Harry's Trading Journal $400 or Bust!

Well here we have it, below is my trading for week ending 24.01.10. My opening balance was $386 approx.

I have been trading FOREX for about 12 months mainly on demo. Just going to try and spin up a very small account, may add to it later - see how we get on.

I trade only using a 200MA, RSI indicator and multiple fibs. Mainly trade EUR/USD and USD/JPY - i watch all timescales for my entries.

Regards

Harry

Have been searching longs on USD/JPY this week and last at approx 89.35, my buy limit missed today by approx a pip. Cost me about 30 pips.

Have been looking for shorts on EUR/USD at around 1.4250, does not look like its getting there any time soon. I am pretty much USD bullish but would need to get the right prices.

HarrY

I do not trade on fundamentals at all even though I understand them quite well. I just find the predicting the price moment from fundamentals / news difficult.

However what the hell happened at 18.00-19.00 GMT today?

The spread at ODL Markets on EUR/JPY opened to 35 pips and the price started to fluctuate by around 50 up and down. My long and short limit trades tried to open but only the short managed it with the price heading north! Standard!

Managed to trade myself out of it which was a little dangerous from a risk perspective but I am confident with my entry points.

Anyone know what the news was?

HarrY

Another week over and still in the game. It really is a shame the USA are considering moving to a 10:1 max retail leverage. I admit that in an ideal world I would like to trade no more than 5:1 leverage but unless you want to risk a lot of money in the beginning - which I have no interest in you have to start small!!!!! Either that or trade micro's and who wants to do that???

Thank god im in the UK with my 100:1 and if I can continue to grow my account I will trade in the region of 5:1 sooner or later - lol.

Anyway here are my trades for the week, hopefully some good setups coming on the euro soon!!!

My account has now realised 100% profit.


HarrY

Moving slower now due to less trading time but managed a good trade today for 60 pips.

Eyeing long possibilities at approx 1.3505 on the EUR/USD, Think a good target price for long on the USD/JPY would be in the region of 90.35 for maybe 60-80 pips. Really like USD/JPY it moves nicely.

Goodluck.

HarrY