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Daily journal by SG trader

  • #1
  • First Post: Jun 16, 2012 8:54am Jun 16, 2012 8:54am
Didn't really want to talk to myself here, but trading can be quite lonely, so hopefully this will be a good place to channel my thoughts while trading...

Not going to post any detailed trading methods, just brief daily trade plans and their rationale

Background;
Started learning about forex 4 years ago. Demo traded only on ad-hoc basis, not really serious about it, busy with full-time job etc.
Opened live account in 2010, zero accounts blown, not because i was good, but rather i kept it well funded and traded small lot sizes...
Only few months back have i started to turn in tiny, but consistent profits. More and more confident in my method but still learning everyday and keeping my emotions in check

Latest;
2 short orders for eur/usd at 1.27++ and 1.28++
I know there is this big risk event but im hoping it will be the catalyst for a wild swing up for a short time.
Gamble? Probably. But the technicals say 'go', so the odds are good.
If triggered, will be my first 'large' positions for 2 months now, risking 1%, kind of excited and looking forward.

Oh, qns/comments are welcome...
  • #2
  • Jun 18, 2012 8:16am Jun 18, 2012 8:16am
Quoting Jansen
Didn't really want to talk to myself here, but trading can be quite lonely, so hopefully this will be a good place to channel my thoughts while trading...

Not going to post any detailed trading methods, just brief daily trade plans and their rationale

Background;
Started learning about forex 4 years ago. Demo traded only on ad-hoc basis, not really serious about it, busy with full-time job etc.
Opened live account in 2010, zero accounts blown, not because i was good, but rather i kept it well funded and traded small lot sizes...
Only few months...
Nope, didnt get up there high enough, pending was 1.2785 and 1.282.
A little disappointed cos it was like last week where i missed the pending by 2pips... But anyway, plan was a plan...

Now what? I cancelled the 2 pendings and set up a larger one just above 1.282
Was considering a long at 1.2591 just now, mini demand zone, but passed, does not seem strong enough. Will also put one pending buy further below 1.255ish, lower rising channel+H4 demand. One mini lot only, nothing more in a downtrend.

Taking note also G20 meeting, not expecting much but its always opportunity for 'them' to run stops
  • #3
  • Jun 18, 2012 6:58pm Jun 18, 2012 6:58pm
Quoting Jansen
Nope, didnt get up there high enough, pending was 1.2785 and 1.282.
A little disappointed cos it was like last week where i missed the pending by 2pips... But anyway, plan was a plan...

Now what? I cancelled the 2 pendings and set up a larger one just above 1.282
Was considering a long at 1.2591 just now, mini demand zone, but passed, does not seem strong enough. Will also put one pending buy further below 1.255ish, lower rising channel+H4 demand. One mini lot only, nothing more in a downtrend.

Taking note also G20 meeting, not expecting much...
Missed the buy by 4pips, getting too cautious here? Anyhow, have to cancel it, going out soon, will check back in at NY open.

Raised pending short up a little, 1.282/3, maybe bric contributing trillions to imf will do the job? Also have german zew coming, should be home by then

sidenote;
Promised myself by next month i will look at another pair or two which respects technicals more
  • #4
  • Jun 18, 2012 10:51pm Jun 18, 2012 10:51pm
Hi jasen! Just wanna to find trader in sg, so to share experience and ideas since we work in same country. Haha. ...

I did blow my account b4. But now i'm back with knowledge and sophisticated analysis in hand. Looking forward to trade without monitoring chart strategy with consistent return.
  • #5
  • Jun 19, 2012 6:09am Jun 19, 2012 6:09am
Quoting Fx2ProTrader
Hi jasen! Just wanna to find trader in sg, so to share experience and ideas since we work in same country. Haha. ...

I did blow my account b4. But now i'm back with knowledge and sophisticated analysis in hand. Looking forward to trade without monitoring chart strategy with consistent return.
welcome welcome..
  • #6
  • Jun 19, 2012 6:57am Jun 19, 2012 6:57am
Quoting Jansen
Missed the buy by 4pips, getting too cautious here? Anyhow, have to cancel it, going out soon, will check back in at NY open.

Raised pending short up a little, 1.282/3, maybe bric contributing trillions to imf will do the job? Also have german zew coming, should be home by then

sidenote;
Promised myself by next month i will look at another pair or two which respects technicals more
didnt miss much, german zew was terrible, but that drop was quickly bought up..

tempted to buy but only good rr if it drops to 1.247x, since i missed 1.255, gotta keep that in mind.
mid-term still biased to short, heavy short pending at 1.282/3will keep until fomc tomorrow.
as for rest of tonight, will consider a small short at 1.271/2 (mini supply zone)
  • #7
  • Jun 19, 2012 11:16am Jun 19, 2012 11:16am
Usually u take how much of risk per trade in SGD? And target? Can share about yr objective?
  • #8
  • Jun 19, 2012 2:36pm Jun 19, 2012 2:36pm
Quoting Fx2ProTrader
Usually u take how much of risk per trade in SGD? And target? Can share about yr objective?
max 0.5% of my account at any one time.
no targets for week or month, as long as im losing $ im ok
guess thats what works for me
u?
  • #9
  • Jun 19, 2012 2:40pm Jun 19, 2012 2:40pm
Quoting Jansen
didnt miss much, german zew was terrible, but that drop was quickly bought up..

tempted to buy but only good rr if it drops to 1.247x, since i missed 1.255, gotta keep that in mind.
mid-term still biased to short, heavy short pending at 1.282/3will keep until fomc tomorrow.
as for rest of tonight, will consider a small short at 1.271/2 (mini supply zone)
finally got something triggered, short 1.2715, mini lot, stops at BE, looking to take partial off 1.263x at daily pivot, the rest to ride and close by FO

back to euro2012...
  • #10
  • Jun 20, 2012 7:25am Jun 20, 2012 7:25am
Quoting Jansen
finally got something triggered, short 1.2715, mini lot, stops at BE, looking to take partial off 1.263x at daily pivot, the rest to ride and close by FO

back to euro2012...
didnt reach my target, closed manually at 1.2674 while at work, +41
have a feeling Fed will disappoint, yet PA doesnt look like more easing is priced in, so will sit out tonight...

pending short at 1.2805 remain, but reduced lot size

lets see...
  • #11
  • Jun 20, 2012 2:52pm Jun 20, 2012 2:52pm
Quoting Jansen
didnt reach my target, closed manually at 1.2674 while at work, +41
have a feeling Fed will disappoint, yet PA doesnt look like more easing is priced in, so will sit out tonight...

pending short at 1.2805 remain, but reduced lot size

lets see...

I noticed you are trading based on major/minor news. This is the hard trading indeed ! And i would not prefer this.

For me, i trade trend pattern which is always repeated in our price action chart. The pattern is either trending or ranging. It is great if could combine this with market profile. Have you heard this ?
  • #12
  • Jun 21, 2012 12:14am Jun 21, 2012 12:14am
Quoting Fx2ProTrader
I noticed you are trading based on major/minor news. This is the hard trading indeed ! And i would not prefer this.

For me, i trade trend pattern which is always repeated in our price action chart. The pattern is either trending or ranging. It is great if could combine this with market profile. Have you heard this ?
well.. yes and no..
i will not enter into a position solely based on news. i always want to keep myself informed of whatever that may move price, news release, options expiries, bond auctions, futures indices etc.. over time, i have witnessed the kind of impact they may have on prices, and will incorporate this into my way of trading.

e.g. if price is near a supply zone which i have interest in, yet news comes out in 10min, i would want to avoid taking a position now

maybe tonight i will detail more, tough to type on mobile..
  • #13
  • Jun 21, 2012 8:41am Jun 21, 2012 8:41am
Quoting Jansen
well.. yes and no..
i will not enter into a position solely based on news. i always want to keep myself informed of whatever that may move price, news release, options expiries, bond auctions, futures indices etc.. over time, i have witnessed the kind of impact they may have on prices, and will incorporate this into my way of trading.

e.g. if price is near a supply zone which i have interest in, yet news comes out in 10min, i would want to avoid taking a position now

maybe tonight i will detail more, tough to type on mobile..
to me, fundamentals is as important as technicals.

i have read quite abit from books and forums and other websites, but at the end of the day, what i feel works is derived from what i have experienced through screen time.

i would love to believe technicals is all it is to forex, but it is not. fundamentals are important but certainly cant be used alone either.

fundamentals such as news are often used to drive prices. bad news so price should drop right? no, it goes up 100 pips then drives back down 200pips. not possible? why not? i have seen it before many times. so stay out? then whats the point of day-trading? for me, i will want to stay out first, yet try to profit from it when prices are over-extended, set limits at max high/low, max reward/risk

of cos there are many ways i feel fundamentals are useful to trading, but in order not to mislead others, i better keep to myself. but last thing i want point out (to remind myself too), you dont need to be a economics whiz or something to do this, lots of screen time and discipline is more important

hmm, maybe i should jot something down on discipline too..
  • #14
  • Jun 21, 2012 8:46am Jun 21, 2012 8:46am
Quoting Fx2ProTrader
I noticed you are trading based on major/minor news. This is the hard trading indeed ! And i would not prefer this.

For me, i trade trend pattern which is always repeated in our price action chart. The pattern is either trending or ranging. It is great if could combine this with market profile. Have you heard this ?
sorry darren, forgot reply u on the second part

trend pattern, not sure what you mean, but i do use price channels to locate intraday price extremes.
would to know more about what u mean by market profile too
  • #15
  • Jun 21, 2012 9:05am Jun 21, 2012 9:05am
nothing on today, pending short will be left where it is, but looks less likely it will reach.
price broke down lower past 1.265, may go lower now especially when spain banking news comes out half hours time.
would only consider buy if it reaches daily S2 (also demand zone+38.2 fib). but that would also mean price broke out of lower rising trendline, hmm... fridays coming and im taking a short trip tomorrow, so better to sit this one out... back on tue before NY open.

side note: will support czech tonight vs portugal
  • #16
  • Jun 21, 2012 11:04am Jun 21, 2012 11:04am
Quoting Jansen
............hmm, maybe i should jot something down on discipline too..
Yup. You are right! Fundamental is the root cause to drive the market. Price in the chart is the paint of the fundamental. So i just based on the price action chart to trade market. Anywhere, different trader will have their own perspective and objective, as long as know what his/her doing.

Discipline is the key point to earn money. I have experience real life trades, i still lose in the end due to not consistently place the order. Example :Today i am busy so i am unable to place my trade ,unfortunately this is the big earning opportunity. Who knows market will rise or drop! Of course risk to rewards ratio must be compromised.
  • #17
  • Jun 21, 2012 3:32pm Jun 21, 2012 3:32pm
Quoting Jansen
sorry darren, forgot reply u on the second part

trend pattern, not sure what you mean, but i do use price channels to locate intraday price extremes.
would to know more about what u mean by market profile too
Sorry for unclear information. Trend pattern is the price pattern that is always repeated in the chart for all the time frame. The pattern is ranging and trending.

Please refer to attached PDF for more information about market profile. It can assist your trading where is the demand and supply of the period. Meanwhile, i also attach PDF about the strategy of buying selling at support and resistance line. Please take a look.
Attached File(s)
File Type: pdf BS Trading.pdf   5.0 MB | 1,253 downloads
File Type: pdf Market_Profile_Basics.pdf   471 KB | 342 downloads
  • #18
  • Jun 22, 2012 8:59am Jun 22, 2012 8:59am
Quoting Fx2ProTrader
Sorry for unclear information. Trend pattern is the price pattern that is always repeated in the chart for all the time frame. The pattern is ranging and trending.

Please refer to attached PDF for more information about market profile. It can assist your trading where is the demand and supply of the period. Meanwhile, i also attach PDF about the strategy of buying selling at support and resistance line. Please take a look.
Thanks, will have a look
  • #19
  • Jun 25, 2012 9:07am Jun 25, 2012 9:07am
Quoting Jansen
nothing on today, pending short will be left where it is, but looks less likely it will reach.
price broke down lower past 1.265, may go lower now especially when spain banking news comes out half hours time.
would only consider buy if it reaches daily S2 (also demand zone+38.2 fib). but that would also mean price broke out of lower rising trendline, hmm... fridays coming and im taking a short trip tomorrow, so better to sit this one out... back on tue before NY open.

side note: will support czech tonight vs portugal
have to jot this down..
did take that long at 1.2551, closed at +24
something to ponder there; had chance to move to BE but didnt, price lingered around that 15pip range for much of the day, was kind of hoping friday short covering would push price up to touted option expiry levels at 1.258x...
calculated speculation or pure hope? got to learn from this...

moving on;
month-end coming, and another EU summit on Thur.
Price approaching Jun open, and we may now be back in a downward channel.
Will place 2 mini lot shorts at 1.257x (fib+H4 supply)
Will also consider a small buy at 1.245x tomorrow, where month-end repositioning and short covering might turn in a small profit
  • #20
  • Jun 26, 2012 7:50am Jun 26, 2012 7:50am
Quoting Jansen

moving on;
month-end coming, and another EU summit on Thur.
Price approaching Jun open, and we may now be back in a downward channel.
Will place 2 mini lot shorts at 1.257x (fib+H4 supply)
Will also consider a small buy at 1.245x tomorrow, where month-end repositioning and short covering might turn in a small profit
looking to pull the trigger on 1.245x, but looks like it has stalled here, just when NY about to open... with expiry nearby, will adjust the pending buy further down, 1.244x and 1.242x (daily dd+S2+lower TL of downward channel)

bigger lot size but smaller TP of 20pips
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