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Gav's trading blog - Perseverance, Consistency, Confidence

Gav

Tuesday’s Currency trade

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Listen carefully, I am going to reveal another trading secret for my readers. ‘ Escape when market does not move in your favor‘. Happy , eh? 😀

Back to business. A contrary to yesterday’s long watch list, I did not see too many opportunities today. I went long at AUD/CAD. But, heck, it just failed to continue moving and negated my setup. So, a -43 pips trade.

I am still watching AUD/CAD, my gut feeling tells me that I might get 2nd chance to go long again. But, hey, that’s my gut feeling, don’t steal it.

Here is the ………….WAIT, no chart. I only post beautiful charts here, so don’t expect to see my losing trade. :o:

Update of 2nd trade:

uhm…I went long AUD/CAD again during London session…And after a good night sleep (now is 7 am in Melbourne,Australia), around ending of U.S session, I closed the position with +12 pips or so. (Another reason of closing the position is because I do not have access to my trading platform in office)

Here is the…….CHART!

[photopress:2ndaudcad08jan2008.gif,full,alignleft]

Monday…no trade

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I was watching a number of short setups, and chose two promising ones. However, none of the orders were triggered before U.S session. So, I will have an early night today. Generally, I saw stronger Yen across market. But well, no trade for me. Ok, here is my watch list if you really wanna see…

watchlist.JPG

urgh…..chart..of..interest..ouch..AUSSIE!

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If you really wanna know my view of Aussie now. Generally, I am still positive. But, for trading purposes, I have no position now. I intend to go long at the moment. Just waiting for the entry. Yes, I just can’t get myself to short Aussie dollar now. Without wasting too much time, here is the weekly and daily……….CHART!

[photopress:audusdweekly05jan2008.gif,full,alignleft]

[photopress:audusddaily05jan2008.gif,full,alignleft]

Today’s coffee thoughts

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Something for you to think about.
You own a cafe, you manage to get some nice coffee beans at pretty low price, and selling a cup of coffee with normal market price. But, your cafe is located at some odd location. And you only have a couple of office workers patronize during working days, and absolutely quiet during weekend.

So your profit margin is high, but sales figure is low. Is this a good business to continue running? What would you do now?

Think about this in term of your trading. How does it relate to your trading? uhm….

Food for thought from Gav.

Thursday’s Currency trade

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Since you are reading my blog and it is New Year, I will share with you a trading secret. ‘Go short when market is trending down’. Happy, eh? 🙂

OK, back to business. I was thinking to start trading next week. However, the nice setup in EUR/JPY was just seductive. Yeah, seductive. I went short during early London session, and my profit target was hit early. I was looking at EUR/JPY to lose ground to 160. It might go lower, but…I don’t care. +85 pips to start the year.

Another option is to sell partial of your position and let the rest run. Well, up to you.

Here is the …… CHART!

[photopress:EURJPY03Jan2008.JPG,full,alignleft]

Myth Polls series 1: Fibonacci

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Ok, beginning of the year. FOMC meeting minutes, Non Farm Payroll reports are lining up, and traders are still in some kinda holiday mood. So, I will start trading sometime next week. Let’s have some fun before getting into action.

I am a straight forward and slow trader, look at the charts I’ve posted on this blog, you know how dumb I am. I can’t figure out why do some magic numbers/methods, such as Fibonacci, Gann, astrology or even idiot wave (oops sorry, is it Ell-iot?) etc work for some traders (or do they really work? God knows). So, I decided to run a series of polls to see how many of my readers are actually using these tools or craps (oops, sorry) to trade, and consistently profit from them. Well, you know what I am saying, we are looking for a consistent approach. Oh man,consistent, man, consistent. Let’s collect around 100 votes for each poll before continue to the next one.

So, the first one. Fibonacci. [Read more…] about Myth Polls series 1: Fibonacci