Chinocop's Forex Fiasco

In on G/U at 1.56549, TP 1.57919

It's hard not to take some profit, but I'm holding at least until my tp. I will sell half there and hold the rest. Here's what I'm seeing.

Forgot to mention POMO today. It's against the Fed's charter to have any red days for the US equity markets

Ok, didn't have to wait long to cash out . Have to dig myself out of the whole I dug this week, but back to bed for now.

Ok, I don't like the price action here. Tightening stop and looking to take 1/4 of the position off around here.

Ok, took a position on E/J at 113.12. First target is 112.523.

Here are the results from my G/U trade.

Stopped out on my E/J trade. Missed my E/J short by 9 pips at 114.00. Anyway, looks like a possible inverted head and shoulders on the 4 hour.

No more trading for me this week. Lots of lessons learned this week:

1. If support or resistance has been tested already assume deeper penetration on the next test
2. If s/r has been severely penetrated chances are next test will completely invalidate the zone
3. Don't try to catch the best price. On the initial approach of an untested s/r zone, take the trade at the beginning of the range.

Wasn't a great week, but at least I didn't lose my ass. I'm getting more confident that I can actually be a mediocre trader and support myself. We'll see in the months and years to come.

Last post for this week. For the sake of transparency, here are all of my Forex trades.

Ok, I lied about not taking a trade. I'm looking at getting in on the head and shoulders on E/J. Let's hope lots of people take notice of it

Took a short on GU looking for a breakdown past the ovals.

Interesting patterns on G/U

Got my ass handed to me last night trying to short G/U. Dumb move in front of big news. Took a short on E/J last night and got scared out. I made about 25 pips ... better than getting kicked in the nuts. Also took a short on G/U at 1.58559 target is 1.5607

Too lazy to go into each record and take a snapshot. Here's what I've done this week.

Took 1/3 off of the G/U position. Traders can never be happy, and that includes me. I should have stuck to my guns on E/J. If it comes back on me and takes my stop out so be it. I need to believe in my trades.

Stopped out on my G/U trade. Onto the next trade .

I know I haven't posted in a while as I've been lazy; however, I've been thinking about what would be more useful: posting trades/chart setups or journal entries describing my trading trails and tribulations. Since I really don't get any feedback (which is perfectly fine), I think that it would be more useful and entertaining to write about the evolution of a neophyte trader.

After gambling in the stock market, I had bottomed out and realized that I needed to get serious about learning if this is what I really wanted to do. One day I stumbled across babypips.com. I breezed through the grade levels and started reading the babypips forum trying to find the holy grail.
I thought that this was going to be easy and picked some systems that I thought were going to let me relax and bank tons of pips.
So I decided this is what I wanted to do for the rest of my life and went all in. I bought a new computer and 4 monitors so that I could cover all the currency crosses that my heart desired. I signed up for a paper account at Think Or Swim, and I thought that I was ready to go.

More in subsequent posts. I need to formulate my thoughts into coherent posts.