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Gav's trading blog - Perseverance, Consistency, Confidence

Gav

The fun Burger Dinner evening

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We had a very nice dinner catch up at my friends, Jon & Debs’ place. The newly weds are always kind and with good cooking skills. I seriously think that they should open a cafe/restaurant. The dinner was fun, delicious, and healthy! Materials were bought freshly from farmer’s market, and burgers were made by grassfed beef. And, we also tried out some new coffee making ideas. I don’t exactly know the name of the equipment, but it is type of filtered coffee.

Here are some shots taken by my iPhone. Great fun.

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Saturday, updates

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I am holding my short position of EURGBP right now. This is an interesting trade, probably because of the intense converstation between me and Davidpotts on Twitter. He is out from the position now while I am still holding on. Let’s see how it works out. So far, I am still convinced that EURGBP is overbought. I will let the market take me out if I am wrong.

Increasingly, I am getting more and more uncomfortable talking about details of my trade on Twitter. Firstly, I never intend to offer free entertainment or education (if there’s any 🙂 ) service to silent readers.  And the only purpose I can see the fellow twitters doing so is to attract readership of their premium services, or paid newsletters subscriptions. I offer none of them, anyway.

I like the discussion like the ones I had with David but, keep the conversation public is not something that I am confortable with. Not sure what am I going to do next.

Anyway, one trading day left for the month of August. This is a relatively quiet and not so impressive trading month. Looking at my monthly report, I stay rather flat at the moment. Let’s see what September brings to us.

I am looking forward to tonight’s home cooked Burger dinner at my friend’s place. It is always nice to catch up with friends. Here is the menu I’ve received

Entree
Be surprised!
(fact is we haven’t figured that one out)
Mains
Pommes frites
with a choice of rosemary or truffled salt (i.e. French fries)
Hamburg steak
(i.e. hamburger)
It also comes with a free burger bun,complimentary condiments, pickles,salad…
(no we don’t charge for tomato sauce and mustard)
Dessert
A really mean A&W root beer float with vanilla ice cream

Short $EURGBP orders canceled – 3rd class Oanda

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Just how bad is Oanda’s tradig platform. I decided to cancel all short orders of EURGBP after watching the FXtrade platform behaved weirdly.

oanda_screwed

Look at the distance between the order price and the current price. They were around 100 pips away, but, it was showing as 1.1 pips? And I tried to switch tabs, it appeared correctly for a second, and back to 1.1. Did I miss out anything?

You can’t trade your capital on this type of platform. Of course, I am not talking about the minis.

One day trade: $EURJPY Short 13-August-2009

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As I’ve mentioned in Twitter, I saw a day trade opportunity to short EURJPY(FOREX:EURJPY).  The trade went well, though I did not expect the aggressive selling. Very simple setup, playing with support resistance levels in bigger time frame, and day trade in 15-min chart.

I do not make too many of short term trade like this, I thought this trade is a good example of simplicity.

Here is the…. CHART!

ERUJPY_15min_13August2009

Update of business and trading 13 August 2009

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I am still actively trading. The main project I am working on now is enhancing my trading and risk plan, increase R size, increase my account size, changing broker and platform. The basic idea is not to tweak my current strategy since it has been serving me well, so, I do not wish to tweak what is working now. Instead, I am increasing risk per trade, in other word, a bigger R. I’d continue monitoring the performance and adjust my risk profile accordingly.

I’ve been pondering to increase my account size, one of the requirement for this would be changing broker, to one which offers better execution, stability, and reputation. Anyway, that has been decided, I am not going to start another post of broker discussion. I’ve been practising on the paper trading account to get familiar with the platform, and I am ready to go soon. These are the main things that I am working on, nothing really new, just part of business process,and that explains why the lack of posting recently.

I thought I would give a quick summary of my trading. Firstly, I would say, Non Farm Payroll and FOMC had really messed up my charts. My EURGBP long position was takenn out at breakeven, hours after NFP announcement. Well, and you know, the pair went back up after that. What can I do? It happens, sometimes. I decided to hold on my short position of GBPJPY, though at times, it looked like a dead body. Since stop were in place, I didn’t want to second guess it. The position achieved the first profit target and closed right before FOMC statement released. That was around 400 pips. Those were no easy pips, good training of sticking-to-plan discipline.

I am sitting on cash now. It is just a mess everywhere on the charts.

I am active on Twitter. So, follow me if you’re interested in my not so frequent market calls and rants.