The Moneybags journal
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Thread: The Moneybags journal

  1. #1
    Welcome.
    I have been considering starting a journal here for a little while today, so I'm finally going through with it since I keep putting it off.

    About Me

    My name is Tom and I'm from Toronto. I enjoy long walks on the beach and.... Oops.
    I have been trading the Forex market for a couple of years but more seriously for about a year and a half. Before, I traded options and stocks on off for about a year. Do not let my nickname () fool you, it's more of a wishful thinking kind of thing.

    How I trade

    Some of you will know me by the James16 thread. That's where I hang out. I think that the instruction I received from the thread (in addition to the Personal Forum) was invaluable for my trading success. Many great people have helped me a lot in there.

    I trade using Price Action. I don't use any indiors. I try to keep my charts as empty as possible. The things that I use are trendlines, support/resistance (aka PPZs), and fibs on occasion. I love to trade with the trend but will sometimes trade against it. I avert markets unless something really great comes up. I consider myself fairly conservative (when it comes to trading).
    I love Pin pubs and also trade assorted kinds of breakouts (along with some other miscellaneous stuff). For exits I usually use trailing stops (not the generic kind) and sometimes price targets. Discretion is used for several entries/exits.
    The timeframes I look at are Monthly, Weekly, Daily, and 4 hour. I trade all pairs, two% risk per transaction. (I will obviously go into detail about most of my approaches as this thread grows )

    In This Journal

    In this diary I will post charts of transactions I take (or desire I took), setups I'm looking at along with other articles with just my ideas/views.
    Since I do work with a 9-5 (coupled with the fact that I'm a little idle ) most of these charts from transactions I have entered won't be posted straight away.
    I strongly welcome and encourage involvement from all members. I'm always open to other opinions/ideas and feedback (or questions), so feel free to post.

    OK, now we have all that out of the way we could get started with some charts.

    Everyone on board? Good. Great! Grand! Wonderful!
    NO YELLING IN THE THREAD!!
    (for some, that joke will make zero sense)

  2. #2
    Here is an older trade that I had looked at.
    It was a breakout setup for the GBPCHF.

    Notice in the 4H chart there was a 3-4 day tight station forming.

    To acquire a better view for this sort of setup, I will also flip down to the 1H timeframe.
    There you'll see where price broke the upper line of the station (red arrow) but immediately came back to the station. So that voided this setup. I never actually play pure breakouts.
    I search for a retrace or a PA affirmation.
    A few hours afterwards, price broke the bottom line of the station.
    Price went down and retraced back up. It actually re-entered the station quite a while and I didnt enjoy this. (for this reason I believe I actually passed this one) But it is only an example of my own thinking.

    Following that pin (green arrow) was formed, one could have decided to go short.
    Either following the break of this pin or even be conservative and await the break of these highs.

    As you can see by the 4H chart it moved down quite a bit.


  3. #3
    Here is a pair I'm watching.
    Notice the triangle which has shaped for NZDJPY.
    There is a consolidation happening. Something might come from this.


  4. #4
    Oh Goooody !!!!! Another journal I can come and meddle in...!!!!!!!!!!!!! That manner seeking and raczek won't have to put up with me as much!!!

    Good luck Moneybags...!!! I'm seeing every inch of the way!!!



    Tiki

  5. #5
    Ooooooooooo yes... a triangle thingy... I love those and hadn't discovered that one yet... gonna check that out right now!!!



    Quote Originally Posted by ;
    Here is a pair I'm watching.
    Notice the triangle which has shaped for NZDJPY.
    There is a consolidation happening.

  6. #6
    Quote Originally Posted by ;
    Oh Goooody !!!!! Another journal I can come and meddle in...!!!!!!!!!!!!! That way seeking and raczek will not need to put up with me quite as much!!!

    Good luck Moneybags...!!! I am seeing every inch of the way!!!


    Tiki
    Thank you Tiki.
    You're welcome anytime.
    Let's try and make some pips.

    Tom

  7. #7
    Appears to me personally... NZD/JPY has only one way to go... down to the short term and down to the long term. . Possibly I do not understand much... but anyways... that is the way I view it...

    Of coarse we are perhaps thanks for some retrace... maybe to 85 or so on dailies... at the next couples of times...

    Longest term goal... 62 ish...????

  8. #8

  9. #9
    Quote Originally Posted by ;
    Finally Tom

    :
    Definitely Mike.
    Stop in any time and discuss some wisdom.
    you've got VIP status in any of my threads.

  10. #10
    Quote Originally Posted by ;
    Appears to me... NZD/JPY has just one way to go... down for the brief term and down for the long run. . Maybe I don't know much... but ... that is how I see it...

    Of coarse we are perhaps due for some retrace... possibly to 85 or so on dailies... in the next couples of times...

    Longest term target... 62 ish...????
    I think going down seems great to me.
    A retrace possibly in order too. We'll see....

    I'll let price tell me what to do.

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