan. of this year. I saw that my trading style has sure changed a lot. The more important thing though is that I am more at ease with what I am doing now then I have ever been before.

There are a lot of people here on FF and others I have spent time with that I can attribute this to. I am not going to name them off for fear of leaving some out. It has been time well spent with all my study to figure out what will work for me in how my brain works. Now it is a matter of being able to be with my charts as much time as my work will allow. Then focus on the good setups for the pips here and there. and the ideal setups for the big runs.

So here is a big THANK YOU to all who have helped me on this ever interesting and always entertaining journey through the Forex world.


Rufus

Rough week for me.

Wife was on Jury duty and it was not an easy trial. Spent a lot of time with her. Not discussing the case but trying to comfort her.

This cold of mine has been a tough one to kick. At the tail end of it though.

My dog Amber almost died. She had swallowed a rock that lodged in her large intestines. She had two seziures Sunday night and was at the vet monday morning. She is doing well now. A bit sore from her surgery still, but happy to be home. I had never seen such a sad look in a dogs eyes in my life as when I droped her off at the vet. Those of you that saw the cartoon "UP" and remember the sad eyes from Doug the Golden Retriever. Well Amber beat that by 100's of times. I wanted to go check on her while she was there but had to not go as I did not want her to be that sad again. She was one happy dog to see me Wednesday night when I picked her up to go home. Amber is one of the best dogs I have ever had and I am thankful she is laying next to me here ready for the Forex market to roll again.

Needless to say I did very little trading while all this was going on. It is against my rules to trade while distracted with other things in life.

Have fun all.

Rufus

Kmon now dont say that, Your still breathing right? Glad to hear your dog is ok, I know my 2 year old "game" collie is 2 handfuls. Have a good weekend!!

I have added another currency to my re'pertoire. AUDUSD. So this with the EU and GU will be my mainstay. I have not had a lot of success with the UJ, I often miss the moves with this pair. Sometime here I will add some cross pairs. I just need more time and maybe a couple of monitors to keep track of stuff.

But my first trade with th AU was a success so batting a 1.000. With Australia seeming to have thge strongest economy right now we may see some long trends to be a part of with the AU.

Amber is doing well. Took her to town today.

Rufus

Rufus,

Do you use a higher timeframe to map out your s/r levels? Also, what does your RR look like?

From left to right, top to bottom. Forex is like an old step ladder