TraderGav.com

Gav's trading blog - Perseverance, Consistency, Confidence

weekly wrap up

Weekly Wrap up

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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.

Weekly wrap up

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Nothing really new. I am trapped and exhausted. I am talking about my day job. What can you do when you are working in an environment where there is an obvious skill incompetency in the team?  I don’t know. I am not complaining too much since I am an independent professional. I do whatever I am supposed to do , and leave. The job just makes me tired and sick.

Trading front, I am not too active this week.  Made 3 short term GBPUSD trades during London sessions, 2 winners, 1 loser. Nothing much to talk about. I am starting this type of short term trading, experimentally, as I foresee in the near future, I might have the luxury to spend more time in front of the screen.  ATS is still work in progress. I am running the system, analyzing the signals, but , not making live trade.  It is really easy to create a system or a program to generate trading signals. But, it requires a lot of energy and time to manage the trade when the signal comes. Given my current condition, I will screw up good signals.

I am studying some patterns in oil futures now. Probably I will post 1 or 2 findings here later, well, if I find it appropriate.

All right, it is time for me to make my Espresso, and enjoy the Sunday morning. It is 9:20am at Melbourne now.

Have a good weekend, and good trading week ahead.

Weekly Wrap up

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It was a chaotic week. Mentally. I was not troubled by trading, but my day job.  I am not sure what is my next move, and there are just too many uncertainties around. These also crippled my ability to trade last week. I found myself losing the ability to think clearly. I closed all my positions with tiny profit. No position was established. In fact, I did not even look at chart. That also explains why I have not been posting last few days.

I hope things will become clearer soon. Though I have adjusted myself, and trying to convince myself to accept certain unpleasant facts. Anyway, I am back to trading desk now with a clearer mind. I will start my trading again.

Weekly Wrap up

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Before I start writting about trading, I would like to let you know…I HATE SUMMER!!!!! I HATE SuMMER!!! I am baked in over 100 F or 40 degree Celsius for the whole week. And , the best situation is..I do not have air conditioner in my apartment.Well, … I HATE SUMMER!!

Alright, let’s get back to business. Another busy week for me. Trading front, I opened few trades from IHF(read: I-Hate-Forex) system, new sDT (read: Spot-Da-Trend) system. What is the main problem of the week? Trade management. I should admit that I felt lost looking at the positions. To make it worse, I started my mulitple entries method (i.e dividing the risk level, and getting into a trade in different point, tell you what, I just love this strategy). I have plans for everything, but, I was kind of over estimating myself. I was monitoring different systems, positions, figuring out position size, moving stops blah blah blah…etc. And making mistakes here and there. Everything was a mess. Messing up with my plans. See, with a plan is not enough.

Anyway, the solution is simple. Cutting down the number of trades next week. Now, it is not only about making good trades, I gotta make sure I am managing my trades well. This is a different skill set. Brothers, trading is really not only about entry and exit.

OK, in case you are interested to know, I am holding Long positions of NzDJPY, USDJPY, and Short position of EURCHF at the moment. I can see the bloody future of my NZDJPY position. 😆 Rally of Yen is killing my positions now. I will just need to bite the bullets now.

Btw, I thought Million dollar traders by BBC is pretty interesting. Check it out.

Weekly wrap up and some rants

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This is a relatively quiet week for RDT (read: Really Dumb Trend) system. It does not generate any signal until closing hours of Thursday U.S session. Short signals acrossed the board. I am currently shorting EURCHF, AUDJPY, Long USDCHF. I shorted EURJPY , unfortunately, got stopped out. I did not take another EURJPY short trade after judging my exposure to Yen and EURO now. I feel YEN is going to create trouble for me again.

Another system (I haven’t named it, let’s call it ‘I-hate-forex’ system now 😆 ) is running in live account now. But, in micro account at the moment. I can see a lot of improvements to be made. Right now, it is long USDCAD, and short EURGBP. Looks good. It shorted USDJPY which was a crap. Yen just doesn’t synch up with me.

Anyway, crazy people are still Long USD, so I had to long USD in order to make profit from trading. Although, it is still stupid to hold USD, I reckon. 🙂

No doubt, I am a trend follower. Long term, or short term. I just can’t , just can’t , just can’t and again, just can’t do contrarian or counter trend trading. I don’t have the mentality to trade in this style. I can give you some fancy technical analysis rubbish to show you reversal is coming, but I will fail miserably when trading them. That’s just me.

Anyway, process is still slow. Trading is still not really taking off for year 2009. I have to work harder now.

Other side of my life. My day job is not stable (well, in fact, it has never been..:lol:). Rumours are nothing but budget tightening again. I am not sure if I will still have my job next month. In fact, nobody knows. Let’s see how it works out. This is out of my control.

By the way, did anybody open the dam of Twitter? I can see a spike in my twitter followers. Welcome to my world.

Weekly wrap up

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I would say it was a little bit tricky this week. The RDT system went Long and short on EURJPY, Long NZDUSD, both were doing pretty good, except the Long EURJPY, which was a crap with -1R loss. GBPUSD was a discretionary trade. It didn’t meet the RDT system criteria, so the system gave it a miss. The rest of the week, I did some discretionary trades, which were not impressive at all.

Having a semi automated entry system helps. It saves me a lot of chart screening time. And it tortured me as well. 😆 It takes really great patience to sit down and wait for the signal. I started some discretionary trade this week, when I was waiting for RDT signal. That was not a right choice. I should have spent the time reading instead of trying to show my brilliance (foolishness in fact) in the market.

So far so good for automation project. I am working on coding steps size trailing stops. I am doing it manually now to trail stops. I can feel the aging effect inside me. I am getting slower now when figuring out some program logic. Probably, I need more practice to gain my sharpness.  I am still waiting for my new PC to arrive. I purchased one on ebay to host my ATS program. Running the program on my laptop day and night is not a wise choice.

It’s all good. My system is still on, let’s see if I’ll have any trade on Friday.