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Gav's trading blog - Perseverance, Consistency, Confidence

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Gav

Weekly wrap up 15-May-2009

by Gav Leave a Comment

It is Friday!

I managed to make some trades this week. CHFJPY, NZDUSD shorts are the winners of the week while I missed out some short term trades in AuDUSD, AUDJPY, NZDJPY. Having in the slightly ‘difficult’ situation recently, unpleasant day job, family issues, stress were building up faster than I imagined,this situation put me in some sorts of tests. I learned heaps. And fortunately, not in the hard way.

And most importantly, my overall trading survives. Having strategies in place for different time frames and market conditions, it helps to maintain profitablity consistently. My overall objective is to always maintain profitable week if possible. I asked myself ‘Why would I bother to continue trading when I am in such difficult condition?’ My simple answer: Why not? I took a day or two off to rest, however, I don’t see the need to stop working just because I am under stress. In addition, I know I am prepared to trade. All I need to do is to execute the plan. OK, let’s don’t go into the lame topic,’The imporatance of trading plan’ BS. The point is, as long as you know what you are doing, then don’t stop doing it.

I am sitting on cash now, and no trading on Friday. Spending time with my family, and looking forward to meeting some friends for a farewell dinner before they leave Australia.

As usual, if you are interested in listening to my nonsense and some fatal/shameless market calls, follow me on Twitter.

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

Picture of AUDUSD before Budget 2009

by Gav Leave a Comment

Or picture of AUDUSD before $60 billion budget deficit? 🙂 

Well, it is a shouting SHORT….. Keep this chart as record. Not sure about the effect of budget 2009 to the currency. I am not trading the pair for now, but watching closely. 

audusd_12may2009

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

Trading Idea 11-May-2009: Short CHFJPY

by Gav 3 Comments

 

I posted CHFJPY chart in chart.ly and twitter over the weekend. I saw a potential short setup. While CHFJPY is in the resistance zone, I am waiting to see if it stalls there before going short.

Though I have yet to see any immediate advantage of posting on chart.ly, it looks pretty interesting. I’ll try to post some charts there, but that’s only for experimental purposes. I prefer to to keep the ‘secrets’ here, on my own website. 😆

Anyway, here is the… CHART!

8aaxs5

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

Update 07-May-2009

by Gav Leave a Comment

I did not take a single trade this week. This is partly due to a series of heavy weighted economic figures scheduled this week. The main reason is because of some urgent issues in family that need to be handled. I am still watching market in the early morning, and late night when I am available.

It really hurts to see your loved one in such bad condition. It hurts me more when I realized the fact that there were early signs and warnings which I did not pay enough attention and focus too much on my work and myself…Well, I am not going to write too much about this now. But, the fact is I am feeling bad now, both emotionally and physically. Anyway, life still goes on, I am not going to let myself be trapped in this situation. 

Take a closer look at your loved ones in your family. They deserve more attention than you have thought.

Posting will be light to none this week, and I hope things will get into full swing next week. I will be active on my Twitter, sometimes, 140 characters work for me.  If you are interested to listen my nonsense, and shameless/fatal market calls, follow me here.

Have a good week.

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

Coffee thoughts of the day 29-April-2009

by Gav Leave a Comment

 

I am not going to post charts today. In summary, my Long positions of GBPJPY and USDJPY were slaughtered , Long AUDUSD made it all back with additional profit.Read my twit here. 

If you live or visited Melbourne, Australia before, you should know about our most ‘Fabulous’ and ‘efficient’ public transport system. Let’s only talk about Tram here. With a 10 times 2 hour ticket, each trip will cost you $2.90, and without a valid ticket, if caught, a fine of around $120 will be charged.

I am not working for the transportation company, I do not care if they are making profit or loss. However, does it do you any good by not paying for the ticket? Let’s assume you travel from home to office everyday, and what is the Risk reward ratio and accuracy here?

Talking in the trading language, each win will give you $2.9 profit. And each loss will cost you $120. How accurate does your system need to be in order to win the game? You need 100% winning rate. I have prepared the following table.

tram_trade

Why do you even bother to take this trade? I don’t get it. Maybe the feeling of winning (not paying and not being caught) covers the fact that risk reward ratio is not with us. Relate this to your trading, how are you doing? And, whether to pay for the tram ticket or not, it is up to you 🙂

Filed Under: Trading Journal, Trading Lessons Tagged With: AUDUSD, FX, GBPJPY, Trading Journal, USDJPY

Trading idea: NZDUSD Short 27-April-2009

by Gav Leave a Comment

This is another trading idea comes out from my weekend chart scan.  NZDUSD is another short pattern, that is targeting 0.560-ish, 0.5570-ish, and 0.5520-ish as 3 targets.  These offer 1:2, 1:3, 1:4 R/R.  We have official cash rate and RBNZ rate statement released this coming Thursday, so watch out.

I can be very wrong again, as always. However, it all depends on your trade and risk management skill. I am not going into that again. I wrote a related post Accuracy vs Risk reward ratio.

Here is the…. CHART! Let’s see how it works out.

nzdusd27april2009

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

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