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Gav's trading blog - Perseverance, Consistency, Confidence

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Trading Journal

Weekly Wrap up

by Gav Leave a Comment

I was thinking of posting some analysis, some charts here. I gave up the idea. There are blogs out there writing much better analysis than I do. Anyway, looking at the weekly chart, I would not think it is a good idea to continue shorting EURUSD. Well…I am not talking about day trading. You got the point.

In term of Forex day trading, this was a pretty quiet week for me. I missed one trade, made one winner, and watched from sideline for the rest of the week. In addition, I have been doing some futures trading on ES lately, I see trading opportunities that I have not seen before. I see good progress. I’d see if it is possible to bring my futures trading back to routine.

Something shocking, and interesting happened this week. I experienced earthquake in Melbourne! Well, a tremor to be exact. 4.7 magnitude earthquake happened around 96km away from Melbourne. I was sitting on the couch with my wife, watching Ramsay’s Hell Kitchen (did I tell you , I am fan of this f*ker? 😆 ), and the apartment was shaking for 5 to 10 seconds. Seriously, I didn’t know what to do other than waiting for it to stop, and immediately rushing out from my apartment. Nothing really serious, but this is a special experience. Who would expect earthquake in Melbourne?

Back to trading. Ocasionally, I would discuss or share my trading ideas on Twitter. In case you are interested, you can find me here.

Filed Under: Trading Journal Tagged With: EURUSD, FX, Trading Journal, weekly wrap up

When Aussie is below 0.63 cents again…

by Gav Leave a Comment

I am actually looking for long signal. Yes, I am waiting to go long. We are waiting to see how does RBA react now. Do they still think that the stimulus package is going to do any good?

Well , it is understandable why were they so confident about the stimulus package. During the Asian crisis, around 1997 to 1999 , Australia managed to grow at an average rate of 4.7%. The country’s sound foundation of strong domestic consumption was able to save Australia from past crises. Consumer consumption was the key.

They still believe in this. I guess.

Anyway, I don’t believe in what they choose to believe. But I am looking to long  Aussie dollar now.

Here is the….CHART! (Click to view full chart)

audusd-4hr

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

One EURO trade

by Gav Leave a Comment

Again, the chart shows you everything. I was looking to Long EURUSD (My Twitt) Simple technical trade. Dummy style.  Day trade during London Session.

Here is the … CHART! (Click to enlarge)

eurusd

Filed Under: Trading Journal Tagged With: Dummy, EURUSD, FX, Trading Journal

One GBPUSD trade

by Gav Leave a Comment

I think the chart shows everything you need to know. As mentioned in my Twitter, I was looking to long GBPUSD. Pretty simple technical trade. Similar to my dummy trades, but of course with some tweaks.

Here is the…… chart  (click to enlarge)

gbpusd_long1

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

What do you really need to learn about trading

by Gav 3 Comments

Lately, I have been spending my time working on my ATS (automated trading system), developing strategies and risk management models. I visited few forums, reading some brilliant ideas, and of course, unavoidable, some junks.

While reading the postings by some new/struggling traders, I have some thoughts.

What do you really need to learn about trading?

Technical analysis? Fundamental analysis? Risk management? trading psychology? Well, yes, yes, yes, I hear you. These are important. Very important. But, the essential skill one should really learn is the skill of learning. Learning the market condition.

Market is constantly changing. Or should I say market behaviour is consistently inconsistent. Your holy grail setup that works today might, or most likely, will fail later. Getting back to text books, forums trying to find new setups is just not the most effective route.

Learning to adjust your mindset, to accept the change, to really understand your battle field, with these, start to enhance or alter your strategies.

This is when your skills (technical analysis, fundamental analysis, etc) come into picture.

But bear in mind the fact: Technical analysis is a lagging tool, as it is based on what happened in the past, and forecast what is likely to happen in the future.

Fundamental analysis is a product of idealism. Ideally, the market should move according to its fundamentals. But, more often than not, the reality negates this. During bull markets, the high will get higher, regardless of how much the stock really worth. During the bear market like now, cheap can always get cheaper.

If you were to live trading the market, start developing a sense of market. Developing the ability to Know where you are, what you are facing, are far more valuable than watching MACD uptick and go Long(go wrong)… 🙂

Just another piece of rant from Trader Gav.

Filed Under: blogs, Learn Trading Tagged With: Trading Journal, Trading Lessons

Pivot play example

by Gav Leave a Comment

Here is an example of how you can use pivot and Fibonacci to trade currency. Pretty straight foward. We sell short at resistance levels.  As a rule of thumb, don’t look for a specific price level, instead, we are playing with the price zone, or some say price range. No magic level in the market, but resistance zone. blah blah blah….you got the point, didn’t you?  Probably, I shall make a video later to show you some trade example…

Here is the chart….oh, in case you wanna know, this is AUDUSD…

audusd_pivot_play

Filed Under: Trading Lessons Tagged With: FX, pivot, Trading Journal

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