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  • #1,801
  • May 25, 2010 9:00am May 25, 2010 9:00am
GOLD
  • #1,802
  • May 25, 2010 9:04am May 25, 2010 9:04am
Quoting lovejoy80
Decided to pull the trigger on gold - 1% (well 1.12% to be precise!) @ 1195.70 SL@ 1200.75
Closed when it went above the 1HR resistance and MA's -0.64%
  • #1,803
  • May 25, 2010 9:07am May 25, 2010 9:07am
I was thinking long, but may be it is only the reaction to news
  • #1,804
  • May 25, 2010 9:09am May 25, 2010 9:09am
Quoting ogeid
I was thinking long, but may be it is only the reaction to news
yep breakout on 1HR...resistance is @ 1207.

I was looking for a continuation of the downtrend with the 50fib, MA's and PPZ lines up.
  • #1,805
  • May 25, 2010 9:12am May 25, 2010 9:12am
Dont see anything else that I like at the moment...break of AJ lows @ 72 on the downside otherwise waiting for retracements.
  • #1,806
  • May 25, 2010 9:19am May 25, 2010 9:19am
I promised to myself that if it goes anywhere close to that TL, I will short it
Attached Image
  • #1,807
  • May 25, 2010 9:23am May 25, 2010 9:23am
Quoting ogeid
I promised to myself that if it goes anywhere close to that TL, I will short it
I'd love it to retrace to where my TL. PPZ and 50 fib all meet
Attached Image (click to enlarge)
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  • #1,808
  • May 25, 2010 9:32am May 25, 2010 9:32am
Quoting lovejoy80
I'd love it to retrace to where my TL. PPZ and 50 fib all meet
Whatever, if it goes somewhere there I will short it with 2% and a large SL. At the first 2 mm pinbar.
  • #1,809
  • May 25, 2010 9:46am May 25, 2010 9:46am
anyone would like to comment on YM ?

I believe the current level is critical, if it breaks than it will be the first LL in 1 yr time.
  • #1,810
  • May 25, 2010 2:06pm May 25, 2010 2:06pm
Went short E/CAD...was watching this all afternoon (well not constantly lol)

PPZ, round number and 50% fib from recent move...overall daily and weekly trend is down so this is a trend trade. Also havea small BEOB on30min chart with divergence (thats not the reason for the trade though).

Short @ 1.3230 SL @ 1.3280 - 1%
Attached Image (click to enlarge)
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  • #1,811
  • May 25, 2010 2:09pm May 25, 2010 2:09pm
Quoting ogeid
anyone would like to comment on YM ?

I believe the current level is critical, if it breaks than it will be the first LL in 1 yr time.
It bounced of PPZ thats for sure...if it can form a pin closing above 10910 then that would be a very good sign of further dow strength to come. Personally I was waiting for 10600 for a touch trade long (PPZ, RN and 50% retracement of July 09 - April 10 move).
  • #1,812
  • May 25, 2010 2:40pm May 25, 2010 2:40pm
Went long EU @ 1.2332 with SL @ 1.2288 - EU has broken through a couple of PPZ areas on 1HR so lets see if retracement can continue all the way up to my sell area.
Attached Image (click to enlarge)
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  • #1,813
  • May 25, 2010 3:03pm May 25, 2010 3:03pm
Got in a bit late as wanted to get in on the retrace to the round number...but a break above PPZ retrace and now take off lol. Now just need YM to break and hold above 10070.

Oil is also @ a 1HR PPZ and TL...normally I could short it but with aEUR/CAD short in play I want it to break above...I wouldnt like a short with equities moving up so fast anyway.
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  • #1,814
  • May 25, 2010 3:05pm May 25, 2010 3:05pm
Quoting lovejoy80
Took this on demo as not added this to my rules yet...approaching a strong daily PPZ and RN with divergence...pull the trigger with small SL.

I got in @ 72.05 with SL @ 71.90

I'm getting into the habit of looking on 4H and 1H for divergence @ big daily PPZ areas.
Still have this open on demo...above 15%R now!! the power of divergence on major PPZ areas with round numbers. doesnt always lead to big moves but a high probability you will get some sort of reaction. Something I will start trading with 0.5% risk from now on.
  • #1,815
  • May 25, 2010 3:07pm May 25, 2010 3:07pm
This is what I meant on oil and YM in previous post...
Attached Image(s) (click to enlarge)
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  • #1,816
  • May 25, 2010 3:30pm May 25, 2010 3:30pm
One more trade playing on equity strength and USD weakness - 1% again.

Being quite cautious taking these trades with 1% only as conscious that these are all against the recent strong down trend and dow, oil etc can easily reverse that the PPZ they are currently at.

There has been no more major 'shocks' or bad news out this week and thus risk appetite is increasing...whether it is temporary and if we have any more follow through is a different question. Hopefully we can get more follow through and then I have some initial positions in order to add further 'trend' positions as and when price breaks above previous resistance areas etc.

So far I have 3% commited against USD and essentially continued Dow strength...that will do for now, will set some TP for overnights. ECAD has soared down and approaching 1.3140, will move SL to BE+1 now and see if it can break down.
  • #1,817
  • May 26, 2010 12:06am May 26, 2010 12:06am
Didnt get the momentum in Asia I was looking for.

EU hit stop loss as 1HR PPZ didnt hold -0.96%
UJ hit conservatie TP @ 90.28 +0.40%
ECAD - stil inplay hasnt moved much..oil has broken above it's TL so hoping this will hold and ECAD will continue down.
UCHF - cut just now -0.98%
  • #1,818
  • May 26, 2010 12:34am May 26, 2010 12:34am
Meant to ask you LJ, you mentioned a couple of weeks back that you were increasing your account size quite a bit...this doesn't seem to have impacted your mental? Agree, disagree, thoughts, etc?

I'm about to make that next jump up in account size myself, the last jump didn't go as well and took me some time to get sorted. Curious.

Cheers, great journal, a daily...well, several times a day read for me
  • #1,819
  • May 26, 2010 12:42am May 26, 2010 12:42am
Quoting ogeid
I was thinking long, but may be it is only the reaction to news
Did you go long? It's just hit daily PPZ and 50% confluence @ 1207.
  • #1,820
  • May 26, 2010 12:47am May 26, 2010 12:47am
Quoting sam0182
Meant to ask you LJ, you mentioned a couple of weeks back that you were increasing your account size quite a bit...this doesn't seem to have impacted your mental? Agree, disagree, thoughts, etc?

I'm about to make that next jump up in account size myself, the last jump didn't go as well and took me some time to get sorted. Curious.

Cheers, great journal, a daily...well, several times a day read for me
Yeah I did. It's not at a level where a single trade is life changing or worth an amount that means a lot financially to me at the moment though. I have been risking less per trade and am being more cautious but I feel that is due to a couple of moderate weeks and the current volatility more than the account size. If all goes to plan then in 3-4 months time my account will be worth at a size where it will matter and that will be the psychological test, can I trade the account like I do at the moment just pulling the trigger on setups without letting the £''s at stake affect me. Doing as much as possible to disassociate yourself from the fact its money at stake is key. I dont have any £ profit showing on my live trades just pips and always ask myself the question when exiting the trade am I exiting it because my charts are telling me to exit.
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