Larseg - EURUSD - PriceAction

Hi guys and welcome to my trading room..

No Trading this morning as the position I took yesterday is still active (because of low volatility - US Banks closed).

Anyway, I told you guys that I would say some more about myself and my trading.
I primarily trade stocks as I can easier see where the price is going and that's the first thing I started with in 2001 (primary income).
I started with Forex in January 2008 and I must say I have very much improved my stock trading and gained some FX skills as well.

In FX I normally trade mechanically which leaves the emotions out (more or less) but it is a lot of work as it is harder to adapt to the market. With mechanical I mean follow indicators and backtest thoroughly.

In the start of June 2009 I started trading price action and some "fundamentals" which have worked out pretty well as you can see on the above chart.

In my 8 years of trading I have had between 18-35% every year which I am very proud of. I still have my job as a consultant, probably because I am just waiting for my accounts to fail But it doesn't look like it...

Anyways I started this thread so people can comment on my analysis and maybe learn & teach from it


Setups:
Based on Price action (money footprint), pin bar, swing, break out and discipline...


So welcome too my thread-ing room...

Last one didn't work out so good
but since good money management is on place we are still smiling :=)

3% risk on this trade...

How do you employ fundamental aspects in forex?It is possible to find out the intrinsic value or at least the margin of safety in stock market but in forex price moves with fundamental but who moves the market they never let us know how they are gonna move the market and the effects of fundamental in forex is too late to trade with.............
If you talk about the fundamental aspects then it will be great help for us....interest rate, GDP is the main factor in a country's macro economy but GDP is a lagging indicator and they depend on country's some another fundamental indicators like Employment change, Retails sales, Trade balance, and many more.......Is there anyway to measure country's GDP using these fundamental indicators??????I am trying to do so but that is not finalized yet how I shall use these fundamental indicators to measure GDP or long term PPP????????

with regards
kawser

Hi Kawser, I understand that it is hard to trade fundamentals and in my opinion you don't have to for making money... Unless you are in the stock market you can do pretty well by doing so...

That's why I wrote "fundamentals".

By trading ("fundamentals") I look at the latest news like jobless and try to make some sense out of it... Why?

Let's say the market responds randomly on the news (which in my opinion, it is) By trading the news in the same way (thoughts opinions from yourself and yourself only) you trade in a way where it should make sense you will be right in the long run probably 50%... With right R/R you are then sweet...

If you trade the news in a different way all the time, Statistically you will loose... Because randomness on randomness is worse than randomness on sense in the long run...

I will also add that the randomness of the market is not working against you, it is actually working for you as long as you are disciplined an stick to your rules... If the market weren't random we couldn't make any money from it due to obvious reasons... This is why I don't fully base my trades on fundamentals... But off course some people are and are making tons of it...

Hope you find the answer somewhere and if you do please let me know

Dear Larseg,
Like you I am also not using fundamental only in my trading and I use technical approach with fundamental view and when in my way I get some good news then I become happy as this just give extra force in my trade in my favor.......This is my fundamental view......yes sometimes I am biased and get that that though the news was in favor of me but the trade is heading in opposite direction and become fools..........

But after all the market is moved by fundamental I believe and I am trying day by day to improve my knowledge about fundamental aspects in my trading......


Money can be made only with disciplines and good R/R ratios.........

Thanx
with regards
kawser

Good morning Sydney! Lovely day today...
I would like to draw your attention too the last bull movement and a lovely Pin Bar chart in resistance 1H chart....

Most of the TA forecasts I have seen believe in another bullish movement... I don't.. do you see the pin bar (sellout)...? No, because there are none.... So just some scalpers... Everyone is waiting for everyone to buy so I will short this one too...

Break-out and bourse rally made correction historically bad...

going long because everyone else is and it have actually broken 1,4537...

we should see some resistance aroind 1,4600 before going to 1,4720 (december high)

Keep R/R sensible boys!! and adjust positioning sizing...

Adding to bull posistion

SL/TP 1,4543/1,4660 So really tight... 20/97

Last one this week, glad we are using correct money management this week have been trending a bit too much....

Horrible week for me guys.... But new experienced gained...

I will advise all to use this site.. http://www.mataf.net/en/tools/risk-m...osition-sizing

Start Acc. 10 000 risk 2%

acc.

Trade 1. -37pips, acc. 9800, 54k traded (200USD)
Trade 2. -30pips, acc. 9605, 65k traded (-195)
Trade 3. -45pips acc. 9412, 43k traded (-193)
Trade 4. -20pips acc. 9224, 94k traded (-188)
Trade 5. -28pips acc. 9040, 65k traded (-184)
Trade 6. -23pips acc. 8860, 78k traded (-180)

I am glad that I actually lost this week because then newbies can see how it really works... Even though you have a method with 50% wins you have to be there when the winning strings come.... That's why the 2% rule come in handy....

2 of my trades losses of 45 and 37 were too risky.. I should have waited a bit longer to get a better entry...

I normally trade at 08:00 & 19:00 Sydney time so people who want to follow me can do so even though they have "normal" jobs....

I can see that it's not tempting too trade with me showing results like this first week... But again, that's how it is....

USDJPY - Long - (SL/TP -18/32) price 90,30 (54k)
EURJPY - SHORT - (SL/TP -30/49) price 131,8 (32k)

All the best...

Good start for the week... 1% risk on each trade

EurJpy = +173
UsdJpy = +191

+32+49 pips = 81pips

In dollar
9040 + 173 + 191 = Acc. 9404

New position...

USDJPY - long (SL/TP -18/32) price 90,67 (56k)
EURJPY - long (SL/TP -30/56) price 131,91 (33k)

Good luck

198 + 204 = 402$
or
32+56 = 88 pips


Acc. 9806...

New trade...

1% on each

GBPUSD - 32K Long SL/TP 30/49 price 1,6488
EURJPY - 35k Short SL/TP 30/49 price 132,58

Short GBPUSD 30/49 SL/TP
Long EUR JPY 30/49 SL/TP


Keeping short EURUSD from last week. SL still 14799 TP 1,4439