EUR/USD 5min - Trendlines and Pivots

There is no way we have reached the bottom today.. Looking back through the four hour chart I can only see a couple of engulfing candlesticks that failed. Little bear flag on the 5 minute. I would short here if I had the will to.

http://i288.photobucket.com/albums/l...f?t=1290187672

http://i288.photobucket.com/albums/l...f?t=1290187700

I'm keeping an eye on this at the moment, waiting for the gap to be filled.

http://i288.photobucket.com/albums/l...f?t=1290415542

I had a pending order to short at the upper TL and MR1 but appear to have missed the boat.

That's a double top now on A/U. Will have to wait until a break below the lower TL though.

This has now broken but I am already in an E.U trade.

OK I am short on this break too, as the EU trade is set to break even now.

Stop to b/e on A/U, aiming for 0.9911

Got an ascending triangle on E/U, waiting patiently for a break.

http://i288.photobucket.com/albums/l...f?t=1290423590

Short 1.3733 with a 12 pip stop.

Stop now at B/E

Holding for 1.3701

OK I just closed both lots for a total of +23.

No reason other than price was stalling a bit and it wasn't a particularly fierce break out. It will probably hit my targets now but +23 is good for the day.

http://i288.photobucket.com/albums/l...f?t=1290426123

http://i288.photobucket.com/albums/l...f?t=1290426153

OK, A/U just hit my original target. Closing early is a lack of discipline almost as bad as breaking your entry rules so not overly happy about that. Part of the challenge of trading the 5 minute charts is making these quick decisions.

great thread man

Hey, thanks for checking in Sim.

Looking back over the journal, it's a bit of a mess, but I'm having fun and it is of genuine use to me hammering out my methodology.

As for today, +23 is normally something I would be overjoyed with but with both of those trades hitting my original targets, I have basically flushed 30 pips down the pan. I need those positive pips to cover my losing trades.

Entries are fine... just need to work no those exits

http://i288.photobucket.com/albums/l...f?t=1290433512

What's next, either down to 1.357x ish then down to test the low 1.3446? Or a bounce to test the 38.2 fib level again, in which case a reverse H&S is in play?

http://i288.photobucket.com/albums/l...f?t=1290445165

I see something that looks like a triangle break out this morning on both pairs to the upside but the shape of the triangle is quite steep and not very well defined. I will wait for a stronger set up.

Short on E/U from 1.3547 with a 12 pip stop. Double cross triangle. Choppy at the moment so watching carefully.

Stopped -12. Not a strong set up really.

http://i288.photobucket.com/albums/l...f?t=1290500856

Waiting for a break of this now.

http://i288.photobucket.com/albums/l...f?t=1290503082

Long on the break with a 12 pip stop.

Stop at break even and targeting Open/MS1 confluence.

Out b/e

Long again on the re-test, 10 pip stop. This is an anaemic break to say the least.

Stopped - 11.

Long once again after rejection from upper tl. Stop now at b/e.

Out b.e. Looking for a break down now, possibly. There is a bear wedge on E/U and a bull wedge on USDX. USDX also finding support on 200EMA.

OK I am short on the wedge with a 10 pip stop. I have already had 3 losses so this is breaking my rules, I will attempt to get the stop to break even as quick as possible.

Got a drop so stop now at break even.

Targeting S2. In a way this is reinforcing poor discipline if I pull this out of the bag.

http://i288.photobucket.com/albums/l...f?t=1290512635

Bearish pennant, could potentially reload shorts below here.

http://i288.photobucket.com/albums/l...f?t=1290513953

Looking at a bearish wedge on A/U also.

Now short on the break. 12 pip stop.

-13.

http://i288.photobucket.com/albums/l...f?t=1290510404

+42 on the Euro trade. Closed it a tad early. Daily total... +5.6

It will go lower but that will have to do for the day.

Looking back, today could have gone a lot better. That first triangle I traded wasn't really valid, two touches each end only. Deserved to be burned there.

The Euro channel break out was fine, it just failed. The Ozzie wedge, well, I just drew it wrong. It did eventually turn into a bigger wedge and break.

I now have the rest of the week to get 22 pips to bring me to my 50 pip target. Could be much worse.

And there is S2, my original target. Must. Not. Close. Early.

You would need balls of steel to fade this candle, looks like it's going to break last weeks low.

http://i288.photobucket.com/albums/l...f?t=1290524496

Missed a rock solid A/U entry this morning because I had a bit of a lie in. Whoops.

http://i288.photobucket.com/albums/l...f?t=1290589233

As for E/U I have 1.3272 as a Fibonacci extension, looks like it won't have too much problem getting there.

Got a small ascending triangle, double top and bearish divergence on EU.

Also a long entry on AU. Break of upper TL, but I hesitated and missed the boat.

http://i288.photobucket.com/albums/l...f?t=1290597768

http://i288.photobucket.com/albums/l...f?t=1290597264

Wedge not valid any more.

Short at 1.3322 with a 12 pip stop... trend line break.

Stopped - 12. Traded into MS2 & Monthly pivot.

Currently long on the break of an EU triangle, 12 pip stop. Break of a triangle on USDX supporting bull movement on E.U.

Stopped -12.

Yeah i used to feel like that everyday, had to get over it though!

Took a bit of a risky long from 83.9, stop now at break even.

Reasoning, USDX broken a trend line and retested. E/U is breaking up and retraced to open price.

Out b.e.

In long on E/U again on the break of an upper trend line. Last trade of the day...

-12.

OK, the one scenario that would take me into a trade is a break below this channel/bear flag.

http://i288.photobucket.com/albums/l...f?t=1290611102

OK, one last shot, I'm short from 77 with a 12 pip stop.

Got stopped out b.e, re-entered short. Also short on a wedge break on AU.

AU hovering around entry, EU roughly 12 in the green.

NICE price action now. Euro's being dropped like they're going out of fashion.

OK, stopped out break even of the A.U trade, Holding for S2 on the E.U. I can't really understand the volatility, I hate this time of day.

I could take pips off the table now and end the day more or less at break even, but I think there is a fair chance this will continue downwards. It is a free trade after all. Will check back later in the evening.

Closed the last trade for 45 pips at MS2, I think this will easily drop further but I literally can't sleep when I have trades running. I'm happy to end the day with a small profit of 8 pips.

Was it dumb luck that I managed to turn it around today? Maybe, but here's the reason I thought It would deliver some profit.

First it was a breakout of the channel that was developing all day. We had this earlier in the week, a big wedge that finally broke out and gave a home run. Supporting the set up was divergence and failure of the bulls to break decisively above the upper TL on the 15 min.

Still not happy about the variance of my returns but at least i'm in profit.

http://i288.photobucket.com/albums/l...f?t=1290628688