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Back to Work - Trading Forex in 2013

  • #1
  • First Post: Edited 12:18pm Jan 14, 2013 11:53am | Edited 12:18pm
I traded very little in the forex market last year, due to large (and exhausting) expansion in my other business I had little time or interest in trading (although I did continue to invest in the stock market). I have now built up the necessary support giving me back a little more time to return to forex trading!

I continue to trade a very simple trend based system... support and resistance, trend lines and gauging price action/reaction at areas of interest. I trade 2% risk per trade and aim for a minimum 1:1 risk to reward ratio (higher if I feel a particular trend or setup is strong enough to allow it).

This won't be a particularly busy journal as I only trade a few times a month (mostly from daily and sometimes weekly charts) but I like to keep a record of what I am doing... hence this journal!

I will start with my first trades of the year in my next post.
  • #2
  • Jan 14, 2013 12:10pm Jan 14, 2013 12:10pm
Trade No. 1 - Sell USD/CHF

On 4th Jan price hit earlier support level (turned resistance) and upper line of trend channel forming a bearish candle closing under the 0.9250 s/r level. I sold below at 0.9225 with a 90 pip stop.

On seeing price hit the lower support level in the 0.9100 area and bounce back up today I pulled my stop to breakeven which is how this trade ended!
Attached Image (click to enlarge)
Click to Enlarge Name: 1_Sell_USD_CHF.png Size: 37 KB
  • #3
  • Jan 14, 2013 12:18pm Jan 14, 2013 12:18pm
Trade No. 2 - Buy EUR/GBP

On 3rd Jan EUR/GBP found support at the 0.8100 level (near the upward channel line) with the following day presenting a nice bullish candle. I bought the high at 0.8150 with a 70 pip stop.

Trade closed today at TP level for a 4% return.
Attached Image (click to enlarge)
Click to Enlarge Name: 2_Buy_EUR_GBP.png Size: 37 KB
  • #4
  • Jan 14, 2013 12:30pm Jan 14, 2013 12:30pm
Trade No. 3 - Buy EUR/CAD

Price found support off the 1.2850 level forming a bullish hammer on the 4th Jan... I bought the break on 7th Jan at 1.2920 with an 85 pip stop.

The trade closed today at the highs of the former swing for a 5.9% return.
Attached Image (click to enlarge)
Click to Enlarge Name: 3_Buy_EUR_CAD.png Size: 38 KB
  • #5
  • Jan 14, 2013 12:34pm Jan 14, 2013 12:34pm
Trade No. 4 - Buy EUR/USD

Same setup as EUR/CAD really... support found at 1.3000 with bullish P.A. Trade closed today at the previous swing highs for a 4% return.
Attached Image (click to enlarge)
Click to Enlarge Name: 4_Buy_EUR_USD.png Size: 37 KB
  • #6
  • Jan 14, 2013 12:37pm Jan 14, 2013 12:37pm
I like your style Dan.... I will be watching.

Cheers

W99
  • #7
  • Jan 14, 2013 12:43pm Jan 14, 2013 12:43pm
Trade No. 5 - Sell EUR/AUD

Almost forgot this one... strictly speaking this isn't a 2013 trade! But as it is open and will hit profit or loss in 2013 I figured I may as well count it! I sold EUR/AUD back in October (week commencing 21st) on price rejecting the upper channel line... it is a weekly trade so has taken a while to play out! Entry was short at 1.2485 with a 391 pip stop (not sure why it wasn't 390!).

The trade is currently in loss however if it does turn around my target is the previous swing lows around 1.17.
Attached Image (click to enlarge)
Click to Enlarge Name: 5_Sell_EUR_AUD.png Size: 37 KB
  • #8
  • Jan 14, 2013 12:46pm Jan 14, 2013 12:46pm
Quoting wizard99
I like your style Dan.... I will be watching.

Cheers

W99
Thank you W99! It will bit a bit of a slow one as I trade daily/weekly charts but in the past I have been fairly successful so hopefully the trades will be worth the wait!
  • #9
  • Jan 15, 2013 1:06pm Jan 15, 2013 1:06pm
USD/CHF Vs EUR/USD

USD/CHF has broken out above S/R around 0.9250 and the upper trendline indicating a possible trend change however EUR/USD is still showing a valid up trend. This leads me to question whether the breakout in the USD/CHF will be short lived or is this possible trend change leading EUR/USD? I will be watching PA closely to see which scenario plays out. If the breakout holds above 0.9250 I will be looking to buy a pullback in USD/CHF.
Attached Image (click to enlarge)
Click to Enlarge Name: usdchf.gif Size: 30 KB
  • #10
  • Jan 17, 2013 12:42pm Jan 17, 2013 12:42pm
EUR/USD Trade Setup

The breakout in the USD/CHF has held for now but Euro strength seems to be presenting across the board. The EUR/USD has re-tested the highs of the last move up and has reacted bullish off it. Breakouts are not my favourite entry technique but can be quite successful if done right! Interested in buying a breakout of the highs.
Attached Image (click to enlarge)
Click to Enlarge Name: EUR_USD_Setup_17-01-13.png Size: 47 KB
  • #11
  • Jan 22, 2013 10:22am Jan 22, 2013 10:22am
Trade No. 6 - Sell USD/CHF

I have sold USD/CHF at 0.9290. This one is a little risky as the channel/trendline has been broken suggesting a possible trend change, however looking at CHF strength generally makes me think the downtrend may be about to resume. If an uptrend is about to establish itself I anticipate a reaction in the 0.9250 area... if we get a bullish reaction here I may consider switching my position. I am also considering a long on the EUR/USD which would reaffirm a short here in USD/CHF.
Attached Image (click to enlarge)
Click to Enlarge Name: 6 usdchf short.gif Size: 29 KB
  • #12
  • Jan 25, 2013 3:51am Jan 25, 2013 3:51am
Trade No. 7 - Buy EUR/USD

My long on the EUR/USD breakout has triggered at 1.3415


Quoting DanUK
EUR/USD Trade Setup

The breakout in the USD/CHF has held for now but Euro strength seems to be presenting across the board. The EUR/USD has re-tested the highs of the last move up and has reacted bullish off it. Breakouts are not my favourite entry technique but can be quite successful if done right! Interested in buying a breakout of the highs.

Meanwhile my EUR/AUD short stopped out for a -2% loss.
  • #13
  • Jan 30, 2013 10:08am Jan 30, 2013 10:08am
Trade Update

Trade No. 6 - Sell USD/CHF @ 0.9290 is close to target (2R) so I have moved my stop to 1R.

Trade No. 7 - Buy EUR/USD @ 1.3415 is moving slower but in the right direction... I have moved my stop to breakeven to protect against any loss. I haven't yet placed a target for this trade but most likely will aim for 2R.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EURUSD.PNG Size: 30 KB
Click to Enlarge Name: USDCHF.PNG Size: 32 KB
  • #14
  • Jan 30, 2013 12:32pm Jan 30, 2013 12:32pm
Great to see you back posting Dan, your thread maybe a reason for me to start posting again. It looks like your style has changed slightly from your last thread. You used to leave your trades to run with a large emergency stop only, did you have problems trading that way and find having smaller sl and a tp better?

If your trading style has changed would you mind posting the changes and maybe the reason you changed?
Thanks for starting the thread, look forward to following it.

Garry
  • #15
  • Jan 30, 2013 11:27pm Jan 30, 2013 11:27pm
Dan do you mind if i post my trades from 2013 for you to comment on? They are also Daily/Weekly from PA and SR only.
  • #16
  • Jan 30, 2013 11:56pm Jan 30, 2013 11:56pm
Hi Garry,

Nice to see you posting back here too! My trading style hasn't changed too much... the basic method is still the same but I have "adapted" to the current market condition. I feel there is a lot of uncertainty out there at the moment and therefore do not feel comfortable letting my trades sit back and develop... it may just be my perception of the situation but I feel the current market lends itself to collect profits a little quicker than I may have done in the past.

And yeah please feel free to post trades... it's nice to see what other similar traders are up to!

Regards,

Dan

Quoting bez3000
Great to see you back posting Dan, your thread maybe a reason for me to start posting again. It looks like your style has changed slightly from your last thread. You used to leave your trades to run with a large emergency stop only, did you have problems trading that way and find having smaller sl and a tp better?

If your trading style has changed would you mind posting the changes and maybe the reason you changed?
Thanks for starting the thread, look forward to following it.

Garry
  • #17
  • Edited 1:11am Jan 31, 2013 12:39am | Edited 1:11am
That's great thank Dan, please see charts below and please comment:
I am still in the weekly cadjpy trade and all the other trades are closed for profit.

In order:
CADJPY
EURCAD
GBPJPY
GBPUSD
USDCHF





Quoting DanUK
Hi Garry,

Nice to see you posting back here too! My trading style hasn't changed too much... the basic method is still the same but I have "adapted" to the current market condition. I feel there is a lot of uncertainty out there at the moment and therefore do not feel comfortable letting my trades sit back and develop... it may just be my perception of the situation but I feel the current market lends itself to collect profits a little quicker than I may have done in the past.

And yeah please feel free to post trades... it's nice to see what...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: cadjpy.JPG Size: 87 KB
Click to Enlarge Name: eurcad.JPG Size: 94 KB
Click to Enlarge Name: gbpjpy.JPG Size: 81 KB
Click to Enlarge Name: gbpusd.JPG Size: 96 KB
Click to Enlarge Name: usdchf.JPG Size: 112 KB
  • #18
  • Edited 1:12am Jan 31, 2013 12:42am | Edited 1:12am
Now a couple a losers:

It's these couple of trades i am looking for more comments and analysis to see if i could have prevented them i.e. would you have taken them Dan? And if not why etc...?

In Order:
AUDUSD
EURNZD

Thanks
Garry
Attached Image(s) (click to enlarge)
Click to Enlarge Name: audusd.JPG Size: 103 KB
Click to Enlarge Name: eurnzd.JPG Size: 85 KB
  • #19
  • Jan 31, 2013 5:09am Jan 31, 2013 5:09am
I am seeing a couple of possible setups Dan on the Daily charts:

GBPUSD = Is sitting at previous support maybe turning into resistance?
USDCHF = Price at a good support level 0.91000, looking fir PA?
EURAUD = Price just pushings its way through resistance at 1.3000 may BO or give PA to short?
EURJPY = On the weekly chart price at previous swing high 123.000.
AUDJPY = As price broke above resistance level 90.000 would make a great place to go long on a retrace (weekly chart)?
NZDJPY = Same as above but at 69.000?
AUDCHF = Is showing me a picture perfect pin bar at a good support area on the Daily chart. Will watch to see how it closes tonight?
EURNZD = After my failed tade on this pair i will be watching for a BO retest of the 1.6200 area (No revenge trading).

That's my take on some possible trade entries for the next couple of days.
  • #20
  • Feb 1, 2013 4:36am Feb 1, 2013 4:36am
Trade No. 6 (Sell USD/CHF @ 0.9290) closed at target for +4%
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