Thread: JohnG_FX Journal

Originally Posted by jolopino

Thank you John, and good luck. just wanted to tell, have a look on eurgbp. h4 look at threat of being broken to the downside. maybe euro will fall faster in case of dollar strenght.

Hi Jolopino

Yes I've been watching that

Lowered stops down to just above todays high.

Letting it run - it either keeps heading down or stops me out.

That's it for the week

For me personally the timing I get from delta gives me the confidence to go in heavier on trades than would possibly be considered prudent by many others - over the past couple of weeks I've been out of synch on the timing.

If we can break the 1.5676 low then that will confirm an MTD top - and I'll then know where we are -

Right now I'm thinking the ITD 3 is in and possibly an MTD and LTD top as well - but I need to see confirmation .

Holding short positions from last week and looking for opportunities to add - need a clean 5 down and 3 up. will play a long hedge on the C wave if I the counts are obvious.


Quite a bit of negative divergence on the DT Oscillator

Possible 5 down on the 15 min

whether w1 is completed or not it will have to bounce for a w2 at some point.

fading the move down - taken a hedge long 2/5 the size of the shorts.


There's a short term TL on the hourly which has been having an effect over the past week or so - we broke below it this morning and it's currently sitting around 1.5968 which would make the .50 fib an ideal target for an ABC w2

Still short overall so comfortable with taking the contra position.

Gone in heavier for what appears to be C of w2

Now net long- minimum target is the .50 @ 1.5972 but cable often likes the .786 for wave 2's depends if it reacts to the old TL looking to cover longs from 1.5972/6000 and start adding more shorts

Originally Posted by JohnG_FX

Gone in heavier for what appears to be C of w2

Now net long- minimum target is the .50 @ 1.5972 but cable often likes the .786 for wave 2's depends if it reacts to the old TL looking to cover longs from 1.5972/6000 and start adding more shorts

Glad to see you starting this journal, I always learn from you when I look at your charts and how you think and execute. Will be following even if I do not post.

Are you watching other GBP moves to confirm because it is showing weakness too ( gbp/aud, gbp/chf and eur/gbp but not the gbp/cad)?

Originally Posted by adam6655nyc

Glad to see you starting this journal, I always learn from you when I look at your charts and how you think and execute. Will be following even if I do not post.

Are you watching other GBP moves to confirm because it is showing weakness too ( gbp/aud, gbp/chf and eur/gbp but not the gbp/cad)?

Hi Adam

I will watch EURGBP more than the others GBP pairs. The main ingredient in this down move (if it continues) is USD and QE/risk related. therefore I'm watching Gold - Oil - Equities and 10yr treasuries to give me an indication as to which way the market is leaning - which in turn impacts the USD and then GBPUSD.

Bailed on the contra longs - don't like the price action

taken profit on all shorts - currently flat.

Not happy with the wave structure - the little pop up we had overnight looks more like a w4 than a W2.

beginning to look for opportunities to get long for a W2

There's 3 lower levels to bear in mind

The .382 fib @ 1.5797
The rising TL which is sitting around 1.5730
Or the .50 fib @ 1.5701

S&P futures, Gold - Oil and 10yr all roughly flat right now

US housing starts and permits plus lots of speeches by fed members , we also have Mervyn King and Ben Bernanke later in the day.

Any longs will need stops below 1.5700 as a first instance - will probably fade into the position - if I go for it at all..........

Originally Posted by JohnG_FX

taken profit on all shorts - currently flat.

Not happy with the wave structure - the little pop up we had overnight looks more like a w4 than a W2.

Nice Banked Profit though!

Morning John,

Just curious about your latest post on going long. At current 15836 versus the high of 16107 and knowing that we are either doing a 5 wave down or a a-b-c down, the R/R for going long seems to be not that rewarding.

Everything is so confusing now so I am just scalping at the moment.

Hope everything is well for you.

Regards,
David

Thanks Gavin

Hi David.

R/R - not great on the face of it - but if we are completing the 5th of either a wave 1 or an A then I would expect it to complete soon .

As soon as I can see 5 up and 3 down on the 5 min I'll be looking at longs with a stop just below the days low - that minimises the risk.

I just dislike leaving pips on the table

Originally Posted by JohnG_FX

Thanks Gavin

Hi David.

R/R - not great on the face of it - but if we are completing the 5th of either a wave 1 or an A then I would expect it to complete soon .

As soon as I can see 5 up and 3 down on the 5 min I'll be looking at longs with a stop just below the days low - that minimises the risk.

I just dislike leaving pips on the table

John,

Have you dipped your toe into the long side yet?

Originally Posted by Gavin_DTFX

John,

Have you dipped your toe into the long side yet?

Hi Gavin - Yes I'm in.

Unfortunately I didn't foresee it going down this far and started in bit too early.

I tend to fade into a move which is usually fine but with such a small trading pot was proving a bit restrictive - I cheated a bit and deposited another $400 onto this account a couple of hours ago so I could add a bit more towards the bottom of this and move my stops down.

It will be the last time I'll add to this account and I'll just post the statement at the end of each month and calculate the gains from the revised deposited funds.


Edit : I'm currently long with a 1.5753 average and stops @ 1.5590