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; On another note I am going to try and include Stochastic Slow 5.5.5. to help with RSI in signaling entry. ...

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Old May 18, 2012, 1:35am   #36
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread On another note I am going to try and include Stochastic Slow 5.5.5. to help with RSI in signaling entry. This pair may trend in the lower area of RSI for a while so slow stochastic help give a signal within the low periods.
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Old May 18, 2012, 11:56am   #37
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread No trade taken will stand aside today. Rsi daily 23 and price has already touched S1 and come back up 50 pips. May be short term bottom. Will study other pairs this weekend to see if I can apply this strategy to them.
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Old May 21, 2012, 3:19pm   #38
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread No trade today as I will strictly follow my rule of no trading first day of the week. I am glad I did so as my sort bias would have caught me in a trade with no edge today. Risk vs reward was not enough. Most of my biggest losses have come on a monday, I will wait to see what the market has in mind then decide my next trade. My bias is still down and I will wait til it shows downward movement again.

I wa itching to pull a trade and I am pleased I did not give in to my tendency to overtrade. Even knowing the pitfalls it is diffiult not to get in the market. Had a shorted at the open of 4am I would have had a 24 pip drawdown which is within the limt and I would currently be about 20 pips in the green at this time, that is just about 1:1 rr and that is not acceptable to me at this time. As it is, I see that my next evolution will be to not even worry about what I "would" have made andinstead feel confident that my decisions are in the best interest of longterm success.

As I am typing the trade would be heading back to break even now so that further validates my thoughts. No looking backward only forward. No loss is better than a loss.
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Old May 21, 2012, 3:22pm   #39
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread Of the other pairs that I have studied over the weekend it looks like GBP/USD is also a good candidate to try my strategy on. Will moniter this week and paper trade it to see if it will work.
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Old May 21, 2012, 7:00pm   #40
Joined Apr 2012
Re: My Eur/Jpy Trade journal

ndnole started this thread Quick check of the chart and it looks like things are setting up nicely for a possible short at london open if my strategy is correct. I will have to validate my bias after the close of daily candle at 8pm est. If price stays around current levels then it will be close to the 4hr 20MA just above it. A break below with all other requirements met would allow me to short. As of now a short of around 101.26 looks good if it around this price at london open and heading downward. Trying to get better at percieving price action and using that analysis with indicators and patiently waiting for my set up. I feel some progress has been made in this area already. I am a little suprised at how helpful it actually is to write down toughts and reasons and the benefit it gives.
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Old May 22, 2012, 1:14am   #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, 3:18am   #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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