EUR/USD 5min - Trendlines and Pivots

Possible triangle in development in E/U, I won't be rushing into anything today though. I will wait and see if it strengthens.

I'm short AU, 9809 with a 12 pip stop. Break of a minor trend line and H&S.

Out -1. Had the chance to take +10 but I thought it would go two pips further.

Short again A/U, 9804, 12 pip stop, target S1 (9769ish).

http://i288.photobucket.com/albums/l...f?t=1290680757

Out break even.

Short again on the re-test of trend line and 200 ema. Same stops and targets.

-10

Short again at 9802 with a 10 pip stop.

E/U started breaking up so i took it out B/E.

OK, charts are off. I have just been staring at the screen waiting for a set up that isn't going to materialise. The last couple of trades were pure impatience. Shame I couldn't bag pips on the first couple of trades.

Couldn't resist a long, E/U broken above the triangle and pivot, USDX broken below a trend line.

Stopped -12...

I had another long which I closed out for -1. Realised I was breaking my own rules by trading right next to the pivot. Of course, it rockets shortly after. Poor trading today, -24 in total.

http://i288.photobucket.com/albums/l...f?t=1290699233

Getting to the end of the trading week and I'm suffering from impatience. I wish I could approach the charts with a cool detachment, but today in particular I have felt like a gambler, rash impulsive decision making rather than cool and collected. My first couple of trades were very laid back, and if my stop had been a pip or two wider I would have banked a nice profit early in the morning.

Then I took a dumb trade on the re-test of a trend line after a big impulsive move, frankly it was nowhere near the trend line and I just wanted to be in the trade before it went without me. How many times have I made that mistake? Getting stopped out on that made the frustration set in, and a couple of dodgy trades followed. I could hear the cool, relaxed trader I know I can be shaking me and asking what the hell I was doing.

After that I have felt addicted, like a gambler, trying to focus on something else but unable to, constantly firing up the charts to look for a set up.

I know I have some latent ability, but I have some serious work to do getting on top of the emotions and improving my win rate. At the moment I'm thinking of instigating a rock solid rule of no trading after 1pm. But then I have had a couple of home runs this week all in the afternoon. Another possibility is tightening the weekly target to 25 pips, which most weeks I have managed without any trouble. After all, that will be over 6% a week when I reach my 3% per trade target.

No serious damage done again, at the moment I'm in learning mode rather than money making mode. And, I'm in profit, which is the main thing. One thing I'm learning is, this is no walk in the park!

Long on both pairs this morning, charts to follow.

http://i288.photobucket.com/albums/l...f?t=1290760277

http://i288.photobucket.com/albums/l...f?t=1290760309

Exits are decided on the fly and based on momentum, I had higher targets in mind for these trades but I decided it's Friday, I want to close early, good profit on the table - close it!

OK momentum is strong, but I went ahead and closed both pairs for 42 pips.

Looks like I might have pulled a rabbit out the hat and met my target for the week!

55 pips for the week, very happy with that. Onwards and upwards to £5 pp next week. Getting close to a full lot in dollar terms so that will be a good milestone.

http://i288.photobucket.com/albums/l...g?t=1290760715

http://i288.photobucket.com/albums/l...g?t=1290760744

No more trading but I like to take a look to see how things are developing, this is the kind of set up I like. There was a chance to get out at break even and in at a better price. Will it continue up? Keep a tight stop, lock in pips and the odds are on your side in the long term.

http://i288.photobucket.com/albums/l...f?t=1290785598

Nice trend line break on A/U in the last 5 minutes but too close to the opening price for me to consider trading.

http://i288.photobucket.com/albums/l...f?t=1291024499

There's the drop, typically I would aim for a risk of 10 pips and a take profit of 50ish pips (Daily S1). Stop would be moved to break even at the open price.

Here's how it panned out, as expected.

There was no way I could trade today anyway, we were hit by unexpected snowfall on Sunday and I couldn't get back home -- so I had today down as a day off.

It is good to note that the break of a trend line that has been developing all morning can signify a change of direction for the rest of the day.

http://i288.photobucket.com/albums/l...f?t=1291040749

Short on an Aussie wedge break, 12 pip stop... target Open at least.

Had to take it out break even.

http://i288.photobucket.com/albums/l...f?t=1291107042

Short E/U now, triangle break, 12 pip stop, first target S1.

Stop now at break even.

Closed early for +19.2 ... Obviously should have held it but what are you going to do

http://i288.photobucket.com/albums/l...f?t=1291107090

And it just keeps dropping. If I had the nerve I could have smashed my weekly target in under 15 minutes...

Oh yeah - Happy St Andrews Day to any fellow Scots reading. I will be celebrating with some good whisky later.

Watching this at the moment

http://i288.photobucket.com/albums/l...f?t=1291196374

I suspect the up move is just a re-test of this trend line, still waiting for a drop.

http://i288.photobucket.com/albums/l...f?t=1291204646

Short on the break of the 5 min trend line 12 pip stop.

Tightened the stop to 7.5 pips.

Getting close to ADP now so will look to exit this soon.

Too close to the news now so out +6. Better safe than sorry.

Out until tomorrow... unless there is an obvious set up later in the US session.

Might have time for one more.

There was a triangle break on the A/U but I wasn't totally happy about it.

Now a E/U trend line has broken so I will wait for the candle to close and re-test.

Now short with a 12 pip stop from 1.3087

Stop now at b/e

Out B/e, tried to get a better entry but in at the same price.

Took profit at MR1.... +18. This could easily fall to the pivot. +25 for the day.

A better trader would ride this further but I am content with my pips today..

http://i288.photobucket.com/albums/l...f?t=1291217209

I am now at 45 pips for the week so I am tempted just to call it a week, especially as I have taken no losses and NFP on Friday. I will probably be back tomorrow for a look though.

A quick look at the four hourly to see what's going on, I suppose we're waiting for any more news from Europe to take us down to retest the 1.2970s again. Red horizontal lines are local areas of S&R.

http://i288.photobucket.com/albums/l...f?t=1291218749

As an aside, I thought Martin Wolf's take on the Euro situation this morning was interesting. My degree was in economics and I only 'just' understand what he's talking about most of the time.

http://www.ft.com/cms/s/0/259c645e-f...#axzz16sLiHtaR