Cash FX

trader_dante · Jan 30, 2010

I've had quite a few requests to post my trades for educational purposes so I decided that I would do so.

I've recently started using Oanda to trade cash FX so I will post every trade I take in this account.

I have done two trades so far this year which I am still running. I will document these below so readers will have a complete history of everything I have done in 2010.

Please note: All of the trades will be posted after the event. I may still be in some of them when I post them up (as in the case of the first two listed below) but I will not be posting live calls. I don't need or want the pressure.

Those of you that are familiar with Oanda will know that their charting package automatically places an arrow on your charts at the exact price you enter or exit a position. You will see these arrows on my charts.

I don't frequent T2W as much these days, so if you have questions or are waiting for details of new trades, please be patient

Tom

trader_dante · Jan 30, 2010

I sold the Eur/Usd at 1.4398 (chart 1):

Maximum drawdown on the trade: -14 pips
Current position: +537 pips

I also sold Gbp/Usd short at 1.6140 (chart 2):

Maximum drawdown on the trade: -38 pips
Current position: +162 pips

Took some heat on that Cable. Not a good entry. A sharp move down seemed imminent and I paid a premium to avoid missing it.

At any rate, I'm still running with both of these.

neil · Jan 30, 2010

trader_dante said:
I sold the Eur/Usd at 1.4398 (chart 1):

Maximum drawdown on the trade: -14 pips
Current position: +537 pips

I also sold Gbp/Usd short at 1.6140 (chart 2):

Maximum drawdown on the trade: -38 pips
Current position: +162 pips

Took some heat on that Cable. Not a good entry. A sharp move down seemed imminent and I paid a premium to avoid missing it.

At any rate, I'm still running with both of these.

Nice to see you TD
The Euro trade - did you short because of price bouncing off 4400 resistance or because big red bar broke thro 4300?
Cheers.

trader_dante · Jan 30, 2010

neil said:
Nice to see you TD
The Euro trade - did you short because of price bouncing off 4400 resistance or because big red bar broke thro 4300?
Cheers.

I honestly don't really know why I sold it.

secondary · Jan 30, 2010

trader_dante · Jan 30, 2010

secondary said:
Hunch on US GDP data ? pin or inside bar formed on US equity or Bond markets ?

No, none of that.

I actually wanted to be short a few days before I went short but I forced myself to wait.

Then when we got the big down day from 1.4500 I just decided to sell into the first rally.

But I have no idea what made me get in where I did.

secondary · Jan 30, 2010

Windowsill · Jan 30, 2010

trader_dante said:
No, none of that.

I actually wanted to be short a few days before I went short but I forced myself to wait.

Then when we got the big down day from 1.4500 I just decided to sell into the first rally.

But I have no idea what made me get in where I did.

TD i think you should be in Comedy.....I seriously think this! You head the thread up "for educational purposes" or something like that and then show two trades and say that you have absolutely no idea why you entered them! priceless!!!
Don't supose you can start your daily trading diary again??.....I still think that was funniest stuff on here:clap: since the purple of Socratees.

trader_dante · Jan 31, 2010

secondary said:
TD, what do you think of the inside bar on 28 Nov followed by semi- pin bar ? there seem to be two price actions confluence

What do you think of it?

secondary · Jan 31, 2010

trader_dante · Feb 1, 2010

Windowsill said:
TD i think you should be in Comedy.....I seriously think this! You head the thread up "for educational purposes" or something like that and then show two trades and say that you have absolutely no idea why you entered them! priceless!!!

I'm not sure I have to say "I did this because of that..." for it to be educational.

I'm sure the right people will, after careful observation, get some value from what I'm posting.

Windowsill said:
Don't supose you can start your daily trading diary again??.....

Not in the same way. I don't think it's worth the risk.

trader_dante · Feb 1, 2010

secondary said:
Fair enough.

Inside bar, imo - indecision. Then a pin (sort of) testing and rejecting recent swing high. Bias for a short.

Good.

But where might it have run into trouble?

secondary · Feb 1, 2010

trader_dante · Feb 1, 2010

secondary said:
My immediate concern will be the three candles on 28 nov (sameday) lows acting as support - will probably move the stop to BE at that point.

Is there any chance you can post a chart with this area marked on?

secondary · Feb 1, 2010

trader_dante · Feb 1, 2010

secondary said:
My immediate concern will be the three candles on 28 nov (sameday) lows acting as support - will probably move the stop to BE at that point.

Agree with you that this is the first problem area although I would never move my stop to breakeven.

trader_dante · Feb 1, 2010

secondary said:
Fist red bar is the point I mentioned.

The next red bar looks like a 50% fib retracement- partial or full take profit area.

I like the idea behind the entry but there is no way you want to take partial or full profit in that lower area, in my opinion.

The whole dynamics of the situation have changed at that point.

What I would do is wait for the close of that day, find the first resistance above and pyramid your position by selling the first rally you get into it.

secondary · Feb 1, 2010

trader_dante · Feb 1, 2010

secondary said:
Because the support is contained within the average range ?

No, because traders that move their stops to breakeven are trading their P&L, not the market.

And traders that trade their P&L, don't make money over the long run.

secondary · Feb 1, 2010

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