Swingin' the currencies journal

[TAjammy]

I don't think stop losses in general make sense.but i think staying in the trade if you can is, hedging yourself with options could do that.just there isnt much info about forex options, more about stock options. i also think calculated averaging down makes perfect sense-provided you don't do it on a day when volatility is very likely, news NFP etc.

anyways, went long AUDJPY, simple trade , got in with a price action set up, in a kind of messy uptrend, pin hit 200 ema,support and a 50% fibo (killer confluence) aiming for 600 pips, could wipe my losses clean.

 

[TAjammy]

day trading wise, im short EURUSD/EJ and up 39 pips in 15 minutes

 

[TAjammy]

swingin' seems to be back on track, i got into some pin bar break trades by placing sell limits etc.
i went: long audusd short usdcad short euraud.

and that's up a nice 400 pips

 

[TAjammy]

ok- demo wont allow this but on a real account i would scale out half of my short USDCAD position for 140 pips-other half at BE. still down 660 pips from dubai.

 

[epetrov]

Hi TAjammy,
I follow your journal with a great interest

 

[TAjammy]

haha it's good to know people are actually reading this thing .

if i closed my positions now half my dubai loss would be covered, the rest could be covered in a few weeks.

announcments like that can shake you lulz

edit: on the day trading side, EURUSD long just, i have this on a seperate demo account for day trading and one for swing trading, swing trading by far is doing better .
considering just packing the day trading in, and focusing on swingin' , pullbacks in fundamentally/intermarketly strong trends.

thing about forex is a lot of the time you forget you are trading a country, an economy and you should do your best to understand economics. Me, i've been lazy and went 98% technical analysis, just buying support in the uptrends, the 2% was when i went long AUDUSD because of gold breaking highs.

aiming to get my analysis to around 75% TA and 25% fundamental/intermarket. presentation of price is 75% what is important to me, no matter if a country has increasing GDP for 20 quarters in a row, or a high interest rate, if it's in a downtrend i will not be buying i will be selling, and if it's in an uptrend i will not be selling i will be buying.

always thought daytrading stocks is better than daytrading forex, dunno i just suck at daytrading forex i guess and i was always better with stocks. daytrading stocks there is a lot of variety, you can have a scanner and be very very picky with what you trade . like if i wanted to always find cleanly trending liquid stocks im sure it would be easy enough.

 

[JER08]

"always thought daytrading stocks is better than daytrading forex, dunno i just suck at daytrading forex i guess and i was always better with stocks. daytrading stocks there is a lot of variety, you can have a scanner and be very very picky with what you trade . like if i wanted to always find cleanly trending liquid stocks im sure it would be easy enough. "

Have you considered "swing trading" US/UK stocks, or you have done that before?

BTW, on that cad trade, nice entry but if was me I would've exited the lot on the boucnce of 1.0417 this afternoon, and wait for another opportunity to get back in if it looks like falling to 1.0260.
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[TAjammy]

"always thought daytrading stocks is better than daytrading forex, dunno i just suck at daytrading forex i guess and i was always better with stocks. daytrading stocks there is a lot of variety, you can have a scanner and be very very picky with what you trade . like if i wanted to always find cleanly trending liquid stocks im sure it would be easy enough. "

Have you considered "swing trading" US/UK stocks, or you have done that before?

BTW, on that cad trade, nice entry but if was me I would've exited the lot on the boucnce of 1.0417 this afternoon, and wait for another opportunity to get back in if it looks like falling to 1.0260.
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nahj haveb't swing traded stocks before.

as i said though i covered half around 1.0417 and the other half is at breakeven

 

[JER08]

Covering half at obvious S/R levels then let the rest ride is a good strategy in theory, imho.
But when real and serious amount of money is on the line, you may, just may, change

 

[TAjammy]

true that

 

[TAjammy]

Scaling out half and other half at BE in AUDJPY for +210 pips. only down 400 pips now from Dubai

 

[TAjammy]

do other markets trend like forex? YEH damn right !

went long AAPL , test of trendline in an uptrend, simple stuff !

trading don't have to be that hard, but it's hard to make it simple ...if you get it...

got in with a tight stop, haven't looked at stock market dailies in months

 

[TAjammy]

really glad i started this journal, didn't get much readers but meh, i can take a look back at a month ago and see how i acted.

One change is that with trends i got less picky, got more rough/crude on my entry too. before i was obsessing over every high and low, now it's what the general movement is, and if its above/below my 2 emas- 200/50

 

[TAjammy]

another thing, it is incredibly important to identify whether the market is ranging or trending.

Take EJ on the dailies, there isn't a trend, the emas aren't diverging apart much, they are criss crossing, plus a nice , but very very obvious triange pattern has formed- a ranging market.

AUDUSD - mega trend , hell i'd buy without a dip

 

[epetrov]

Hi TAjammy,
interesting conclusions.
Concerning the AAPL at what level have you entered? Where did you put your stop loss and where did you put your take profit order? Why didn't wait the price to bounce a bit from the TL and then to enter the market.
For EJ and AUDUSD, would you please put a picture how you see them?
Thanks.

 

[TAjammy]

my metatrader4 crashed but luckily i have metatrader, but i got my profit hit on AUDUSD down 330 odd pips from dubai now.

about AAPL, why didn't i wait for price to rise a little? because it makes sense to buy when price is failling in an uptrend, might as well buy on weakness, get in with a tighter stop, than to wait for 'confirmation'. a nice big down bar is what you want to see buying in uptrends...for me anyway.

EJ could break out and pull back to the resistance of the triangle it's in now, buy there, not the breakout.

AUDUSD, just look at that trendline, buy the dip to it, profit target at the last swing high...simple

 

[epetrov]

Hi TAjammy,
what about your account?
Would you say your % of wins, and Av.win/Av.loss ratio?

 

[TAjammy]

metatrader4 is screwed up as in the pic shows. % wins is around 60%, average win around 250-300 pips, very similar loss

 

[epetrov]

Good results
I thik when you precise a bit and extend the win/loss ratio, it will get quite decent.

 

[TAjammy]

I usually have all of my levels drawn for a while before i take a position, like EJ, waited 3 weeks for a buy limit off that trendline- got stopped out .