So since I'm not trading until after Jan 1, 2010, I have decided to watch the markets and select trades that I would consider taking.

Today I spotted 4 trades:

USD/CAD: candle closed below weekly, daily, & murray s/r lines.
GBP/CAD: candle closed below weekly, daily, & murray s/r lines. RISKS- yesterday candle closed outside and new candle opened inside bbands
EUR/CAD: candle closed below weekly, daily, & murray s/r lines. RISKS- downtrend has lasted 16 days.
NZD/JPY: candle closed below daily & murray s/r lines. The weekly price is above the bbands.

My question is would you have considered these trades? Why or why not? Thanks this helps me to become a better trader and I hope it help
everyone here, like you all have helped me.

Here's the USD/CAD chart...

Okay a few updates with the trades that I would have taken yesterday. The reason I stopped trading for the holidays is because I heard so many horror stories about trading during the holidays, but this holiday the markets are trending very well. So just to be on the safe side I wanted to just watch the market without fear and greed. The reason I never state my take profit when I post my trades is because my take profits are always different per trade. Example If I place a long trade and I see that my chart has a recent s/r line above the market price I would set my take profit @ that level (ex see nzd/jpy 12/28/09, trade below). If I place a short trade and I don't see any s/r lines I look for the most recent area that the price stumbled on the murrey level and then place that as my take profit minus or add 10 pips (depending if long or short trade) (ex see usd/cad 12/28/09, trade below). If I place a trade and there seems to be no s/r lines, no recent area that the price ranged on a murray level, then I keep the trade going until I see a reversal pattern or if a candle is inside the previous candle and that candle color is opposite color, I get out. If that candle is the same color my trade is headed and it's no reversal candle (like doji, hammer, inverted hammer, morning star, evening star) I stay in the trade until the price is near the murray 0/8 and 8/8 level, I set those as my take profits.

Another update regarding the two other trades I would have taken.
GBP/CAD and EUR/CAD

The GBP/CAD would currently be at +60 pips profit.\
The EUR/CAD would currently be at -12 pips.

I will update my journal on the outcome.

So the GBP/CAD went as low as 165 pips and the EUR/CAD went down as low as 68 pips.

Good evening everyone,

I probably want be posting again until after the New Year, so I wanted to wish everyone a wonderful blessed New Year. I pray that everything you set to accomplish this new year comes to past. May we profit many pips and kill greed and fear.

Happy New Year!!!

Hello Everyone,

Happy New Year's again. I wanted to post this recent breakout on the EUR/GBP daily chart that failed. The 12/29/09, candle (green arrow) broke the nearest resistance and crossed the middle bollinger band. The weekly and monthly resistance was also broken. If I was trading that day I would have considered that trade, but the Murrey Level would had stopped me from taking this trade. As you can see in the picture below the candle closed a little under the 2/8 level. When candles closes near to the next Murrey level it is very wise not to take the trade the possibility of a reversal is highly. If a trade is taken then the amount risk for that trade should be much lower than normal.

USH/CHF (SELL)
TP@ 1.0170
SL@ 1.0429
RISK: 3%

Wow! My first trade for the new year. I'm very excited about this year. So the thing I have come to learn is Keep It Simple Silly. Basically all my trades are placed because the same thing happens. The Usd/Chf 1/4/10, candle closed below the Murrey 5/8 Level, daily & weekly s&r lines, and closed below the daily bollinger middle band. My stop loss is the high +10 pips of the 1/4/10, candle. My take profit is the most recent s&r line +10 pips on the daily chart which is 1.01700. Well I will update my journal later. Happy Trading...

Trade 2 for 2010.

EUR/AUD (SELL) @1.5786
TP@ 1.5715
SL@ 1.5967RISK 3%

1/4/2010, candle closed below recent s&r line on the daily chart. The price is currently under the middle bollinger band on the weekly chart. Price closed below the murrey 5/8th level. The MACD indicator is also on the sell side. Okay good enough for me to place a trade. I followed the rules and that's all I want to accomplish (no emotions) I will update my journal later.

So this trade did not hit my take profit. It came very close. I closed this trade because 1/4/10, candle closed as an inverted hammer. I got out with +27.8 pips.

Hi Angie

Well done on your profit. I'll need to look more at Murray lines sometime but until then I'll follow your posts with interest.

All the best

Michael

update take profit changed to 1.02630 (murrey level 1.0253 +10pips). Working so quickly yesterday, this should have been my tp in the first place and I just realized this (screen shot posted below ). the reason being price stumbled on his level and 1.0253 price will be reached before the recent s&r line. Oh well I have to learn the hard way the worst that could now is that I will lose 2.7%

Thank you so much Michael. I love Murray Levels and I hope you enjoy the show. Trading is so much fun and i'm having a ball learning from everybody.

Also I lowered my stop loss to 1.0374, risking 1.7%

Hello Angie,

I really know nothing about Murray levels, and don't really want to complicate my strategie by trying to understand another method, but i am happy that this strategy seems to work for you
I don't know if it is the same for everyone, or because I am slightly colourblind, but when you change the colour of your profit pips, i find it nearly impossible to read whan against a white background. I have no problem reading when your trade is showing a loss, so hope that I cannot read a lot more

keith

Hello Keith,

Thanks for the words of encouragment. I will make sure I use dark colors for now on when applying the profit +/-. I understand when you have a system that fits your personality and you are comfortable why add or substract from it. May your strategy continue to grab many pips from the market. Happy new Year to you and yours.

My stop loss hit @1.0374 -78 pips.

The only reason I changed the stop loss was because I wasn't careful when I intially placed the take profit at the wrong level. The take profit level that I should have placed was hit and then the market reversed. After the market reversed I realized I made an error and then I corrected the take profit and stop loss because of fear. I lost 1.7% of my account. Some way I'm upset with myself, but at the same time I'm happy to learn from it and I will remember to take my time when it comes to searching for the correct take profit level according to the rules of my system. Okay well moving right along.....

Wishing you a Happy and profitable New Year as well
I do believe that your decision to stay out of the market at the end of the year was sensible. Personally, I've not made a trade for a month now, but that is more to do with me not spotting any good set-ups than intended abstinence. Also I've been without an internet connection for some extended periods
Hopefully the market will be back to normal now and we will see some good possibilities.
Do you keep your results on a spreadsheet? It would be interesting to see a results table of your actual trading.

Good luck

Keith

1/6/2010 TRADES:
RISK 3% per trade

Trade info can be found in the file comment above the charts.

(To be continued in next post).