light hearted journal

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Old Oct 4, 2009, 7:12pm   #1
light hearted journal

Helo All

Because IG index dont allow users to save charts I thought I might aswell bundle my charts, trades and general thoughts all into one place.

I generally use simple moving averages and trendlines to place trades, sometimes use Phil nels 5min strategy and sometimes scalp triangle consolidation patterns.

Im trading a live account but Im not risking my life savings here, just after a bit of fun and develop knowledge.
I Generally trade spot major forex pairs and gold/silver. I will try to call trades before entry.

First chart for kick off is USD/CAD on the daily TF

The 100 SMA is currently resting at 11050 which has near perfect confluence with my upper resistance.

So Ive got an order for Short at 11048 SL 35 TGT 55
and an order for long 10577 SL 35 TGT 55
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uc-daily-2nd-oct.jpg  
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Old Oct 4, 2009, 7:33pm   #2
second chart is 30min TF of EUR/GBP

its established a short term down channel and Ill be looking to play off these S/R lines

the daily trend in EG has been up since June but has recently bounced off resistance so this could be a good channel for a nice leg down.

The 30min stoch is disgustingly oversold at 2.9, maybe this can give a nice little push up to the desired entry.

If the price hits tonight or tomorrow I should be short somewhere between 9170 and 9180 SL 20pips TGT 40pips

Also when Asia opens tonight Ill be trading any significant gaps in price.
Attached Thumbnails
eg-daily.jpg   eg-30m.jpg  
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Old Oct 4, 2009, 7:57pm   #3
 
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Quote:
Originally Posted by baljit8011 View Post
second chart is 30min TF of EUR/GBP

its established a short term down channel and Ill be looking to play off these S/R lines

the daily trend in EG has been up since June but has recently bounced off resistance so this could be a good channel for a nice leg down.

The 30min stoch is disgustingly oversold at 2.9, maybe this can give a nice little push up to the desired entry.

If the price hits tonight or tomorrow I should be short somewhere between 9170 and 9180 SL 20pips TGT 40pips

Also when Asia opens tonight Ill be trading any significant gaps in price.
I've been buying the low of the channel to get in on the 4hourly trend But i've also been pyramiding the 4hourly trend right the way up so it shouldn't mean anything to you.
x
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GET YOUR TOWELS READY, ITS ABOUT TO GO DOWN.

Last edited by GladiatorX; Oct 4, 2009 at 8:02pm.
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Old Oct 4, 2009, 8:41pm   #4
Before Asia starts I'd like to wish all traders good luck for the next 5 days and declare

HONEY OF THE WEEK

Jennifer love Hewitt

Click the image to open in full size.

Maybe a bit airbrushed in this pic , but Just look at this pic, jesus christ, what can you do. I dont know man whatever.
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Old Oct 4, 2009, 9:07pm   #5
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Originally Posted by GladiatorX View Post
I've been buying the low of the channel to get in on the 4hourly trend But i've also been pyramiding the 4hourly trend right the way up so it shouldn't mean anything to you.
x
thanks for the input G,

Ill keep an eye on the 9110- 9120 level
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Old Oct 4, 2009, 9:10pm   #6
first trade of the week

Shorting the gap on EU, 14616 +15 -15

SL hit by 1 pip then target met, AHHHH!!!!

Last edited by baljit8011; Oct 4, 2009 at 11:12pm.
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Old Oct 5, 2009, 4:39pm   #7
EG trade came up with 40 pips
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Old Oct 5, 2009, 6:06pm   #8
Im short silver right now at 1650
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Old Oct 5, 2009, 6:15pm   #9
The Daily silver chart shows it hit Upper resistence on the 17th September so Im expenting the next 2 or 3 months to be a leg down to the 1500 level.

The hourly chart shows a nice downwards channel since the 17th, upper resistence has taken more hits then Ricky Hatton but Im gonna play it and see what happens.

Short entry was 1650, SL 15, TGT 30
Attached Thumbnails
daily-silver-5th-oct.jpg   1hr-silver-5th-oct.jpg  
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Old Oct 5, 2009, 6:54pm   #10
 
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Quote:
Originally Posted by baljit8011 View Post
The Daily silver chart shows it hit Upper resistence on the 17th September so Im expenting the next 2 or 3 months to be a leg down to the 1500 level.

The hourly chart shows a nice downwards channel since the 17th, upper resistence has taken more hits then Ricky Hatton but Im gonna play it and see what happens.

Short entry was 1650, SL 15, TGT 30
Ha Baljit, another trade i'm in.
Been building a long position in Silver for ages now; Pyramiding the way up - I entered a bit more at the previous high (Resistance becomes Support area) and then i will add my final unit if we reach the bottom trendline

Want some 'Silly' advice;
Having Green and Red bars isn't the best idea; Brokers give you this as default because it promotes 'gambling'; like a slot, all the pretty colors...
Green is often associated with money and greed... So when you see green rising bars your greed emotions will be alert and Red is associated with danger and fear and therefore you will always be emotional when you see a big red bar/More likely to break your rules.

The main problem with this is it means BUYING on a RED BAR is difficult because its associated with danger whereas BUYING on a GREEN BAR is much easier because money/greed - In reality however traders would want to be not be influenced by colors and be able to buy when price is falling...

One of the main reasons fail is because everyone buys at the top of the cycle and shorts @ the bottom...Whereas i think many succesful traders will buy in an uptrend when price is pulling-back and retracing.

Being able to buy when price is falling is quite a vital skill because it allows you to get long @ the bottom of the market fluctuation cycle.

Just an observation; feel free to absolutely disagree
__________________
I'm on a boat mother****er.

GET YOUR TOWELS READY, ITS ABOUT TO GO DOWN.

Last edited by GladiatorX; Oct 5, 2009 at 7:02pm.
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Old Oct 5, 2009, 9:17pm   #11
Im out, That resistance got violated, and not in the good way.

G-man!!!!!! I always mean to read up on psychology but havent got round to it yet. interesting stuff.

Im not a big fan of the candlestick look, Ive been thinking about changing to bar charts for some time now, my main beef is that I just dont like how consolidation areas look with the colours,

Youve inspired me G, Im going to change my candlestick ways.

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feel free to absolutely disagree
Well now that you've said that, I 100% disagree, please **** OF
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Old Oct 5, 2009, 9:25pm   #12
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Originally Posted by GladiatorX View Post
Been building a long position in Silver for ages now;
When you say ages, how long are we talking about here,?

Dont the daily interest payments kill your profit?
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Old Oct 5, 2009, 9:35pm   #13
 
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Originally Posted by baljit8011 View Post
Im out, That resistance got violated, and not in the good way.

G-man!!!!!! I always mean to read up on psychology but havent got round to it yet. interesting stuff.

Im not a big fan of the candlestick look, Ive been thinking about changing to bar charts for some time now, my main beef is that I just dont like how consolidation areas look with the colours,

Youve inspired me G, Im going to change my candlestick ways.


Well now that you've said that, I 100% disagree, please **** OF
You may find after a while that close-line charts weren't so bad after all ...
__________________
I'm on a boat mother****er.

GET YOUR TOWELS READY, ITS ABOUT TO GO DOWN.
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Old Oct 5, 2009, 9:46pm   #14
 
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Quote:
Originally Posted by baljit8011 View Post
When you say ages, how long are we talking about here,?

Dont the daily interest payments kill your profit?
I trade Silver via the Comex exchange (Futures) which is US-denominated; My current 'Silver' broker; InteractiveBrokers allows me to trade without currency risk and the futures aren't daily roll-overs (Contract months), i don't trade spot silver or SB silver in other words.

Held a position since December Which is very long for me considering my main focus in trading is E-mini S&P500 and US stock scalping

x

Have a look on your chart you will see 1,600 is a very strong supportive level.
__________________
I'm on a boat mother****er.

GET YOUR TOWELS READY, ITS ABOUT TO GO DOWN.

Last edited by GladiatorX; Oct 5, 2009 at 9:58pm.
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Old Oct 8, 2009, 5:33pm   #15
short cable 16119

SL 40
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