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Gav's trading blog - Perseverance, Consistency, Confidence

FX

Forex trade du jour & review

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Sounds familiar? yeah, I am copying Maoxian’s Stock du jour and random observations idea. I thought I will just post one or two trades of my Forex trades for the day and give some comments.

Ok, today I am being ‘Un-Australian’. I shorted AUD/USD in the early Melbourne morning 😉 I was looking at daily chart where Aussie failed to do too much rebound. Switching to hourly chart, and some simple dummy patterns seemed to be forming. Here is my trade today. Nothing fancy, just +1.2 R gain.

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To suit my time zone and style, a couple of pairs that are currently in my trading basket. AUD/USD, GBP/JPY, EUR/JPY, and USD/JPY. It is pretty obvious, I am focusing on Aussie and Yen pairs. There are some market movers for Yen pairs, so, in fact, there were dummy trading opportunities in most of Yen pairs today.

This is just the start. Kinda experimental. Well, at least, I start trading again. 🙂

Forex Trade 07-May-2007

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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

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poundsterling.jpgAfter 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…..

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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

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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

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