Traderdesk journal

[Staedtler]

can't wait to see more

[TraderDesk]

May 14 2013:

Very early morning look at the market... I had place a few counter trend positions which for now I closed out. You can see on the 4 hour chart that there are three pin candles so I know I could do a small counter-trend trade with a high probability of being in the right direction.

Now the question is how far will price retrace? Answer is look for area's where reversal patterns exist... I like the 153.80 area for a better R/R. WP is close by and PA could bounce off of that so one idea is to look at the 1 hour chart for any short-term trades.

The intraday bias at this moment is still bearish. PA needs to close above 156 to negate that bias...

5-14-2013 6-14-04 AM.jpg

[TraderDesk]

Looking at the CSS and focusing in on the GBP and JPY currencies. I am keeping a watch on JPY as previous monthly cycles has had it reversing itself during this timeframe.

GBP is now heading down sharply that could help GBPJPY price action to fall today in conjunction with JPY possible turn-around in strength...

What I do now is to use this snapshot to calculate into any trades that I might place today...

5-14-2013 6-37-52 AM.jpg

[TraderDesk]

Here is a picture of what price action could do. I am looking for a low in GBPJPY tomorrow morning and for price to reach a high by Friday evening...

[TraderDesk]

May 29 2013:

Hi, I am vacationing in Greece so will be sporadically posting trades until July...

[TraderDesk]

If your trading GBP/JPY you might want to be careful. I am looking to get back in Monday afternoon Greek time as I am looking for a possible swing low then.

As price is below daily HA line then that is a bearish bias but I don't know if this a reversal on the daily or just range trading until the longer trend continues. I will play a watch and see until I see a clearer picture...

Weather in Greece is beautiful and now I have to drink some Ouzo to get over this sunburn

[tommiho]

Hi TraderDesk,
Hope the holiday is going well.
Would you have a time to post some of your thoughts on the MM? I was just reading what you have posted on 10.4 tread and I remembered that you were going to put something forward on manual trading tread I think. If you already did could you add a link? If not I am looking forward to read something about this very important topic.
Thanks

[TraderDesk]

Hi TraderDesk,
Hope the holiday is going well.
Would you have a time to post some of your thoughts on the MM? I was just reading what you have posted on 10.4 tread and I remembered that you were going to put something forward on manual trading tread I think. If you already did could you add a link? If not I am looking forward to read something about this very important topic.
Thanks

Hi... I did not have the time yet but I will see if I can post some thoughts when I am back from my vacation...

[TraderDesk]

Well the low has come here in the late afternoon so I now open a buy position. Because PA is below the HA line and 240ma I am watching it carefully. This is a counter-trend trade so I am taking a smaller position than I would if I was align with the 240ma.

This is not a 10.4 trade in case you are wondering... Even CSS shows a strengthening JPY which is counter-intuitive for this position

[TraderDesk]

June 5th 2013:

I am looking for a high tomorrow in GBP/JPY in the late afternoon GMT. To me my charts are showing this pair to be range trading for the moment. Will JPY become weaker? I am still bias for this to happen even though I don't know to what degree. Price action should go higher from 154 for this weaker bias to become evident.

Plan is to buy and look to TP after 154 or when PA becomes exhausted before tomorrow night... IF PA goes bearish then I will look to close out positions BUT bias is bullish until then.