Monday Tuesday What should’ve been fruitful is stagnant
Rather than duplicate my trade details, i’ve shared my spreadsheet of my trade journal:
After my spreads I am negative to even for the week, and up overall by an average of 25 pips per day over the past 7 trading days. On the 13th I had some typical new-traderitice by closing out my earlier trades when i should have let them continue (but that’s hindsight). On the failed eur/usd short where I lost 50 pips – that was really more like a 25-30 pip loss but I was away from my screen. Considering that, I am neutral to positive for the week.
update Wednesday 14th July – after this post I found two opportunities on my charts which improved my day to 70+ pips for Tuesday. Below are my trade details. I’m pleased my analysis on GBPUSD getting to 152.20 and EURUSD stagnating paid off.
My weekly goal (by the 16th) is 80+ pips as I will not be trading Wednesday for the majority of the day. It seems the market is transitionally indecisive with most pairs ranging within 50 pips. I will stay out of the market until FOMC release their minutes, and look forward to the market reaction for Thursday coupled with the BoJ interest rate decision. I’m finding it suprisingly difficult not to trade, let alone take a break from the charts.
gbp/jpy short 1.329 1.3275 1.3275 1.327 12/07/2010 08:47:00 10:00:00 second chance entry after retracement finished p 0.0015 entry was too early on the retrace, and I allowed teh trade to continue despite the 5/8 cross as the MACD had yet to cross – not ideal
gbp/usd long 1.4981 1.4992 1.499 1.4996 12/07/2010 10:55:00 11:17:00 5/8 cross with macd also on retrace p 0.0011 macd has crossed but it is still negative… aggressive trade as I’m also trading against the daily trend. this was an early exit – missed out on 20+ pips
gbp/usd long 1.5044 1.503 1.503 1.506 12/07/2010 13:01:00 14:24:00 l -0.0014 5 ma crossed 55ema with continued significant upward movement on the macds – also divergence on 15M to suggest a long – huge downward shift after quiet market
gbp/jpy short 1.3314 1.334 1.336 1.33 12/07/2010 14:27:00 14:39:00 5/8 cross but premature macd cross though still negative l -0.0026 this was a silly trade!
gbp/usd long 1.5074 1.5077 1.5077 1.509 12/07/2010 15:04:00 15:45:00 stopped out for some profit p 0.0003
eur/usd short 1.2527 1.2577 1.2577 1.248 13/07/2010 08:55:00 1h chart cross set stop to fib levels – stop level set at R3. 1.2595 is strong support l -0.005 retraced back… to find out why I should have been watching the 15m chart, I would’ve stopped out at about 1.2550 and saved 25 pips – a good trade!
gbp/usd long 1.507 1.5095 1.502 1.5095 13/07/2010 10:12:00 10:20:00 1hr chart macd R1 retrace completed p 0.0025 retrace at expected exit – good trade!
eur/usd long 1.2587 1.2595 1.2595 1.2605 13/07/2010 13:45:00 13:55:00 fibs and R1 found p 0.0008 good trade!
eur/usd long 1.2612 1.2619 1.26 1.2625 13/07/2010 13:55:00 14:00:00 broke R1 facing R2 p 0.0007 should have stayed in my longer term trade!
gbp/usd long 1.515 1.5159 1.5125 1.5212 13/07/2010 14:20:00 15:18:00 1h chart confirmed with macds – exited before possible retrace p 0.0009 should have waited for the retrace before entering – facing possible reversal and 10-20 pips down, nor did I consider the 2pm USA market opening!
eur/usd long 1.2631 1.2665 1.235 1.2645 13/07/2010 14:20:00 15:18:00 1h chart confirmed with macds – exited beyond limit and before any retrace p 0.0034 should have waited for the retrace before entering – facing possible reversal and 10-20 pips down
gbp/usd long 1.5168 1.5207 1.5156 1.525 13/07/2010 19:12:00 01:41:00 1h chart with 5/8 and macds in agreement, fibs outstretched for full reversal – nearest decent resistance seems to be 1.5250 but risky as it is an out-of hours trade dependent on asia carrying the trend p 0.0039 good trade on the hourly chart. This was a good trade to use a moving stop loss. I still profited despite missing my target my 10 pips. The 15m chart is now showing divergence, so that potential downtrend may now start depending on uk employment figures which I anticipate to be much worse than the conservative estimate.
aud/cad long 0.9094 0.9112 20:01:00 21:22:00 strong daily uptrend with .618 retracement appearing strong from .9038 to .9113 – bad news is 5pip spread from broker! p 0.0018 this was a bad trade on the 15 minute chart, but good on the 1hr chart with the trend and the retrace coming back completely as expected. I usually base any strong uptrend on aud from the european session with the aud session to carry it on a spot trade
