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Thread: For What Its Worth

  1. #1

    For What Its Worth

    As a new member of FF, I thought I would add my 2 pips value to the website by beginning this trading diary. I will, from time to time, present a sample of my trades in the current trading day. I'm putting this oncliqforexsince I think there are a couple of good Currency Market traders here, and I am open to your thoughts and opinions on what I am doing (it is working for me personally ). I will gladly exchange thoughts with anyone, but please do not be offended if you're a new trader, since I'm not attempting to help new traders figure out how to exchange.

    So, here is what I traded this morning on the EURUSD. Trade A was at approximately 3:10AM CST. It was my very first trade of the day and I wasn't searching for more than 30 pips, which I captured. The next trade, B, has been afterwards in the afternoon and has been a consequence of the squaring up of the move down. My egy was supposed to enter at B and then hold on to it until the .786 fibo was struck, which it did. All in all, a slow dawn however a couple of pips are in the bank to start the week.

    Here's a chart for referrence:

  2. #2
    GBP$ - Day is up, 4H is up, 60 is up.
    EUR$ - Day is up, 4H is up, 60 retracing.
    EUR/JPY - Day is up, 4H is up, 60 is retracing.
    $/JPY - Day is down, 4H is down, 60 is retracing.

    Potential divergence on the GBP$ and EUR/JPY.

    Edit: As of 11:00 AM CST, GBP$ proceeds to push higher; EUR$ and EUR/JPY continue with retracement; $/YPY could be returning to fashion, but in addition could be stalling/going into a range .

  3. #3
    Ed, re: GBP Trade: Entrance was 1.5986. Move stop now (11:22) to 1.6055, target still 1.6150. 1.6075 is stalling and given the time of day shield profits for the day. Proceed lunch and enjoy the afternoon.

  4. #4
    Staying focused on the GBPUSD, expect the price action to proceed to approximately 1.5940 to square today's action/gap, before going to the 1.6150 goal. New information, however, that may change things: US discovered less interest than anticipated at the auctions now, so this could lead to some real fireworks afterwards. Heads up and stay flexible.

  5. #5
    USDJPY exchange this day after Tokyo open. A break of a previous significant amount at 95.48/50 along with a fast buy. Risk was little at 15 pips and a goal of 40 pips. Keep the TA beneath the covers and here's a chart of the trade:


    The hook back to the 95.48/50 level (critical move) after entry helps confirm that the trade.

  6. #6
    Traded that the GBPUSD up all morning. Then a nearly flawless example of a quick retracement trade presented. Entry is at A (1.6112) at which the fibo foundation is breached (note that the price action failed to reach the previous high). Once the foundation has been breached the very first target is that the -.27, the next target is that the -618, and the third is that the -786 (at 1.6076). I had a little position on this, with a tight stop and a limit of 1.6075.

    This is the chart:


    A better entry was likely the engulfing candle prior to my entry a candle back.

  7. #7
    If anyone is reading my posts, be sure to take a time to also read the ribbon on the 5 second L, which outlines a egy which should work on nearly any time period. Slightly different from my egy but it may work with minimal risk and maximum reward.

  8. #8
    Very busy morning. Posting some advice in my GBPUSD trades. Three in total about the pound. Trade A got things going following the trend line break along with the hook back. From that point, simply enter following the pull backs (assess the 5min or 3 minutes. Charts for a better perspective of this price action).


    Similar trades today on the EURUSD and the EURJPY.

  9. #9
    Today was a great trading day. Too tired to post a chart. Would suggest any new traders take the time to study the current price action on the EURUSD, GBPUSD, and USDCAD. It's a million dollar lesson in how the markets work.

  10. #10
    Quick chart on the EUR/USD as of the post. A strong move south the morning is showing any signs of a turn or retracement back , maybe to square up positions left stranded last night. Here's the chart showing the transfer to the -.27 fib, with possible amounts to reach in the -.618, -.786, and -1.27 (maybe beyond). Of course, much more to this film compared to space to discuss here, but its a start.


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