It is end of March. Sky above Melbourne Australia is kinda grey-ish. Rainy autumn days. Does it set up the mood to short some Aussie dollar? :o: .. Unintentionally, I have been trading AUD/USD for quite sometime. Maybe it is because, it is now my home currency, or maybe it is just because commodities currencies are in play for the past few months. Whatever it is, AUD/USD did give me some profit, that’s the point.

OK, for long term holding, I am still bullish about Aussie dollar. However, I am not adding/establishing new long position at the moment. Things are not looking good, in my definition, yet. I might do a couple of day trades (in the short side) in the coming days/weeks. Looking into shorter time frame (4-hr for example), we are indeed in a small downtrend since mid-march. Btw, my ‘proprietary’ momentum indicator (Long Black, named after my favorite coffee 😆 ) is not bullish, yet.

Here is the….. CHART!

[photopress:audusd28march2008.gif,full,1]

And here is the ….. Trend Score

[photopress:audusd28march2008_trend.jpg,full,1]

about this tool

[photopress:eurgbp26march2008.gif,full,1]

Does this chart look like the one that appears in trading course advertisement?

“Ok, here is the secret to profit from forex trading, use my system to predict the explosive move!”

🙂 LOL.. Nah. this is just one of the trades I made today. I found the chart to be eye-catching. Concentrating in making good trade, beautiful charts will follow. I longed EUR/GBP . I expected a stronger Euro, but I did not predict it to be sooo strong today. :o:

We see Gold rebounds, I am still waiting for Aussie dollar to settle and give me a clearer picture. Let’s see how the market goes.

We have stronger Yen across the board last week. (That’s also the mistake I made by neglecting it last week.) Anyway, what I have in the box now is, not to go against Yen at the moment. I have a look at YEN futures. What a strong presentation.

Clearly, I do not have any medium term (some of you call it swing trade) candidate at the moment, since Dollar and YEN has been running extensively for the past two weeks. I will be watching out for day trading opportunity if there is any throughout the week.

Here is the …trend score

About this tool

Here is the….CHART!

[photopress:6J_YEN_FUTURES.jpg,full,1]

13-March-2008 , Sunny day, 23 degree Celsius. Melbourne Australia

It was a good day for Euro. But, I made a wrong choice. Well, at least for the trading result, it was not pleasant one. I was looking at EUR/JPY. The fact was, I neglected the strength of Yen, and at the same time missed the entry opportunity of EUR/USD. At least, I exited the market perfectly, (in other words, I was stopped out! 🙂 ) I guess, I watched too much TV. You know, I’m a big fan of Hong Kong soap dramas. 😆

Kinda crappy day for me. I was working crappy I guess. 🙂

This post is just a trading rambling. I wanna write down what’s going through my mind at the moment.

12-March-2008. Sunny day , 22 degree Celsius , Melbourne, Australia.

I have some trading problems. With result of February’s trading, I have achieved breakthrough of my equity and confidence. And, so far, I continue to be profitable in March.

I focus on the equity curve and focus on making new high of it. I am afraid of losing. Not even a dollar. I start to shorten my trading time frame. Trapped myself with small profit. Changing my stop level placement method (tighten my stops), and scratched some trades, chickened out some trades. I have totally ignored quality of each trade. With all these, I am still profitable. Crap, that’s the problem. This is not Gav’s style. This is a loser’s style. Do what you are good at, do what you believe in. Come back!

Forget about the new high of equity curve. Going back to your R-multiple graph. Work hard on making better trades, bigger Rs profit. Equity curve will follow when good trades are made.

OK, enough. I think I am awake now.

About this tool

Today is Labor day (Public Holiday) in Victoria, Australia. I have the luxury to follow through Asian market. I see some weakness in Aussie dollar, I went short AUD/JPY. But the market did not follow through after London market open. Anyway, end the day with +1.25 R. Not a great trade, but not so bad to start the week.

In case you have not already done so, go check out March 08 issue of Currency Trader Magazine.