Swoosh's Journal

I am currently in high school and I have just started a live forex account. I have been trading paper money for about 3 months now. Many people might think trading at this age is stupid, however, I simply don't care. I am not the most athletic(I do play basketball) and I do not have an innate ability for school; I just have to study my ass off. However, trading is something that I have always been interested in and have a desire to be great in. Hopefully, I will prove to people that innate ability does not matter but what does matter is that person's desire. If forex does not work out do not worry because I have good enough grades to get into a good college.

http://i1175.photobucket.com/albums/...ps9dfbdf0c.gif
Here is my first live trade!! As one can see, the Stochastic Histogram is below zero, the CCI Arrow indicates sell, the IrEKo has crossed, and the MACD is showing downtrend. So, I believe this is going to be a good sell. I have put my stoploss at 75 pips.

Ouch, I did a pretty noobie mistake. Last night when I shorted I didn't realize I would of lost 20% of my account if it hit stoploss. Happily the price is going in the direction I wanted it to.


Around May 4 a situation happened like this and there was a nice downtrend around a few hundred pips.

So, I closed my GBPJPY and I made close to 30 pips. Which is nice for my first trade.

I just opened a short for USDCAD using the 30 min time frame. I am hoping to make 8-12 pips.

Here is the chart:
http://i1175.photobucket.com/albums/...psc0bf6a7c.gif


As you can see all of the indicators matched up and said downtrend.

So, this has been my first day of live trading and I has been fun. Luckily I returned a profit of 10 dollars. However, I found it really hard not to check my charts every minute to see how my trades are doing even though I am not a scalper. I had today off from school, so tomorrow I won't feel the need to check my charts cause I will have school and homework to worry about.

So, it has been a few days since I posted something on my journal. My old strategy was not working. I was just getting some good ol luck. Over the weekend I was studying price action and the simplicity is amazing. I read through a 150 page price action thread over at baby pips. After learning all these new ideas I decided to put them to the test.

Here is my USDCAD Long:
http://i1175.photobucket.com/albums/...psbacd9329.gif

It is funny to see how simple my chart is. As you can see I bought at the close of the red bearish bar because it wasn't classified as a bearish engulf and it found resistance on the EMA.

Here is my USDJPY Long:
http://i1175.photobucket.com/albums/...psc777f621.gif

Well, this has been a good week for. I made 3 profitable trades in a row and made around 70 pips. I have almost regained all my loses since I have started trading. I have really grown fond of price action. There are no indicators and my charts are so clean which makes the market seem more peaceful to me.

This morning I was debating on whether to buy a certain currency or not. Then, I came home from school to see I could of made 60 pips. So, I decided that next week I am going to try to use pending orders to make my orders. So, if I am at school or asleep and the market does go in the direction I intended then I will not miss as many opportunities.

Hey Swoosh. Nice to see you gave up all those indis. Price action trading has a lot to do with identifying horizontal support and resistance first. We can then wait for price action candles occuring at those levels to tell is to sell or buy. Moving averages are sexy and irresistable but newbies rarely are profitable using them as primary support and resistance. Price action candles such as engulfing candles or pinbars at important horizontal support and resistance are key to successful trading. Anything else such as moving averages or even trendlines are secondary in importance. And finally indis IMHO for the most part are only used by newbie traders. Certainly some have managed to develop successful systems based on indis but when you find one they are often very complicated. Any way enough rambling. Good luck!

@Winston

Thanks for the advice I am looking at resistance lines a lot more now since I have read and heard that if you trade price action together with S/R lines then your accuracy improves significantly.


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There are two pairs I am watching right now. Both are currently in a down trend and it seems as though a pin is forming. I am going to wait until tomorrow morning to make sure a pin actually does form.

Well, it has been a long time since I have posted on my journal. Since then I have not made much money. There are now two trading systems I am starting to settle down with: 1. Basket Trading 2. Stairsteps Breakout

I am going to be trading the Basket system live(I have been trading it live for two weeks with good results) and I will be trading the SSBO system on my demo account. I am still very new to the SSBO system so instead of filling FH's thread up with my noob posts; I will be posting my trades here. I am not using the SSBO indicator since I feel I need to get used to spotting the breakouts with my own eyes. Also, instead of making a box that is 30x30 pips I will be drawing my breakout boxes with the high and lows during areas of relative low volatility, so the size of the boxes will vary. In the long run I am hoping that my SSBO system will be profitable and I will be able to develop my own ea for it since I am learning how to program.

Here is my GBPJPY buy:

http://i1175.photobucket.com/albums/..._12-gbpjpy.gif


Here is my USDCAD buy:

http://i1175.photobucket.com/albums/..._12-usdcad.gif

The GBPJPY buy has been going good. As you can see, the volatility was low for the most part. I must say that this looks like a good breakout to me.

Now the USDCAD just stopped out!
Now let's see how that could of been avoided. IMO the volatility looked a little too high. In fact I was wondering if I should buy it because look how big some of those candles are. However, leading up to the buy there were some support candles which led me to believe that the price was going up.


P.S. I forgot to add that I like to wait for two candles to close ABOVE the box and the second candle must not have any wicks touching it. Also, these trades were on the M5 timeframe. I am only using that timeframe right now since it is sunday and I have to time to look at it, but usually I will be using the h1 timeframe.

So, I haven't stuck to my promise that I would post all my trades here, but I have been very busy with basketball and school. I made 4 profitable trades this week and 4 loses. Two of my loses were during the NFP report, so lesson learned. I would of had a nice profitable week but I ended up breaking even.

Oh, I forgot to mention that I started a $50 account that I will trade exclusively without any indicators(except for zig zag).

My best trade this week was on the EURAUD where I caught the breakout. I would of caught the EURUSD breakout also but I didn' have enough free margin to buy another micro lot. I made 100 pips on the EURAUD.

http://i1175.photobucket.com/albums/...uraud12912.gif

I find it funny that when I first started with forex all I did was use indicators. Now look at my chart and there is only zig zag which I only use to help spot the highs and lows.

I like to draw trend lines between zig zag high and lows then use those as S/R lines. However, I am still trying to learn when the price will bounce at the line or break through. Hopefully, in a year or so I will be able to know when the price shoots through the line or bounces. I will keep track of the formations and which way the price went. I will also be looking at the price action along those lines.(engulfing bars, pin bars, ect.)

I will be using a live account the entire time because I believe that trading a live account is nothing like trading a demo account.

Here is the EURUSD chart:

http://i1175.photobucket.com/albums/...urusd12912.gif

As you can, there is an initial up trend channel formed and the price broke that that really nicely. Then, the price retraced a little bit which formed a triangle formation. Soon after the price broke through the triangle formation and shot down.

Here is my trade on the AUDUSD today.

http://i1175.photobucket.com/albums/...dusd121112.gif

I entered the trade along the bottom red line and then I exited the trade along the top red line.

At first I was looking at a sell but I was waiting for the price to break the horizontal resistance their. The price then broke through two trend lines. The price then shot up to 1.05332 and it is now finding support along the outside of a triangle formation. I am curious to see where the price will go from there.

Here is GBPJPY:

http://i1175.photobucket.com/albums/...pjpy121112.gif

As you can see the GPBJPY made a good breakout today. The price broke the trend lines, however, I saw a consolidation zone forming so I drew my box from SSBO. I placed a buystop at the top line but it was bought at the second to top line. The price then went down to my stoploss which was at 16 pips. Then, sadly the price skyrocketed...