EU - GU - GJ TRO SETUP TRADES

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monarch
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Trade Concepts

Postby monarch » Tue Nov 17, 2009 11:30 pm

Trading Forex can be very exciting if your hitting pips, or it could be very frustrating if your trades take your money over and over.

I remember when I first started trading Forex, the theme was "trade the trend," I even remember it being as simple as one trader who said "my child can look at the computer screen and see the trend."

I remember struggling with the different styles of trading, searching systems, adding indicators then removing them. One trader said if your looking at your screen and the price starts on the left of your screen on the bottom and on the right of your screen the price is on top, then it is a LONG trend. Well, I couldn't even understand that concept.

From the years until now, many traders have come and gone. They come in masses for the "Holy Grail" of Forex, and they leave broke and discouraged. What is the answer to the long days in a bad trade, or an account that has margined out "again," or the one time you feel your system is good enough, you put the big bucks on and it sweeps your cash from under your feet.

We are not alone, we have all faced the same feelings, and discouragements, even elation at times.

What do we do that can give us the edge in this trading world???

Where do we turn to get the results that we read everyone else is getting???

How come when I enter a trade, it goes against me right away???

I know what your thinking, there is this little guy behind your screen like the Wizard of Oz, that controls the market and takes your cash as you see each trade "GO BAD"

I laugh many times at myself, why you ask???

Because I have this nature to do "WRONG" and I have this problem called "lack of discipline at times," but we all face those times of weakness.

We must shake ourselves, we must be willing to change, we must be willing to learn more then we know now!!!

What I had to do after years of just "WOW" what in the world is wrong with me??

You ask me, what are you talking about MONARCH?? I am talking about what we face day after day when we come to our computers, and when we debate our trade entries, and our exits whether profitable or not.

We must come to grips with ourselves, we have to learn from our every mistake, we have got to quit what does not work. I am not talking quit if you lose trades, but if your losses are more then your wins, then your doing something wrong mentally, or systematically.

Quit tweaking the indicators to work on certain setups, and just get use to what you have and learn the market characteristics.

I have decided that an hour chart, a 15 min chart and a 1 min chart is plenty of time frames to watch. The hourly trend is easy enough to watch, and when that trend comes to an end, then the 15 min chart will help me see that the trend that was is now not.

What I am trying to say is that a "trend" starts somewhere, you can have different trends on different time frames, so pick the time frame that works best for you.

When we watch major sup/res areas on the hourly, then we know that were watching some of the same areas that major market movers watch, if they stop at these levels, then we know that the trend is slowing and reversal or what could be just a pullback/retracement comes into play.

I am going to try to show this on the thread by giving many chart examples, please be patient with me, it could take a month or so just to get the concept into your trading eyes.

I hope to help some here on the forum, I am thankful to TRO for the many times he has helped me along the way for years now, and to give back a portion is the least I can do.

Please ask questions, if you have any.

CHEERS - and TRADE WELL

MONARCH

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monarch
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EU SHORT

Postby monarch » Wed Nov 18, 2009 12:27 am

EU 15 Min formed a #3 Short signal last bar, then price went higher at the 7:15 pm EST bar.

Short entry will be a break below the 1.4884 line.

Short entered 7:27 pm EST.
Attachments
Hourly Short Zone.PNG
Hourly Short Zone.PNG (29.42 KiB) Viewed 609 times
15 min #3 signal short.PNG
15 min #3 signal short.PNG (27.89 KiB) Viewed 610 times
EU SHORT Tues.PNG
EU SHORT Tues.PNG (16.68 KiB) Viewed 612 times

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Patch
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Postby Patch » Wed Nov 18, 2009 12:37 am

monarch

Great post at 6.30pm above. We have all been there and it is all about learning and knowing our trade method is sound and we can trust it and the outcome, win or lose.

Patch
In VA
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

monarch
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Postby monarch » Wed Nov 18, 2009 12:38 am

So far the trade went +5, I left it alone, and will keep the stop above the high, this trade may or may not succeed, but I will stay the rules for now.

Enter, +7 or a res/sup break stop.

Let's see how it goes.

Note: I was also watching the GU, I should have traded that pair with it being more on a top then the EU, EU has much room to go to the 50% area, so this is a lesson to learn, take more extreme high/low stuff. lol.

All is good, have some losers along the way, but the rules called me in, and I feel good about having the order of things right.

monarch
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Postby monarch » Wed Nov 18, 2009 12:43 am

Okay, I have to run for a bit, I will check in 30 minutes on this trade.

I have limit and stop set, so it will take care of itself.

Cheers.

Monarch

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monarch
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EU Short Exit

Postby monarch » Wed Nov 18, 2009 1:42 am

Okay, I took off to pick my son up from football practice, and left the stop and limit in.

Price hit high a few times, but held, staying away from that break out stop.

Finally came lower and hit target as marked on the chart.

+7

Leaving for a girls volleyball game now, so hold those pips till I get back.

Cheers, Monarch
Attachments
EU SHORT EXIT.PNG
EU SHORT EXIT.PNG (19.94 KiB) Viewed 590 times

monarch
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EJ Hourly Chart

Postby monarch » Wed Nov 18, 2009 1:53 am

Interesting point, the EJ has (2) #3 on the lows without a #3 resistance.

I have usually seen a #3 at top and then on bottom.

Also, I have 5 pairs on my screen I watch, and on each I place a fibo from#3 high/low to other #3 high/low.

I will post a chart to show you the fibo on EJ is from HIGH 135.38 to LOW 132.42.

When a new high #3 forms, I will move the fib from low to new high.

cheers
Attachments
EJ Hourly Chart.PNG
EJ Hourly Chart.PNG (39.88 KiB) Viewed 585 times

monarch
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GU Hourly

Postby monarch » Wed Nov 18, 2009 2:03 am

I posted my thought directly on the charts.

I will look for long in the buy zone, and shorts, well, maybe the extreme top areas.

cheers
Attachments
GU Hour Chart.PNG
GU Hour Chart.PNG (34.75 KiB) Viewed 579 times

monarch
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EU Hour Chart

Postby monarch » Wed Nov 18, 2009 2:10 am

Here is my last chart to post for the next few hours.

EU is in a dead zone, already took a short on it's first short zone, so it will have to rise for another short, or take a dip into the buy zone.

cheers
Attachments
EU Hourly Chart.PNG
EU Hourly Chart.PNG (36.92 KiB) Viewed 575 times

monarch
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Postby monarch » Wed Nov 18, 2009 2:35 am

Will be out for the next few hours.

Trade Well

Monarch

9:30 pm EST

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