My journal - Spread-betting 7 FX pairs

This is a discussion on My journal - Spread-betting 7 FX pairs within the Trading Journals forums, part of the Reception category; Originally Posted by wellray Thanks, I guess that's a mixture of rules with an amount of discretion. I previously tried ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Apr 26, 2010, 3:46pm   #73
awe
Joined Apr 2010
Re: My journal - Spread-betting 7 FX pairs

awe started this thread
Quote:
Originally Posted by wellray View Post
Thanks, I guess that's a mixture of rules with an amount of discretion. I previously tried trend following but won a load and lost a load - couldn't stick to the rules really but ultimately the timeframe didn't suit me and the way of choosing stocks - I should've been doing some fundamental analysis too I think. I've been reading books now and on the message boards trying to find "an edge" for swing trading. I'm looking for 3-15 day swings rather than intraday and I'm starting to use S/R & MA's now again to enter and exit on uptrends. I spreadbet using IG (although experience of IG has been poor). I liked DionysusToast's mixture of fundamental + technical although it's a lot of work.
I do need a method to follow as the more discretion, for me, the more emotion and attachment comes into play and profitable trading needs to be boring. I do look at charts draw the lines and do the techical analysis and then ask Why? Why do I think it will go in that direction? Hopefully I can become comfortable that TA is sufficient for stocks or commodities or forex - the search is on!
Your journey sounds very familiar to me and I'm sure many others. It's a well-trodden path that's for sure!

I don't think there's a shortcut to experience and finding out the hard-way. I think if someone can come along, learn a proven trading methodology and stick to it then they're not human.

I've tried SO many indicators but came to the conclusion that they're all just different ways of displaying the information that's already in the charts, so I've kinda gone full circle and back to just drawing my lines and using S/R and MA's.

TA works, in my opinion, because aside from supply and demand (which I don't think affects FX as much as stocks and commodities) it's all about emotions (greed and fear) or perhaps not even that so much nowadays as plain old expectancy. What people expect to happen given certain things. The beauty of it in my opinion too is that it's so predictable. Thousands of people thinknig "the price bounced solidly off that level before, it will probably do it again so I'll put a long/short order in now just in case" when all those people thinking the same enter those orders it becomes a self-fulfilling prophecy and that re-enforces the belief in those people for next time.

The real magic I think is in money management. I still buzz about that since I discovered for myself how I could pick more losers than winners and still make money. Sure I'm in the infancy of my new trading path, but I do feel this is as close to "cracking it" or having "an edge" as I've ever been.

Good luck and please stay in touch.
awe is offline   Reply With Quote
Old Apr 26, 2010, 4:12pm   #74
awe
Joined Apr 2010
Re: My journal - Spread-betting 7 FX pairs

awe started this thread Not gonna post a video just to give my thoughts for the markets as it'll be far quicker and easier just to post it here;

GBPUSD - Seems to be trading in a narrow range for the past 2 weeks with most daily candles covering a significant amount of the channel so would make a continuation trade difficult. Waiting for a break to the high or low side.

USDCAD - The overall trend here is still down with the current lows not having been seen since July 2008 so makes trading in my opinion difficult given the usually short daily ranges. Can't see anything happening on this pair for a while.

EURGBP - Broke to the downside of a sloping support line that I'd drawn and has retested previous support from January. If this support breaks to the downside I may put in a short position. I actually quite strongly think this will happen and it'll be a nice and pretty fast move. I may also go holidaying in Europe too if that happens and gets near out Oct 2008 lows.

USDJPY - I see resistance around 94.580 which if broken could see a nice run up to around the July 2009 high or a nice bounce off that resistance could see price fall back into the current channel to the 92.050 support area with no major MA interaction.

EURUSD - Recently this pair has been retesting the previous support at around 1.32770 and it hasn't broken. If it does we could see price move down to around the April 2009 lows. If it bounces properly we could run up to around the 1.36070 level or more conservatively the 1.34990 level.

USDCHF - Price recently re-visited the highs of February 2010 and failed. I'm hoping to see two consecutive red bars before entering a short position and riding the continuation of the recent channel down to around 1.05060

AUDUSD - I think Ill be staying away from this pair for a while yet. Nothing seems to be happening and it's proved for a couple of very hairy trades lately. I've got a triangle drawn on my daily chart which should run out of room over the next couple of days. I think I'm only likely to play a break to the upside of about the 0.93730 resistance area, but even then I'll be cautious.

In short I'm closely watching; EURGBP, USDJPY, EURUSD and USDCHF.

N.B. - This is purely based on technical analysis, if I do consider entering a position I'll also refer to the news releases affecting these pairs.

Last edited by awe; Apr 26, 2010 at 4:12pm. Reason: Making the post a little more readable
awe is offline   Reply With Quote
Old Apr 27, 2010, 11:55pm   #75
 
wellray's Avatar
Joined Dec 2007
Re: My journal - Spread-betting 7 FX pairs

I agree, it's the greed and/or the fear, but hardest is the discipline. I'm reading pozzyp's journal at the moment too. He's a pro sharing his setup rules for intraday forex. Very interesting and might be worth a look for you
wellray is offline   Reply With Quote
Old Apr 28, 2010, 12:02pm   #76
 
4 Posts
Joined Apr 2010
Re: My journal - Spread-betting 7 FX pairs

Hi
Just started looking at you journal looks good.
Im new to FX and need all the help i can get
regards
hamham is offline   Reply With Quote
Old Apr 28, 2010, 4:23pm   #77
awe
Joined Apr 2010
Re: My journal - Spread-betting 7 FX pairs

awe started this thread
Quote:
Originally Posted by hamham View Post
Hi
Just started looking at you journal looks good.
Im new to FX and need all the help i can get
regards
Hi hamham!

Welcome to the board and thanks for posting. I hope my journal can be of use to you and if you have any questions feel free to ask.

My immediate suggestions for a new FX trader would be; if you haven't already done so, open a demo account with a broker and get used to their trading platform, I use MetaTrader 4 and can highly recommend that.

Then read read read! Get all you can out of services like investopedia.com and from the brokers online literature resources. IG Index and Alpari both have some good online texts you can read.

And thirdly, join a forum like this one and ask questions!

Happy trading!
awe is offline   Reply With Quote
Old Apr 28, 2010, 4:25pm   #78
awe
Joined Apr 2010
2 potential new trades

awe started this thread Hi guys,

Here is a video documenting my reasons and thinking behind two trades that I've entered (but have not yet been filled/executed).

I've gone for a short on cable (GBPUSD) and a short on fibre (EURUSD).

Give me seven minutes, and I'll bore you to tears...


UPDATE - Neither trade has been filled yet. I've adjusted the stop and limit on cable to move the entry point down slightly in the hope it will get filled today.

UPDATE - OK so my short order on EURUSD got filled. Here's an update video...

I stopped recording too early, I hadn't gone over the news...


I forgot to mention how the news at 13:30 might affect my cable trade. If I get filled on the order prior, then it will hopefully have the same beneficial effect I'm hoping it'll have on EURUSD. If I'm not filled on cable and the price moves away I'll probably pull the trade.

Best,
awe

Last edited by awe; Apr 29, 2010 at 12:31pm. Reason: Update
awe is offline   Reply With Quote
Old Apr 30, 2010, 12:28pm   #79
awe
Joined Apr 2010
Re: My journal - Spread-betting 7 FX pairs

awe started this thread Not trying to thread bump at all, honest!

Just forgot to add my Skype ID in a previous post. It's mitchell.mann1
awe is offline   Reply With Quote
Old Apr 30, 2010, 6:24pm   #80
Joined Apr 2008
Re: My journal - Spread-betting 7 FX pairs

Hi awe,

Interesting and informative journal you've got here, will be adding this one to my favourites.
LiamH is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Spread Free Spread Betting mikeyk Spread Betting & CFDs 15 Apr 14, 2015 3:12pm
Pairs Trading UK & US Stocks Journal stocktrader77 Trading Journals 119 Apr 8, 2015 2:12pm
Journals in Binary Betting & Spread Betting j2a_aj Fixed Odds & Binary Betting 0 Oct 16, 2009 5:46am
Political Betting Journal arabianights Trading Journals 15 Jun 8, 2009 9:27pm
spread betting salvatore Spread Betting & CFDs 5 Jan 20, 2004 11:57pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)