EU - GU - GJ TRO SETUP TRADES

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monarch
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December Strategy

Postby monarch » Sun Nov 29, 2009 1:44 am

I will be monitoring 8 pairs for the month of December.

Charts
1 Hour
15 Min
1 Min

I am basing the trade on the 15 min #3 forming with confirmation on the hourly chart.
I will be watching Daily High and Low areas for more probable setups.

This is the screen picture of the 8 pairs I am watching with the 15 min charts.
Attachments
Monarch Screen Pic 8 Pairs.PNG
Monarch Screen Pic 8 Pairs.PNG (51.21 KiB) Viewed 627 times

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monarch
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EU 15 min chart

Postby monarch » Sun Nov 29, 2009 1:58 am

I made a few notations on the chart to show what exactly I look for as the price nears the daily high (or low area).

Even though the #3 formed and short already triggered, I will still look for more short opportunities.

I prefer price to re-test that high 1.5000 area again for a higher probability short.

I noted the targeted area for where I would expect the stall to fall too.

I normally will not put any of these drawings on my charts, it is something you will start to see with the eye as it happens.

Cheers,

Monarch
Attachments
EU 15 Min chart analyzed.PNG
EU 15 Min chart analyzed.PNG (36.83 KiB) Viewed 625 times

monarch
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EU Hour Chart

Postby monarch » Sun Nov 29, 2009 2:12 am

This is a simple view of the EU hourly.

I have a few areas of importance which confirms the 15 min chart I am watching.

Important thing to remember, nothing is set in concrete.

I will spend time reviewing key areas prior to taking a trade, and the amazing thing is, I am looking at a very large range to settle for just 7 pips per trade.

My normal profit target is +7 pips after spread/commissions, and my stops are usually smaller then 10 pips.

Overall, my win/loss ratio has increased each week as I become more patient waiting for supreme areas that perform very nicely.

I take 3-5 trades within a 24 hour period with EU and GU, I am adding the 6 other pairs for December so I can increase my screen time to help recognize the key areas I have posted the past month.

Cheers,

Monarch
Attachments
EU Hourly Chart.PNG
EU Hourly Chart.PNG (25.24 KiB) Viewed 623 times

monarch
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EU 1 Minute Chart

Postby monarch » Sun Nov 29, 2009 2:48 am

If you will notice on the previous 15 minute chart I posted the #3 formed in the White area (daily low).

Once I see a #3 form on the 15 min, I will switch to a 1 min chart and begin my attack mode for the upcoming trade.

I put a basic chart of price action together here for review, this is the basis of what I look for in a trade on my setup.

I will take a long on a rejection of that extreme low (red line) looking at the last drop being a higher low, it is here that I enter reversals and it will not take long to tell if I am right or wrong, if price breaks below the red line, I will exit.

Target is +7, but as you can see it went for much more, but that is okay.

Goal: High Probable areas of resistance/support and quick profits with small or no losses.


Cheers,

Monarch
Attachments
1 Min Analyzed.PNG
1 Min Analyzed.PNG (29.47 KiB) Viewed 618 times

monarch
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EU Short

Postby monarch » Mon Nov 30, 2009 1:28 am

8:22 pm (EST)
Asia session opens up and give a new high, into the zone I was watching on my hourly chart.

15 Min gave a #3 signal, I switched to a 1 Min chart to find a SHORT entry.

Price made a high at 1.5059 then made it's attempt at a break high and failed.

SHORT EU 1.5056 +7 pips.

Be back in a couple hours.

Cheers,

Monarch
Attachments
EU Short 1 min chart.PNG
EU Short 1 min chart.PNG (27.21 KiB) Viewed 591 times

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monarch
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EJ LONG

Postby monarch » Mon Nov 30, 2009 5:38 am

12:32 am (EST)

EJ formed a bottom at daily low

Long @ 129.51 +8 pips - chart had 7 pips - but broker paid 8 :)
Attachments
EJ Long.PNG
EJ Long.PNG (24.91 KiB) Viewed 582 times

monarch
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Postby monarch » Mon Nov 30, 2009 5:42 am

EU - I was watching for the 1.5022 area to support, but price stalled at 1.5028 for the now, I was looking to long, but price is not near the daily low as of yet.

I am watching 8 pairs which is a bit more taxing on the brain at 9:45 pm (my time).

I will update as I see trades form.

Cheers,

Monarch

monarch
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Postby monarch » Mon Nov 30, 2009 5:46 am

12:45 am (EST)

Update: Usd/Chf is near the daily low 1.001

Will watch for rejection on 1 minute chart.

monarch
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EU

Postby monarch » Mon Nov 30, 2009 6:01 am

Okay, I did a mid range trade based on the rejection of the daily high.

You can see by my chart where I entered during the first part of my trade, it went against me a couple pips, but I was looking at the 1.5063 as my top.

It took 6 minutes to pay out +7 pips.

This is my third trade since market open.

I am now going to bed with my pips in the bank

Today's total 3 wins - 0 loss

+7
+8
+7
= + 22 pips
Attachments
EU Short.PNG
EU Short.PNG (19.03 KiB) Viewed 578 times

monarch
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EU Chart (1 minute)

Postby monarch » Mon Nov 30, 2009 6:04 am

Here is that same chart showing the targeted areas I had on the 1 minute.

You can see after my profit, price dropped to the projected target.

Cheers,

Monarch
Attachments
EU target chart.PNG
EU target chart.PNG (20.7 KiB) Viewed 577 times

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