My Eur/Jpy Trade journal

This is a discussion on My Eur/Jpy Trade journal within the Trading Journals forums, part of the Reception category; Prep for the day: 3rd resistance is 102.85 2nd resistance is 102.31 1st resistance is 102.02 Pivot 101.48 1st support ...

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Old May 22, 2012, 2:14am   #41
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread Prep for the day:

3rd resistance is 102.85
2nd resistance is 102.31
1st resistance is 102.02
Pivot 101.48
1st support 101.20
2nd support 100.65
3rd support 100.36

All indicators show price coming upward off of oversold area and price closed strong into daily close. Will need to wait to see change back to negative direction. Earlier it appeared 101.26 mightb be a good entry at london open but that would currently be S1 and not a good point to enter. Daily chart showing textbook buy signal on RSI and slow stoch, I even included Williams %R because that seems to filter some bad trades. All show upward on daily. Dont want to go against momentum so I will wait and see as well as peek at gbpusd at london open. I can see price touches just past R2 to around 102.40 which is just above BB2 band upper level and below BB3 upperband. I may place a short if there is sign of exhaustion in this area. Price may be heading back to daily 20MA which is currently around 103.90 which is fine with me because that will give good room to short. So for now looks like I will stand aside again.
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Old May 22, 2012, 4:18am   #42
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread Looking at short I will feel comfortable shorting if price reaches 101.70 again with a 20 point stoploss because if it reaches that point it will have surpassed the previous candle convincingly. Showing some weakness on 4hr chart. Will target 101.30 as take profit which is just before S1. RR 1:2 order in place. Price currently 101.48
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Old May 22, 2012, 4:23am   #43
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread Again writing a journal may save the day. Immediately after posting trade I sat and asked myself why did I make it. Why? Because I "feel" price will go back down because I "think" there is weakness on the 4hr chart. Well thining it over just that quick, in order for that to happen now a pretty solid pinbar which would appear pretty bullish would have to occur. This trade was not within my plan and this is exactly the tendency I need to avoid in order to stay clear of uneccessary losing trades. Needless to say the order was canceled and I will indeed wait until the time or set is ready. It does not have to be london open all the time but it does need to be showing its direction in correlation to the 20MA and dominant trend.
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Old May 22, 2012, 11:54am   #44
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread Short 101.80 stop loss 102.10 with target of 101.20 which is S1
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Old May 22, 2012, 3:04pm   #45
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread Not liking price action this morning. Nearly was stopped out but price came back to near my short order. Got out of trade with 1 pip loss. Price does appear to now be going in my direction but dont want to take the chance.

Win-1
Loss-2
Total pips net 24
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Old May 22, 2012, 4:26pm   #46
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread
Quote:
Originally Posted by Mr Woozel View Post
The latest you could have escaped with 1 pip loss was about 2.5 hours ago. Are you able to post at the time otherwise I think it is hard for people to you believe you.
I appreciate you following the journal. Again I have no need to lie as it would not benefit me in any way. If you would like you may check the 9am candle and see it went as low as 101.75 and indeed I was able to get out of the trade. Please note the time I posted was 9:04am minus a minute or two for typing the post. Of course I closed out before I posted. I am not sure why this would be hard to believe as the price is right on the chart.
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Old May 22, 2012, 4:33pm   #47
Joined Apr 2012
Re: My Eur/Jpy Trade journal

Quote:
Originally Posted by ndnole View Post
I appreciate you following the journal. Again I have no need to lie as it would not benefit me in any way. If you would like you may check the 9am candle and see it went as low as 101.75 and indeed I was able to get out of the trade. Please note the time I posted was 9:04am minus a minute or two for typing the post. Of course I closed out before I posted. I am not sure why this would be hard to believe as the price is right on the chart.
My fault. I am getting my times very mixed up. Will delete my post. Apologies!
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Old May 22, 2012, 4:47pm   #48
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Re: My Eur/Jpy Trade journal

ndnole started this thread
Quote:
Originally Posted by Mr Woozel View Post
My fault. I am getting my times very mixed up. Will delete my post. Apologies!
Understood. No worries.
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Old May 22, 2012, 5:03pm   #49
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread Looking at the daily chart I should have stuck to my rules and not opened trade because RSI and all other indicators were in agreement with being oversold. Even a downturn there must be breathing room upward before continued decline. Lesson leraned (yet again). he system in progression but I think it does not offer as many trades as my mentality would like. Although when right a good deal of pips will be the result. So I will set an expectation of or goal of 200-240 pips a month.
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Old May 23, 2012, 1:13pm   #50
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread No trade this morning should have set my order but was too preoccupied.
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