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Forex Rookie's Trading Journal

  • Post #1
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  • First Post: Edited Mar 6, 2009 9:04pm Jan 11, 2009 2:28pm | Edited Mar 6, 2009 9:04pm
Forex Rookie's Trading Journal

So it begins...

Firstly, I would like to start with an introduction. I have been trading for 2 and a half years now, mostly on demo. I trade off the 1 hour chart and only GBP/USD because its the only pair i have traded from day one!

Secondly, I will do some daily analysis, which I hope will help other traders in their observation and analysis. And I will have to learn on how to post charts! I hope this could be of use to any new traders and maybe some more experienced one's also.

Thirdly, I will be keeping it simple by using very little technical indicators. I think that too many indicators will only have a representation of the past data and not so much on the future. For the present, i simply use price action to speculate on future price movements. I trade on most days especially when important news will be expected for release.

Any comments or suggestions are appreciated

Lastly, and more importantly; trade at your own risk.


Happy Trading
ForexRookie.
"The trend is your friend, until the end."
  • Post #2
  • Quote
  • Edited 7:04pm Jan 11, 2009 4:02pm | Edited 7:04pm
Based on the closing of the Friday Candlestick, here are the following daily pivot points:

Resistance - 1.5303
Daily Pivot Point - 1.5209
Support - 1.5066

Resistance appears to be in the 1.5120 area. Trading on MetaTrader Platform opened at 1.5071, thanks to Alpari their trading accounts start every trading week at 11pm (UK Time) instead of 10pm.
"The trend is your friend, until the end."
GBP/USD

Short @ 1.51002

Stop Loss @ 1.51402
Take Profit @ 1.49802

Profit/Loss = +120 pips
"The trend is your friend, until the end."
  • Post #4
  • Quote
  • Edited 8:48pm Jan 12, 2009 12:24pm | Edited 8:48pm
GBP/USD Pending order

Long @ 1.4830

Stop Loss @ 1.4790
Take Profit @ 1.4960

Profit/Loss = +5 pips
"The trend is your friend, until the end."
Daily Analysis

GBP/USD currently sitting just above a major trendline, for now i think it will be ranging in the lead up to the London Session before giving any kind of direction.

Longer term trend is still bearish. Trading below daily pivot point of 1.4900.
"The trend is your friend, until the end."
Total Loss Today = £9.91

GBP/JPY Long Positions x2
GBP/USD Long Position x1
"The trend is your friend, until the end."
Daily Pivot Point @ 1.460; which could also be a positive sign of a retracement at this level.

Currently trading below pivot point and above daily support area.
"The trend is your friend, until the end."
Are you trading live?
On a journey to consistency.
Quoting Tataocb
Are you trading live?
Yeah I am, all of the trades listed are live trades i've taken.
"The trend is your friend, until the end."
  • Post #10
  • Quote
  • Edited 9:15pm Jan 14, 2009 6:33pm | Edited 9:15pm
No trades were made today as GBP/USD was ranging for most of the day and i missed out on the spike around the news time, besides the bears were quick to respond and send price down.

I will be trading on EUR/USD starting from tomorrow.
"The trend is your friend, until the end."
GBP/USD
After Wednesday ranging trading I think there will be a clearer direction today. In my honest opinion, i think we are looking at a break of the trendline currently at 1.4490 and heading further south towards 1.43xx.

EUR/USD
ECB will be deciding on interest rates today which should spark a rally, if there is an interest rate cut. Expectations are a 50 bp cut, release at 12:45 GMT.
"The trend is your friend, until the end."
Quoting ForexRookie
Yeah I am, all of the trades listed are live trades i've taken.
Cool, I hope you earn many pips.
On a journey to consistency.
Quoting Tataocb
Cool, I hope you earn many pips.
Thank you. I wish many pips to you too . How long have you been trading for?
"The trend is your friend, until the end."
I had a pending order which didn't excute on EUR/USD.

My GBP/JPY long trade made a profit hardly worth mentioning, lol.

Anyway, I'm hoping tomorrow might be a better day.
"The trend is your friend, until the end."
GBP/USD

1 hour chart is showing a possible reversal into a bull market, but i think it could possible be a fake out, should soon find out later this morning. The long term trend is still downward.

EUR/USD
I won't be trading this for a while, i'm testing something new on my favoured trading pair - Cable.
"The trend is your friend, until the end."
GBP/USD

Short @ 1.4773

Stop Loss @ 1.4810
Take Profit @ 1.46840

Profit/Loss = -£2.77
"The trend is your friend, until the end."
I believe the forthcoming week should produce plenty of opportunities in the forex market, plus other global markets as a result of the events taking place.

Firstly, on Monday in the UK we should have a broader picture on how the housing market was coping in December with the Rightmove House Price Index at 12:01 UK time.

Secondly, on Tuesday the inauguration of President-elect Barack Obama should bring a greater demand for the U.S Dollar and produce volatility in the markets as millions will embark on Washington, D.C from across America and the rest of the world.

Thirdly, MPC Member Paul Tucker will testify on his appointment to the BoE Policy Committee. Later on Tuesday Timothy Geithner will testify on his appointment as part of President-elect Obama's team.

Fourthly, GBP Retail Sales for December will show us how severe the economic downturn has effected high-street retailers and give us an idea of consumer confidence.

Thank you for reading,

Forex Rookie.
"The trend is your friend, until the end."
GBP/USD

Long @ 1.48500

Stop Loss @ 1.4810
Take Profit @ 1.4950

Profit/Loss = -40 pips
"The trend is your friend, until the end."
GBP/USD

Short @ 1.4664

Stop Loss @ 1.4694
Take Profit @ 1.4544

Profit/Loss = +120 pips
"The trend is your friend, until the end."
No trades made today because i woke up late! And missed the nice Short opportunity on Cable.

It looks like the 1 hour chart is just ranging at the moment and i assume it will continue to do so. A retracement is overdue to occur also, baring in mind Cable has dropped some 500+ pips in the last 48 hours .
"The trend is your friend, until the end."
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