FXvision's Journal

Beginning from next week, I will keep a small journal here and post my trades. For starters, the journal will end July 31st, covering only 5 weeks of trading. Trades that I post should not be viewed as recommendations and should only be taken on your own risk. I am using a proprietary system based around price action mostly, s/r, tl's, fibs and a few ema's, and signals are solely generated from the slower moving time frames such as the 4h and dailies. The purpose of this journal is to establish whether or not an offering of a longer lasting signal service through collective2.com is viable.

Have a good weekend everyone.

FXV

I am looking forward to read yoru journal FXVision. But is 5 weeks enough?

Hi Fxvision,
IF possible can your present your charts for us to study .
Thanks

Based on previous trading, considering the numbers of winners and losers, 5 weeks should be enough to at least give a basic understanding of profit potential, risk management and execution friendliness. I plan to post as many limit or stop trades as possible so the delay factor will be minimized. I'll keep it in mind to post charts. Perhaps when a trade gets very interesting and there can be a learning value in getting the visual picture. Have a good weekend.

FXV

look forward to following your thread...

Trade #1 (limit)

Short AUD/USD @ 0.7325
Stop @ 0.7345 (20p)
Limit @ 0.7275 (50p)

Risk used: 1%
Risk/Reward: 2.5:1

/ FXV

Trade #2 (Market)

Short EUR/JPY @ 145.70
Stop @ 145.95 (25p)
Limit @ 145.40 (30p)

Risk used: 0.5%
Risk/Reward: 1.2:1

/ FXV

Update to trade #2

Based on rumors concerning Fukui's future career, I advice to show extreme caution on Yen crosses as the new trading week kicks off. If Fukui resigns, the Yen could weaken substantially. I am moving the stop down from 145.95 to 145.85, limiting the risk to only 15 pips. Target remains around 145.50.

Trade #2 closed @ 145.65 (+5 pips without spreads)

Things have gotten a little to tight in the triangle setup here and it's really not worth chasing such a low RR trade. It could break either way, but I am in favor of an upside break. Push and close above 146 or just 145.90 would be a very bullish sign.

Trade #1 has not been filled yet.

FXV,
There was a spike up to .7343 on the AUD. I wonder if your Trade#1 has not been filled yet?

Trade #2 evaluation

EUR/JPY went down to 145.54 and then turned up again and is now at the end of the Asian session priced around 145.70. Still waiting for triangle breakout. It was very tight so I am pleased with the exit.

Trade #1 update

Trade #1 has been filled and is currently up around +10 pips. Moving stop 10 pips down to 0.7335, reducing risk to 10 pips. 0.7300 is protected by option barriers, so you need patience before we see a break lower. 0.7305/10 will offer support for the aussie. If you are nervous about this support, you can move stop to b/e at 0.7325 but you might get stopped out on a spike.

Trade #1 update

0.7305 touched for a 4th time. With the trade being up almost 20 pips now, I advice to move stop down the last 10 pips to break even at 0.7325.

Trade #1 update

Stopped out at b/e. I don't mind giving back 20 pips or so to the market. Had the barrier at 0.7305 broken, we would have had a sweet ride south and with the cushion coming into the barrier it was the correct thing to do I think.

Trade #3 (Market)

Long GBP/USD @ 1.8215
Stop @ 1.8165 (50p)
Limit @ 1.8315 (100p)

Risk used: 1.0%
Risk/Reward: 2:1

/ FXV

Exit trade #3 for a small loss.

My fill was 1.8192 for a -17 pips loss. The dollar continues to show strength and the 0.7305 barrier on aussie has come back under pressure after we got stopped out unfortunately. Sometimes, by limiting risk, you can limit profit potential. That's just how it goes.

Trade #4 (Stop)

Short GBP/USD @ 1.8165
Stop @ 1.8195 (30p)
Limit @ 1.8135 (30p)

Risk used: 0.5%
Risk/Reward: 1:1

/ FXV

Trade #4 update
Stopped out for -30 pips. Dollar could not sustain a break below 1.8165 and has returned to it's previous range.

Evaluation

Trade #3 did retrace back up to around the entry price but failed to break higher. Had I been a little bit more patient, I could have exited around entry instead of taking the 17 pip loss. Trade #1 would have been up nicely by now as the 0.7300 options barrier has been broken. Not by huge momentum though. Because of the short space down to support around 0.7270, I do not see any good entry points. In a rather choppy day, the trades could have been better, but we did not see a lot of follow through from the bigger players. We still have a busy week ahead of us.

Don't worry fxvision.
is not an easy day to catch a trend
You were a bit unlucky to start today
Why these traders cant agree all one direction one time ???????

my personal point of view is like yours, still downtrend.

I'm not to worried. You have to take the bad days with the good ones. Maintaining firm risk control is key.