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College kid tries trading for a living

  • #21
  • Edited Jul 11, 2011 3:02pm Jul 10, 2011 8:19pm | Edited Jul 11, 2011 3:02pm
Sunday July 10th Weekly Prep Part 2


GBP/CHF

Looking for a play at 1.3268

GBP/JPY

Would like to get a short in at the upper trendline.
http://img89.imageshack.us/img89/8562/gbpjpy.png

EUR/CAD

Watch 1.6230. Careful of the 365ema if it breaks tot he downside.
http://img5.imageshack.us/img5/731/eurcad.png

EUR/GPB

Long off 0.8843
http://img713.imageshack.us/img713/7999/eurgbp.png
  • #22
  • Edited Jul 12, 2011 1:40pm Jul 11, 2011 2:54pm | Edited Jul 12, 2011 1:40pm
Monday July 11 Summary


Three trades today. Ended 0.5% down since I didn't have the balls to reenter after being stop hunted. Pin bars formed again so the signals were only better once institutional money showed interest in the move (stop hunt). Grrr. Next time.

4.) Sell AUD/USD at 15:30 risking 1%

Got stopped out on the stop hunt. Could have waited to enter on retrace.
http://img841.imageshack.us/img841/2186/4011.png

5.) Sell GBP/USD 15:45 risking 0.5%

Small risk since I was already in short on aud/usd. Stop hunted again.
http://img155.imageshack.us/img155/5438/5011.png

6.) Sell EUR/JPY at 18:08 risking 0.5%. Made 1% from trade.

Again, trading thoes pin bars at support turned resistance. Small risk since it was at noon and things were dying down. Ended up closing at 2R.
http://img195.imageshack.us/img195/2262/6011.png


I missed this one but its just beautiful. Very strong downtrend. Inside bar breakout then a pin bar forms at retest of breakout level. Oh my.
http://img845.imageshack.us/img845/8932/gbpjpy1.png
  • #23
  • Jul 11, 2011 4:12pm Jul 11, 2011 4:12pm
On pips:

I've noticed a lot of people on this forum describing profit in terms of pips, ie "I made 40 pips from that trade". I prefer to use R or risk multiples to describe profit. The reason for this is profit is a function of risk(in %), stop loss (in pips), and distance in profit (in pips). So just giving the distance in profit in pips really don't give us much information about the trade.

If I have a trade where my risk is 2% (R=2) and my stop loss is 40 pips (if trade goes 40 pips against me I will lose 2%), my trade will be at 1R (or 2% profit) after 40 pips. After 80 pips we would be at 2R or 2% profit.

If I have a trade where my risk is 3%, (R = 3) and my stop loss is 20 pips, my trade will be at 1R (or 3% profit, 1*3) after 20 pips. After 80 pips we would be at 4R or 12% profit (4*3).
  • #24
  • Jul 11, 2011 8:04pm Jul 11, 2011 8:04pm
Im new to trading as well, going on 3 months. I trade only the EUR/USD. Buy only focusing on it I am able to make decent winning trades.

Below is what I did tonight after watching the EUR/USD all day today and reading what the analysis thought and what my style of trading told me! Hell at once I though it might trend up for a little bullish run! But my Parabolic SAR was the key factor with going short. I took profit manualy the first time, but bought right back in once the second candle stick formed and my T/P limit was hit!

http://i1194.photobucket.com/albums/...SD1Hprofit.png

I try to get my tades pinpointed to at least a 65% - 85% probability. I hate robots and cheap mq4 indicators. Above is my chart I like to call C.L.U!!!
Voodoo Economics.......
  • #25
  • Jul 11, 2011 11:14pm Jul 11, 2011 11:14pm
Quoting Shyguy356
On pips:

I've noticed a lot of people on this forum describing profit in terms of pips, ie "I made 40 pips from that trade". I prefer to use R or risk multiples to describe profit. The reason for this is profit is a function of risk(in %), stop loss (in pips), and distance in profit (in pips). So just giving the distance in profit in pips really don't give us much information about the trade.

If I have a trade where my risk is 2% (R=2) and my stop loss is 40 pips (if trade goes 40 pips against me I will lose 2%), my trade will be at 1R (or...
Good stuff always have to remember to keep a dynamic SL, but a static risk %
  • #26
  • Jul 12, 2011 1:54pm Jul 12, 2011 1:54pm
Tuesday July 12 Summary

7.) Sell USD/CHF at 15:14 risking 0.5%.+ 0.6%

Wanted to risk 1% but I was planning on waiting for a retrace to enter the other half of my position.
http://img695.imageshack.us/img695/2265/7012.png


8.) Buy AUD/USD at 16:00 risking 1%. -0.3%

Got scared by the big drop below the trendline. One of my orders was stopped at BE, the other I closed early.
http://img191.imageshack.us/img191/900/8012.png

9.) Buy GBP/CHF at 16:18 risking 1%. +0.5%

Played the double inside bar in the uptrend.
http://img688.imageshack.us/img688/2770/9012.png

Traded fairly poorly in retrospect. Should have closed my trades for 2% profit for the day when I had the chance.
  • #27
  • Jul 13, 2011 11:54am Jul 13, 2011 11:54am
Wednesday July 13 Summary

Great day today! I was able to make 2% profit for the day while only ever putting 0.5% of my equity at risk.

10.) Buy Eur/Usd at 15:00 risking 0.5%. +1%
http://img263.imageshack.us/img263/4369/10013.png

11.) Sell EUR/CHF at 16:45 risking 0.5%. +1.05%
http://img11.imageshack.us/img11/2116/11013.png
  • #28
  • Jul 13, 2011 4:33pm Jul 13, 2011 4:33pm
On my side, For the past 2 day I made 5 fondamentals trade. I won on 4 of them. The only one where I lost occur cause I open my position to late. This is my fondamental week and Ive already did 90 pip. I will certainly keep trading like that.

Good luck everyone
  • #29
  • Jul 14, 2011 4:21pm Jul 14, 2011 4:21pm
Quoting Link
On my side, For the past 2 day I made 5 fondamentals trade. I won on 4 of them. The only one where I lost occur cause I open my position to late. This is my fondamental week and Ive already did 90 pip. I will certainly keep trading like that.

Good luck everyone
Where did you learn to trade fundies? Or are you just reacting to sudden price movement after news is announced and trading in that direction?
  • #30
  • Jul 14, 2011 4:25pm Jul 14, 2011 4:25pm
Thursday July 14 Summary

12.) Sell Usd/Cad at 17:00 risking 1%. -1%

I went against the keltner channel on this one. I though it had enough for a small reversal at least.
http://img193.imageshack.us/img193/1856/12014.png
  • #31
  • Edited 5:31pm Jul 14, 2011 4:37pm | Edited 5:31pm
Quoting Shyguy356
Where did you learn to trade fundies? Or are you just reacting to sudden price movement after news is announced and trading in that direction?
Well, nobody teach me how to trade the news. I use 4 different sites :

1) dailyFX :this is where I go to judge the impact of the News

2) Forexfactory economic calendar : They give better detail on the events

3)FxStreet : they give fast data release. They are faster then ForexFactory and I use them because DailyFx can take up to 10 min to release data.

4) Bloomberg : Economic TV on internet. They are very usefull. I watch them almost everyday.

Its more reliable to 2 or 3 calendars cause sometime one of them can forget to add a event
  • #32
  • Jul 19, 2011 6:14pm Jul 19, 2011 6:14pm
Monday July 18 Summary

13.) Short aud/usd at 17:20 risking 1%. +0.5%

Moved stop to breakeven pretty fast. Just got stopped out on my second half.
http://img263.imageshack.us/img263/3407/13018.png
  • #33
  • Jul 19, 2011 6:20pm Jul 19, 2011 6:20pm
Tuesday July 19 Summary

14.) Buy Nzd/Usd at 16:30 risking 0.5%. -0.3%

Here we were in an uptrend when three pin bars formed at the same level suggesting we found a top. Then the next bar CLOSES above the high of all the pin bars. I went long here. I only risked 0.5% for two reasons. Firstly, the bar that broke through the level the pin bars were reacting two didn't close that close to its high. Secondly, It was getting late in the day so movement was really dieing down on the less popular pairs. I got out for a small loss.
http://img508.imageshack.us/img508/4981/14019.png

15.) Sell Eur/Cad at 17:04 risking 1%. +1.25%

Prices were failling to go higher, then formed a pin bar. Since there was a little more upward momentum than I would have liked to see. I decided only to enter if prices retraced up to the high of the previous pin bar. Almost no draw down on this one. Could have got a lot more out of this one but I wanted to close my computer and go swimming
http://img19.imageshack.us/img19/1605/15019d.png
  • #34
  • Jul 25, 2011 12:38pm Jul 25, 2011 12:38pm
Monday July 25 Summary

Missed updating my journal for the past few days but I'm back at it now. Rough start to the week. Just stopped out before prices reversed.

24.) Buy UsdJpy at 14:48 risking 0.5%. -0,5%
http://img40.imageshack.us/img40/8656/24025l.png

25.) Buy Aud/Usd at 14:50 risking 1%. -1%
http://img26.imageshack.us/img26/7094/25025l.png
  • #35
  • Jul 28, 2011 1:48pm Jul 28, 2011 1:48pm
Wednesday July 27 Summary

26.) Sell Eur/Usd at 14:45 risking 1%. -1%

Prices just fell through support and formed a pin bar. Trend was down. Got barely stopped out. I should have reentered on the bar I got stopped out since it was a valid entry as well. Of course prices fell about 100 pips after this. Analysis was right, trade management was poor.
http://img200.imageshack.us/img200/3894/26027l.png

27.) Sell Gbp/Chf at 15:15 RISKING 0.8%. -0.8%

Again, barely stopped out before prices fell in my direction very quickly.
http://img64.imageshack.us/img64/521/27027l.png

28.) Buy Gbp/Usd at 16:30 risking 1%. -1%

Went against the keltner here. I could almost call this one a revenge trade after suffering two huge losses earlier. This is by no means a setup I should have taken. If you trade against the keltner it must be a perfect setup.
http://img853.imageshack.us/img853/6743/28027l.png


Wow. Good thing I'm demo trading! I got barely stopped out on two trades before they rocketed in the direction I predicted they would. Then I take a poor setup for another loss. If I had made my stoploss five pips wider for my first two trades today I would have made a lot of money. You can be right in your analysis and still lose.
  • #36
  • Jul 28, 2011 1:55pm Jul 28, 2011 1:55pm
Thursday July 28 Summary

Not a lot of price movement today. With a day like yesterday I was really trying to only take the a+ setups so I didn't end up taking any trades today.
  • #37
  • Jul 29, 2011 7:32pm Jul 29, 2011 7:32pm
Quoting Shyguy356
Thursday July 28 Summary

Not a lot of price movement today. With a day like yesterday I was really trying to only take the a+ setups so I didn't end up taking any trades today.
Dont give up dude
  • #38
  • Aug 1, 2011 5:26am Aug 1, 2011 5:26am
Quoting Link
Dont give up dude
What he said^
  • #39
  • Aug 2, 2011 3:55pm Aug 2, 2011 3:55pm
will you guys trade the NFP this week ?
  • #40
  • Aug 4, 2011 12:32am Aug 4, 2011 12:32am
Quoting Link
will you guys trade the NFP this week ?
My sleep schedule doesn't allow me to trade much of NY so i can say i most certainly wont be trading during nfp
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