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Gav's trading blog - Perseverance, Consistency, Confidence

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

Happy New Year

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melbourne.jpg

Happy New Year to all my readers. Thanks for dropping by this small corner of mine for the past couple of years. By the way, this is the hottest New Year I have ever had (over 40 degree Celsius, or 104 Fahrenheit). Here is to a great 2008.

Gavin.

Weak dollar for new year

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While Tom at Neural Market calls a breakout of Gold, I am looking at the bearish USD as well (check out Tom’s blog for Gold chart). Technically, I am positive with the view of Gold breakout. For the beginning of 2008, I am still bearish about USD. Just being patient for right setup to appear now.

[photopress:_USD_daily_30Dec2007.JPG,full,alignleft]