light hearted journal

[baljit8011]

Helo All

Because IG index dont allow users to save charts I thought I might aswell bundle my charts, trades and general thoughts all into one place.

I generally use simple moving averages and trendlines to place trades, sometimes use Phil nels 5min strategy and sometimes scalp triangle consolidation patterns.

Im trading a live account but Im not risking my life savings here, just after a bit of fun and develop knowledge.
I Generally trade spot major forex pairs and gold/silver. I will try to call trades before entry.

First chart for kick off is USD/CAD on the daily TF

The 100 SMA is currently resting at 11050 which has near perfect confluence with my upper resistance.

So Ive got an order for Short at 11048 SL 35 TGT 55
and an order for long 10577 SL 35 TGT 55

 

[baljit8011]

second chart is 30min TF of EUR/GBP

its established a short term down channel and Ill be looking to play off these S/R lines

the daily trend in EG has been up since June but has recently bounced off resistance so this could be a good channel for a nice leg down.

The 30min stoch is disgustingly oversold at 2.9, maybe this can give a nice little push up to the desired entry.

If the price hits tonight or tomorrow I should be short somewhere between 9170 and 9180 SL 20pips TGT 40pips

Also when Asia opens tonight Ill be trading any significant gaps in price.

 

[GladiatorX]

second chart is 30min TF of EUR/GBP

its established a short term down channel and Ill be looking to play off these S/R lines

the daily trend in EG has been up since June but has recently bounced off resistance so this could be a good channel for a nice leg down.

The 30min stoch is disgustingly oversold at 2.9, maybe this can give a nice little push up to the desired entry.

If the price hits tonight or tomorrow I should be short somewhere between 9170 and 9180 SL 20pips TGT 40pips

Also when Asia opens tonight Ill be trading any significant gaps in price.

I've been buying the low of the channel to get in on the 4hourly trend But i've also been pyramiding the 4hourly trend right the way up so it shouldn't mean anything to you.
x

 

[baljit8011]

Before Asia starts I'd like to wish all traders good luck for the next 5 days and declare

HONEY OF THE WEEK

Jennifer love Hewitt



Maybe a bit airbrushed in this pic , but Just look at this pic, jesus christ, what can you do. I dont know man whatever.

 

[baljit8011]

I've been buying the low of the channel to get in on the 4hourly trend But i've also been pyramiding the 4hourly trend right the way up so it shouldn't mean anything to you.
x

thanks for the input G,

Ill keep an eye on the 9110- 9120 level

 

[baljit8011]

first trade of the week

Shorting the gap on EU, 14616 +15 -15

SL hit by 1 pip then target met, AHHHH!!!!

 

[baljit8011]

EG trade came up with 40 pips :clap:

 

[baljit8011]

Im short silver right now at 1650

 

[baljit8011]

The Daily silver chart shows it hit Upper resistence on the 17th September so Im expenting the next 2 or 3 months to be a leg down to the 1500 level.

The hourly chart shows a nice downwards channel since the 17th, upper resistence has taken more hits then Ricky Hatton but Im gonna play it and see what happens.

Short entry was 1650, SL 15, TGT 30

 

[GladiatorX]

The Daily silver chart shows it hit Upper resistence on the 17th September so Im expenting the next 2 or 3 months to be a leg down to the 1500 level.

The hourly chart shows a nice downwards channel since the 17th, upper resistence has taken more hits then Ricky Hatton but Im gonna play it and see what happens.

Short entry was 1650, SL 15, TGT 30

Ha Baljit, another trade i'm in.
Been building a long position in Silver for ages now; Pyramiding the way up - I entered a bit more at the previous high (Resistance becomes Support area) and then i will add my final unit if we reach the bottom trendline

Want some 'Silly' advice;
Having Green and Red bars isn't the best idea; Brokers give you this as default because it promotes 'gambling'; like a slot, all the pretty colors...
Green is often associated with money and greed... So when you see green rising bars your greed emotions will be alert and Red is associated with danger and fear and therefore you will always be emotional when you see a big red bar/More likely to break your rules.

The main problem with this is it means BUYING on a RED BAR is difficult because its associated with danger whereas BUYING on a GREEN BAR is much easier because money/greed - In reality however traders would want to be not be influenced by colors and be able to buy when price is falling...

One of the main reasons fail is because everyone buys at the top of the cycle and shorts @ the bottom...Whereas i think many succesful traders will buy in an uptrend when price is pulling-back and retracing.

Being able to buy when price is falling is quite a vital skill because it allows you to get long @ the bottom of the market fluctuation cycle.

Just an observation; feel free to absolutely disagree

 

[baljit8011]

Im out, That resistance got violated, and not in the good way.

G-man!!!!!! I always mean to read up on psychology but havent got round to it yet. interesting stuff.

Im not a big fan of the candlestick look, Ive been thinking about changing to bar charts for some time now, my main beef is that I just dont like how consolidation areas look with the colours,

Youve inspired me G, Im going to change my candlestick ways.

feel free to absolutely disagree

Well now that you've said that, I 100% disagree, please **** OF

 

[baljit8011]

Been building a long position in Silver for ages now;

When you say ages, how long are we talking about here,?

Dont the daily interest payments kill your profit?

 

[GladiatorX]

Im out, That resistance got violated, and not in the good way.

G-man!!!!!! I always mean to read up on psychology but havent got round to it yet. interesting stuff.

Im not a big fan of the candlestick look, Ive been thinking about changing to bar charts for some time now, my main beef is that I just dont like how consolidation areas look with the colours,

Youve inspired me G, Im going to change my candlestick ways.


Well now that you've said that, I 100% disagree, please **** OF

You may find after a while that close-line charts weren't so bad after all ...

 

[GladiatorX]

When you say ages, how long are we talking about here,?

Dont the daily interest payments kill your profit?

I trade Silver via the Comex exchange (Futures) which is US-denominated; My current 'Silver' broker; InteractiveBrokers allows me to trade without currency risk and the futures aren't daily roll-overs (Contract months), i don't trade spot silver or SB silver in other words.

Held a position since December Which is very long for me considering my main focus in trading is E-mini S&P500 and US stock scalping

x

Have a look on your chart you will see 1,600 is a very strong supportive level.

 

[baljit8011]

short cable 16119

SL 40

 

[baljit8011]

its based on this TL I saw on the 4hr chart

Cable has had a solid move north today of 170 pips, this looks to be a good amount of move before a pull back.

Original entry was 16118
SL 40 pips
TGT ????

Currently this trade is up 10 pips so Im pulling the stop to 30 pips

I hate cable, the big moves in it scare the hell out of me, so I traded half my normal amount, as my stop is
twice the size as normal.

Lets see what happens......

EDIT Trade is now up by 30pips pull stop loss in to 10 pips 16128

 

[baljit8011]

In a down trend you wil see, lower lows then the previous move down

Chart 1 is the daily TF for cable and shows the resistance im shorting off.

Chart 2 is zoomed in and shows the trend is perfect, forming lower lows, I started to label the lows 1, 2 and 3 to analyse the elliot wave pattern but then remembered that I dont know f**K all about elliot wave theory.

I really should read up on that,

 

[baljit8011]

First chart for kick off is USD/CAD on the daily TF


and an order for long 10577 SL 35 TGT 55

This was from my first post, I cant remember why but I cancelled the order and forgot about it, but if I kept the order open it would have given 45 pips!!

But nevermind UC is tonight at a much more interesting level, and I have a cunning plan.

Found what looks to be a great support on the dailys and the stoch reads over sold at 10.7

I will trade my normal amount split into 2 trades, so I will risk 50% of my normal amount on each trade.

TRADE 1 scalp
entry 10490 SL 30 Tgt 30

TRADE 2 positional
entry 10490 SL 50 TGT 100

My logic is if the support fails to hold then this level should at least be good for a scalp.


Im off to bed,

 

[baljit8011]

second thoughts, if entry for this meets, then Ill be ong USD/CAD and short GBP/USD

so Ill effectively have 2 open trades on USD strength,
But I suppose Im also trading GBP weakness and CAD weakness so the bet is hedged.

Im just guessing, I dont know anything about hedging.

I really should read up on that when I get a minute, could come in handy.

 

[baljit8011]

im bored of my cable short, im closing here at 16066,

Entry 16118 Exit 16066 = 52 PIPS :clap: