Hi all!

I hope you all have had a great week so far and are raking in those pips. A few things to talk about from yesterday, and rather than lots of small posts, I will just lump them together in one.

Yesterday's EUR/JPY Trade

In case you didn't check in yesterday, I posted a rundown of why I had placed a short trade on the EUR/JPY (look below this post or click here to see), taken based on channel and median line analysis as well as the prevailing market conditions at the time. As a quick review though, here was the chart as posted at the time yesterday:


So we were looking for a move down to the bottom parallel line, sometime around late US session or early Asia today, but of course here is what happened instead:

The move to the lower median line did come, but much faster than expected (not that we should complain of course ;)), unfortunately I was offline while this occured so couldn't manually manage an exit on this one, but our profit target was met with a net of +80. Hopefully some of you caught a piece of that.

Median Lines (Andrew's Pitchforks)

After yesterday's trade analysis, a lot of people are asking about Median lines and how to use them. It seems I have my topic for the next theory article, so I will put something together today that I hope will help you all out. I have used pitchforks off and on for the last 6 months in my trading system, the trick is knowing where to draw them as that can be tricky, and only recently do I think I have the knack of drawing them correctly most of the time, hence why they are back into my trading system again.

Trading Systems

In upcoming day's I want to start a new section that focuses on the different trading systems out there, exploring the pro's and con's, weaknesses and strength's and provide details on where to get the resources needed to trade them. So if you have a system you would like reviewed, or have seen one that you think would be interesting to look at, please email me at akuma_me@yahoo.com with a link to its details, or write the details themselves in the email if they are not published elsewhere. Of course full credit will be given to the creator, and links to their website if there is one.

Yahoo Alert Service

The response to the alert service has been above my expectations, we are nearing our 150th subscriber, and recently we have been having some success. If you want to join see the details here, but please know that all I am really doing is putting my thoughts down in a message as they come to me and letting you know when I place a trade. I have good and bad days just like everyone else, so be sure to analyse things yourself as well.

I am still trying to find a service/software that lets you share images (charts) and includes a chat feature, free or otherwise, but with no success, please if you can find one let me know as ultimately that would be of more benefit than simple text alerts.

Ok that is it for now, we have just gone long USD/CHF currently, sitting at around +14 but watching it closely.

Happy trading!

This entry was posted on Wednesday, February 08, 2006 at 11:12:00 AM. You can skip to the end and leave a response.