Seeking consistency

This is a discussion on Seeking consistency within the Trading Journals forums, part of the Reception category; daily and 4 Hour trends are up price has retraced to the bottom of its ascending 4H channel and previous ...

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Old Jan 3, 2011, 2:23pm   #183
Joined Dec 2009
aud cad potential long set up

Leia started this thread daily and 4 Hour trends are up
price has retraced to the bottom of its ascending 4H channel and previous support level
looking for a trigger to get me into a long position
hourly 20ema just below may offer additional support
Attached Thumbnails
aud-cad-03-jan-set-up.jpg  
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Old Jan 4, 2011, 8:19am   #184
Joined Dec 2009
eur usd - london open

Leia started this thread first trade of the year
I used the '3 ducks' as a filter to identify candidates for trading the London open session
this returned 5 pairs
eur usd, usd cad, eur gpb, eur jpy and aud jpy

the eur usd 1H chart printed a hammer shape candle at 7am indicating rejection of lower levels at between 50% and 61.8% retracement of the prev 1H up swing, which I decided to trade

The trade triggered quite quickly and immediately retraced to over 61.8% of the prev 5m up swing, confirming that I should have awaited the retrace to get a better entry and risk reward ratio by using the 15m hammer that had been printed previously (ie before the 1H one). The reason I didn't is because the London open can produce 'breakout' moves

Any way, fortunately nothing lost as having seen a 5m break above and then a 5m low above my entry level I have moved my stop to a break even position, so I can't lose now

the 1H, 5m and 15m charts are attached
Attached Thumbnails
eur-usd-04jan11-set-up-trigger.gif   eur-usd-04jan11-5m.jpg   eur-usd-04jan11-15m.jpg  

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Old Jan 4, 2011, 8:22am   #185
Joined Dec 2009
Re: eur usd - london open

Leia started this thread [QUOTE=Leia;1370746
Any way, fortunately nothing lost as having seen a 5m break above and then a 5m low above my entry level I have moved my stop to a break even position, so I can't lose now[/QUOTE]
Whilst posting this my stop was hit, so out for 0
whilst this is a disappointment, I am pleased that I have recorded this trade with the reason I chose to take it and how I could have done better, with the benefit of hindsight
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Old Jan 4, 2011, 10:46am   #186
Joined Dec 2009
Re: aud cad potential long set up

Leia started this thread the last 4H candle has offered a hammer, sitting exactly between the fib retracement areas I have marked with dashed blue lines
unfortunately we have a break and close below the Daily 20ema, price has broken out of the ascending channel and the 4H trend (moving averages) has crossed to the short side
I have placed an order anyway, as the ma could cross back

trigger 4H candle on attached
Attached Thumbnails
aud-cad-04-jan-trigger.jpg  
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Old Jan 4, 2011, 10:48am   #187
Joined Dec 2009
Re: eur usd - london open

Leia started this thread
Quote:
Originally Posted by Leia View Post
Whilst posting this my stop was hit, so out for 0
ironically, my target was actually achieved, if I had left this trade to run for longer, with the stop at the original location
However, this is supposed to be a short term trading strategy, so I am happy that I acted as I did
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Old Jan 5, 2011, 6:43am   #188
Joined Dec 2009
Wednesday Jan 5th

Leia started this thread My filter returned 7 pairs this morning, so I have reduced this to four based on the largest potential gain:
cable Long c 1.55 25 / 50
eurchf Long c 94.65 / 55
gbp jpy Long c 127.35 / 00
eur jpy short c 82.45 / 60
looking for potential entries on 5m & 15m
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Old Jan 5, 2011, 7:45am   #189
Joined Dec 2009
Re: Wednesday Jan 5th

Leia started this thread
Quote:
Originally Posted by Leia View Post
looking for potential entries on 5m & 15m
orders entered long
cable at 1.55 60 (20 pip stop)
gbp jpy 127.70 (30 pip stop)
both higher than the reaction levels I stated earleir due to the speed of the up moves after the initial falls at 7am
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