fiatmoney
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Hi Pozzy,
at what point will you consider an order to be viod? Break of the second swing high/low of the pullback??
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Best Thread My Journal at a Prop house
Hi Pozzy,
at what point will you consider an order to be viod? Break of the second swing high/low of the pullback??
pocrel
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just wanted to add a chart of the eur/gbp as this trade could kick in tonight i have an order in for 8787 short
price moved up to 4hour support line and then has made a reversal pull back and a continuation pattern
trading with the long term trend here so lookin for price to move down to prior lows for profit taking if the trade kicks in
let me know what everyone thinks
thanks
price moved up to 4hour support line and then has made a reversal pull back and a continuation pattern
trading with the long term trend here so lookin for price to move down to prior lows for profit taking if the trade kicks in
let me know what everyone thinks
thanks
Nice trade you having going there. Unfortunately i was too late and missed and i dont like jumping in when its a few ticks through the level you suggested although it is a longer term trade. I'm not sure what your profit target is, but i've noticed this on the Weekly chart. EURGBP has been flagging for since the start of last year. Usually this suggests the price is likely to break the line in the direction of the pole. In this case heading north, not always the case and i think a break below 0.8680 would confirm this. But i favour EURGBP to the upside, because of the direction of the pole, but this is more longer term.
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Helloo
Sorry for neglecting the Journal a little bit in the past week or two just working hard elsewhere and finding it very hard to post in detail at the same time.
Thanks for keeping it alive though, Some ok moves yesterday but Been thrown around a little today, Euro seems to be having some trouble making up its mind and the floating p/l on a few trades is not looking great but keep the faith and all that, the plan always comes good in the end.
USDCAD trade looks nice mate trend lines with more than 3 touches usually provide some good trading.
Porcel nice trend lines on the 4hr EurGbp price making a lower low lower high on the 30 Min chart looks like it could be a nice little short mate. I feel to add that I HATTTTE trading EurGbp and very rarely go anywhere near it
.
Please please keep the posts coming as I wanna keep the Journal going and will post when I can.
Thanks
Pozzy
Sorry for neglecting the Journal a little bit in the past week or two just working hard elsewhere and finding it very hard to post in detail at the same time.
Thanks for keeping it alive though, Some ok moves yesterday but Been thrown around a little today, Euro seems to be having some trouble making up its mind and the floating p/l on a few trades is not looking great but keep the faith and all that, the plan always comes good in the end.
USDCAD trade looks nice mate trend lines with more than 3 touches usually provide some good trading.
Porcel nice trend lines on the 4hr EurGbp price making a lower low lower high on the 30 Min chart looks like it could be a nice little short mate. I feel to add that I HATTTTE trading EurGbp and very rarely go anywhere near it
. Please please keep the posts coming as I wanna keep the Journal going and will post when I can.
Thanks
Pozzy
pocrel
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i dont want to hijack pozzy thread but i am just lookin at thia usd/jpy chart i think it might be linning up for a short pretty soon
i have an order pedding for 93.08 target not as clear but will take some off at +20 if i get it and leave the rest run
here is my chart 123 or falling M on 1hr for entry, resistence at the 4hr trend line
i have an order pedding for 93.08 target not as clear but will take some off at +20 if i get it and leave the rest run
here is my chart 123 or falling M on 1hr for entry, resistence at the 4hr trend line
I was looking at shorting USDJPY all day, but it didnt pull back more than 20 ticks once. I had that same line drawn. I think you might be right soon. Yours world btw.
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OK, I don't want to hijack someone else's journal but pozzy has said he's busy and greenlighted it so I reckon its ok.
Wanted to post a chart I traded off of today, that I think showcases what I learnt most from this thread - simple appliance of S&R lines to define a range, then waiting for the price to show you the way to go. Pair in question is AUD/USD. My paint skills are limited so I've marked some coloured dots on the chart, and I'll try and explain what each one means here:
Greeny/Yellow (1st 2 dots) :- High and low of the pair which has had nice move up, hit a level and gone sideways, nicely establishing a range of roughly 0.9295/0.9340.
Purple (3rd Dot) :- first break through lower bound of range, on alert for a short
Light Blue (4th Dot) :- After price has pulled back it then breaks the lower bound again, I had my stop sell @ roughly 0.9290 triggered. S/L just above lower bound @ 0.9300. Took off 1/3 of trade at 0.9270 and moved s/l to break even.
Red (5th dot):- get stopped out of remainder of trade, annoying as price then continues down but I ws away from the screen and couldn't manage it as I would like.
I was targetting the 0.9230/50 level for the other 2/3's of the trade as this area was a previous area of S/R.
Overall pretty happy with this today, bit closer management would have maybe yielded better results but was glad to implement the basics of this technique. Any thoughts/comments more than welcome. Just wanted to say great thread and that what I have really learnt is simple application of horizontal lines! really helped to lose lot of indicators/diagonal trend lines/fibs etc. Still use some of them for colour, but really like the basics of what pozzy showed
Wanted to post a chart I traded off of today, that I think showcases what I learnt most from this thread - simple appliance of S&R lines to define a range, then waiting for the price to show you the way to go. Pair in question is AUD/USD. My paint skills are limited so I've marked some coloured dots on the chart, and I'll try and explain what each one means here:
Greeny/Yellow (1st 2 dots) :- High and low of the pair which has had nice move up, hit a level and gone sideways, nicely establishing a range of roughly 0.9295/0.9340.
Purple (3rd Dot) :- first break through lower bound of range, on alert for a short
Light Blue (4th Dot) :- After price has pulled back it then breaks the lower bound again, I had my stop sell @ roughly 0.9290 triggered. S/L just above lower bound @ 0.9300. Took off 1/3 of trade at 0.9270 and moved s/l to break even.
Red (5th dot):- get stopped out of remainder of trade, annoying as price then continues down but I ws away from the screen and couldn't manage it as I would like.
I was targetting the 0.9230/50 level for the other 2/3's of the trade as this area was a previous area of S/R.
Overall pretty happy with this today, bit closer management would have maybe yielded better results but was glad to implement the basics of this technique. Any thoughts/comments more than welcome. Just wanted to say great thread and that what I have really learnt is simple application of horizontal lines! really helped to lose lot of indicators/diagonal trend lines/fibs etc. Still use some of them for colour, but really like the basics of what pozzy showed
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Alright Immmm back. Thanks for filling in the guys who posted. Little more settled at work now and trading is on the way. So hope to rejoin the Journal world and get some regular posts going. Its Friday though so WOOOOP for that.
Euro pairs providing a nice range bound set up this morning. EU broke out triggered and scale out just getting filled as I type. EJ poked out but the trade isn’t on yet and I managed to grab a cheeky screen shot.
View attachment EJ.bmp
Not sure why my support line has not come out clearly but it should be where that bottom arrow is..
THanks
Pozzy
Euro pairs providing a nice range bound set up this morning. EU broke out triggered and scale out just getting filled as I type. EJ poked out but the trade isn’t on yet and I managed to grab a cheeky screen shot.
View attachment EJ.bmp
Not sure why my support line has not come out clearly but it should be where that bottom arrow is..
THanks
Pozzy
Sorry a bit late in posting this, but i noticed there was a descending wedge on EURJPY suggesting a break to the upside as it has the highest gradient. As you can see i have highlighted the false break out where alot of clowns would have been filled and would be finding themselves in a losing trade, which actually went down 25 ticks before breaking the false breakout. There a few indications that EURJPY is likely to go up in this situation.
1. The price has touched this trend line more than twice.
2. The area between the two trending lines is getting smaller and smaller only 50 ticks wide from 200 ticks at the beginning.
3. False Break out confirmation. ( Stops above the line have been taken out, meaning potentially there are more players long as opposed to short ). Knowing they committed a grave mistake they double down or potentially average in.
4. Greece talks drives up eurusd and eurjpy - ignore 1, 2 and 3.
1. The price has touched this trend line more than twice.
2. The area between the two trending lines is getting smaller and smaller only 50 ticks wide from 200 ticks at the beginning.
3. False Break out confirmation. ( Stops above the line have been taken out, meaning potentially there are more players long as opposed to short ). Knowing they committed a grave mistake they double down or potentially average in.
4. Greece talks drives up eurusd and eurjpy - ignore 1, 2 and 3.
Morning Guys,
Nice chart Pocrel some nice trend lines. Sitting down this morning and having a look at GBPJPY 4hr to outline a possible scenario. There was a rather bullish move up price then found resistance and retraced pretty much to bang on a 50% fib. Price has then rallied again and for me I feel that I have missed the push up this morning. So in order for me to get on this I would like to see price pull back a little first. If price pulls back and fibs and continues upwards it gives a nice dip to buy or if it turns around then we can look to get short. I have a feeling its going to pull back and retest the resistance level which we may see act as support. My rather messy 4hr chart below shows what Im looking at.
Nice chart Pocrel some nice trend lines. Sitting down this morning and having a look at GBPJPY 4hr to outline a possible scenario. There was a rather bullish move up price then found resistance and retraced pretty much to bang on a 50% fib. Price has then rallied again and for me I feel that I have missed the push up this morning. So in order for me to get on this I would like to see price pull back a little first. If price pulls back and fibs and continues upwards it gives a nice dip to buy or if it turns around then we can look to get short. I have a feeling its going to pull back and retest the resistance level which we may see act as support. My rather messy 4hr chart below shows what Im looking at.
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pocrel
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completly missed that trade last night on gbp/jpy but looked like a great brakout trade also very interesting using the 50% for a second entry but missed that aswell pozzy, anyway lookin to move on to finding something else eur/gbp near an interesting level
l
i know you dont like it but worth keeping an eye on it for the brakeout pull back continuation patttern
l
i know you dont like it but worth keeping an eye on it for the brakeout pull back continuation patttern
Morning
Little push down on cable so time to fib that bad boy!! Fibs from the high to the low on the 15 min and looking for at least a 50% retracement. Cable been producing some nice fat 4 hour bars recently making for some nice trades and usually meaning that scale out is hit.
Ive attached the chart.
Ill try and follow the trade through in real time.
Pozzy
Little push down on cable so time to fib that bad boy!! Fibs from the high to the low on the 15 min and looking for at least a 50% retracement. Cable been producing some nice fat 4 hour bars recently making for some nice trades and usually meaning that scale out is hit.
Ive attached the chart.
Ill try and follow the trade through in real time.
Pozzy
