SToRy of a FX Fanatik

cable was kind of late in the day. - a pass for me...

usdjpy long @ 81.86 today

Stopped on cable as price blew straight threw. Could have been managed better by me as I was in the green there for a while.

I am still bearish on Yen for time being

Some setups for today EUR/USD and USD/CHF. Sorry no time to post H1

watch out for a bullish momentum on EUR/CHF as we are finally getting some movement.

also a definite short on usd/chf on the rounded retest

went short on eur/usd @ 1.338, will monitor closely

area identified on h4 but D1 also played a role. The beauty of the level can also be seen on H1

this could be the start of something much bigger.

looking to go short at highlighted area

this I posted yesterday for those that understand, no bullshit no hindsight.....What a bloody aftermath

just missed this setup on USD/CHF, time to close the station

nice move with only minor corrections.

Not much trading today. watch out for eur/chf people. also definite long on Aussie at highlighted price

Bang she goes, closed most will leave minor position over weekend. Don't want to hold it over weekend and don't think there will be much movement after this. Done for the week

i see a bearish cable this week, will post the follow up of this @ end of week

took a long @ 0.8320. i see some potential here

EDIT: added a 2nd position

last post for today, btw this was a live call no hindsight

consider today the last day of the week

No trading for me today but below are some thoughts on EUR/CHF

Imminent EUR/CHF Intervention

The SNB intervention will occur anytime soon. Ideally an intervention when the pair is below the peg of 1.20 will be more effective. A majority of retail traders are long and and waiting for the SNB to intervene to make some easy money; any intervention will thus be faded by retail profit takers which will inevitably slow down the bullish move. We all know that there is no easy money or a free lunch in this business.

However, if the pair trades below 1.20 most of the bulls will be stopped out and an SNB intervention will meet less resistance. There will also be a squeeze of those shorting below 1.20 who think that the peg has broken and that the SNB has lost credibility. Such a move will bring with it the strongest bullish momentum.

This is just my opinion and we may never see a squeeze below 1.20. If we do I will definitely be buying.

And some EUR/USD planning for tomorrow.

in the next few posts I will outline how I trade

Time Frame

I am a discretionary trader that mainly trades and identifies areas of interest on the D1 and enters on the H1. On occasions I also identify areas on H4 for potential entries on lower time frames.

I often trade the M5 as well. I don't subscribe to the school of thought that M5 is noise; and here is why. I have traded it consistently for upto 3 consecutive months. However, in the long run I cannot sustain it. It requires a higher level of concentration and commitment where you are glued to the screen for long periods of time. I realized that it has adverse affects on my physical well being and can cause me to over burn. When I do feel diligent and the markets are moving I do shift to this lower time frame but not for long periods of time and not all the time. Once again for M5 trades I identify areas of interest on HTF (Higher Time Frames) and attempt to play them.

Entries/Exits

My entry can be a single limit order at a pre-determined area but I also enter at the market if I see a good setup. I may also enter into a number of smaller positions depending on the situation, the time frame and the time of day it is. There is no hard fixed rule with the exception of my risk management strategy. I sometimes close the entire position at the FTA (First Trouble Area) or scale out of positions. I may also scale out of most and then re-enter with a second position on the retracement if price gives me this opportunity. It all depends...