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Gav's trading blog - Perseverance, Consistency, Confidence

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Gav

Some updates, here & there

by Gav Leave a Comment

It has been a quiet and slow trading week for me. My day job has been keeping me really busy for the past week.  (And I really hate the job, I made no secret about that 🙂 ) On trading front, I have been watching the markets everyday, but, hardly found anything that was worth my time and money. Sometimes, you just have to wait until the chart shows you a “Ah Ha” moment, and setup. Trust me, you really don’t need to try hard to convince yourself to take a trade. I finally got one on Friday, Asian morning session. I shorted $USDJPY on Friday morning.  And before the closing of U.S session, my risk has been well covered, and now, the position is on the risk-free ride. I am holding the position over weekend.  Let’s see how it works out.

During my regular review of my trading journal and plan, I observe the reduce of trading frequency.  On average, I made 2 to 3 trades a week. And I am more inclined to trade bigger movement. I am feeling very comfortable with that. The game for me , now, is to scaling up my risk size, and manage it effectively. Most of my time is spent on managing trade instead of searching for entry.

My lifestyle and day j0b are heading to a big change soon, I might talk about that later on.

I am enjoying the sunny, cooling Saturday here, in Melbourne. Have a good one.

Filed Under: Trading Journal Tagged With: FX, USDJPY

Quote from Interview with Tom Basso

by Gav Leave a Comment

Here is an important note quoted from Van. Tharp’s Trade Your Way To Financial Freedom, 2nd Edition. Just to note it down here, and hopefully it helps some of the 12 readers.

Given your goals in terms of returns and drawdowns, what kind of initial risk stop do you want? If it’s close, will you be able to get right back into the market so that you will not miss a move?

Stops, in my opinion, should be a violation of the reason why I wanted to get into the trade in the first place. And yes, I always have a way to get back into the trade.

My stop is a function of the market and what it’s doing. It’s only in directly related to risk – unless the risk is too big for me to even take a position. I control risk as part of my position sizing.

Have good trading week ahead.

Filed Under: Trading Lessons, Trading Quotes Tagged With: Money Management, Trading Quote

Video for the weekend: The Pursuit of Happyness

by Gav 14 Comments

This is one of  my favourite movies.  This is the scene where Chris (Will Smith)takes his son, to play basketball and tells him to never give up on his dreams.

Filed Under: Life, Rant Tagged With: Trading Psychology, video

Trading Idea : SHORT $EURUSD 17-JUL-2009

by Gav Leave a Comment

I was looking at EURUSD (Forex:EURUSD). To me, Euro has been running too far, it is time to take a break, and, maybe, come home. 🙂 We are approaching resistance area, and I am looking at the possibility of seeing 1.4 again. �Just as I mentioned in Twitter (follow me if you like my fatal calls), I can’t find enough reasons for not shorting EURUSD now, so I am in. Let’s see.

Here is the …. CHART!

EURUSD_4hr_17July2009

On the side note, here is a video about EURUSD trend analysis. Check it out.

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

Free Video about $USDJPY

by Gav Leave a Comment

While I am still in my Long positions of USDJPY and GBPJPY (this is to answer those who sent me email asking about if I am in the position), I found this video prepared by Adam from market club.  What now for Dollar vs Yen relationship?

Another nice free analysis video. Check it out.

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

Trading Idea: Long $USDJPY 13 JUL 2009

by Gav Leave a Comment

I have a dream…I dream of Dollar rallying against yen. So I decided to long $USDJPY…. 😆

This is a swing trade idea. I see USDJPY approaching support area in daily and 4 hourly time frame, and it forms a long setup for me. I am watching closely, in fact, my long orders are waiting now.  In addition, this setup is trying to capitalize from the indicators divergence observed as well. On the flip side, breaking below 91 level will negate my setup.

Here is the ….. CHART!

USDJPY_13Jul2009

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

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