DRICK's trading Journal.

Hi everyone, my name is Rick and I'm here in California, USA. I decided to record my Forex trading journey for discipline and education. I'll be combining EJ_4HR and OzFx Squeeze-more methods
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Number of trades will depend on the market and I may close my position when needed. The stop loss will be moved daily on any open positions.

MM: trade 1% of equity in every position. When I captured a strong trend, I can add a position if the earlier position is in profit.

I stopped trading last June 2007 when I got sick and went through hernia surgery. Since then I've been doing demo trading and now I'm ready to trade live again starting next year. This week, I'm spending time with my boys in the snow, so I'll start recording my positions on January 3rd.

I have this affirmation for my trading:

1. I am a disciplined trader.
2. I trade only profitable systems.
3. I use tools to increase my efficiency and profitability.
4. I follow specific set of rules and stick to them.
5. I take a loss if my system tells me to take a loss.
6. I take a profit if my system tells me to take a profit.
7. If I made a mistake, I fix the mistake before trading again.
8. I learn from both my profits and losses and this makes me a better trader.
9. I am a disciplined trader and that's the only way I trade.

I don't see good trades right now for me. It is hard to trade a trend continuation like GBP/CHF and EUR/GBP: See attachment.

I guess, I have to wait until next week. So, this time is well spent analyzing charts.

Take care,
Rick

Well, here are two charts: GBP/JPY and USD/JPY (1HR) that may signal a reversal. Both have the same pattern where price went pass the BB lower bands twice (BB%) but CCI showed the second is weaker than the first. The 4HR is still early to confirm so, I will wait till UK session.

Regards,
Rick

P.S. Everyone are talking about the pairs in daily pin bar.

Here are trades I want to place and what I need to watch for Sunday afternoon 2:00 PM PST.

1) Go short AUD/USD S/L 0.8836 (Price penetrated 55 SMA at 4HR chart).
2) Go long USD/CAD S/L 0.9921 (Price penetrated 120 SMA at 4HR chart)
3) Watch GBP/JPY and go long if price goes over 55SMA (1HR chart) around 216.20
4) Watch USD/JPY same as #3 price around 109.40
5) Watch EUR/USD due to Pin Bar last Friday.
6) Possible long trade on EUR/GBP trend continuation.
7) Possible short trade on GBP/CHF trend continuation.

Regards,
Rick

Here are the charts for why I want to Short AUD/USD and Long USD/CAD.

Here are the charts for GBP/JPY and USD/JPY. Reversal is still possible soon. Just wait for price pass the 55SMA.

Here is my trades:

Sell AUD/USD at 0.8717 S/L 0.8772
Buy USD/CAD at 1.0029 S/L 0.9921

Regards,
Rick

These charts are for my record to see if they result to good entry. All charts showed price passed 55SMA.

Open positions:
Sell AUD/USD at 0.8717 S/L 0.8772
Buy USD/CAD at 1.0029 S/L 0.9921

New opened positions with charts:
Buy USD/CHF at 1.1176 S/L 1.1090
Buy GBP/CHF at 2.1991 S/L 2.1843

Stopped out of Short AUD/USD position with -55 pips.
Adjusted USD/CAD S/L to 1.0000

Regards,
Rick

Buy USD/CAD stopped out with -29 pips
Clossed Buy USD/CHF with -10 pips
Mostly fundamental news causing sudden move.
Moved Buy GBP/CHF S/L to Breakeven.

Buy GBP/CHF stopped out Breakeven.

Current:
No open position.
Placed a Buy stop order AUD/USD @ 0.8863 S/L 0.8800

Regards,
Rick

Almost got filled at Buy Stop Order AUD/USD 0.8863. Chart now not good for entry. Cancelled order and wait.

After 4 trades with -94 pips, I spent time to check what I did wrong:

1) Should not trade any time frame less than 4 hours. Lower time frame requires me to monitor my trades and I don't have enough time to stay in front of the monitor.
2) Remember pattern recognition. Wait few bars after signal for confirmation. Also, where is the price with respect to 55 and/or 120 SMA.
3) Practice with simulation when their's no trade happening.

After spending more than 10 hours simulation, EJ signal risk is changed to 13. This will give me less signal, however it will help me not to take trades too early.

Regards,
Rick

Here's a trade I placed earlier:

1/15/08
Long EUR/AUD at 1.6784 S/L 1.6610

Another trade 1/16/08:

Short AUD/USD at 0.8804 S/L 0.8900

Rick, good luck mate, keep it up.

Are you trading a live account?

Thank you, Oromis, and yes I currently trade live.


Long EUR/AUD stopped at 1.6610 with -174 pips http://www.forexfactory.com/images/icons/icon9.gif
Reviewing my trade, the pair has been ranging and EUR got weak across the board. I can't find anything on my entry to tell me that its not a good trade.

Open trade:
Short AUD/USD at 0.8804 S/L moved to 0.8875

New position opened:
Short EUR/GBP at 0.7462 S/L 0.7513
Short EUR/USD at 1.4647 S/L 1.4750

Regards,
Rick

This is for my record. I noticed the EUR/AUD is in range for quite a while, so looks loke I should have waited for price to break the resistance. I have to check on my simulation for this situation. But other than that and the news, my entry requirements were met.