420trader's Forex Journal

Hey everyone!

I just joined the boards a few days ago after creeping around for several weeks. I also wanted to post a journal in this forum for a while but got nervous ...but during that time, I've made some positive trades :cheesy:

I post most of my trades on my blog at http://www.420trader.net but the blog is more for myself than it is for other people. I wanted to make a journal on this forum so I could get opinions from better traders because I am still a newbie. You can check some of my older trades on my blog.

I am from New York City but I moved to South Korea a year ago. I am planning to move to Singapore at the end of this year and then move to Shanghai in 5-8 years.

I trade forex but I am studying options right now as well as playing around with ThinkorSwim. It's tough being a lone-trader; back in NY, I had a lot of friends interested in finance which helped me to bounce ideas, get motivated/inspired and just enjoy the job more. Now that I'm in South Korea, I don't know any traders or anyone really interested in even finance or economics. Hopefully this forum will change that

I use FX Solutions and am trading small right now. I look mainly at the 4HR, 1HR and 15M charts while observing the Daily; I tend to focus the most on the 1HR and 15M. I look at the AUD/USD, USD/JPY and EUR/USD the most but now I'd like to expand more. I am most comfortable with the AUD/USD as it is the first currency I began to look at. I always wanted to try out the GBP/JPY. I use a lot of trendlines, support/resistance and 5/13/50/200 EMA's and aid it with the RSI, CCI and MACD. My trades so far tend to be quite small; in other words, my stops are tight and so are my targets. I'll usually go for 20-60 pip gains and 10-30 pip stops. I think this is because I'm still a bit antsy when price goes a few pips in any direction - I got my eyes glued on the charts I'd like to change that. I want to try and make trades with bigger targets and bigger stops without being emotionally tied to every pip move - easier said than done.

Looking forward to hearing a lot of criticism and advice. A lot of times I know what I'm doing wrong but for some reason I can't fix it

I'll add more when I can think of more things to write and I'll update with my trades. Thanks for reading!

I just entered a trade but I'm afraid I may have entered the trade just because I made this thread - meaning I did not follow my own rules thoroughly...or I'm just really lacking confidence because it's my first trade posted on Trade2Win.

AUD/USD

Short: 0.9982

SL: 1.0007 (25 pips)

TP: 0.9940 (42 pips)

I'm afraid I entered my position prematurely as I usually don't enter a position until a break of a trendline (*note, sometimes I get lost in my own technical analysis, especially trendlines).


I have the charts posted at my blog here: http://420trader.net/?p=859

Well I've managed to enter a short at the true bottom. The AUD/USD made a 30 pip move up within an hour to knock me out of my trade.

Sometimes I feel like if I go long when I want to go short and I go short when I want to go long, I'd be rich.


Hit SL at 1.0007 for a loss of 25 pips.

I'm currently watching the AUD/USD for a setup. The AUD/USD has rallied past 1.0000 and is currently in a strong supply/demand zone (between 1.0110 and 1.0130). I plan on entering my position on a breakout of either direction. I am looking for a short back down to the last demand zone (between 1.0020 and 1.0055), but I will take a long if price breaks out to the upside.



Any thoughts?

I'm also looking at the EUR/USD for a trade; biased to the short side.

If price continues it's fall and drops to 1.3585-ish, I will enter a short and take it down to the 1.3500 level.

You can see all three charts here:
http://420trader.net/?p=871

I'm currently in a short position on the EUR/USD, which may have been premature again. I entered my short on the break of my 15m trendline, but there was not enough confirmation on my 1 HR Chart. I have CCI crossing, RSI turning down and a MACD crossing under on my hourly but no trendline break.

Short: 1.3595
SL: 1.3625
TP: 1.3552


I did not realize this, but apparently after FIFO rules were put in place in the US you cannot have two different Take Profit orders on one single trade - unless the lots are different sized lots. I usually trade three lots with three different targets but all with the same stop/loss. I was told that I should check out FX Solutions UK because the UK does not have FIFO rules. Now i have to look more into this but I thought you could have two different Take Profits (or targets) with one trade. Anyone know anything about this?

I'm seriously thinking about moving to FX Solutions UK now. If anyone else has some input on anything in the last several posts, I'd be grateful.

420.trader said:

Short: 1.3595
SL: 1.3625
TP: 1.3552

Click to expand...

My target was hit for a total profit of 43 pips. Adding about 2% to my account.

http://420trader.net/?p=880


I've been waiting and waiting for the AUD/USD trade but while I was at the gym it looks like it already broke out. I don't want to break my rule and enter now but it's still tempting as I see there's more room for the AUD/USD to drop. What do you guys think about getting into the action a little late? This is the first candle that is breaking out of the supply zone. It seems like there was a fake-out to the upside a few hours ago.

http://420trader.net/?p=866

420.trader said:

I've been waiting and waiting for the AUD/USD trade but while I was at the gym it looks like it already broke out. I don't want to break my rule and enter now but it's still tempting as I see there's more room for the AUD/USD to drop. What do you guys think about getting into the action a little late? This is the first candle that is breaking out of the supply zone. It seems like there was a fake-out to the upside a few hours ago.

http://420trader.net/?p=866

Click to expand...

Well, it's a good thing I didn't over-trade or enter a position on the AUD/USD yesterday. The AUD faked out to the upside, then to the downside then shot up.

http://420trader.net/?p=866

I just got back from Thailand playing 36 holes of golf a day. I'm back with a dark tan and plenty of sunlight and ready to trade.

I just switched my account from FX Sol LLC (US) to FX Sol Australia. I decided to go for Australia instead of the UK simply because I live in Asia and I travel to Australia more often than I do to the UK. I wanted to get away from NFA FIFO rules.

Long on GBP/USD after big drop.

Entered trade out of boredom/antsy-ness. Been wanting to trade all week but haven't seen great setups. Probably a bad decision

http://420trader.net/?p=925

Hey mate good luck with this, it seems that people only seem to talk to you if you have a 500 post count or higher.. lol jokes, i mainly trade bank shares but looking in to forex... do you think its a good set up to use?

Doomberg said:

Hey mate good luck with this, it seems that people only seem to talk to you if you have a 500 post count or higher.. lol jokes, i mainly trade bank shares but looking in to forex... do you think its a good set up to use?

Click to expand...

Hey, sorry for the late reply. I haven't posted a lot on this forum because I don't really get any replies. Not saying my thread is great, but simply lacking traffic I suppose.

If you already have some background in trading, I think forex is a great addition. Which setup are you referring to? Or are you just asking about the way I trade? my trading is pretty simple and straightforward, nothing fancy. I use trendlines, S/R, EMA's, CCI, RSI, MACD. That's about it really. If you ahve any more questions, feel free to ask


I'm currently long the USD/JPY over the news, though I'm strictly a technical trader :innocent:

I missed the lightning fast 100 pip move this morning at 7AM; I got to work at 7:30 and missed it I'm long at 81.44 but 80.57 would have been a nice entry

I can't see the Yen continuing to strengthen even with repatriation views. I'm still surprised that the Yen strengthened all the way to 80.57! I may continue to scale in as I see fit.

Here are my two trades for today (you can read explanations and see images in the links):

This is my USD/JPY trade; I missed the big move from 80.57 to 81.40, but I got in at 81.44 in time for Shirakawa's injection of 7 Trillion Yen ($86 Billion). It hit one of my targets of 82.00 and is continuing to rise:

http://420trader.net/?p=934

This is my EUR/USD trade today. I jumped in a bit early from excitement over the USD/JPY trade so I am at a paper-loss at the moment. I am bearish on the currency right now. I entered at 1.3923, price is at 1.3930 after rising all the way to 1.3947:

http://420trader.net/?p=942