A Change of Perspective

This thread is basically a continuation of a blog I've been keeping just to improve my recording discipline. And it works!!
OK now I don't believe in reinventing the wheel with new and fancy indicators or strategies. But I do believe in developing a new relationship with the market. Put another way, I've realized after years of frustration that its not my lack of knowledge about the market preventing consistent success, its my inappropriate attitudes and expectations regarding the market and myself that have been the major stumbling blocks to getting it right. I won't post every day, but I will post with every move I make.
lonetrader

Ok nothing to report for the week. Though the market has moved nicely, we didn't get a signal to go with it.
In the past I would have found this frustrating. Now its just part of trading. I'd much rather sit on the sidelines and watch a massive move, then jump into something I've not accounted for, even if it wins. I know over time, the 'watch and wait' will way out-pay the 'panic scramble' by a large margin.

Ok we have something to talk about, but unfortunately we still have to sit on the fence.
The loonie has been in a strong downtrend since march. Now since late Oct we haven't seen a new low or a new high. It looks like end of today we will have a 3 way crossover which looks attractive for a short. Except for the fact of the most recent high/low. If i was a punting man i'd say it will work and go south. But since i'm not, i'd rather wait and see if the trend will continue or reverse.

Well the holidays are over, its been a great break. Back to business. I've actually been watching the charts for a week or so but nothing interesting has presented. Today we do have a short on the euro, which is a little dicey. I'm hoping the lack of trades lately hasn't influenced my decision here lol. My entry is 1.4086

Ok well I exited my euro trade early friday evening (oz time) for a 130p profit. Normally I prefer to wait til after the uk and us sessions but being friday night i outed early. Had I stayed til late us session it would be more like 200p up. Oh well you get that.
Today I entered a short on the aussie @ .8821
Again its not the most fantastic entry but fits with my method so I'l have a try.

It could be described as a little bad luck aka "thats trading"
I dropped 87p on my aussie trade today. After a pretty heavy swing against the trade in the uk and us sessions last night, it was pretty much at my exit point. Which is what I did, especially given a rate announcement was due in the next asian session. I don't trade the news but I'm wary of the effect they can have and didn't want to be in a losing trade with heavy interest. Unfortunately the announcement wasn't as the market predicted sending the aussie tumbling in my (now ex) trades direction.
Not much else of interest except the loonie may be setting up for a sell in the next day or so.

I've been rather tardy here. So much going on, so very little time.
I entered two trades early friday morning EST (East Coast Oz time). Both short. Infact I actually got three signals one for each of my markets but the long on the loonie wasn't all that interesting for me, given its struggle to make new highs.
The aussie and euro both looked better given their enthusiasm for making new lows. I was a little concerned in making a play given the kinda large down days we've been having lately, especially the euro but a confirmation is just that, a signal to place a trade. My server is down as i'm typing so I don't remember my actual entry, but yesterday (sat morn) when I checked the euro trade was up around 90p and the aussie around b/e.

I exited both trades early this morning. Unfortunately the aussie was 95p down and the euro 20p down. I always like to check my losses to see if anything could have been prevented, nothing worse then an avoidable loss. But this time without the crystal ball I wouldn't have changed anything, which is a good thing. Just one of those "Operational Costs". Nothing else to report, though i'll be watching both oz and euro closely for more shorts.

Early last night I entered a short on the loonie @1.0577
There was also a signal on the aussie, but i've skipped it because of its proximity to the 52ma, plus its quite a large candle. Interesting that the euro was down though the aussie had a huge up day.

Been a busy weekend, this is my first chance to enter a trade I took Friday. Was early evening oz time on the euro, I went short (yes once again) @1.3646
I'm still short the loonie, which does feel weird being same direction in both euro and loonie, but hey the charts don't lie.

Its Monday again. I exited my loonie trade for a small profit of 47p just now. Friday wasn't able to make a new low or close below the 52ma. With today's asian trade the same pretty much happened so that's enough for me to want out. I could be wrong and end of this session could see a break below the 52, but while i'm in a trade i like to see action.
I'm torn regarding the euro, currently up around 55p, I've decided to say in given friday made a new low, and there's no ma's hindering price anywhere near. That said I will bring my stop to b/e just in case we see something go major against the trade.

Well well well this game really is a constant education of relearning old lessons.
My euro trade stopped out for break even which worries me not at all. What does worry me is the fact both of my last two trades should have been traded the same way, not as I have found myself doing. Exits are always the hardest part of trading, unless you use a mandatory profit target (which is a sound strategy). With my loonie trade I was doubtful of where it was and exited for a small gain. Though with my euro trade instead of exiting with a gain I dragged my stop to break even. Both are valid MO's, my mistake has been being inconsistent.
So to follow on with consistency lol not quite, I've always believed its quite ok to bend ones rules or even break them, providing two things. One you are fully prepared for the consequences and don't doubt yourself if it goes against you, and two that it doesn't become regular or else you might just need to change ur rule book a little.
Most of my signals are generated around the end of the us session, on any given day. But I've often found by that time the move has been such that the proverbial horse has bolted thru the gate. So lately I've been entering during the early part of the uk session, on stronger looking moves. Its too early to tell how this will really pan out, I know there will be times when I enter only to look hours later and the signal will not be actually there. I'm cool with that, after all this is a game of averages. So early uk session today I've (yes once again) entered a short on the loonie, since its just crossing the 52. The price is 1.0466.

Ok well I'm still in the loonie trade, I normally would have got out yesterday, but we had another short on the loonie confirm. Now since price hasn't moved that much in our favour, I don't feel i'm risking much to stay in. Had price been say 120 - 150 up it would have been more attractive to exit.
I've also entered a buy on the aussie. At this point its hard to really say what the major trend is. In this case price has crossed the 52, then retraced now its retesting it which is some I like to see. Entry was .8989

Somehow this month is not really going my way. It happens, thats trading. My aussie trade got smashed last night for 89p, and my loonie trade was exited for b/e. I'm not a big fan of reversing, but both of the above trades merit it in this case. The loonie has crossed a critical moving average, and the aussie has produced a kisstrend. I was unsure whether I should hit them considering i'm down 243p for the month, and this being the last week. But I hate to let fear of losing detract from my trading, and because I feel relatively calm about it, i've place both trades. aussie short @ .8911 and loonie long @ 1.0566

I'm glad feb is over, to be honest its the worst month I've had in the last year. Down a total of 243 pips. Interestingly in most cases I traded to my plan. I did err a little as explained in earlier posts but for the most part it was ok trading. The only thing I have done differently is to trade a little more aggressively. Last year I was more conservative, same trades but I took less. Is this the right path, well the jury is still out and we will see. Because trading is a game of averages, its very difficult to determine the success or failure of an edge over a relatively short space of time, like a couple months. Six months or a year gives you a clearer picture.
I exited both my aussie and loonie trades from last week just now, 86p down (aussie) and 56p down (loonie). Bit of a harsh to start the new month lol!
In the case of the aussie i have reversed (now going long). The loonie, I'm now going short. . I'm not a huge fan of switching direction unless its with a valid signal. The aussie is well and truly valid, the loonie could be debated its slightly premature. In this case I'm happy to take the risk and accept the consequences.
I've also taken a pt position on the euro (long). Its against the major trend but has quite a way to the 52. The volatility has been pretty wild on the euro lately so i'm comfortable it has the ability to go a distance.

Oppps tardiness in abundance.
I should have posted this over the weekend, but kinda didn't get a chance. I exited both the aussie and loonie early friday. In hindsight this wasn't the wisest move, considering both trades have gone further in my direction. Actually the loonie is debatable given I exited with 183p. The aussie well it hadn't gone far in the four days, and with the weekend coming I exited for b/e. Unfortunately it did take off, late Friday and so far today too. But hey protect profit is better than hoping for a smaller loss.
Nothing much of interest so far except may be a settup on the euro. Both systems are looking at a buy, so maybe tomorrow might be worth a shot.

Today i'm going long the aussie, based on a pt entry. Lets hope it goes further than the last long. I've also gone short on the pound also based on a pt play. Not much else to talk about going on.

I exited both aussie and cable this morning oz time. Not for huge profits though. Lately I've seen many winners turn into losers and it gets a little dull. Last last night both trades together were up over 150p. Today I pulled out for 43 (oz) and 32 (cable). Funny thing is I'm back in the aussie today (another confirmation). I could be a little hair triggered here, jumping as i did, but i'm ok with it.

Weekly Post,
Oh my this week has been crazy, barely enough time for anything....
Well from being in the oz trade from the last weekend (which I exited Friday for 41p) wasn't the best I could hope for but I did hang on a little long.
Tuesday I entered a cable short, which was a mistake, luckily I went long soon after I realized, netting me 39 pips for the two trades.
Thursday I went long on the cable again this time I got smashed for 100p. Bit rough so far......
Friday I went short on both the cable and the euro, which finished close of market 233 up. Soooooo unless I get a huge gap market open the week was a good one - Finally!
Technically it was a 20p loss week, but with trades running next week is looking nice so far.

Well sometimes things do actually go better than you hope.
As I said yesterday, hoping for somewhere near Fridays close, I actually got 103p on euro trade, and 226p on my cable trade. Which brings my monthly result to 323p. Which is great for me. So my trading to the end of March will be zip!