EU - GU - GJ TRO SETUP TRADES

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monarch
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Greetings Drofwarc

Postby monarch » Sat Nov 21, 2009 3:23 am

drofwarc wrote:Hi monarch,

I just found this thread and think it's great. I'm looking forward to seeing you back in action next week.

A question for you. Do you take into account the direction of the daily trend or the daily close?

Also, could you talk more about how you pick your entry points.

Thanks and have a great weekend.

drofwarc


The highest time frame I use is the 4 hour, then I have the 1 hour, and 15 min for the overall setups I look for.

You can see on this page that there was a lot of 5 min entry pics, last week I was using the 1 min, and thought it was probably better to show it on a 5 min chart.

Basically I have 3 major pairs I am watching GU, EU, UJ, and then occasionally I will monitor the GJ, EJ.

I look for sup/res areas on the 4 and 1 hour charts, then when the 15 min gives a signal to enter, I focus on the 5 min to find the current price direction.

I am here usually during the early to mid Asia, and I will watch the NY open for about 1 hour each day.

Hope to catch you then.

Cheers, Monarch

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monarch
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Pinpointing Trade Setups

Postby monarch » Sun Nov 22, 2009 12:59 am

One of the greatest challenges a trader faces is continual success.

I have had one of the toughest times with entering a trade and having it go against me about 10 pips minimum before it goes my direction.

I've told many of my trading friends to take the opposite of my calls and they could easily make 5-10 pips without looking at the charts.

So with that in mind, I began to think "Pinpoint the Best Entry Possible."

To do that a trader has to have a system that they trade over and over with the same rules for entry, targets, and stops.

High probability entries need to be the highest priority.

What I try to do is find the greatest area of support or resistance.

So in the process I start with a 4hr and 1 hr chart and I watch for the areas that were recent stall points.

If price has been in a tight range I am very careful to trade, knowing it could go either way, so I am more comfortable with the market moving before considering a entry.

Once the 4hr and 1 hr start to give signal of stall areas, I watch the 15 min chart for a #3 to form in those areas. If there is a 4 hr or 1 hr #3 formed in the areas I am monitoring, then I know the attack is coming near to enter a trade.

I have shown a 1 min and 5 min chart the past few weeks to give example of when market reverses for my entry, but I am comfortable trading off of the 15 min candle after getting confirmation.

I will continue to use the 5 min chart to give a closer view on the thread to show the best entry available.

Another point I have added to the arsenal is TRO's Rat Zone, these are areas of probable support/resistance also, so I will watch for those daily high/low areas.

I will do my best to add charts this week and show it broken down from the complete analysis prior to, during, and after the trade is complete.

Let's see if we can get some good trades this week, to add to the awesome trades the past few weeks.

Cheers, and have a great weekend.

Monarch

monarch
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Postby monarch » Mon Nov 23, 2009 12:24 am

EU Formed #3 on 15 min with short zone on the 4hour

Short will be a break below 1.4888

monarch
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Postby monarch » Mon Nov 23, 2009 12:31 am

I am short EU 1.4888

Target 1.4881

Stop above 1.4895

I usually stay away from market open, not sure of it's true direction.

monarch
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Postby monarch » Mon Nov 23, 2009 12:38 am

As I suspected, this time of trading is less predictable, I got stopped out on that short, but I am trading the setup none the less. Stop -9

I kept the position size smaller during this session.

Come Monday, it will be all regular.

Cheers
Last edited by monarch on Mon Nov 23, 2009 11:36 pm, edited 1 time in total.

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Postby monarch » Mon Nov 23, 2009 12:42 am

1.4894 was my stop line, price is staying under this area for the moment.

Will monitor the pressure as the 5 minute plays out here.

monarch
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Postby monarch » Mon Nov 23, 2009 5:17 am

12:15 am EST Monday

EU Hourly and 15 min #3 formed

Looking for pullback to the 1.4920 area

Update: 12:30 am EST Price taps the 1.4922 area.
Last edited by monarch on Mon Nov 23, 2009 5:31 am, edited 1 time in total.

monarch
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Postby monarch » Mon Nov 23, 2009 5:22 am

I had short entry at 1.4941 break down for a +10 pips profit on that new hourly stall.

That makes up for my loss earlier, will post charts soon.
Last edited by monarch on Mon Nov 23, 2009 11:37 pm, edited 1 time in total.

monarch
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Postby monarch » Mon Nov 23, 2009 5:33 am

Watching for a move up to 1.4932 area for next stall then possible further drop to 1.4916 area before the PRE-FRANK starts at the new hour.

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Postby monarch » Mon Nov 23, 2009 5:44 am

12:43 am EST

EU Taps 1.4932 area, will be looking for stall to next drop here.

I am taking trades, but not posting.

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