My oh my, I'm feeling so ashamed of myself for not updating my journal regularly. I've been pretty caught up with work and the Chinese New Year so I haven't found the time to do it. But I'm hoping from now I'll be able to keep recording my analysis.
A sum of how I've been doing
The past week has been really good for me, I went short the Euro at 1.4788 before it began its descent and had a few positions in it. Earned me more than 200 pips which is quite remarkable for me because of the average range in EURUSD. I was also short cable and cleaned up handsomely in it. I also had a 2 20-30 pips profit on USDJPY and EURJPY going short when it spiked up to the top of the range.
Will post my analysis for next week by Sunday!
Saturday, February 9, 2008
Monday, January 21, 2008
Trade Journal
All my trades went well today! USDJPY, GBPUSD, EURUSD all gave a short signal in the morning. Got me lots of money today. It's late already and I've got to sleep so I'll update shortly!
Sunday, January 20, 2008
Trade Analysis
GBPUSD
Prices just broke out of the flag that formed on the daily and it looks like GBPUSD will go down. So far, the 10 EMA has crossed the bottom of the wave on all timeframes except the 4H and weekly charts. To pair it off with fundamentals, Bernanke's stimulus looks set to boost the US economy and so far, the BOE has done nothing to prop up the pound. Looks like a descent from down here.
Here's a snapshot of the flag.
If you had read the post on my luckiness, you'd know that I entered into a short unaware on Friday without a stop. So once the market opens, my stop will be placed at the top of this ascending triangle/flag. No matter how things go your way, its always good to protect your profits.
LT Trend: Down
ST Trend: Down
EURUSD
We saw the euro taking a dip last week and so far, my indicators have shown a downtrend. Prices are forming a consolidation/flag and a breakout would indicate further downwards momentum. And if prices do breakout, I'll be there to catch it. Of course, with so many professional traders in the market, I'd expect a massive retracement so I'll be short with a pretty small TP and look to re-enter the market once prices resume the downtrend.
LT Trend: Still up, but prices failed to make a higher high on the daily which might indicate a top
ST Trend: Down
USDJPY
Prices broke through the support at 107.10 on the daily and this gives us a pretty strong bear signal.
However, prices are consolidating into a triangle formation and a break of the triangle would give me an entry signal. However, I'll enter once the 10EMA breaks out of the wave.
LT Trend: Down
ST Trend: Down
USDCHF
A good possible setup on USDCHF. The pair has been in a massive downtrend and it looks like the hourly chart could give a very good short. Prices have rallied and the MACD is at the zero line on the H4. I'll enter if the 10 EMA breaks out of the wave.
LT Trend: Down
ST Trend: Down
Prices just broke out of the flag that formed on the daily and it looks like GBPUSD will go down. So far, the 10 EMA has crossed the bottom of the wave on all timeframes except the 4H and weekly charts. To pair it off with fundamentals, Bernanke's stimulus looks set to boost the US economy and so far, the BOE has done nothing to prop up the pound. Looks like a descent from down here.
Here's a snapshot of the flag.
If you had read the post on my luckiness, you'd know that I entered into a short unaware on Friday without a stop. So once the market opens, my stop will be placed at the top of this ascending triangle/flag. No matter how things go your way, its always good to protect your profits.
LT Trend: DownST Trend: Down
EURUSD
We saw the euro taking a dip last week and so far, my indicators have shown a downtrend. Prices are forming a consolidation/flag and a breakout would indicate further downwards momentum. And if prices do breakout, I'll be there to catch it. Of course, with so many professional traders in the market, I'd expect a massive retracement so I'll be short with a pretty small TP and look to re-enter the market once prices resume the downtrend.
LT Trend: Still up, but prices failed to make a higher high on the daily which might indicate a topST Trend: Down
USDJPY
Prices broke through the support at 107.10 on the daily and this gives us a pretty strong bear signal.
However, prices are consolidating into a triangle formation and a break of the triangle would give me an entry signal. However, I'll enter once the 10EMA breaks out of the wave.
LT Trend: DownST Trend: Down
USDCHF
A good possible setup on USDCHF. The pair has been in a massive downtrend and it looks like the hourly chart could give a very good short. Prices have rallied and the MACD is at the zero line on the H4. I'll enter if the 10 EMA breaks out of the wave.
LT Trend: DownST Trend: Down
Automated
I stopped using the range system as I find prices too choppy. Will turn it on once I deem the way clear to a good winning ratio. So far I've lost just a little on that system but no problem since it uses a good money management algorithm.
System modification
I have modified my system a little and here are the changes.
Originally, my system included the wave and 2 emas. But those just made my charts cluttered and did not give me an objective point of view. So from now there'll just be the wave and a 10 ema.
This way, when the 10ema crosses the wave, I know straight away where the trend lies and THAT will greatly help my trades.
Originally, my system included the wave and 2 emas. But those just made my charts cluttered and did not give me an objective point of view. So from now there'll just be the wave and a 10 ema.
This way, when the 10ema crosses the wave, I know straight away where the trend lies and THAT will greatly help my trades.
Reflections
Hello blog! It's been a long time since I wrote here and I just want to say, I really need you.
Since I stopped blogging, keeping records and writing down my analysis, my trading has been BAD. Been on a losing streak that will STOP tomorrow, Monday. I've been really busy and haven't been able to squeeze time out to properly record and analyze my trades, but still, I kept trading and as we all know, that's not good. I will resume posting my records and analysis here from now.
Reminder to self : The goal of trading is to make MONEY.
I read something on forexfactory today that really made me think. Is visiting the forum beneficial to me? The answer that I came up with is NO. It made my mind wander and trading is a serious game. I have to concentrate. So from now, I'll cut down my visits to forums.
And oh ya, lady luck favored me on Friday. I left a sell order unattended in my account on cable and when I logged on on Saturday, I was up 113 pips. Not bad considering that I did not put in any stop loss OR take profit. But of course, I had a reason to put that buy stop. There was a support point that if taken out, would justify a trend reversal on the flag for cable.
Okay, enough of talking, time to analyze!
Since I stopped blogging, keeping records and writing down my analysis, my trading has been BAD. Been on a losing streak that will STOP tomorrow, Monday. I've been really busy and haven't been able to squeeze time out to properly record and analyze my trades, but still, I kept trading and as we all know, that's not good. I will resume posting my records and analysis here from now.
Reminder to self : The goal of trading is to make MONEY.
I read something on forexfactory today that really made me think. Is visiting the forum beneficial to me? The answer that I came up with is NO. It made my mind wander and trading is a serious game. I have to concentrate. So from now, I'll cut down my visits to forums.
And oh ya, lady luck favored me on Friday. I left a sell order unattended in my account on cable and when I logged on on Saturday, I was up 113 pips. Not bad considering that I did not put in any stop loss OR take profit. But of course, I had a reason to put that buy stop. There was a support point that if taken out, would justify a trend reversal on the flag for cable.
Okay, enough of talking, time to analyze!
Monday, January 14, 2008
Trade Journal
Well I started the day with 2 positions and basically, I just traded around them. First off would be my usdjpy shorts which were carried over from Friday. They did exceptionally well and I earned quite a bit of pips from them.
My GBPUSD shorts got stopped out in the morning but I re-entered and am holding on to an overnight position now.
I made 3 bad trades today that made me breakeven for the day. First off would be the EURAUD shorts which got stopped out, actually all my trades got stopped out. Then would be my USDCAD long trade, and my EURJPY long trade.
My GBPUSD shorts got stopped out in the morning but I re-entered and am holding on to an overnight position now.
I made 3 bad trades today that made me breakeven for the day. First off would be the EURAUD shorts which got stopped out, actually all my trades got stopped out. Then would be my USDCAD long trade, and my EURJPY long trade.
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