Trading with Price and price only

[jacinto]

OK, just have to make this summary

a) I havent reversed long. this move happened too quickly and i am suspicious. i will rather wait until it exhausts itself. i think it will happen when it meets 165.75 as a false breakout of a congestion that will happen between now and tomorrow london open (moreless)..... (congestion between 165.90 and 166.35) if it hasnt reversed already by the time i woke up

g) I am taking my kid to legoland tomorrow, so if i dont get an entry long to my liking, i will have to wait till i come back.

I dont see a setup with which i am comfortable, and since i am taking my kid to legoland, i will not trade, as i dont expect that the time i have from now until the time I leave will give an adequate setup.

Euryen went past my expected low, and could simply continue lower (the monthly bar so far is printing an inverted hammer, and that leaves me thinking). i am unsure. so until i get a setup to my liking, i will pass taking the guessing game. will be back for the close of the 5pm BST 4hr bar. enough time for price to show where it wants to go

 

[jacinto]

have taken 2 euryen longs a couple of minutes ago looking for a reversal.

first long 164.35 resulted in a loss of -30

second long 164.09....went almost 30 pips in profit and back down i have closed for + 4. I guess i could have kept a tight stop on this one, but.........realised the kind of think i was doing...calling a bottom......

we shall see if i got it right or not.

 

[arco]

jacinto

I have just shorted this down to an active Gann level 164.43

I have also calculated 2 other very strong Gann points in the region 163.82-164.43 and these could serve to assist a reversal. Therefore I will look for a potential pattern to appear in this area.

New Gann resistance levels will be worked at EOD but currently these are 166.36, 166.94


rgds - arco

 

[jacinto]

thanks for your comment. my child had a bad night, and she is asleep at the moment. had the opportunity to trade....made the first mistake, took the second long.......but closed because i should not try to call blind bottoms or tops and not in such fast moves.

i knew the 64.40 -6415 area was strtong support.

and this is what i have in my charts

weekly and 4 hour

thanks again.

edit....and she is waking up so no trade for me.....until the evening.

 

[jacinto]

thanks for your comment. my child had a bad night, and she is asleep at the moment. had the opportunity to trade....made the first mistake, took the second long.......but closed because i should not try to call blind bottoms or tops and not in such fast moves.

i knew the 64.40 -6415 area was strtong support.

and this is what i have in my charts

weekly and 4 hour

thanks again.

edit....and she is waking up so no trade for me.....until the evening.

well, i was very wrong. good i closed the second trade. the reason: simple....dont break your rules. do not call tops or bottoms because it is the same as trading an opinion.

great call Arco

 

[jacinto]

summary

well, not much to say....

1) had a very good start of the week. good profits. still with significant profit for 2 days trading.....(not counting today as trading but as making a fool of myself)

2) Today, i simply cannot say how upset I am with myself. I broke every rule possible. traded an opinion, traded an opinion again, didnt really read my charts, didnt even look at the environment (news, market talk, etc.). just felt i was missing out, had a 2hr span to trade, and traded on the wrong side. no words really. particularly on a day that is heaven for a day trader. during the last carry trade scare, i only traded cable. after that i told myself i would train myself to trade the yen and not miss out. well, i missed out! did get a "small chunk" of the action at the top. i guess it all just became an emotional snowball of missing opps to get me in (on the wrong side).

3) I dont know if i am on the right track, but feel i had an ego issue.....like an "i can read the market attitude".

so the bottomline is that: if i were jacinto's boss, i would warn jacinto for lack of performance, and breaching rules.

feel the 5 steps forward i took went back at least by 3. I wont trade tomorrow, i will, however post my thoughts. amazing how a good week with good profits can feel like an absolutely terrible week. astonishing

however, i wont overreact. there are still very positive things of this excercise and i will review them in due time....the weekend perhaps.

 

[jacinto]

just took a EURUSD short 1.3689........will post setup later on.

trade was based on coincidental chart in another thread. stop is tight, and trade experimental. small size.


edit: setup posted here (post # 17).....and the target is a bit ambitious.....+150 pips. we shall see. my money is on a loss. wont move stop until at least +40 in profit.

edit 2: stop is a bit cheeky....-10 pips

http://www.trade2win.com/boards/showthread.php?t=25891&page=2

edit 3: RIP -10. didnt work.

 

[arco]

Hi Jacinto

I was heading in the other direction
..............post from another forum

Post 319 - Support 3624-3592 ....resistance @ 3699....Nice Bullish Engulf on the 1hr and Piercing Pattern on the 3 hr right on the support area mentioned giving a low risk entry to target the Gann point ahead and potential resistance @ 3699 targeting circa 60 pips.

Target 3699 hit ......+ 60 pips

I am looking now for a potential reversal pattern to appear off the active Gann - now at 3704.

rgds - arco

 

[jacinto]

thanks for your comment Arco.....nice trade.


anyway, back to journal writing.

yesterday came back from the park 12:30 saw euryen at a nice level to buy, but no time to read the chart properly....prepare lunch for kid, no trade. price went up, decided to go back to the park...and missed a trade. too bad.

today, took 2 longs euryen, +24 on the first, ZERO on the second.

kind of have a mixed discipline at the moment. in a way i am not keeping the 4hr style vs still thinking as a day trader (or scalper if you wish). something to work on.

I am moving house this friday, and its a real nightmare to pack stuff, mind a child and trade, so i will probably just wait till i'm settled in my new house...............

but then there is bloody BT and their ability to take 2 weeks to do something that takes less than 24 hours in an underdeveloped country like my own .....so hopefully will have internet access next week.....I hate BT

lets see if before i move i manage to get a trade that gives me 100 - 200 pips and i will be happy for the week.....not hopeful, only 2 days left.

 

[jacinto]

my nice wife told me 2 days ago that the moving starts thursday been packing like crazy. still packing while the removal chaps taking things away.

had 20 mins early morning, saw a chart, took a long audjpy 101.40, and just came back to see i took 60 pips. so thats ok.

back to packing, wait to see if there is something overnight, but dont think so....still have to pack a bit more.

lets see if i can get my internet sorted soon, otherwise, its a short bye bye to this journal until im back online.

 

[jacinto]

mmm, removal men finished earlier than thought, and had another go at AUDJPY after spotting this nice bull flag.

in from 102.04, stop at breakeven......going out to get a bite. target is another 60 pips.

i wish removal people came more often

 

[jacinto]

just came back. that was quicker than expected. got to go out again, so just bailed out for +50.

not bad for the day +110

 

[jacinto]

been reading these 2 books about trendlines and action-reaction. still dont like some stuff in it, but well......spotted this on euryen.

wonder if a move down is coming. no trade here. realised still got to pack some more stuff. next time i move, i will simply pay somebody to do the packing for me.

will log on tomorrow am, but otherwise, its bye bye for a couple of days.

edit: i dont know how to count. sorry. 10 bars low to hi

 

[klw]

but then there is bloody BT and their ability to take 2 weeks to do something that takes less than 24 hours in an underdeveloped country like my own .....so hopefully will have internet access next week.....I hate BT

Hi Jacinto -- just catching up on this thread and saw the above post.

I may be a bit late as you may already have lost your internet connection but I should be able to help re. the BT. bit. PM me and I will assist.

Interesting thread by the way.

 

[jacinto]

but then there is bloody BT and their ability to take 2 weeks to do something that takes less than 24 hours in an underdeveloped country like my own .....so hopefully will have internet access next week.....I hate BT

Hi Jacinto -- just catching up on this thread and saw the above post.

I may be a bit late as you may already have lost your internet connection but I should be able to help re. the BT. bit. PM me and I will assist.

Interesting thread by the way.

thanks for the offer KLW.....yep, was too late, but thanks anyway.

OK, today completely misread the market, took a 40 pip loss, didnt really read into the news feed to understand what was going on. took another trade on the same direction, when i finally read the newsfeed and saw the whole carry trade stuff, managed to close for +2.

not much to write home about. will be going on holiday next week (tuesday), so may end up without a trade on monday.

thanks again KLW

j

 

[jacinto]

well, had a good day for a change.

took my kid to the zoo....bristol zoo. now living in the southwest is a bit challenging as i dont really know the area. anyway, came back, opened chart, had a nice tequila cocktail, took a long euryen, banked +140 rather quickly.

took a short, lowered stop to +30, then price went down, took half out for +60, got stopped out on the rest for +30.

so all in all a +195 pip day for a couple of hours work with a nice drink in the patio. wont complain. got to love the FED.

 

[jacinto]

ok, this is yesterdays setup. was playing around with blending bars to get a better feel of price action until i saw the trading opportunity as price came to test the 4hr close (artificial close). just jumped in. .....basically i spotted a 4hr hammer

2 charts. 15 min and 5 min.

15 min to create an artificial 4hour bar......(11 GMT to 15 GMT)

5 min to show entries.

interesting for the toolbox

 

[options]

Hey Jackie baby, have you toyed with heikin Ashi at all?

Either that or try having 5 tequila cocktails before looking at charts... They'll blend a bit then.

 

[jacinto]

no options......never liked sushi :cheesy:

seriously, is it worth it at all?

 

[options]

Well, it is basically turning your candles into a moving average to 'smooth' out the hicups.

So yes it is worth it to see trends clearer. But you have to make sure you don't use the price displayed on the chart, because it will be out of sync with the 'real' (sic) price.