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  • #61
  • Edited 8:13pm Aug 1, 2010 7:53pm | Edited 8:13pm
Long Euro/USD at 1.3064 just moved to BE so in a free trade based off of 5 min break out with PA also the 4hr inside bar just broke now as of just editing it closed as a break out on 4hr chart. Also I took the trade because it is inline with the daily trend momentum and will be watching to see if it can break new highs. I'm still bearish overall on EUR/USD but can't fight the short-term trend. I love being at BE. Don't even care about the trade once i'm there
Attached Image(s) (click to enlarge)
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Click to Enlarge Name: 4 hr eur.gif Size: 16 KB
"Luck favors the prepared mind"
  • #62
  • Aug 1, 2010 8:28pm Aug 1, 2010 8:28pm
Just bought several books from Amazon,mainly about Jesse Livermoore . Reading "How to trade in stocks" Which I am really enjoying. Nice easy Read. Basically it is Jesse Livermore's notes on how to trade. Things he learned in 40 years. Also Bought Reminiscences of a stock operator which I've heard is good and some other one about some guy who made 2,000,000 trading. I bought that last one just to see what that was all about. The first two are the ones I'm really looking forward to though. Using some of Livermore's advice right now in my current trade. Adding into a position as it proves my analysis correct. I figured after my losing streak that I have had going maybe I could do some motivation and education reading. We'll see what happens!
"Luck favors the prepared mind"
  • #63
  • Aug 1, 2010 8:59pm Aug 1, 2010 8:59pm
Quoting jpa0827
Long Euro/USD at 1.3064 just moved to BE so in a free trade based off of 5 min break out with PA also the 4hr inside bar just broke now as of just editing it closed as a break out on 4hr chart. Also I took the trade because it is inline with the daily trend momentum and will be watching to see if it can break new highs. I'm still bearish overall on EUR/USD but can't fight the short-term trend. I love being at BE. Don't even care about the trade once i'm there

Out of trade with 5 pips. stopped out on retrace. 1 hr bear pin just formed so took small little profit
"Luck favors the prepared mind"
  • #64
  • Aug 9, 2010 4:26pm Aug 9, 2010 4:26pm
Ok little late , but last night i took a the NZD/USD short at .73172 based on the fact that it may have been forming a double top and PA was starting to look bearish. also it seemed to be losing momentum to upside. I decided that the Risk was pretty small so It felt well worth it.
Attached Image (click to enlarge)
Click to Enlarge Name: nzd.gif Size: 18 KB
"Luck favors the prepared mind"
  • #65
  • Edited 6:29pm Aug 9, 2010 6:10pm | Edited 6:29pm
Quoting jpa0827
Ok little late , but last night i took a the NZD/USD short at .73172 based on the fact that it may have been forming a double top and PA was starting to look bearish. also it seemed to be losing momentum to upside. I decided that the Risk was pretty small so It felt well worth it.
I have decided to move to break even on this trade due to the latest pause on the 4hr at support. Small semi bullish pinbar followed by inside bar. Although I would like to give the trade room to breath I would rather not take a loss considering I have been in profit already.

Another reason to be moving to BE for me is the Fed Announcement coming up tomorrow. Much rather be safe!
"Luck favors the prepared mind"
  • #66
  • Aug 10, 2010 4:50pm Aug 10, 2010 4:50pm
Quoting jpa0827
I have decided to move to break even on this trade due to the latest pause on the 4hr at support. Small semi bullish pinbar followed by inside bar. Although I would like to give the trade room to breath I would rather not take a loss considering I have been in profit already.

Another reason to be moving to BE for me is the Fed Announcement coming up tomorrow. Much rather be safe!
Closed out trade with gain of 66 pips. should have been over 100 but I was at work and decided to see what happened at end of day. Also I had my stopped moved up to protect profit earlier this morning.
"Luck favors the prepared mind"
  • #67
  • Aug 11, 2010 10:42pm Aug 11, 2010 10:42pm
Quoting jpa0827
Closed out trade with gain of 66 pips. should have been over 100 but I was at work and decided to see what happened at end of day. Also I had my stopped moved up to protect profit earlier this morning.
After seeing this semi-bullish pin on daily I realize I should have just bumped my stop up above the bar. Then it would have never triggered and I'd be in a much better move. Oh well hindsight 20/20 live and learn.
"Luck favors the prepared mind"
  • #68
  • Aug 18, 2010 11:03pm Aug 18, 2010 11:03pm
Little behind here, but I went NZD/USd off of a retrace on the daily pin and used five minute for my entry, very little risk and huge reward. got about 65 pips out of it, but should have held longer. Oh well. Definitely wasn't much reason for me to exit the trade. I also used the whole right eye left eye theory of the bars that are on the sides of a pin. That wourked out pretty nice. I am currently short the AUS/USD based on the weekly and a a break of todays inside bar on the daily. stop is at he top of the daily.
Attached Image(s) (click to enlarge)
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"Luck favors the prepared mind"
  • #69
  • Aug 19, 2010 5:02am Aug 19, 2010 5:02am
exited Aussie at loss. Didn't like PA
"Luck favors the prepared mind"
  • #70
  • Aug 19, 2010 11:21am Aug 19, 2010 11:21am
Went short aussie usd. After reversal around. 8960
"Luck favors the prepared mind"
  • #71
  • Aug 20, 2010 12:30pm Aug 20, 2010 12:30pm
Quoting jpa0827
Went short aussie usd. After reversal around. 8960
Out of the AUD/USD for profit and now went long the bullish 4hr bar on the retrace. Risked very little and got a nice size position on. Moving to BE
Attached Image (click to enlarge)
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"Luck favors the prepared mind"
  • #72
  • Aug 20, 2010 3:50pm Aug 20, 2010 3:50pm
Quoting jpa0827
Out of the AUD/USD for profit and now went long the bullish 4hr bar on the retrace. Risked very little and got a nice size position on. Moving to BE
Out of my Aussie Long for about 50 pips. It looks like right now that the daily is closing as a Bullish Pin. I may get back in if I get a decent retracement into the bar. otherwise, I'm happy with the outcome of today given i had a nice size position with a very small stop.
"Luck favors the prepared mind"
  • #73
  • Edited 9:09pm Aug 22, 2010 8:55pm | Edited 9:09pm
Quoting jpa0827
Out of my Aussie Long for about 50 pips. It looks like right now that the daily is closing as a Bullish Pin. I may get back in if I get a decent retracement into the bar. otherwise, I'm happy with the outcome of today given i had a nice size position with a very small stop.
Went long at .8871ish mainly because we had a nice gap down that was close to the tail of the bullish pin from fridays close. the risk reward was just too good and I figured the gap will more than likely fill. At least that has been my experience. I have added aggressively as the trade has moved up slowly and am now done adding and will see what happens. Getting to BE as soon as possible because overall i'm bearish on the pair based on the weekly bar two weeks ago. I think we are due for a little retracement up before going back down though.

market has moved up to .8900 and i have moved my stop up from below the tail of pin to where my first position was put on; therefore taking off some risk. Stop now at .8871
Attached Image(s) (click to enlarge)
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"Luck favors the prepared mind"
  • #74
  • Aug 22, 2010 10:35pm Aug 22, 2010 10:35pm
Quoting jpa0827
Went long at .8871ish mainly because we had a nice gap down that was close to the tail of the bullish pin from fridays close. the risk reward was just too good and I figured the gap will more than likely fill. At least that has been my experience. I have added aggressively as the trade has moved up slowly and am now done adding and will see what happens. Getting to BE as soon as possible because overall i'm bearish on the pair based on the weekly bar two weeks ago. I think we are due for a little retracement up before going back down though.

market...

I have moved to BE at the pivot point near .8900 mainly because I don't want a loss since I have been in profit for the last hour or so. I do think we will break above it, but if not I am happy with a successful BE trade, plus It just feels beeter to have a free trade. Its a win win scenario.
"Luck favors the prepared mind"
  • #75
  • Aug 23, 2010 5:13am Aug 23, 2010 5:13am
Stop moved to .8915 for a secure profit. will see what it does right here at the top of the pin. hoping for a nice solid break, but skeptical
"Luck favors the prepared mind"
  • #76
  • Aug 23, 2010 4:29pm Aug 23, 2010 4:29pm
Got out of AUD/USD today with a really nice size gain. Exited at .8950 mainly because I saw a 15min pin from my cell phone and because I figured that this move basically went up steady since the market opened yesterday and the .9000 figure was getting closer; therefore the move was probably over extended. Plus i'm actually bearish the Aud and Bullish the USD so I'll be looking for shorts on this pair now.
"Luck favors the prepared mind"
  • #77
  • Edited 8:57pm Aug 24, 2010 8:01pm | Edited 8:57pm
Just went Long Aud/USd again at .8831. Based this off of support on the daily chart and I saw a 15 min reversal near the bottom of the daily close, so I had a small stop and a possible bullish move that could form. What also persuaded me to take this trade was a 4hr bullish bar from my brokers feed which isn't a NY close charting service. the Bullish semi-pin shaped bar never broke to the upside but also never failed so I decided to consider it still valid and see if I could get a nice position at a great price. target is open on this one. I will be trailing my stop manually. I'm at Break even right now, which is how I like to play these trades. Quick to break even. I use the 5 min to monitor my stops. Also using a new 5 min chart template that I found over at Mike W's journal which has helped me huge in the last few trades. helps me point out areas of interest. Thanks Mike for posting that template. Ok time to see what happens. Price has broken above the pivot point which is a nice barrier for me to eventually move my stop to in the near future.

I will add that this new 5 min trading style was not used properly in this case. I am mainly using those charts to easy map out the pivots and resistance zones. Then as the MA's cross and gain momentum at the correct angle upwards I will follow the correct way to trade only i will be using it for my stop orders to be moved up.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd daily.gif Size: 12 KB
Click to Enlarge Name: audusd 15.gif Size: 18 KB
"Luck favors the prepared mind"
  • #78
  • Aug 24, 2010 8:19pm Aug 24, 2010 8:19pm
i've been reading the book "how to trade in stocks" Its basically Jesse livermore's trading rules and the one that I have been using lately that has been working out great for me it adding into the position as it goes positive. He says to buy a little when you think you see a signal then add to it only if it goes in favor and the market proves you right. What is so great about this is, when the market goes against you on the first position; you may take either a small loss by hitting your stop or the market will turn and move in your favor and possibly gain momentum so that you can start adding to it. Really a great Book! An Easy Read!
"Luck favors the prepared mind"
  • #79
  • Aug 24, 2010 8:26pm Aug 24, 2010 8:26pm
Quoting jpa0827
Just went Long Aud/USd again at .8831. Based this off of support on the daily chart and I saw a 15 min reversal near the bottom of the daily close, so I had a small stop and a possible bullish move that could form. What also persuaded me to take this trade was a 4hr bullish bar from my brokers feed which isn't a NY close charting service. the Bullish semi-pin shaped bar never broke to the upside but also never failed so I decided to consider it still valid and see if I could get a nice position at a great price. target is open on this one. I will...
Not a very strong reversal, but a possible hint as to what is to come. I will be keeping an eye on the traffic and managing my stop accordingly.
Attached Image (click to enlarge)
Click to Enlarge Name: audusd 4hr.gif Size: 16 KB
"Luck favors the prepared mind"
  • #80
  • Aug 24, 2010 11:33pm Aug 24, 2010 11:33pm
stopped out at BE. Oh well
"Luck favors the prepared mind"
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