EU, EJ scalping journal (by Rao)

[AshFX]

Tovinces, I can see that you have definitely thought out your plans on what you need to do.

As a trader, this is essential, and having the ability to stick with the plan.

Keep it going mate.

[Tovinces]

Thanks AshFX alot, nice to read it from you

Unfortunately, today I missed a HUGE uptrend on EJ, because I had been waiting for a retracement during the whole day.
I feel for another time that my foolish dream of retrace will come thuth at last... Too tired this time, wish all of you good night and profitable trading

[Tovinces]

ssshh... HOT!
I attach 2 charts of EU and EJ, both on 5min TF, where you can notice completed 5-wave downtrend. Now I'll do my best to trade effectively on retracement!

[Tovinces]

I'm sorry for being off these days. Last time I was trying to post here anything there was a database error.

The last week of February was tough enough for me, before it I was trading practically without any mistakes for 3 weeks. I have lost the direction of market and it pushed my account balance down.
I don't believe in destiny, but things that were going around me were really very strange. On Tuesday I lost $129 as my mobile Internet began to lag. The following day I lost another $43 when my ADSL carrier turned me off-line for an hour. What is my blame in this situation? I lost those positions because I'm scalping and due to scalping I usually make money, but do not lose it.

Nevertheless, the time is ticking, Monday is going closer. I'll try to be more attentive, more careful at the beggining of the week in order to see my predictions are proving again.

[Tovinces]

During the last several weeks price action on EJ is strongly bullish. I made another attempt to analyze it in details.

To my mind, we are wathing for the development of a strong bullish wave 3. We can notice the small elements of this wave. Particularly, at the end of this week wave iii of 3 might have been finished. If I'm right, it includes extended wave (v) of iii of 3.
This scenario is supported with Fibo retracement - as you can see, the length of the iii wave is 161.8% comparing with the wave i of 3.
It means, that we should wait for a retracement (wave iv of 3), I expect it will consist from 3 sub-waves. Now, turn please to 1h chart in order to examine for this retrace more closely.
I suppose waves (i) of iv and (ii) of iv are completed. The following price action can be bearish to complete wave (iii) of iv. I became even more eager about the following down-move when I noticed that the price still hasn't touched the Fibo retracement levels.

Speaking about coming price action, I expect EJ going higher than 126 to finish wave 3. Then we should look for a significant retracement or even a new bearish trend (as this 3-wave pattern may be only a retrace to the previous downside move).

[cooltrader]

EURJPY almost killed me with it's trend last week!

[Tovinces]

Both EJ and EU opened on Monday with a gap to the downside, which continued with a strong bearish move during the Asian session on both pairs.
On European session price action is in consolidation area, I think we can see on 5min chart a 3-wave correction iv to the previous strong impulse movement iii. I'm still looking for another bearish move (number v), which would at last get lower than Fibo levels, which you can see at 1h chart in my previous post.

[Tovinces]

I expect a nice downside move, my first target is 121.5

Update: while I was typing this post, the price dropped for 30 pips

[Tovinces]

Originally Posted by Tovinces

I expect a nice downside move, my first target is 121.5

Update: while I was typing this post, the price dropped for 30 pips

My trade did give me pips, but not as many as I expected: I closed my trade at 121.79 as the price has exactly touched Fibo res (you can see it on 1h chart).

[chonn45]

Pls an new in Fx need a guite