TDs Journal

This is a discussion on TDs Journal within the Trading Journals forums, part of the Reception category; For some time now I've been wondering how I could actually help people with all the experience I have been ...

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Old Sep 3, 2008, 9:08pm   #1
 
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TDs Journal

For some time now I've been wondering how I could actually help people with all the experience I have been accumulating in trading the markets over the last eight years. I don't mean how I could help people in terms of showing them how to make money but rather how I could make a difference, however small, to the quality of someones life.

When I was in Venice in August, I spent a lot of time with my relatives. My father died when I just three years old and his sister, my Aunt, was one of the relatives I saw. She suffers from Parkinsons, a debilitating disease that affects the way the brain co-ordinates body movements, including, walking, talking and writing. I was struck by how much she had changed from the happy and lively lady I remembered from my childhood.

At one point during my visit she called me into her room and with a tear in her eye, pressed 200 Euros into my hand.

My Aunt speaks no English and I speak almost no Italian but my sister told me that she wanted me to buy something for myself with it. I had the distinct feeling that she believed she wasn't going to ever see me again.

I left the money in my wallet for weeks until last week I decided what I was going to do with it.

I honestly couldn't think of anything I really wanted, so I decided I was going to use some of it to trade with and donate the profit I make to a charity that specialises in helping people with Parkinsons.

I took 40 of it and paid it into a spreadbetting account that I have not used in a long while and decided to see what I could do with it.

I will use this journal to record the trades I make in it.
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Last edited by trader_dante; Sep 4, 2008 at 5:55pm.
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Old Sep 3, 2008, 9:16pm   #2
 
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trader_dante started this thread I took my first trade yesterday afternoon. I sold the FTSE short at 1 a point on the break of the shooting star with a stop above it. I covered it at the first hourly support for a profit of 45.20.
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ftse_hourly.jpg   account_summary.jpg  
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Old Sep 4, 2008, 2:21pm   #3
 
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trader_dante started this thread I decided to go long Euro/Usd yesterday morning.

I took an initial position of 2 a tick (see euro_hourly chart - point 1) and cut half at the first potential resistance area on the hourly chart (point 2) which gave me a small profit should I be stopped out on the trade.

Resistance was only met temporarily and the price contined up, so I added 1 again, 39 ticks higher, late in the evening (point 3) putting the stops on both my positions at the same level (point 4).

Price moved in an approximate 60 tick range throughout the night but the second target, based on resistance overhead, was hit this morning so I closed 1 once again (point 5) leaving the other half of the trade to run.

I put the stop on this half just beneath the support and 1.4500 round number (point 6) and was stopped out for a scratch.

Total profit on the trade was 155.10.

Balance of the account is 240.90
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euro_daily.gif   euro_hourly.gif   account_summary.jpg  

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Last edited by trader_dante; Sep 4, 2008 at 10:47pm.
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Old Sep 5, 2008, 10:43pm   #4
 
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trader_dante started this thread I felt ill this morning so I didn't go into the office.

I watched several markets from the comfort of bed and saw several potential opportunities present themselves but none of them fully materialised into something concrete I wanted to risk money on and, as a result, I didn't trade.

So, all in all, a fairly inactive week. A couple of trades and a profit of 200.30. I am pleased with it though.
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Old Sep 8, 2008, 1:42pm   #5
 
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trader_dante started this thread Late last night I decided to take this gap play in the Euro/Yen.

I calculated the gap by substracting the Friday close from the Sunday night open to get the size of the gap.

155.34 - 153.64 = 170.

Then I divided 170 by four so I could find out what price equated to half and three quarters of the gap once an attempt was made to fill it.

170 / 4 = 42.5 (Rounded to 43)

43 x 2 = 86.

155.34 - 86 = 154.48 as half the gap.

43 x 3 = 129.

155.34 - 129 = 154.05 as three quarters of the gap.

I went short 1 per point on the break of the inside bar at 1am. (point 1)

I put my stop at point 2 which was just above the hourly S/R pivot where price stalled forming the BEOB.

As soon as I was filled the price found support and turned against me. It went up, faked out the BEOB but found resistance as expected and after consolidating for three hours, turned downwards again.

After the sharp move down which took out some previous lows, I anticipated a bounce, waited for it and then put an order into sell another 1 at the same price as my original entry. ( point 3).

Price went straight down and hit my first target which was at three quarters of the gap fill. (point 4)

As soon as this was hit I pulled the stop on my remaining half to just above the half way mark which was also above the highs of a consolidation on the 5m TF.

Shortly after, the gap was filled and I closed the remaining half which happened to be near the lows of the move. (point 5)

Total profit on the trade was 303
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Last edited by trader_dante; Sep 8, 2008 at 2:24pm.
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Old Sep 8, 2008, 4:37pm   #6
 
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trader_dante started this thread Tried the same play on Dollar/Yen as I did on Eur/Jpy in the last post.

Hourly chart shows, from top down, entry point, the three quarter and full gap levels.

Managed to get 27 ticks up on the first attempt (entry was point 1 on the 5m chart) and 1 tick away from my target before seeing it retrace all the way back and coming out for a scratch.

Tried again at point 2 after I thought the squeeze was over, got 24 ticks up this time and then that came back too.

A little disappointing.

It does strike me that I have, over the sake of a tick, given back 27 in the first example and over the sake of 4 ticks given back 24 in the second. Sometimes it pays to be a little flexible on your targets although having said that I try not to get shaken out by the noise.

Something to think about.
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usd_yen_hourly.gif   usd_yen_5m.gif   account_summary.jpg  

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Old Sep 8, 2008, 5:00pm   #7
 
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Quote:
Originally Posted by Bladerunner View Post
Hi Tom

good thread

bit tired ..............errrrrrr BEOB ?? not good with abreviations and read it twice and can"t see for looking
Hey Andy, thanks for reading. Sorry for not clarifying it: BEOB stands for Bearish Outside Bar. Outside bars are those that have a range fully encompassing that of the previous bar.

Quote:
Originally Posted by Bladerunner View Post
nice trades no need for any disapointment
Thanks again. There is far too much risk in my trades at the moment. I'm sure most readers have picked up on that from the position size relative to the stop placement.

This is just a function of, in part, the small account size and in also the fact that I want to do 2 where possible so that I can have some flexibility over my exits and choose to scale out.

As the account grows, so will the risk taken on each trade come down. But I don't want new traders to read this and think that this increase from just 40 is a given if you follow these setups. For almost all of the trades taken so far the risk of ruin has been extreme.

Tom
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Last edited by trader_dante; Sep 8, 2008 at 5:37pm.
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Old Sep 8, 2008, 5:14pm   #8
 
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[quote=trader_dante;498858]Hey Andy, thanks for reading. Sorry for not clarifying it: BEOB stands for Bearish Outside Bar. Outside bars are those that have a range fully encompassing that of the previous bar.


Phew! I thought it was; 'Break even? O Bo***ks'
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