Da.DesiTrader's FX Journal using Chart Patterns

This is a discussion on Da.DesiTrader's FX Journal using Chart Patterns within the Trading Journals forums, part of the Reception category; Hahah. Pipnator, I got criss/crosses on my charts. You're the man, I'll be first one to signup for your courses ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Jan 3, 2010, 2:47am   #29
Joined Sep 2009
Re: Da.DesiTrader's FX Journal using Chart Patterns

Da.DesiTrader started this thread Hahah. Pipnator, I got criss/crosses on my charts. You're the man, I'll be first one to signup for your courses mate.
__________________
_______________________________

Da.DesiTrader's FX Journal using Chart Patterns:
http://www.trade2win.com/boards/trad...-patterns.html

London - The City / CanaryWharf Traders Social (organised monthly):
http://www.trade2win.com/boards/t2w-...rs-social.html
Da.DesiTrader is offline   Reply With Quote
Old Jan 3, 2010, 3:57pm   #30
Joined Jul 2009
Re: Da.DesiTrader's FX Journal using Chart Patterns

glad i can help....pls drop me line if you have any questions.....


also let me know when you order your new red ferrari ))))))
__________________
Learning from your own mistakes is the biggest mistake you can make. Carefully observe the stupidity of others and learn from theirs instead
pipnator is offline   Reply With Quote
Old May 3, 2010, 9:41pm   #31
Joined Sep 2009
Re: Da.DesiTrader's FX Journal using Chart Patterns

Da.DesiTrader started this thread Hi All,

Right back at it. See attached the AUD/JPY 4H and Daily charts. It's an ascending triangle with 89SMA plotted on chart.

5 Step methodology is below:

1. Identified a pattern in development on AUD/JPY. It's an ascending triangle / channel with possible breakout in either direction.

2. Recent S/R's also plotted on chart. Looks like 8755 region has been a major resistance, throwing price back below 89SMA quite a few times. This makes it a very good candidate for breakout. 8548 level was previous support, broke once around 16 April but quickly came back above and then held firmly around 27 April. Overall, the instrument is showing bearish character but could also be coiling for a massive breakout. Plus, the price has been making new highs around fib numbers from previous swing high/lows (circled).

3. On daily chart, the price breached 89MA in an uptrend four times. Each time, it was deeper / longer than before (circled), however the price then continued in the direction of the trend. Last time the breaches were around Jul, Sep, Nov 2009 and Feb 2010 (roughly 2 months) and we are in May now. That's bearish on higher T/F.

4. Price is in the region of 0 and 23.60% retracement from previous swing high(arnd 30 April) and swing low (arnd 19 April). RSI/MACD, none of them show divergence to indicate a move on either side (on my entry TF, however on Daily the MACD and RSI both show bearish divergence).

5. Regarding risk/reward. I would prefer to enter at the break of previous high/lowcandle. (ie, break above 8807 or below 8634 ). The stop loss to be above recent high candle (ie, 8807)

So short entry is 8625 with stop loss at 8810 (padded both by a few pips). Total risk is 185. The daily ATR is also around 118 for past few days. So good.

Target would be double of 185 at least 8255 (which is around 89SMA so not beyond imagination as another breach/break is quite possible). Will be looking to take 1/3rd off and b/e as soon as trade goes in blue around 100 pips.

Alternatively, go long at break of 8810, with similar risk/reward ratio and stop loss reasoning - Just reverse.

In summary:
Long at 8810, s/l: 8625 (risk of 185), 9180 T/P: and more.
Short at 8625 s/l: 8810 (risk of 185), 8255 T/P: and more.
Attached Thumbnails
aud_jpy_4h1.png   aud_jpy_daily2.png  
__________________
_______________________________

Da.DesiTrader's FX Journal using Chart Patterns:
http://www.trade2win.com/boards/trad...-patterns.html

London - The City / CanaryWharf Traders Social (organised monthly):
http://www.trade2win.com/boards/t2w-...rs-social.html
Da.DesiTrader is offline   Reply With Quote
Old May 3, 2010, 9:50pm   #32
Joined Oct 2008
Re: Da.DesiTrader's FX Journal using Chart Patterns

good to see you back ......

look forward to your posts
wallstreet1928 is offline Coach/Trainer   Reply With Quote
Old May 3, 2010, 10:03pm   #33
Joined Feb 2010
Re: Da.DesiTrader's FX Journal using Chart Patterns

analysis is very good, i like the way you've planned each trade too.

but want my advice? for moving averages use the 50/200
FXTrend240 is offline   Reply With Quote
Old May 5, 2010, 3:09pm   #34
Joined Sep 2009
Re: Da.DesiTrader's FX Journal using Chart Patterns

Da.DesiTrader started this thread
Quote:
Originally Posted by Da.DesiTrader View Post
Hi All,

Right back at it. See attached the AUD/JPY 4H and Daily charts. It's an ascending triangle with 89SMA plotted on chart.

5 Step methodology is below:

1. Identified a pattern in development on AUD/JPY. It's an ascending triangle / channel with possible breakout in either direction.

2. Recent S/R's also plotted on chart. Looks like 8755 region has been a major resistance, throwing price back below 89SMA quite a few times. This makes it a very good candidate for breakout. 8548 level was previous support, broke once around 16 April but quickly came back above and then held firmly around 27 April. Overall, the instrument is showing bearish character but could also be coiling for a massive breakout. Plus, the price has been making new highs around fib numbers from previous swing high/lows (circled).

3. On daily chart, the price breached 89MA in an uptrend four times. Each time, it was deeper / longer than before (circled), however the price then continued in the direction of the trend. Last time the breaches were around Jul, Sep, Nov 2009 and Feb 2010 (roughly 2 months) and we are in May now. That's bearish on higher T/F.

4. Price is in the region of 0 and 23.60% retracement from previous swing high(arnd 30 April) and swing low (arnd 19 April). RSI/MACD, none of them show divergence to indicate a move on either side (on my entry TF, however on Daily the MACD and RSI both show bearish divergence).

5. Regarding risk/reward. I would prefer to enter at the break of previous high/lowcandle. (ie, break above 8807 or below 8634 ). The stop loss to be above recent high candle (ie, 8807)

So short entry is 8625 with stop loss at 8810 (padded both by a few pips). Total risk is 185. The daily ATR is also around 118 for past few days. So good.

Target would be double of 185 at least 8255 (which is around 89SMA so not beyond imagination as another breach/break is quite possible). Will be looking to take 1/3rd off and b/e as soon as trade goes in blue around 100 pips.

Alternatively, go long at break of 8810, with similar risk/reward ratio and stop loss reasoning - Just reverse.

In summary:
Long at 8810, s/l: 8625 (risk of 185), 9180 T/P: and more.
Short at 8625 s/l: 8810 (risk of 185), 8255 T/P: and more.
Short trigerred at 8625. Half profit taken at 8525 (100 pips) and stop moved to b/e at 8625.

Risk free trade for the remainder.

Post trade analysis: Plan the Trade and Trade the Plan.
__________________
_______________________________

Da.DesiTrader's FX Journal using Chart Patterns:
http://www.trade2win.com/boards/trad...-patterns.html

London - The City / CanaryWharf Traders Social (organised monthly):
http://www.trade2win.com/boards/t2w-...rs-social.html
Da.DesiTrader is offline   Reply With Quote
Thanks! The following members like this post: FXTrend240
Old May 6, 2010, 5:17pm   #35
Joined Sep 2009
Re: Da.DesiTrader's FX Journal using Chart Patterns

Da.DesiTrader started this thread
Quote:
Originally Posted by Da.DesiTrader View Post
Short trigerred at 8625. Half profit taken at 8525 (100 pips) and stop moved to b/e at 8625.

Risk free trade for the remainder.

Post trade analysis: Plan the Trade and Trade the Plan.
Target hit. 370 pips profit in total. About time, wheels come off the aussie

Although money management-wise, I took half off at 100 pips, and remaining half made 270 pips.

Tell me why I stopped doing this?

Next setup to come shortly.

Cheers
__________________
_______________________________

Da.DesiTrader's FX Journal using Chart Patterns:
http://www.trade2win.com/boards/trad...-patterns.html

London - The City / CanaryWharf Traders Social (organised monthly):
http://www.trade2win.com/boards/t2w-...rs-social.html
Da.DesiTrader is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Using chart patterns Joe Ross General Trading Chat 7 Nov 17, 2009 6:53am
Chart patterns Easyman Educational Resources 8 Dec 29, 2004 12:00am
FX Chart Patterns SAINT Forex 5 Nov 12, 2004 12:24pm
Chart Patterns that Fail ilia king Technical Analysis 17 Jul 21, 2004 2:35pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)