Coldrecs' day trading journal

Hi there,


I trade on live account since 2003 and during this more than 7 years I have tried hundreds of systems and thousands of indicators.

My curent ocupation permits me to be in front of the trading screen almost all day long. I live in Eastern Europe so I can be in office starting with 5 am GMT and until 20 pm GMT (but of course I rarely stay that much).Given the conditions I can daytrade.

Although in the beginning I traded small accounts for a while (in the range of 3000 - 5000 eur), during the last 3-4 years I was able to trade a larger account that permits me to buy and sell multiple lots. My strategy is to gradually get into a position when I consider that support or resistance is near and that the market is oversold/overbought. My account can easily accommodate a position beyond 10 lots without significant risk of having margin call or loosing a large part of the account. Of course I'm not very happy when my bets against the market go so wrong that I am forced to such exposures beyond 10 lots. Usually though my position is limited to 3-5 lots. After accumulated such a position, if/when the market turns and goes in my direction, I close most of the contracts on break even and I wait with only a few to eventually mark some profits. There are also times when I decide to take a lose on all the positions opened, in order not to risk loosing more than I can afford.

I order to identify the moments for my trades, I look at all the important events of the day (opening and closing times of the most important exchanges around the world, fixings in Europe and USA, scheduled important macroeconomic announcements and corporate earnings, options expires etc).

I corroborate this important moments of the day with important price levels like classic daily, weekly and monthly pivots, daily bollinger bands, some proprietary bands, popular long term averages, fibonacci retracements and popular S/R levels from previous price action.

I also have some proprietary indicators (nothing fancy, just small modification to classic indicators) to measure overbought and oversold state of the market on multiple time-frames. Also, I use some Jurik indicators.


This is all.

Below I will try to keep a trading journal (the first one that I make public).

My pivotal levels for today in EURUSD are: UP 1,5797 and DOWN 1,5718

As it tested 1,5718 the second time this morning but failed to break, I am currently long 2 contracts EURUSD @ 1,5732 with stop and reverse order bellow 1,5718

http://img139.imageshack.us/img139/5...0807cv1.th.png

Market is not going anywhere so I close 1 contract here @ 1,5740 for 8 pips profit and move the stop loss to break even on the remaining contract.

You only trade eur/usd ?
How have you got on this year ?
Also Saxo hasnt got the tightest spreads, heard good things and bad things about them whats your experience with them?

Good trading keep the journal going its always good to read other traders progress.

Gordon

I trade mostly EURUSD. Sometimes I also trade USDJPY and USDCHF. But I think 90% of my trades are on EURUSD.

My account is up 23% this year.

I have 2 pips spread on EURUSD from Saxo. And it is always like that 99% of the time. Only when markets are extremely volatile for a few seconds the spread goes a little larger. Also Friday after New York close and Sunday before Tokio open spreads are sometimes a little larger.

My experience with Saxo has always been very good. Since august 2004 I am also Introducing Broker for them. Sometimes, very rarely, clients do raise some issues or complaints, mostly regarding the rollovers or the netting of positions, but they are very fast and eficiently solved by customer support as soon as I get in contact with them.

I was stoped out on break even on the remainng contract.
I will close for today and go home earlyer.

It's been a slow day with no relevant gains.

Good morning!

My pivotal levels for today in EURUSD are: UP 1,5706 and DOWN 1,5669.
I will be looking for JMA trends on the 1 min chart around these two levels in order to go long or short.

http://img66.imageshack.us/img66/326...724aqf8.th.png

Ok, 1,5669 seems to hold for now, so I try 2 contracts long in EURUSD @ 1,5680 with stop and reverse order below 1,5669

I hope that works out for you. What would be your target on this trade? I am currently long Eur/Usd but in the red!!

I have beend stoped out on this move folowing EU current account and IFO. My two contracts were closed @ 1,5665 for a loss of 15 pips per contract.

I will be looking to go long again if the pari will be able to come back and stay above 1,5669.

Well, I am very flexible in my trades, as you can see from the descritions of the strategy. If I will go long again my first target will be 1,5710 and the second one 1,5760.

Bad luck. Always a danger around news events. The pair seems to be forming a base around the 15660 so I am hoping it will turn and start going up soon...

As the pair recovered above 1,5670 I went long again with 2 contracts @ 1,5678. Again the stop loss is bellow 1,5665.

Still holding onto those 2 contracts long on EURUSD. I will stay in in front of the display until I will close them or put stop order.

I have just closed one contract @1,5712 for 34 pips profit. So I recovered the previous loss of 2contracts x 15 pips.

I also put a stop loss on break even for the other contract. I will soon close the book and go home knowing that if the worst happen, my stop loss will be hit and the contract will be closed on break even and this will make me close the day with only 4 pips gain.

Thursday evening my remaining contract was closed on break even. This leaves me with only 12 pips profit on the week.

Friday I was not all the time in office, so I didn't trade.

I hope for a better week starting this Monday. Today there are no economic event. No macro indicators and no big companies reporting earnings. So in a real world the market should not move much.

I don't expect volatility today, so I'm not sure if I will have trades to do.

My line in the sand for EURUSD is 1,5724 for today. If it goes below I will be tempted to short it.

In USDJPY I look for 107,57 level. If it goes bellow I will short it.

I have changed my focus to 1,5752 as pivotal level and sold 2 contracts EURUSD @ 1,5051 as the pair failed to keep above last Friday's high.

I have closed 1 contract @ 1,5743 with only 8 pips profit as momentum is stalling.

EURUSD shows no direction yet. As the day gradually comes to an end, given the chance by this recent drop in price, I close the remaing contract here @1,5744 for another 7 pips gain.

This will be all for today. Tomorrow is another day

My line in the sand for EURUSD today is 1,5734 (the low from the Asian session). I will be looking to go short if it goes again below that level.

The up trend trigger is of course 1,5766 (the high from Monday).