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; Originally Posted by ndnole Al requiremnts were met. Took short at 4am open of candle at 102.20 target 101.60. Dont ...

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Old May 17, 2012, 1:17pm   #29
Joined Apr 2012
Re: My Eur/Jpy Trade journal

Quote:
Originally Posted by ndnole View Post
Al requiremnts were met. Took short at 4am open of candle at 102.20 target 101.60. Dont want to get to close to S2. Stop loss is break even now as price has moved down past 102.00. The reason I took the trade was due to how price was acting during close of 12am 4hr candle. It was clear price was not going to break above 20MA which has been acting as solid resistance on the 4hr chart.
You are posting a winning trade nearly 2 hours and 40 mins after you entered it?
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Old May 17, 2012, 1:28pm   #30
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Re: My Eur/Jpy Trade journal

ndnole started this thread I was much to sleepy this morning to post it this morning. Not asking to take my word for it though. There would be no benefit to me to do so for this journal as it is a learning tool for myself to get better.
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Old May 17, 2012, 1:29pm   #31
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Re: My Eur/Jpy Trade journal

ndnole started this thread But take profit has been hit out t 101.65 didnt want to risk it.
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Old May 17, 2012, 1:33pm   #32
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread Win-1
Loss-1

net so far +25 pips

Take profit ended up being 55 pips not 30

Last edited by ndnole; May 17, 2012 at 11:07pm. Reason: correct pip amount
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Old May 17, 2012, 11:14pm   #33
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread What I learned from today was both good and bad. The bad first, I was pretty dead set against placing a trade for reasons stated above. However, when I checked the chart and price action shortly before 4am open I wa swayed to make the trade as it seemed obvious to me that there was a lot of downside pressure. I really need to stick to my analysis and not deviate. This ended up being a proitable trade that went much farther than my take profit target. While the result was good it still seems that I have to discipline better as more times than not the trade will go against me for the reasons that were outlaid. So end result was good but more determination to be selective is still needed. That is how the small few who stay profitable over time do it I am sure.

On other thing I am pleased about is that I feel pretty confident in what the chart is telling me. If I didnt learn anything else while blowing a few accounts it was learning to read a chart. While still a work in progress I can envision movement pretty well. Entry is where I need to focus as sometimes I know the right direction but get in either too early or too late. I may experiment with set and forget it style instead of manually entering at london open as long as price is respecting trend and 20MA on 4hr candle.
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Old May 18, 2012, 2:19am   #34
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Re: My Eur/Jpy Trade journal

ndnole started this thread Prep for the day:

3rd resistance is 103.80
2nd resistance is 103.08
1st resistance is 101.96
Pivot 101.24
1st support 100.12
2nd support 99.41
3rd support 98.28

Daily RSI is currently at 23 and 4hr is at 25.
Both charts are either touching or very near BB2 lower end. This is something I must hold fast to as the downward pressure is obvious but it will break my rules to take a trade. I may reasses come london open but as of now there is no trade planned. S1 is basically the same is fib retracement 78.6% level. Could be tough to crack or it could break easily. Lower BB2 on daily is also touching this area. I think this support may hold. May consider short if price reaches near pivot of 101.24
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Old May 18, 2012, 2:27am   #35
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Re: My Eur/Jpy Trade journal

ndnole started this thread In that case I would consider short at 101.24 with stop loss 10 pips above 1hr 20MA but not more than 30 pips stop loss. Target would be 100.64 for 60 pips which would be well before S1 and still above the low of the last daily candle.
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