Make Me Some Money

And this is what happened….

admin — Fri, 12 Jun 2009 19:28:47 +0000

As the annotation goes, I’m glad that I didn’t take it.. the markets may well go south but from the initial point of where I thought could have been an entry, it would have been a disaster for a daytrade. The market shoots up to 161.90 before it dwindling around doing not much. A daytrader would be quite nervous at this stage…..

Following on from previous GBPJPY and some trading psychology thoughts

admin — Fri, 12 Jun 2009 18:34:29 +0000

The chart shows what happened after I closed. The price action looped ripe for another entry short to ride the market lower but I felt anxious….

I am just not sure what it is but my instinct tells me to be careful… I attribute it to a couple of things, all trading psychology related:

The possibility of losing my 47 pips that I have already made.. it’s always nice to finish the week a winner!
The re-entry looks too obvious a trade… a bear trap perhaps?

Maybe I am thinking too much but once needs to feel comfortable. If the market goes down more I need to be composed, opportunities present themselves all the time.. I am not forced to enter.

We’ll see.. I’ll post another chart later to see what happened…

47 pips trading the GBPJPY

admin — Fri, 12 Jun 2009 18:25:34 +0000

I went short GBPJPY 161.93 just before the market just dropped and managed to get out before it started to rise for 47 pips. I like these sort of movements… all in less than 10 minutes. I suspect the price action would end lower after this bounce upwards but I don’t want to keep any positions open over the weekend.

Back to bad trading habits….

admin — Tue, 09 Jun 2009 18:03:39 +0000

I was doing pretty well of late but my trading seems to have suffered a turn for the worse of late. I know that I am entering trades when I shouldn’t be.. they are like gambles. My short of the GBPUSD at 16263 was premature. The trend was clearly upwards but I was seeing a slowdown in the rate of progress the market was heading upwards.. it has powered uphill rather rapidly and I was expecting the market to subsequently move down before a continue journey upwards. Countertrend trading as this is called is risky as you never know when the countertrend will turn.. if indeed it does counter… which is doesn’t look like doing right now.

Sure, upwards momentum has indeed slowed but this doesn’t mean it’s going to fall. The money is on the uptrend but I have committed myself and will ride the trade to completion.. my stop is at 16300 which is probably too tight.. it should be about 10 pips above this but I am not prepared to put more money towards a bad trade.

The other bad trading habit is not being patient when awaiting an entry… I have come home from work and want a gamble… this is the road to ruin. I don’t think the trade is giong to work out today (however, you never know with the markets). I will take the hit on the chin and learn from my mistake… loss of money is a good motivator…

Alpesh Patel Trading strategies..

admin — Sun, 07 Jun 2009 19:01:54 +0000

I went to Alpesh Patel’s trading seminar the other day and he had some interesting things to say.. the seminar notes are here (I don’t think they are copyright, if they are please let me know and I’ll remove them).

There are a couple of trading systems which I found particularly interesting and may look at these

Good luck!

Click here to download Alpesh Patel Presentation

GBPJPY reaches it’s target….

admin — Thu, 04 Jun 2009 17:46:31 +0000

I felt that I had to put this chart which shows that the GBPJPY did indeed reach the target I mentioned at 15645 and then promptly fell (note the stochastic move below 80)… this should have been my trade if I had followed the rules… it would have been a lovely 95 pips in the bag… this chart will remind me of the missed opportunity and the reason why one needs to stick to the gameplan…

As I write, the GBPJPY price is at 15620.. it bounced perfectly off 15645…

Trading update and my progress in the markets…

admin — Thu, 04 Jun 2009 17:38:31 +0000

When I’m feeling tired, it’s quite difficult to trade. I’ve been doing quite well of late with trading and sports betting and I haven’t been inputting everything into the blog. I’ve noticed that people who own blogs like mine with a target in hand use them to monitor their progress.. I am using mine as a diary tool so I can look back at my trades and learn from past mistakes. I have certainly noticed my trading improving immensely this way to the point where I feel confident that I am indeed successful as a trader. I am seeing consistent regular profits into my account and it feels great! However, I’m also conscious that I am getting lazy updating the blog… it’s almost as though I feel that my journey to consistent income is almost there and I want to spend more of my time making the money than documenting it. I’ve noticed that those who have blogged their rise eventually stop once they become successful… I certainly hope that this isn’t the case for me as trading is always changing as markets change and you have to adapt to it.

Anyway, today, I went long the GBPJPY at around 15550. I decided that this was a good entry as the stochastics had dipped and were looking oversold. In addition, I saw momentum pushing prices higher. The first target was the resistance level formed from the previous high at 15591 or so. However, I sold early at 15583 for 33 points. My entry was good, my exit wasn’t so… I didn’t really follow the plan (I feel very tired after a long days work). The price right now as I actually write this post is 15618 which means I’ve left a good 35 extra pips on the table! The next price target is actually 15645!! If it does reach there, that’s 90 odd pips!

Nevermind… you can’t win them all!

Worst trading day in a while…

admin — Tue, 26 May 2009 18:54:23 +0000

Today was the worst trading day I’ve experienced for a long while.. I don’t know if it’s because of the Bank Holiday and low volumes but the market is just drifting from up and down. My entries today have all resulted in a loss.

Firstly EURUSD, the market had lost upwards momentum and I was anticipating some downwards pressure.. however, the market turned upwards and didn’t break down.. I got out for a 5 pip loss.

Then the GBPUSD was the same thing… thought there was a top pattern so I sold at 15923 and got stopped at 15941 for a 18 pip loss.

So I figured the markets were going up.. I went long GBPJPY 15151 and got stopped out at 15122 for -29 pips! Ouch!

Anyway, I have one more trade which is still ongoing… at this time of writing it’s not looking good

I am short GBPJPY 15124 and currently 20 pips down!! Arrgh!

Chart is small but there is a nice supporting trendline.. the market failed to push above the high so I am hoping that the trendline will break and then a rapid descent lower to 151.00 and then 151.60

There is not much conviction with any of the moves and perhaps I should have waited for there to be more momentum before I risked my money….

Oh well, I’ll update you on how the last trade went but of the closed trades, I am currently 52 pips down!

Closed GBPJPY for a profit

admin — Thu, 21 May 2009 18:28:23 +0000

Looks like lady luck was on my side.. the GBPJPY fell and I closed when the downward momentum started to flag. I got out at 14933 for +40 pips!

Going short on the GBPJPY

admin — Thu, 21 May 2009 17:49:39 +0000

I went short on the GBPJPY at 14973 as it was bouncing off the resistance as you can see on the chart below. There seems to be resistance around the level where the price action was and as the price action looked to fall, I felt this was a good entry. The market has found some strength all of a sudden however so we will have to wait and see what happens. I have my stop at 15024 with a first target (if things go my way) at 14900 or so…