(binned per thread starter’s request) GEfx Trading Journal

My first silver trade was made a few days ago. Big difference when compared to currency trading, in that I trade the 4H chart and enter/exit on the 1H chart. In this trade, my stop was 45, but limit was 220. Took some doing but it got there, and now waiting for a pullback for another entry.

Love them metals! But be careful up here in the high altitudes. Not sure how much air is left for the time being.

rgards,

Hi auxesis, yea I think we are in nose bleed territory and am anticipating a pull back coming soon. Trading high time compressions means longer wait times, but the trades are on longer, too. Expectations of higher inflation get me interested in silver, and I like it!

A little chart work on Sunday morning before church. This is the Euro/$. Obvious up trend on the Day and 4H (4H posted below), with some consolidation under way. Expect the pair to continue rising so I will buy on dips, but any news of further default of debt in Europe could force the pair south. My next up target is 1.4640; a break south targets 1.4240.

OK, looks like the European debt situation is taking the lead today, with the Finns adding "anti-bailout seats" in yesterday's elections. Will make things interesting as the Euro breaks south.

I am short the E/$ for over an hour now at 1.43527, protecting 1.4350 and targeting 1.4290, then 1.4240.

E/$ stop now at 1.4330. Looks like 1.4300 is well defended now, so will see what happens on the next push to decide if I take 1.4305 or wait for 1.4290.

Squared at 1.43956. Waiting for a pull back to re-enter.

Edit: I took a 1/2 position trade on the GBP/$ at 1.62863 and am protecting the entry price. Nice trend wall/fib trade and am targeting 1.6240.

Regarding analysis of the E/$, the first target of 1.4290 has been hit, and I am now looking at re-entry at about 1.4338'ish. It may just fall to the 1.4340 level before that, but I am up over 55 pips on this trade now and I will wait for my best possible entry.

The GBP/$ trade is in the money but seems to be faltering, so I will move stop to 1.6282 and just let it go. Moving my first take profit to 1.6255, where I will take 1/2 position off and let the remaining go to 1.6240. Being convervative with cable today, but may become more aggressive later in the morning.

Edit: Just squared the GBP/$ trade at 1.6270 for small profit. On the sidelines waiting for next trade setup.

Here is a chart of the E/$ trade:

Have re-entered the E/$ at 1.4293 on the trend wall bounce and protecting the entry price, targeting 1.4275 then 1.4240.

Edit: Square at 1.4265

Just watched the GBP/$ pass through my target...too bad I was such a coward and jumped out - LOL.

OK, glad I was on the sidelines. SP just lowered the US outlook and the dollar has reversed sharply. Now waiting for some time to pass for actual market response. This is why I always trade with stops.

Edit: S&P news caught the market off guard, but the actual impact is minimal (no real news here). Still waiting.

Short the E/$ at 1.4288, targeting 1.4240, protecting 1.4280.

Edit: Square at 1.4268 and done posting on the journal for the day.

Wow, take some time away from the charts and look what happens! Here is a new 4H chart. Lots of area above to square up so stay focused.

Back to the 4H chart from earlier in the week. I have been taking long positions on the E/$ since the bounce off of (and clear respect for) the .618 fib at 1.4212. Just squared all postions for the Easter weekend as the -.27 fib extension at 1.4655 was missed by 5 pips.

I hated this trade, but it finally paid off after breaking above the resistance zone (pink band). I entered the trade this morning and left it opened all day, checking back from time to time to move my stop, just below the last support as it developed. Target was the -1.27 fibx. Here is the 10M chart.

Sticking with the E/$, the following is a One Week Chart. Possible strong targets are noted on the chart. Next week may be interesting, given the late-on-Friday announcement by Ireland that it is downgrading itself. The trend is up and that is the trade that I am looking for, but we are getting pretty high here so possible retracement trade may also be on for next week.

Quick view of the E/$ tonight. This is a 1H chart. Clearly trapped in a 110 pip range for some time now, as the market decides where to go next. Very easy trading going north and south the last few days.

The following is a 123 trade from this morning on the E/$. The E/$ was rising against the backdrop of falling equities in the US and Europe, which is usually a sign of a possible sharp snapback in the E/$. After reaching a three year high against the dollar, the euro corrected on the push through the "2" support of the 123 candle formation. Entry was at 1.4904, with a limit at the -1.27. Here is the chart (5M chart):