TraderGav.com

Gav's trading blog - Perseverance, Consistency, Confidence

Trading Journal

Tips or Junk ideas

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OK, I have another tips or junk idea here. I am not going to write too much. Does this chart look a BUY for you soon? What do ya think? 🙂

Trend Score: +65 , a weak uptrend now

Edit: I forgot to mention, this is EURGBP!

[photopress:eurgbp11may2008.gif,full,1]

There is no such thing as the trend; there are countless trends, depending on the method we use to determine a trend. People typically pick a method for determining trend that fits with their current positions and/or view of the market. ~ Ed Seykota (TradingTribe)

EUR/USD…now what?

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In a shorter time frame, I see some price formation which will probably lure some traders shorting EUR/USD again. I am not into it this time. To me, for short term trading, I don’t see good risk/reward setup now. Well, again, that’s in Trader Gav’s definition.

Here is the…..CHART! The color dots are just to impress my readers. Showing off my programming skills. 😆 .. Nah. Basically, we are reaching a longer term support area. (Again, that’s my definition of long term). So, I hesitate to be on short side at the moment.
[photopress:eurusd11may2008.gif,full,1]

Here is the …Trend Score! We are in a very weak Downtrend. I am looking at a choppy consolidation phase soon. Let’s see how it works out.
[photopress:eurusd11may2008_trend.jpg,full,1]

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One Euro trade

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OK, this is not a good trade, in my definition. I am not being myself today. Anyway, I exited short position of EURUSD around 1.54-ish. I didn’t like the fact that price flirted around 1.54-ish level. (OK, maybe this exposed my weakness of unable to hold on the winner). Whatever, not a good trade, but nice chart. That’s the reason I am writing this post. I am going to show off yet another nice chart. Shoot! Did you read my junkie idea in the previous post?

[photopress:EURUSD07May2008.jpg,full,1]

What’s going on? uhm…Dollar bee…Dollar boo..Dollar ah ah…

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So you know we had a surprised Non Farm payroll numbers last Friday. The Green Back is showing some strength. I see some Long setups in dollar pairs, before I start my trade selection, I would like to have a look at Dollar Index.

We saw dollar kinda bottomed around 71-ish level. Well, maybe I should say, it chopped around 71-ish area. And it started to show some strength in April. Of course, even the doggy outside my apartment can tell, USD is still in established downtrend, in medium to long term. For now, I see 75-ish level as a target before it continues its downtrend.

So, I might have a couple short term long USD positions in the coming week. Let’s see how it plays out.

Here is the ….. CHART!

[photopress:Dollar_index_04May2008.jpg,full,1]

Here is the ….Trend Score! Bear in mind , we are having a very weak uptrend though….

[photopress:Dollar_index_04May2008_trend.jpg,full,1]

About this tool

Weekend thoughts

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I spent my day in church, shopping in Queen Victoria market,  having Malaysian food for lunch, a nice coffee break in a small cafe near my place. What a nice day. A little chilly in Melbourne, but I feel good. A day without work and trading.

After finished my dinner, I was checking out my emails. Unintentionally, I was browsing my old blog posts, my SIMSCI futures trading journal ,which was around 2 years ago. I am inspired by that trader, which , in fact is myself. 😆 . No, not another showing off posting here. The point is, I found that trading profitably can be that simple. I was purely trading price patterns and inter market sentiments (I used Nikkei and HangSeng as sentiment indicators when I was trading SIMSCI futures, I didn’t know how did I come out with this brilliant idea), that’s it. I still love that moment.

Looking at my current trading. Again, I am back to the starting point. I start to perform well when I am back to basic. I adventured different stuffs in trading, trying to improve (if not deteriorating my  own performance), and profit appears when I am trading the old way that I am comfortable and confident with.

This is absolutely one of the good points of keeping a trading journal. Go back to read your old journal. It is a mirror. It tells you how silly you were. It tells you how good you were, and It tells you now it is the time to head back to gym to get back your six packs and biceps.

Ah, just my weekend rant.