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Binary Forex Trading Journal

  • #61
  • Aug 17, 2009 10:12am Aug 17, 2009 10:12am
Quoting hewtwok
any1 any ideas igmarkets puredeal binary closes at UK market close or US market close?
21:10-21:15 Uk time.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #62
  • Aug 17, 2009 8:42pm Aug 17, 2009 8:42pm
Anyone trade the kospi 200? Can't find good charts for this.
  • #63
  • Aug 18, 2009 9:37am Aug 18, 2009 9:37am
Quoting jamalima
Lucashammer,

I have read this thread thoroughly several times and am attempting to develop a strategy for the binaries.

Are all of your trades by taking a position opposite of the current trend when the actual market price is ATR + 30 away from the position you are opening? If I am correct, this would put you in a position with high risk and low reward, but a high probability trade. Correct?

Would it be possible for you to post the actual market price and time you entered the trade when you open a position.

Thanks for your feedback and...
jamalima,

Yes, I can try to start including that in my posts. And you're correct. I'm in a high-risk, low reward trading system but I have a very high probability of winning. That is actually how I am now up 19% on my account. (or will be at the end of the day). And to clarify the trade that I made. I took a sell of EUR/USD > 1.4220 at 6 p.m. EDT yesterday. The E/U was at 1.4070, which put me 150 pips in the money. The 5SMA was under the 8 SMA on the daily and 4H charts. Hope that answers your question. If not, let me know.
  • #64
  • Aug 18, 2009 9:57am Aug 18, 2009 9:57am
Quoting efx001
Great work Lucash!!!
Thanks. I appreciate that. Always good to hear encouragement.
  • #65
  • Aug 18, 2009 2:42pm Aug 18, 2009 2:42pm
Finished the trade about 80 pips in the money. Up another 3%. That puts me at a total of 19% up so far, and that's after a few bad mistakes (like buying instead of selling). After I'm up another 30% or so, I'm going to be starting to trade more contracts.
  • #66
  • Aug 18, 2009 10:23pm Aug 18, 2009 10:23pm
So I started a spreadsheet that calculates my daily percentage vs. my total from the previous day. I'm attaching a screenshot of the last week. By the way, in another trade for another approx. 2%. I have a sell on EUR/USD > 1.4280 set to expire at 3 p.m. EDT tomorrow.
Attached Image
  • #67
  • Aug 19, 2009 11:04am Aug 19, 2009 11:04am
So I went outside for a smoke, came back and it had moved 40 pips against me. Closed it out for a 36% loss, which puts me out of money on my initial investment...
  • #68
  • Aug 19, 2009 11:29am Aug 19, 2009 11:29am
Quoting lucashammer
So I went outside for a smoke, came back and it had moved 40 pips against me. Closed it out for a 36% loss, which puts me out of money on my initial investment...
I thought your trade was to close below 1.4280 today.

The highest price I've seen is just below my own resistance barrier @1.4270.

I know there are a couple of hours to go yet, so did you close yourself?

Or did I mis-read your order?
  • #69
  • Aug 19, 2009 11:31am Aug 19, 2009 11:31am
Quoting lucashammer
So I went outside for a smoke, came back and it had moved 40 pips against me. Closed it out for a 36% loss, which puts me out of money on my initial investment...
atleast you weren't there to watch the horror as it happened
  • #70
  • Aug 19, 2009 12:52pm Aug 19, 2009 12:52pm
Quoting PeterFM
I thought your trade was to close below 1.4280 today.

The highest price I've seen is just below my own resistance barrier @1.4270.

I know there are a couple of hours to go yet, so did you close yourself?

Or did I mis-read your order?

No, you read the order correctly unfortunately, but after it had moved 150 pips against me, I couldn't risk it going under by staying in for 4 more hours. I don't have a specific exit strategy yet unfortunately. When I took the trade it was between 150 and 160 pips away from my strike point and there was more than 1 jump in the E/U today. It might end under my strike point but it wasn't worth the amount I was risking to try to stay in it. Going to spend tonight trying to refine my strategy some more. I'm open to any suggestions if you have any.
  • #71
  • Aug 19, 2009 5:02pm Aug 19, 2009 5:02pm
So let me ask you what made you make the trade? I know it's easy to say you should have done this or that after the fact. But the only way to learn is by losing. I know next time you trade you will be much more careful. Believe me been there. On the e/u chart place a 50 sma. This sma works well with this pair. If you notice the last 3 candles touched the sma but really never penetrated downward....So right there you knew you had some good support. So your trade could have been to buy >1.4000 or whatever would be better for you. Because the low this week has been 1.4045. So you had plenty of room to play with. Today if you would have held you would have won. But i know in your situation it was tough to hold on because you think you might lose everything. What you could have done is to look at a smaller time frame for clues of where this was going. When you have big moves in a short amount of time look for the pair to stall. So if you see on the 4hr chart on e/u. On my charts this candle closed at 1pm eastern. So after the close of this candle you wait & see if the next candle goes any higher. The candle did not. So right there you know that was the high for the day which was about 1.4266. Look at your 4hr charts & look when there where big candles & noticed right after that price usually stalls. Of course keep your eye on the news because that will move the market. This move today was because oil inventories were negative & right after that oil spiked up & the so did e/u. So hope this helps. So keep at it & GL.
  • #72
  • Aug 19, 2009 5:13pm Aug 19, 2009 5:13pm
One other thing. Look for good S&R levels. If you see price pass a S or R then it's probably headed for the next level. If it bounces then you know it's having a hard time getting through. So try to use this to your advantage.
  • #73
  • Edited 9:38am Aug 20, 2009 2:25am | Edited 9:38am
Quoting lucashammer
No, you read the order correctly unfortunately, but after it had moved 150 pips against me, I couldn't risk it going under by staying in for 4 more hours....
No suggestions really. It's a bit like watching price draw down to a stop loss in spot FX, isn't it?

You either trust your assessment of the chart or close out. It also depends on what % of your fund is on the line. I'll assume you had a bigger position on this trade, in money terms, than you would have had in the spot market. I'd bet that if you had had a minimum stake on you would probably have held on. Maybe not, but I sense there was extra pressure due to the size of the trade.

So, if I have a suggestion, that's it really. Try and grow a little slower.
  • #74
  • Aug 20, 2009 9:37am Aug 20, 2009 9:37am
Quoting ferndog
So let me ask you what made you make the trade? I know it's easy to say you should have done this or that after the fact. But the only way to learn is by losing. I know next time you trade you will be much more careful. Believe me been there. On the e/u chart place a 50 sma. This sma works well with this pair. If you notice the last 3 candles touched the sma but really never penetrated downward....So right there you knew you had some good support. So your trade could have been to buy >1.4000 or whatever would be better for you. Because the low this...
Thanks for the input. What time frame are you talking about with the 50 SMA and the candles touching it? If it's the 1 hour, then I believe I see what you're talking about. I think my biggest problem is with my entry time. Had I waited until yesterday morning to make the trade vs. the night before I would have seen the price action before my entry and I would've been on the other side of it. But thanks for the encouragement. This is a day that I really need it. That set me back quite a bit.
  • #75
  • Aug 20, 2009 9:43am Aug 20, 2009 9:43am
Quoting PeterFM
No suggestions really. It's a bit like watching price draw down to a stop loss in spot FX, isn't it?

You either trust your assessment of the chart or close out. It also depends on what % of your fund is on the line. I'll assume you had a bigger position on this trade, in money terms, than you would have had in the spot market. I'd bet that if you had had a minimum stake on you would probably have held on. Maybe not, but I sense there was extra pressure due to the size of the trade.

So, if I have a suggestion, that's it really. Try and grow a...
Thanks for the advice. It was exactly like watching the price dropping in spot. I reformulated my plan some, changed my entry time, and have started paying more attention to the price action. Basically, I was pretty much gambling (which worked pretty well for a while) but because of how much I had riding, I couldn't stay in any longer yesterday, which would have been a winner if I didn't have so much at stake. So today, I'm watching the price a little more, and choosing my trades more carefully. Well, attempting to at least. Right now, due to the range and the fact that I'm seeing resistance at 1.4240, I have a sell open for EUR/USD > 1.4260. If you see something different, please let me know.
  • #76
  • Aug 20, 2009 9:54am Aug 20, 2009 9:54am
After some time doing this stuff, it becomes easier to read between the lines on someone else's trades. I could see all the things that affected my emotions in the past. Hindsight, as is often said, is a wonderful thing.

I have a EUR long struggling to make my TP at 1.4253 so if I don't make money today you will. So there's a silver lining on every cloud.

When I eventually get going on binaries I'll play it much like you but I have a strong long bias on the EUR so would probably be looking for Support areas that I felt wouldn't be breached rather than Resistance areas that won't get taken out. That's the only difference I suppose.

While I was on demo I had success with looking for nearish targets that price would one-touch but needs a more consistent market than we have at the moment.

When we get back out of this range then these sorts of targets might be easier to identify.
  • #77
  • Aug 20, 2009 10:13am Aug 20, 2009 10:13am
Quoting PeterFM
After some time doing this stuff, it becomes easier to read between the lines on someone else's trades. I could see all the things that affected my emotions in the past. Hindsight, as is often said, is a wonderful thing.

I have a EUR long struggling to make my TP at 1.4253 so if I don't make money today you will. So there's a silver lining on every cloud.

When I eventually get going on binaries I'll play it much like you but I have a strong long bias on the EUR so would probably be looking for Support areas that I felt wouldn't be breached rather...
Well, congrats on the TP. Hopefully now it will drop back off and then we'll both make money today.
  • #78
  • Edited 10:39am Aug 20, 2009 10:20am | Edited 10:39am
Now I've got to worry about your trade .

To be honest, if it had been available (I haven't looked at the BOs for today) my Resistance would have been for a sell against 1.4270.

It looks as if they've tried and failed again to get through 1.4250 after a strong push so....
  • #79
  • Aug 20, 2009 11:35am Aug 20, 2009 11:35am
Quoting PeterFM
Now I've got to worry about your trade .

To be honest, if it had been available (I haven't looked at the BOs for today) my Resistance would have been for a sell against 1.4270.

It looks as if they've tried and failed again to get through 1.4250 after a strong push so....
Well, I think I'm good. Seems to be sticking right around 1.4230. The binaries on Nadex today were all even numbers. 1.4240, 4260, 4280, etc. Think I'm going to pull this one off and actually make a 7% gain. Now instead of just betting, I'm back to playing the market which I haven't done a lot of lately.
  • #80
  • Aug 20, 2009 1:39pm Aug 20, 2009 1:39pm


30 minutes ago I was shouting at the screen.

Go down - Go down

And it's not even my money riding on this
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