No comment at the moment, just watching Aussie development for the coming week.
[photopress:audusd_daily27jul2007.gif,full,alignleft]
FX
Forex Trade 07-May-2007
I was thinking how to keep my trading journal online, but I do not intend to post all my trades here. So the solution is ..to use blogspot as my trade log while I will just post couple of charts which I feel is notable (for myself though) here.
I shorted USDCAD, and closed the trade with 1-R gain.
[photopress:usdcad_short_07may2007.gif,full,alignleft]
My MP3 day
After the “kinda frustrated..” day, I am having a “kinda happy” day. I have finally achieved my 100-pips day. In fact, I am up 200 pips today.
It is time for me to get my MP3 player, it was the reward I set for myself when I achieve a 100 pips day.(still IPod or Creative Zen?..)
A hit or miss game
I was surprised by the sell off of GBP crosses. I mean, I was surprised by the speed of sell off. I woke up in the morning with full of confidence to short GBP/JPY, and of course, my darling GBP/USD. I was trying to Long EUR/JPY as well. There were some buying during Sydney hours , but tone changed when Japanese was greeting Ohiyo(Good morning in Japanese, in case you are confused) to the Forex market.
I found myself exiting position prematurely yesterday due to some fears in me. I knew it was a mistake and a problem. Today I decided to close my trading screen after putting in profit target and stop loss orders. Long EUR/JPY was stopped out, and I went short at the same time.
Market was in selling mood, so all short positions were covered by take profit orders.
More works need to be done.
I am not sure if I can close the week with positive note, but I am pretty comfortable now, I have figured out a lot of problems and refining my trading plan along the way. It takes tons of effort to study and refining strategy. It is really a different game to me. What works for me in futures market , hurts me in Forex market. Anyways, I am enjoying the learning process, and of course, the pips.
May the pips be with you.
Oh I forgot to mention ” The real man trades Futures, his son trades Forex, I am trading both, for my wife” 🙂
Kinda frustrated…..
I bagged some 60 pips profit from short EUR/JPY, and watching Short GBP/JPY reached 96 pips profit (target was 100 pips). I ended, losing 20 pips in GBP/JPY short position, and went long. And …I got stopped out by the wild 20 pips spread ! This is a shitty situation. I am fine with the vanished 96 pips paper profit, since I was targeting 100 pips, but, I just can’t accept my long position got killed by the spread.
Well, that’s the fact that I have to accept since I am trading with bucket shop.
On the bright side, GBPUSD hit 2.0, and I am holding long position. Let’s see if I can end the day with some good pips.
FX day trade #02 03-April-2007
Not a good day for day trading GBP/USD. I was stopped out twice . End with -2 R loss. GBP/USD reversed the direction around 3am EST.
I call it a day for day trading system. I am still holding GBP/USD for my weekly system.
Summary:
Long GBP/USD; Result: -1 R
Short GBP/USD; Result: -1 R
[photopress:GBPUSDDayTrade03April07.PNG,full,pp_image]
FX day trade #01 03-April-2007
This series of journal is to record my Forex day trade system. I am not going to describe the details of my system, since, it is customized to suit my trading style. Basically, it is a SAR (Stop and Reverse) system. And there is no guarantee of success.
Anyway, I made a mistake today, I miscalculated my stop loss, though it did not cause any problem today, it is still a mistake.
I went Short of GBP/JPY, and I was stopped out with -1 R loss. I went long immediately and my profit target 100 pips was achieved, I closed the position with +2.5 R gain.
Summary:
- Short GBP/JPY; Result: -1 R
- Long GBP/JPY; Result: +2.5 R
[photopress:GBPJPYDayTrade03April07.PNG,full,pp_image]
Trust me, a real man trades Futures, his son trades Forex. I am trading both, for my wife. LOL
