The apprentice's Journal.

[AspiringTrader.]

Took a long position on Gbp-Usd.

Entry 1.6092
Stop 1.6030
Target, undecided just yet

Unfortunately I made this entry from my phone at work so I havent got any pics of charts to post just yet, but will do soon as I get home. I made my entry based on the price action just falling through the core support level then followed by a small retrace and closed hourly small bullish bar above core support. 15m also closed favourable as well.

Fingers crossed.

 

[AspiringTrader.]

Charts as promised.

 

[AspiringTrader.]

Considering moving to BE after the trade just rallied 100pts in 5 minutes, it retraced 50pts but if it holds i'll move to BE


* EDIT * Have decided to keep my stop where it is, only because previous consolidations on Daily TF. Still unsure of target yet, will wait till close of the daily to gain better insight of where this trade might head, if i don't get stopped out before then, that is.

 

[AspiringTrader.]

Ughh, Stopped out. Frustrating, especially after that 100pt spike in my favour, then dropping near on 200pts. I was confident about that one too. Oh well, trading ey!

Well that said, i'm off to find a rope and a sturdy tree.

GL

 

[AspiringTrader.]

Alright, not to worry, haven't necked myself just yet, but have gained composure.

Been looking over my last couple of losses and have realized i might not be asking enough from my setups, i just don't think they are as strong as they could be or i'm not waiting long enough, just too trigger happy. For instance, my last two trades have moved at least 50pts in my direction before taking a massive tumble and eventually stopping me out. So it's as if visually there is a setup there, but it's just not strong enough to see out the moves i would like it to. I mean, okay yes i could have taken 50pts on the trades, but they weren't what i was looking for as a target. My stop is 50pts, i'd at least want to have a target of 100pts for good R/R.

Need more confluence in my setups and not such a narrow view of it all, more market momentum before entries. Be more aware of fundamental market direction, need to read more news, keep up to date with all data announcements to get a general feel of a countries economic direction.. idk. Hope this helps my next trade.

 

[AspiringTrader.]

And..

 

[AspiringTrader.]

3 Trades, 1 profit, 2 loss

1 +25
2 -49
3 -62

total - 86 .

Hopefully i can improve.

 

[AspiringTrader.]

Would you believe it, i'm long gbp/usd again...

Entry 1.6017
Target 1.6065
Stop 1.5960

Stronger setup, smaller target, charts attached.

If it moves in profit before data comes out, i'll move BE.

* Edit * Bad data out

 

[AspiringTrader.]

I hate life.... lol

 

[AspiringTrader.]

not trading until next week

 

[Skibbatechno]

Hi AspringTrader I just wanted to say thanks for the journal as i'm looking to start trading forex over the next few weeks, its made for interesting reading. Hope it works out for you.

 

[AspiringTrader.]

i don't hate ,but i feel it bitter sometimes !

Haha i don't hate it that much, but it sure does seem to hate me!

 

[AspiringTrader.]

Hi AspringTrader I just wanted to say thanks for the journal as i'm looking to start trading forex over the next few weeks, its made for interesting reading. Hope it works out for you.

Glad you like it! hopefully i can turn it around sooner than later.
GL with trading forex!

AT.

----------------------------------

No trades today.

 

[AspiringTrader.]

Short term intraday trade, long Gbp/Usd.

entry 1.5804
stop 1.5750
target 1.5867

I understand Cable is still probably quite bearish overall, but i took this short term trade on the back of expected Gbp CPI data which was .1% up on last time. Now normally i wouldn't think this is such a great deal to go long, but the data was rumoured to come out weaker than expected which then started to form a range and sold off 100+ pts back down to support . So i'm hoping the hourly pin bar rejection off support will retrace the fall and continue to play the range and rally up off support considering the data came as expected and not weaker.

Charts att.

AT.

 

[AspiringTrader.]

Moved to BE

 

[AspiringTrader.]

Stopped out BE.

 

[AspiringTrader.]

Looking for possible Short on Gbp/usd.

Cable has broken through support on both daily and weekly and could look to make a move lower, waiting on Gbp jobless claims data to be announced in the next half hour to give me an indication of what the pair might do.

Looking for hourly to retrace to yesterdays lows for entry signals which could act as new resistance. But i think mainly the data will play the main role in what i do, weaker than expected data could mean quite a substantial drop in the Pound, where as expected or better than expected i'd like to see a rally then look for short entry signals on points of interest.

Hopefully..lol

Cheers AT.

 

[AspiringTrader.]

Better than expected data, will wait it out and watch for possible rally. Then look for shorting opportunities.

 

[AspiringTrader.]

Still watching for short on gbp/usd, still expecting some what of a retrace on daily before selling off. If it doesn't retrace and sells off i'll try and sell into strength upon the breakout.

Hopefully.

 

[AspiringTrader.]

Short GBP/Usd

Entered on break of 1.5705 on daily, overall i think the weekly and monthly are showing a bearish bias, plus it's again moved to new monthly lows, albeit only a few pts on the 1.7505 but still it managed to break through.

I was hoping to wait until wednesday for BoE minutes and FOMC rate decisions, but i'm trying to trade the market as i currently see it and not just hoping it will hold off until then, if in fact it does decide to hold the breakout.

Anyway, still a little worried of a bounce off 1.5705, but will manage the trade according to what the pair does.

Entry, 1.5697
Stop, 1.5760
Target, new lows