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  • #2,841
  • Nov 7, 2010 10:55am Nov 7, 2010 10:55am
I took 2 trades on friday - 4HR pin on AU which ended up a BE result and the GJ touch trade for which my SL was hit @ 131 for a 2.5R win.

Summary for the week

22 trades
86% win rate (I count BE as a winner)
+39.49R
  • #2,842
  • Nov 9, 2010 1:30am Nov 9, 2010 1:30am
An example of what I would consider a great touch trade which I'm in.
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  • #2,843
  • Nov 9, 2010 6:35am Nov 9, 2010 6:35am
Hi Lovejoy, just find out this nice thread. You have done very well and really like the way you trade. Btw, what is your TP and SL on the AUDNZD trade above? I was in this trade also. I enter at 1.2916, initial SL was 1.3 but now move to 1.2937 and my TP at 1.2870.
  • #2,844
  • Nov 9, 2010 7:43am Nov 9, 2010 7:43am
Quoting esbatu
Hi Lovejoy, just find out this nice thread. You have done very well and really like the way you trade. Btw, what is your TP and SL on the AUDNZD trade above? I was in this trade also. I enter at 1.2916, initial SL was 1.3 but now move to 1.2937 and my TP at 1.2870.
I'm cursing myself on this trade as I closed it on the retrace1.2890 for +1.4R. Wasa dumnb decision as the PPZ is a daily / weekly PPZ so I should have just moved to BE and left it.

My entry was @ 1.2925 with 25 pip SL.

We are at some minor trouble now so I'd be moving to BE, then I'd be targeting 1.2820 as some potential take profit area...but if it was heading there it will forma daily pin so I'd be trying to keep some on the table for 1.2800 and then if it breaks this 1.2700.

Lets see how it pan out but if it were me and I hadn't been to hasty to close it I would be at BE now and seeing if price can get down to 1.2820 area then I'd either take partial profit or move SL down to above 1.2860
  • #2,845
  • Nov 9, 2010 9:07am Nov 9, 2010 9:07am
Quoting lovejoy80
My entry was @ 1.2925 with 25 pip SL.
Hi Lovejoy, what is your reason for 25 pip SL? Do you always use 25 pips SL for touch trades or just for this trade? I'm out @ 1.2870 and now it kinds like going back up. Hopefully it will going down again on the closing time and form a very nice PB as you said then we'll have a chance for second entry

Btw, do you take CADJPY trade?
  • #2,846
  • Nov 9, 2010 9:47am Nov 9, 2010 9:47am
Quoting esbatu
Hi Lovejoy, what is your reason for 25 pip SL? Do you always use 25 pips SL for touch trades or just for this trade? I'm out @ 1.2870 and now it kinds like going back up. Hopefully it will going down again on the closing time and form a very nice PB as you said then we'll have a chance for second entry

Btw, do you take CADJPY trade?
Because it's a touch atrade at a confluenced area I put my stop at a price that if hit it would likely mean the confluecned area has been broken to the upside in this case. So for me on this trade 25 pips would do it looking at the 4HR Trade.

This is the 1st trade in a while that I've mucked up a bit with the management, if it were me I'd still like to be in this trade.

No I didn't take CJ touch trade - I presume this is teh setup you were referring too? I'm long AJ from this morning so wont be shorting a yen pair whilst long another.

If I did take it I would have been stopped out at BE..though the area still might hold as resistance.

Another reason why I wouldnt be keen is because of where UJ is...i.e. near ish range lows...something's got to give on this pair soon and I wouldn't be comfortable shorting a yen pair if UJ was at or near it's lows.
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  • #2,847
  • Nov 9, 2010 9:54am Nov 9, 2010 9:54am
Quoting lovejoy80
Because it's a touch atrade at a confluenced area I put my stop at a price that if hit it would likely mean the confluecned area has been broken to the upside in this case. So for me on this trade 25 pips would do it looking at the 4HR Trade.

This is the 1st trade in a while that I've mucked up a bit with the management, if it were me I'd still like to be in this trade.

No I didn't take CJ touch trade - I presume this is teh setup you were referring too? I'm long AJ from this morning so wont be shorting a yen pair whilst long another.

If I...
Actually looking at it when price came second time around it does look better...SL not far above 61 fib and UJ is at resistnace...still passing on it but it could well work out.
  • #2,848
  • Nov 9, 2010 10:05am Nov 9, 2010 10:05am
I only took one trade yesterday and that was on EG from 0.8650 which I closed uot for small win @ 0.8620 earlier for +0.36R.

Trades from today:

1. ANZD - touch trade +1.4R
2. EG - 1HR PA - BE
3. ECAD - touch trade then 1HR pin +3.08R
4. EU - 4HR PA +0.32R (closed when 1hr bearish pin formed)
5. GU - 4HR PA +0.69R
6. EG - touch trade - BE
7. ECAD - touch trade - another attempt at the daily support leel holding as resistance....stop at BE now
8. AJ - touch trade (UJ, EJ, GJ and AJ were all at daiily or 4HR support...low chance of them all smashing down without a reaction 1st) close half +82, rest at BE (81.50) +1.25R
9. ECHF - touch trade - BE

TOTAL +7.82 (still in half of AJ and full ECAD position)
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  • #2,849
  • Nov 9, 2010 10:06am Nov 9, 2010 10:06am
Last one.

Finishing early today as my copy of the new COD is arriving shortly...so I'll be on getting stuck into that for next few hours!
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  • #2,850
  • Nov 9, 2010 11:04am Nov 9, 2010 11:04am
Quoting lovejoy80
No I didn't take CJ touch trade - I presume this is teh setup you were referring too? I'm long AJ from this morning so wont be shorting a yen pair whilst long another.

If I did take it I would have been stopped out at BE..though the area still might hold as resistance.

Another reason why I wouldnt be keen is because of where UJ is...i.e. near ish range lows...something's got to give on this pair soon and I wouldn't be comfortable shorting a yen pair if UJ was at or near it's lows.
Hi Lovejoy, actually i was talking about going long on CJ. My chart below show my entry, it was @80.63, before the pin was formed. I thought my stop @80 was gonna get hit but price reversed and formed a beautiful pin. I agree with you that it's time to go long on yen pairs. I was looking to long AJ too @ 81.77 but didn't get hit.

And did you close your long GU? It reverse on the third touch. I really kicking myself on this one. I short @1.6170 but got nervous when price was stalling at 1.6150 and those two pins hanging around. Enough for today too, time for bed.
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  • #2,851
  • Nov 9, 2010 12:29pm Nov 9, 2010 12:29pm
Quoting esbatu
Hi Lovejoy, actually i was talking about going long on CJ. My chart below show my entry, it was @80.63, before the pin was formed. I thought my stop @80 was gonna get hit but price reversed and formed a beautiful pin. I agree with you that it's time to go long on yen pairs. I was looking to long AJ too @ 81.77 but didn't get hit.

And did you close your long GU? It reverse on the third touch. I really kicking myself on this one. I short @1.6170 but got nervous when price was stalling at 1.6150 and those two pins hanging around. Enough for today...
Yeah I closed it around that level.

What was the reason for your long CJ trade?
  • #2,852
  • Nov 9, 2010 9:41pm Nov 9, 2010 9:41pm
Quoting lovejoy80
Yeah I closed it around that level.

What was the reason for your long CJ trade?
Basically it's retracement of BUOB on 4H. With the mix of TL and Fib on 4H, plus BUOB on Daily and Weekly, I figured it has pretty good chance price will shoot back up on my entry. Instead it shot down past 44 pips from my entry before it reversed.
  • #2,853
  • Nov 10, 2010 2:11am Nov 10, 2010 2:11am
Quoting lovejoy80
I only took one trade yesterday and that was on EG from 0.8650 which I closed uot for small win @ 0.8620 earlier for +0.36R.

Trades from today:

1. ANZD - touch trade +1.4R
2. EG - 1HR PA - BE
3. ECAD - touch trade then 1HR pin +3.08R
4. EU - 4HR PA +0.32R (closed when 1hr bearish pin formed)
5. GU - 4HR PA...

Closed remaining AJ @ 82 +1.25R
Closed ECAD @ 1.3860 +3R

Revised total for yesterday +12.07R
  • #2,854
  • Nov 10, 2010 1:53pm Nov 10, 2010 1:53pm
I know it's a little late in the day for you LJ, but what are your thoughts on the following GU confluence?

http://img710.imageshack.us/img710/8874/72004981.jpg
Uploaded with ImageShack.us
  • #2,855
  • Nov 10, 2010 2:52pm Nov 10, 2010 2:52pm
Todays' trades.

1. ECHF - touch trade @ the TL, fibs, ppz - BE
2. UJ - 4HR BUOB - exited at the PPZ which is a daily one +1.55R
3. ECAD - 4HR BEOB - entered on the retrace to 1.3840( a daily PPZ) and exited at the daily PPZ marked. +4.2R
4. EAUD - 1HR BUOB - BE
5. EG - 4HR BEOB - stop is now above the bar high marked
6. GU - touch trade - PPZ+fibs and RN..came very close to being sotpped out on this...took profit at area marked +1.86R
7. EJ - 15min PA at confluenced area - wasnt comfortable taking touch trade considering the hard move down so scrolled down to find some PA on 15min TF - at BE on this and just gonna leave it overnight
8. GJ - breakout, retrace + PA - see daily TF chart for the breakout area - same as EJ leaving it at BE overnight

TOTAL +7.61R in closed positions today.
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  • #2,856
  • Nov 10, 2010 2:55pm Nov 10, 2010 2:55pm
Cont...
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  • #2,857
  • Nov 10, 2010 2:58pm Nov 10, 2010 2:58pm
Quoting sam0182
I know it's a little late in the day for you LJ, but what are your thoughts on the following GU confluence?


Uploaded with ImageShack.us
I think it looks better ont he 4HR. Yep I'd take this setup every time (well almost!) but not taking it now as I dont take trades this time of day because of the lack of momentum at this time of day. For touch trades I like to take them during European trading and US morning mostly because I'm lokking for a strong rejection of the confluenced area.

But as a technical setup it's a good one IMO.
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  • #2,858
  • Nov 10, 2010 3:01pm Nov 10, 2010 3:01pm
What do you mean by R when you describe profit and also what do you mean by PPZ and BEOB? thanks.
  • #2,859
  • Nov 10, 2010 3:02pm Nov 10, 2010 3:02pm
and here is a touch trade I missed earlier.
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  • #2,860
  • Nov 10, 2010 3:05pm Nov 10, 2010 3:05pm
Quoting mck6206
What do you mean by R when you describe profit and also what do you mean by PPZ and BEOB? thanks.
R means x times risk...so 4R is 4x the amount I risked. As it happens I risk 1% for each trade so 4R means 4%.

PPZ means Price Pivot Zone - it's a term from the J16 Price Action thread and basically is an area of support/resistance which has flipped price in the past.

BEOB means Bearish Outside Bar and is a price action setup whereby the high and low of the bar is greater than the high-low of the preceding bar with a bearish close...like the EG and ECAD trades I took today.
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