I love this chart. What do you see in this chart?
Have a great trading week ahead!
Trading Journal
Updates, Social Networking shutdown & U.S Open
First of all, I am actually enjoying my current social networking shut down mode. I have not logged into Twitter for a week or so. And I don’t feel anything missing nor I miss anything. So, let’s see when I feel like tweeting again. Never mind, who cares?
Trading front, nothing new, I am still trading well as usual. Nothing special to report. Boring job.
I am following U.S Open closely, and I am in fact, paying the cable service just to watch the match and replay of the matches. I am not going to make any prediction, because, as usual, champion is going to Roger Federer, while, for women title, I just hope Williams sisters get kicked out, I think I am not asking too much. 🙂
As we speak, I am watching Maria Sharapova Vs Mchale. It is interesting to see that, the camera man caught a shot that Maria was holding her fist tight, looking serious, and maybe, nervous. But I think she is going to win. This got me thinking about trading.
During the game, it is all about you. Pushing yourself to the peak is all you need to do. There is a little to none margin for mistake. You missed a shot, you lost a point. Making mistakes repeatedly will just end your match, and to the worst, end your career. You can tell people, you have been working hard, you are having bad time with your shoulder etc, yes, but sympathies do not earn you anything.
There are still a lot of points, but I am just too lazy to write, things like consistency, having a game plan for different opponents etc.
OK, you got the point.
Go Maria.
Saturday, updates
I am holding my short position of EURGBP right now. This is an interesting trade, probably because of the intense converstation between me and Davidpotts on Twitter. He is out from the position now while I am still holding on. Let’s see how it works out. So far, I am still convinced that EURGBP is overbought. I will let the market take me out if I am wrong.
Increasingly, I am getting more and more uncomfortable talking about details of my trade on Twitter. Firstly, I never intend to offer free entertainment or education (if there’s any 🙂 ) service to silent readers. And the only purpose I can see the fellow twitters doing so is to attract readership of their premium services, or paid newsletters subscriptions. I offer none of them, anyway.
I like the discussion like the ones I had with David but, keep the conversation public is not something that I am confortable with. Not sure what am I going to do next.
Anyway, one trading day left for the month of August. This is a relatively quiet and not so impressive trading month. Looking at my monthly report, I stay rather flat at the moment. Let’s see what September brings to us.
I am looking forward to tonight’s home cooked Burger dinner at my friend’s place. It is always nice to catch up with friends. Here is the menu I’ve received
Entree
Be surprised!
(fact is we havent figured that one out)
Mains
Pommes frites
with a choice of rosemary or truffled salt (i.e. French fries)
Hamburg steak
(i.e. hamburger)
It also comes with a free burger bun,complimentary condiments, pickles,salad…
(no we dont charge for tomato sauce and mustard)
Dessert
A really mean A&W root beer float with vanilla ice cream
Buying some $GBPUSD 24-August-2009
This is the setup I am looking at the moment. Let’s see how it works out. I am looking at buying some GBPUSD should the price retrace and trade around 1.6450. And first target at 1.67.
Here is the …. CHART
One day trade: $EURJPY Short 13-August-2009
As I’ve mentioned in Twitter, I saw a day trade opportunity to short EURJPY(FOREX:EURJPY). The trade went well, though I did not expect the aggressive selling. Very simple setup, playing with support resistance levels in bigger time frame, and day trade in 15-min chart.
I do not make too many of short term trade like this, I thought this trade is a good example of simplicity.
Here is the…. CHART!
Update of business and trading 13 August 2009
I am still actively trading. The main project I am working on now is enhancing my trading and risk plan, increase R size, increase my account size, changing broker and platform. The basic idea is not to tweak my current strategy since it has been serving me well, so, I do not wish to tweak what is working now. Instead, I am increasing risk per trade, in other word, a bigger R. I’d continue monitoring the performance and adjust my risk profile accordingly.
I’ve been pondering to increase my account size, one of the requirement for this would be changing broker, to one which offers better execution, stability, and reputation. Anyway, that has been decided, I am not going to start another post of broker discussion. I’ve been practising on the paper trading account to get familiar with the platform, and I am ready to go soon. These are the main things that I am working on, nothing really new, just part of business process,and that explains why the lack of posting recently.
I thought I would give a quick summary of my trading. Firstly, I would say, Non Farm Payroll and FOMC had really messed up my charts. My EURGBP long position was takenn out at breakeven, hours after NFP announcement. Well, and you know, the pair went back up after that. What can I do? It happens, sometimes. I decided to hold on my short position of GBPJPY, though at times, it looked like a dead body. Since stop were in place, I didn’t want to second guess it. The position achieved the first profit target and closed right before FOMC statement released. That was around 400 pips. Those were no easy pips, good training of sticking-to-plan discipline.
I am sitting on cash now. It is just a mess everywhere on the charts.
I am active on Twitter. So, follow me if you’re interested in my not so frequent market calls and rants.
