Zack's Trading Journal to 1 Million Dollars

[Pearson]

Hey Guys,

Just figured I would update before we go into the final day of trading for this week.

Recently Closed Trades:

gbpjpy 1.36 lots BUY 203.45 Target Profit Hit 204.50 +105 pips
gbpjpy .25 lots BUY 203.09 profit taken 204.20 +111 pips

Trades Closed: 2
Pips Gained: +216 pips
Weekly Pips: +814 pips

Account Equity: $2380.60

Well on the way to showing the average trader, it is possible.

Good luck trading and see you all in the chat room.

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[4ow4ow]

Hi Pearson. It's nice to see your progress.
Great going, keep it up bro

[Pearson]

Hey guys I am calling it.

GBP/USD not going below 1.8400, well that's the idea at least. There was a retest that I was expecting to happen of 1.8414 which it did at went 10 pips lower to 1.8404. The market took about 40 minutes to move 10 pips. The volume was just not there. This tells me that the market is lining up with the technical side of trading and we will see GBP/USD strength first thing this week. We'll see how far this statement gets me. Anyways a very low risk trade currently 10-20 pips risk....at 2% or so and you could easily see a 20% return...however don't look to bat homeruns all the time, this one might not even be one.

GBP/JPY I am looking for buys this week. I am very bearish on the longterm, but I don't think the next leg or wave of downtrend will begin for another week, maybe it will be this week maybe not. Notably so I will definitely be in a sell trade by 199.65 to target a retest of the 192 low, although I project it going much lower over the coming weeks.
I have a lot more on this pair, but basically looking for 207-208 before I get pumped to sell for some BIG pips. First we have to clear 205.25 though

USD/CHF, I am still in my longterm sell. Last week's candle looked very good considering two important fib levels existing around the high of the candle at 1.1037 in regards to a downtrend. If we break to the upside I will be looking for 1.15XX as a possible target although I consider this highly unlikely as we have already attempted to match this week's high and failed at 1.1031 and failed once again at 1.1029 which failed to match the first attempt this week. Again another low risk trade, with a close stoploss.

USD/JPY Whether you believe me or not, the dollar is either going to have a bearish rally soon, I use the CCI indicator and USD/JPY is hanging on by threads. Last two weekly candles resulted in two hanging men at the top of a strong uptrend. This is a possible reversal, upon confirmation. However as I said before I am looking for the dollar to become weak. The CCI readings are very similar to the ones that I had on AUD/USD (we all know what happened there) 1000+ pip decline. Many will argue that it was all because the dollar was getting stronger......I will argue the exact opposite, because I believe that these huge moves on GBP/USD, EUR/USD and AUD/USD are actually in preparation for the dollar to decline. If all those pairs inclined while the dollar fell and they started at record highs...it would again put the dollar in a position it has not been in before.

Also note that the dollar pairs increased 200ish pips while secondary dollar pairs decreased 4 or 5 times as much, and in the case of GBP/USD almost 7 times

This is just a preview of what I believe is yet to come. I am betting against the trend. I see it as very low risk now, but my trades are longterm right now, and I can give you a pretty good idea of where I stand hopefully at the end of this week, but maybe a few weeks from now.

I have always thought that its not hard to predict WHAT the market will do, but it is a lot HARDER to predict WHEN it will happen.

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[Pearson]

Hey Guys, many of you seem to be disappointed by trade at 201.80. I thought I would bring attention of some of the things I see on my charts that made me not take the 201.80 trade. Here is a picture of the 4 hour and Daily charts to give you an idea.





There you have it,

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[NickB]

Looked to me like the Japanese news turned it around. The reversal started right as the negative JPY data came out.

[Pearson]

Originally Posted by NickB

Looked to me like the Japanese news turned it around. The reversal started right as the negative JPY data came out.

I can agree with you but I don't use news in my analysis I strongly feel that all fundamentals have already been accounted for in the charts. I often find that news reports support decisions that I make, to me the daily close was the most important.

We'll see what happens.



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[peachy3]

Hey Zack, how's the trading going now? =)