EUR/USD 5min - Trendlines and Pivots

Decided to call it a week with around 44 pips, I will only trade tomorrow if there is some rock solid set up. This week has been great. No BS trades, only solid set ups and patience. Pleased with my discipline.

http://i288.photobucket.com/albums/l...g?t=1291219280

Opportunity to short A/U now 0.9665 but i'm not trading today

Here's how it looked, really nice to observe. The entries are fairly easy with this method, the exits not so. The pivot is a clear target and there is no way I would have held past that. Would I have grabbed the 7 or 8 pips at the open level in order to boost my weekly tally up past 50 pip target in this situation ? Probably. If it was a Monday, I undoubtedly would have listened to the divergence and held it to the pivot. My goal is to have the confidence to squeeze the maximum potential out of each trade regardless of psychological factors.

http://i288.photobucket.com/albums/l...f?t=1291306966

Another week - hoping I can do a repeat of last week, hit my target in a couple of days. Patience is the key. There are no obvious set ups at the moment so I will get on with something else and keep half an eye on the charts.

Here's how the A/U looks this morning. The trade didn't meet my criteria.

1) Trend line wasn't strong enough under my rules.

2) Support zone and pivot too close.

http://i288.photobucket.com/albums/l...f?t=1291629511

Another trade on balance I decided not to take. Good set up but too close to the pivot. As it happens it went straight through. However, there is no way of knowing that beforehand!

http://i288.photobucket.com/albums/l...f?t=1291638019

Currently I see a confirmed bear wedge on USDx and I'm waiting for a break up on dollar pairs.

Currently I have a nice triangle on A/U, the upper TL has been touched four times.

Now long on A/U with 12 pip stop targeting MR1

Stop now at break even.

http://i288.photobucket.com/albums/l...f?t=1291649361

Out break even.

Last trade will be a E/U long if it breaks out of the channel.

Cable breaking out of a triangle but I don't trade that...

OK nothing more for me today. Zero day.

Channel broke on E.U so I snuck in a long, stop now at break even.

Actually I messed up the entry a bit, I got in at 1.3304 while I was trying to decide if the channel had actually broken or not, no harm done on this occasion, although I will probably get stopped out on the retrace.

http://i288.photobucket.com/albums/l...f?t=1291658923

Tempting to hold for the pivot but I will look for 1.3326 which is the next fib.

Out b/e

That's what you get for not concentrating and messing up your entry, it's breaking away nicely now.

Looking for a breakdown of this trend

http://i288.photobucket.com/albums/l...f?t=1291710979

Just had a bounce but it looks like it will break soon.

I took a short on EUR/JPY. Not a pair I normally monitor but I have a decent signal on it. Will keep a tight ten pip stop on it.

http://i288.photobucket.com/albums/l...f?t=1291718606

Didn't like how slowly it was moving so took it out break even.

Turned out as originally planned, so missed out there. I'm used to breaks happening fast and when it happens slowly it is rarely a good sign.

http://i288.photobucket.com/albums/l...f?t=1291720917

I'm short on EUR/JPY again, break of the lower tl you can see in the above pic.

stopped - 12

http://i288.photobucket.com/albums/l...f?t=1291723624

I took a short on the break of a little triangle on A/U. Ten pip stop just above R3. Will look for the lower TL.

Out break even.

Hmm. The markets aren't moving with much logic at the moment. I think I will just take the 12 pip loss on the chin and come back tomorrow.

There are trend lines active on both the Euro and Aussie but price is trading well above them at the moment and chopping about without any direction.

14:12 - A/U coming down for a test of the TL now. Let see what happens.

Broken so now short with a 12 pip stop.

Bounced quite hard so stop tightened to 10 pips if it bounces again. It wants to break down and the Euro wants to break up.

Here's what took me in to the trade:

http://i288.photobucket.com/albums/l...f?t=1291732308

Stop at breakeven at R1. Could take profit here but I'm going to bet on a break through and hold for R1.

USDX strengthening, it has just broken through a trend line to the upside.

A/U bounced hard off the 200 EMA and it looks like I will be stopped out B/E. We'll see.

Finally booked some profit for the week, took +28 on that one.

http://i288.photobucket.com/albums/l...f?t=1291733900

Couldn't resist a Euro short 10 pip stop. Chart to follow.

Stop now at B/E, aiming for pivot.

http://i288.photobucket.com/albums/l...f?t=1291735926

+28 and done for the day.. great day.

OK I am currently at +44 for the week and last week I called it a week at that. However I will look for set ups for the rest of the week and stop as soon as I reach 50.

Here's what I'm looking at this morning. I got up a little late so I missed this on A/U.

http://i288.photobucket.com/albums/l...f?t=1291800635

Now I'm looking at this on E/U.

http://i288.photobucket.com/albums/l...f?t=1291801259

I bought the break but took it out break even fairly quickly. Aversion to loss now that I'm in profit for the week.

It panned out as planned, I had S1 in mind as my original target.

It was emotion which took me out prematurely, part of trading is recognising these psychological pressures and perhaps deciding to call it a week. After all it is only 6 pips to my weekly target. Is it worth taking on extra risk for this? I don't think so.

http://i288.photobucket.com/albums/l...f?t=1291806340

Ok, executive decision time. Quit trading for the week. Close enough to my target. The mantra has to be 'trade to live' not 'live to trade'.

This is exactly how I want my future trading to look like. A handful of trades and target met in the first half of the week.

£7 a pip next week. Probably the last trading week of the year.

http://i288.photobucket.com/albums/l...g?t=1291807245

I was very tempted to take this trade this morning, had to resist though.

http://i288.photobucket.com/albums/l...f?t=1291887758