EUR/USD 5min - Trendlines and Pivots

-12. Broke my own rules - it wasn't a disciplined entry as the candle didn't close below the line.

Poor short entry - wait for close next time!

http://i288.photobucket.com/albums/l...g?t=1289377301

This pattern is also a bearish wedge, which combined with negative divergence points to a break down at some point.

Expecting a pull back at the pivot but sitting on the side lines at the moment.

http://i288.photobucket.com/albums/l...g?t=1289379033

I can now see 3 ways to interpret this channel now which is not a good sign. It would have to be a break of the lowest channel trend line which would leave approx 20 pips to S1. Still 'expecting' a break down, if it breaks up again then I will have to wait for a new set up.

Lets see how this pans out

http://i288.photobucket.com/albums/l...g?t=1289383415

There's break down which points to further down movement, but with the 200 EMA and several pivots in the way, plus the trend line is quite weak, i'm sticking to 'if in doubt, stay out'.

Short from 68 and looking for S1, stop now at BE.

Out break even.

Long wicks, jittery movement, ambiguous trend lines, definitely a sign to stay out for now. Stopped out by a whisker on the last trade.

Will check back in an hour or two. That last triangle was the signal to take but the move has happened now.

http://i288.photobucket.com/albums/l...g?t=1289387436

Looking for a break above the upper trend line now.

I'm long on the break looking for daily pivot.

Stop at breakeven after going 10 pips in the green. Entry was not perfect at 1.3795.

Stopped and re-entered at 94.

And set to break even again - being ultra cautious.

Stopped out again, bugger. Will see if I can get an even better entry.

OK, I don't really like the look of this. I will step away and look for a new set up.

Edit: Will finish the day with -12. Not too bothered about that, even though it wasn't a valid signal according to my rules I probably would have been caught out later in the day.

A nice bull flag forming and it will be tempting to short if it breaks.

I meant bear flag obviously.

http://i288.photobucket.com/albums/l...g?t=1289405665

Will only enter if retraces to 86ish.

Didn't close below the line so no entry yet.

OK, why am I even thinking of entering a trade at this time? EU dies a death after 16:30.

Hey Mysterio,
Hope you caught that move. I had a second chance on the 2nd 5m candle after the break on a normal 5m chart but didn't take it because it disagreed with thv's rules.

Hi Kush, no I caught jack all today, there is no way I could see that drop coming. In fact I had exited a long break even 5 minutes before it sank!

Don't feel bad about missing the move, you've got to stick to your rules, otherwise you lose your money fast...

A couple of changes I am making to the journal

- I am going to keep all the trade 'commentary' to a single post with a chart and just edit as I go so it's more readable when I go back over it.

- I am seriously considering trading the AUD/USD. The decision to trade EUR/USD was based on the spread, which is an average of 1.65. Aussie is only 1.67. I will be keeping a close eye tomorrow. There were some great set-ups today while I was sweating over the Euro. The principle will always be to get one profitable trade from a strong set up then shutting shop for the day.

http://i288.photobucket.com/albums/l...f?t=1289412916

An OK falling wedge on AUD/USD with divergence, however the daily pivot is in the way making the R:R poor. Also a pennant on E/U but not well defined enough.

Both reasonable opportunities on the Aussie. Neither of them taken though.

The first one was gold, but I was sleeping...

http://i288.photobucket.com/albums/l...g?t=1289468959