Coldrecs' day trading journal

I think the bottom is in place for today, given the broken barrier @1.3125 and the oversold condition of the market for the short term. My long is at an average of 1.3146 and I intend to keep it at least till the NY close.

Closed my remaining 1 contract long here @1.3179 with a 33 pips gain.

Pips this year = +68

Until now, Wednesday was very volatile. Thanks to a good ADP number, USD was up across the board. EURUSD plunged seriously during all day and touched 1.3125 before London close breaking an exotic option barrier rumored to be in placed at that level. Commodities managed an U turn after London close and the stock markets are mainly up for the day.
Obviously my 1,.36 level was a tougher resistance than I have imagined it to be. Not only in had paused the up-trend but it completely reversed it.
Also obviously we have now a support in the area of 1.3125 - 1.3114. Bellow that next support comes in only at 1.3076.
Resistance will probably be found near 1.3255

For today I have 3 charts. See them all here: http://www.ktd.ro/en/fin/fx.php

Bought one lot here @1.3099

Closed long here @ 1,3108

Bought one lot here @1.3035

Bought another lot here @1.3015

So now I have two lots long @ an average price of 1.3025

Closing one lot here @ break even. So now I only have one lot long, at an average price of 1.3025

Bought a new lot here @ 1.3005. Now I have again 2 lots long @ average price of 1.3015

Closed on lot on BE. Now I have only one lot remaining, long position, at an average price of 1.3015

I leave a 30 pips TP for that lot, @ 1.3045

Bought another lot here @ 1.2955. So now I have 2 lots long at an average price of 1.2985

why are you buying EUR when you can see that it is sold on every cross?
As I see it, you are buying it from a.34ish and still now. Maybe this time you will be able to get out, but dons buy currency which is sold massively. Its suicidal.

ough, and I just saw your "qoute" - Trend is your friend

Well, I think it's oversold now. And I have a trading plan which most of the times work. See it here: http://www.forexfactory.com/showpost...74&postcount=1

But you are right, the quote doesn't entirely reflect my trading strategy, since most of the time I day-trade and I take contrarian positions. I should change it ...

Well, it seems that not only some brokers are inaccessible during NFP but also the Forex Factory website

Anyway, I have closed one lot @ 1.3005 with a 20 pips profit and I am keeping the other lot. So now I only have one lot long at an average price of 1.2985

Just bought another lot @ 1.2940. So now I have 2 contracts long @ 1.2963

I see you are doing well, I like this. But I strongly dissagree on some of your comment.

...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."..
...this is nonsense. Close on BE when you come from negative area. So your position is clearly only rescuing the trade. You are playing with the money-guess its not your money and that is why you can trade like this. Contrarian style ussualy is deadly. Why you have to bother and be nervous now and have 5lot position minus 3000 pisp, when you could have 100 pips plus.
Never forget about the power of financial markets. Next minute we could end up with negative zero-occasionally contratrend.
Many good piping to you, Sir.

...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."..

...this is nonsense. Close on BE when you come from negative area. So your position is clearly only rescuing the trade. You are playing with the money-guess its not your money and that is why you can trade like this. Contrarian style ussualy is deadly. Why you have to bother and be nervous now and have 5lot position minus 3000 pisp, when you could have 100 pips plus.
Never forget about the power of financial markets. Next minute we could end up with negative zero-occasionally contratrend.
Many good piping to you, Sir.[/quote]



Thanks for your opinion.

But please don't say that I'm playing with money only because my views and my trading approach don't coincide with yours.

I am in this market for more than 10 years and over medium and long term I make profits. Otherwise I would have been out by now. No one can play a loosing strategy for that long.

There are different trading style. I was presenting mine. If yours is different it doesn't mean that it is better. To be in forex is risky anyway you play it, trend follower or contrarian. You for example might think that the trend is up but immediately after you enter the trade it could reverse and your stop loss could be activated.

And please note that I only take contrarian positions for short term and at certain levels of market extreme.

Closed one lot here @ 1.2995 with 32 pips profit. I keep the other lot for now. So at this moment I have one lot long at an average price of 1.2963