TraderGav.com

Gav's trading blog - Perseverance, Consistency, Confidence

Trading Journal

Tuesday

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Big day in Australia. 100 basis points cut brought us to 4.25% now. But at the same time RBA hinted that’s the end of easing (uhm…do you…trust..R..B..A…eh?) . Anyway,  I guess, it managed to killed some shorts. 😆

I did two trades today. Shorted the AUDJPY in the begining of Asian session, bagged some profits. Shorted EURUSD again at the open of London session, again, bagged some profit. London session doesn’t continue the sell off of Euro.

I was working at home today. I let CNBC/Bloomberg play the whole day on my TV. Panic and fear. And they just kept repeating “U.S is confirmed in recession since last December”. WTH? who cares about this confirmation?

Anyway, that’s all for today.

Tale of two trades — USDJPY, EURUSD

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In order to salvage my getting lower blog readerships (in fact, it is consistently low readership 😆 ) , I am going to post two trades that I have made today , 01-Dec-2008, London session.  it is show off time again! 🙂

Scalping? Yeah, I do scalp.  But, I have a box of trading styles, so don’t waste your time guessing. 😆

I told you I have a negative view of Dollar. This is particular true when watching USDJPY. I watched the opening hour of London session, let the price flowed, and wait for the currency pair to form my favorite setup.  BANG! Shot the Dollar, Oops, I mean short. Aggressive price movement, with aggressive trailing stop.

Here is the …. CHART! small +40 pips.

OK, now EURUSD. I told you ..blah blah blah…but, Euro looked weak.. So, I shorted EURUSD.  Dollar was weak. So the trade closed with small profit. Thanks to the partial profit taking orders.

Here is the… CHART!

That’s all. Two trades for the day. I am off for shower and dinner. Ciao!

A Dollar negative week ahead?

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Chart brought to you by Market Club.

We have a series of economic reports lining up next week. And majority of them are dollar negative. This should be an interesting week, and it might be a week with trading opportunities.

Looking at the U.S $ Index, well, one might say we are waiting for a upside breakout, but, there seems to be a negative divergence with techinical indicator.

My opinion? I am negative about Dollar.

Weekend updates

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Firstly, if you are wondering what happened to the Short USDJPY, and Long USDCAD positions? They were all winners with profit targets hit. I am kinda lazy to post another charts to show off today. Maybe I should do that to attract some traffics. 😆

Guess what, USDJPY’s rebound at the end of last week might just provide me another chance to establish short position again next week. Let’s see. I am a little bit negative biased towards Dollar next week.

I was on a road trip with a group of friends to Mornington Peninsula, Australia. The day started with strong wind, hail, and really bad weather forecast in Melbourne. But, there was totally another world at mornington. Nice sunny, comfortable day. Man, it is always good to be away from city.

Jay at The lonely trader posted an interesting conversation with a full time trader. Good read. But, as usual, don’t start debating with Jay if you have a weak heart. 😆

I am off to enjoy my Sunday morning. Man, I think I love Melbourne.

Trading routine

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what is your trading routine
What is your trading routine

I always tell my friend about my trading strategy is “wake up in the morning, and collect profit”. Of course, that’s a joke.

The basic idea is, once the order is submitted, executed, with stop loss and profit-taking or exit orders are in place, I normally do not stare at the screen too much.

This is especially important if you are trading from Asia, or a little bit worse, from Australia. Staying up the whole night to watch your profit fluctuates doesn’t really do anything good for your overall trading performance.

H/T to Eyal, who is trading from Thailand. He listed out some points about this “strategy”. Good read.

Trading routine

1. It is easier mentally, I don’t really need to watch what’s happening throughout the day anyway. It serves no real purpose to watch P&L or even price action for my open positions as my trading plan doesn’t have any action steps for the afternoon.

2. Flowing from point 1, it makes it easier to actually follow my trading plan of letting positions play out and not getting tempted to tweak and play around with stops and targets. P&L is better off this way. This became evident using Stocktickr’s backtesting tool.

3. It makes it easier to wake up at a more normal time during the day when other people are awake. This also means I’m in a better mental state to trade the European session.

If you are feeling stressed because of your trading activities, you should be considering tweaking your trading routine.

If you are interested in learning more about trading, check out my Back to Basics of Trading series.