My journal - Spread-betting 7 FX pairs

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Old Apr 16, 2010, 3:56pm   #64
 
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Re: My journal - Spread-betting 7 FX pairs

Hi Awe, looking at Aud/USD, resistance at 9320, I guess you went Long? But if so, I'm wondering why you didn't wait until price gets to around 9400 i.e. a breakout. Minor support at 9140, which if gets near I think would be good for a long bet. What's your thinking / analysis?
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Old Apr 16, 2010, 4:41pm   #65
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Re: My journal - Spread-betting 7 FX pairs

awe started this thread
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Originally Posted by wellray View Post
Hi Awe, looking at Aud/USD, resistance at 9320, I guess you went Long? But if so, I'm wondering why you didn't wait until price gets to around 9400 i.e. a breakout. Minor support at 9140, which if gets near I think would be good for a long bet. What's your thinking / analysis?
Hi, wellray!

If price had broken 0.94000 I would have waited for a pull-back to that level before trading long but with my current method of trading looking for a 3:1 risk/reward ratio on trades there wouldn't have been anything recent (in the last year) to use as a benchmark for setting my goal/limit/profit target for the trade so I may have not traded at all, hoping to trade the preferred bounce off resistance and down into the channel.

Today started with a nice drop bouncing nicely off the 200 SMA before another 5 consecutive green 1hr bars, I was predicting a pull-back before a contination upwards towards the 0.93540 level. This was a pretty tight trade but the recent up-trend and strong upwards 200 SMA lead me to believe the price would still continue upwards. Cue timezone quirk and a shake-out however a further re-enforcement of the 200 SMA as support ensued so a long was still considered possible.

With hindsight I have been extremely fortunate with AUDUSD today as after closing my second trade, for a nice profit this time, the 200 SMA has been smashed to the downside. Close call.

I had lines drawn around the figures you mention so perhaps next week we'll see some nice action from those areas.
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Old Apr 16, 2010, 7:07pm   #66
awe
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Re: My journal - Spread-betting 7 FX pairs

awe started this thread I've just added video 2 to the series for today on the post on page 8.
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Old Apr 19, 2010, 10:04am   #67
awe
Joined Apr 2010
Monday 19th April 2010 - New week

awe started this thread Hi all,

Here's a 6 and a half'ish minute video giving my opinions on the scheduled news for today and a re-cap over my USDCHF trade from Friday that is still open and nicely green.

I also give my thoughts on two pairs that I'm considering trading today; USDJPY and EURUSD. Of the two the EURUSD looks the more favourable as the trading range I'd be looking to work in is widest and therefore in my opinion more predictable. Would wait until after 10:15 BST to get in though so that the 'Medium' importance news can be priced-in to the market.

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Old Apr 22, 2010, 8:22pm   #68
awe
Joined Apr 2010
I'm still alive

awe started this thread Hey all,

Just a quick note to say that I've not forgotten about or lost interest in this journal.

The recent volcanic eruption in Iceland and subsequent closure of UK air space until yesterday has meant that I am two members of staff down until the middle of next week. Thus their workload is now my workload as my other staff are already at capacity.

Therefore with trading still only providing play-money it's had to take a back-seat.

I do intend to give this journal more attention as soon as time permits.

I received my copy of 'Trade your way to financial freedom' by Van K. Tharp today and it looks better than I'd feared so I'll be ploughing through that over the coming week or two.

My last video showed my open long trade on USDCHF where I'd just moved my stop up to just inside break-even after a nice move north. What happened next...


That's it for now people. Happy trading!
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Old Apr 23, 2010, 3:34pm   #69
awe
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Re: My journal - Spread-betting 7 FX pairs

awe started this thread Hey all,

If any of you use Twitter or Facebook to stay in touch then feel free to follow/add me. @MitchellMann on Twitter and 'Mitch Mann' on Facebook.
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Old Apr 25, 2010, 12:44am   #70
 
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Re: My journal - Spread-betting 7 FX pairs

Hey Awe, with the benefit of hindsight for USD/CHF, regarding moving stops.... we always want to protect profit asap. while at the same time giving the trade some room, however you placed your stop right on a point of previous resistance and support, which ultimately was retested and hit the stop. I think stops should be placed slightly away from these for that reason. In this case it would also have meant the possibility of a losing trade, so tough one.
Re. trading the plan, can you spell out your rules to enter a trade? In this case you waited for a green candle to breakthrough resistance, touch the 200 then entered on a pullback, to jump on the breakout up. but this wouldn't be a setup for all trades right?
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