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Gav's trading blog - Perseverance, Consistency, Confidence

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Gav

Post du jour: My worst winning trade,ever

by Gav Leave a Comment

If you haven’t done so. I would suggest you take some time to read Caravaggio’s post ‘ My worst winning trade, ever‘. A very well written, and “thrilled”. Go read it.

It is the worst winning trade ever, perhaps my worst trade of my life.

This trade reminds me of how I felt after I narrowly escaped a car crash. I was on the motorway, on the way to the airport, and looked up at the signs to see which lane I should be in. By the time I looked down, the cars ahead of me had come to a near stand-still and I was still going at full speed. I slammed on my breaks, locked my tires, and skidded forward, heading for a direct crash with the car ahead of me. I managed to swerve out into the left lane and escape the head on collision, but it was an instinct reaction and I hadn’t had the time to look to the left lane to check for traffic. That instant, I heard a loud horn from a truck that had been coming up on the left. I had missed both the car in the middle lane and the truck on the left lane by fractions of a second. At the next junction, I pulled up and got out of my car. I looked around, totally bewildered. I had narrowly missed a major accident.

Filed Under: Trading Journal Tagged With: reading

oi, Aussie, I am still waiting….

by Gav Leave a Comment

From last Friday’s action, we might find some excitements about commodities currencies again. Uhm…. Maybe. I am not so sure if Aussie dollar (AUD/USD) is breaking out from the range. It is just not convincing enough at the moment. For trading purpose, I will be a little bit more patient now. In addition, we have Aussie interest rate decision coming soon, so… Anyway, if the uptrend is to resume, I am sure I can get a chance to get in later. So, speaking in Aussie style, “No worries, mate”.

Here are the…… statistics and daily chart of Aussie dollar!
audusd01feb2008trend.GIF
About this tool

[photopress:audusd01feb2008daily.gif,full,alignleft]

We have to take a look at GOLD. Is it peaked? uhm…. I guess, it might be due for pull back. Don’t ask me about peak and bottoms things. By the way, Chairman is calling a “peak” of GOLD as well (ok, what he meant is price pull back as well). Anyway, it is still in strong uptrend at the moment.

Here are the ……Statistics and CHART!

gold01feb2008trend.GIF
About this tool

[photopress:gold01feb2008daily.gif,full,alignleft]

Filed Under: Trading Journal Tagged With: FX, Trading Journal

Hesitate

by Gav Leave a Comment

We have some good interactions in the comment section of my previous post “A note to my friends‘. Thanks guys.

While waiting for the dust to be settled, I still carry on my daily chart scanning process. Generally, Dollar is again showing weakness. But, I have doubt. The much expected rate cut is already priced in. Do you still look for a further weaken dollar? I don’t know, mate. What do you think?

Looking at Aussie and EURO both are still within trading range. At least, I am not rushing in to Long at the moment.

This might as well be another quiet week for me. By the way, some self observations, the longer I trade, the bigger timeframe I am looking at. Minutes or even seconds chart are way too ‘scary’ for me now. Maybe I am getting old. LOL.

Filed Under: Trading Journal Tagged With: FX, Trading Journal

A note to my friends

by Gav Leave a Comment

I have a group of friends who recently lost some money in stocks markets. (Ok, let’s blame the market, if it makes you feel better.) To my surprise, they are rushing into currency trading now, and heck, live accounts. I can see the fire on their head. “I am going to make a killing in Forex market”.

They are my friends. So, I don’t wanna be the one to discourage them. (You know, I am such a kind man. :o: ) If, by chance, they read my blog, I hope this post shows them some light.

My question to them, or you , if you are in the similar situation. What makes you think that you lost money in stocks market but you are able to earn from currency trading?

Which is the root cause of the loss? The market? or the trader?

Think. Keep the answer to yourself, not me. Simply because….I don’t care.

Filed Under: blogs, Trading Lessons Tagged With: Advice

Nothing for Monday

by Gav Leave a Comment

I am not sure what did you see in the market now. Anyway, I don’t really care.. :-p

I can’t find any decent setup in currency market on Monday. There are broken trends, and too early to call a reversal as well. So, I ended up with no action on Monday.

This might be another ‘waiting’ week. Since we have high impact events on the line , FOMC meeting, Non Farm Payroll report (Unemployment report) etc. Watch out.

Filed Under: Trading Journal Tagged With: FX, Trading Journal

Hey Aussie, is that a bottom? uhm…

by Gav Leave a Comment

Some people are talking about bottom of Australian stocks market. Started from mid-December ’07 , we were seeing lower highs and lower lows forming. This is a downtrend, no? Well, looking from weekly chart perspective, we have in fact broken the last low (around mid August 07). OK, breaking the previous low doesn’t mean we are going to see a downtrend, but it gave a sign of weakness and uncertain of current trend.

So, is that a bottom? You might be right. But, I am not jumping into it. It looks more like a bear bull trap to me at the moment. Maybe I am blind? uhm…

Here is the ……CHART of S&P/ASX 200

[photopress:ASX20025Jan2008.jpg,full,alignleft]

Forex Aussie Analysis See Video NOW

Filed Under: Trading Journal Tagged With: Trading Journal

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