420trader's Forex Journal

[420.trader]

Hey everyone!

I just joined the boards a few days ago after creeping around for several weeks. I also wanted to post a journal in this forum for a while but got nervous ...but during that time, I've made some positive trades :cheesy:

I post most of my trades on my blog at http://www.420trader.net but the blog is more for myself than it is for other people. I wanted to make a journal on this forum so I could get opinions from better traders because I am still a newbie. You can check some of my older trades on my blog.

I am from New York City but I moved to South Korea a year ago. I am planning to move to Singapore at the end of this year and then move to Shanghai in 5-8 years.

I trade forex but I am studying options right now as well as playing around with ThinkorSwim. It's tough being a lone-trader; back in NY, I had a lot of friends interested in finance which helped me to bounce ideas, get motivated/inspired and just enjoy the job more. Now that I'm in South Korea, I don't know any traders or anyone really interested in even finance or economics. Hopefully this forum will change that

I use FX Solutions and am trading small right now. I look mainly at the 4HR, 1HR and 15M charts while observing the Daily; I tend to focus the most on the 1HR and 15M. I look at the AUD/USD, USD/JPY and EUR/USD the most but now I'd like to expand more. I am most comfortable with the AUD/USD as it is the first currency I began to look at. I always wanted to try out the GBP/JPY. I use a lot of trendlines, support/resistance and 5/13/50/200 EMA's and aid it with the RSI, CCI and MACD. My trades so far tend to be quite small; in other words, my stops are tight and so are my targets. I'll usually go for 20-60 pip gains and 10-30 pip stops. I think this is because I'm still a bit antsy when price goes a few pips in any direction - I got my eyes glued on the charts I'd like to change that. I want to try and make trades with bigger targets and bigger stops without being emotionally tied to every pip move - easier said than done.

Looking forward to hearing a lot of criticism and advice. A lot of times I know what I'm doing wrong but for some reason I can't fix it

I'll add more when I can think of more things to write and I'll update with my trades. Thanks for reading!

 

[420.trader]

I just entered a trade but I'm afraid I may have entered the trade just because I made this thread - meaning I did not follow my own rules thoroughly...or I'm just really lacking confidence because it's my first trade posted on Trade2Win.

AUD/USD

Short: 0.9982

SL: 1.0007 (25 pips)

TP: 0.9940 (42 pips)

I'm afraid I entered my position prematurely as I usually don't enter a position until a break of a trendline (*note, sometimes I get lost in my own technical analysis, especially trendlines).


I have the charts posted at my blog here: http://420trader.net/?p=859

 

[420.trader]

Well I've managed to enter a short at the true bottom. The AUD/USD made a 30 pip move up within an hour to knock me out of my trade.

Sometimes I feel like if I go long when I want to go short and I go short when I want to go long, I'd be rich.


Hit SL at 1.0007 for a loss of 25 pips.

 

[420.trader]

I'm currently watching the AUD/USD for a setup. The AUD/USD has rallied past 1.0000 and is currently in a strong supply/demand zone (between 1.0110 and 1.0130). I plan on entering my position on a breakout of either direction. I am looking for a short back down to the last demand zone (between 1.0020 and 1.0055), but I will take a long if price breaks out to the upside.



Any thoughts?

 

[420.trader]

I'm also looking at the EUR/USD for a trade; biased to the short side.

If price continues it's fall and drops to 1.3585-ish, I will enter a short and take it down to the 1.3500 level.

You can see all three charts here:
http://420trader.net/?p=871

 

[420.trader]

I'm currently in a short position on the EUR/USD, which may have been premature again. I entered my short on the break of my 15m trendline, but there was not enough confirmation on my 1 HR Chart. I have CCI crossing, RSI turning down and a MACD crossing under on my hourly but no trendline break.

Short: 1.3595
SL: 1.3625
TP: 1.3552


I did not realize this, but apparently after FIFO rules were put in place in the US you cannot have two different Take Profit orders on one single trade - unless the lots are different sized lots. I usually trade three lots with three different targets but all with the same stop/loss. I was told that I should check out FX Solutions UK because the UK does not have FIFO rules. Now i have to look more into this but I thought you could have two different Take Profits (or targets) with one trade. Anyone know anything about this?

 

[420.trader]

I'm seriously thinking about moving to FX Solutions UK now. If anyone else has some input on anything in the last several posts, I'd be grateful.

 

[420.trader]

Short: 1.3595
SL: 1.3625
TP: 1.3552

My target was hit for a total profit of 43 pips. Adding about 2% to my account.

http://420trader.net/?p=880


I've been waiting and waiting for the AUD/USD trade but while I was at the gym it looks like it already broke out. I don't want to break my rule and enter now but it's still tempting as I see there's more room for the AUD/USD to drop. What do you guys think about getting into the action a little late? This is the first candle that is breaking out of the supply zone. It seems like there was a fake-out to the upside a few hours ago.

http://420trader.net/?p=866

 

[420.trader]

I've been waiting and waiting for the AUD/USD trade but while I was at the gym it looks like it already broke out. I don't want to break my rule and enter now but it's still tempting as I see there's more room for the AUD/USD to drop. What do you guys think about getting into the action a little late? This is the first candle that is breaking out of the supply zone. It seems like there was a fake-out to the upside a few hours ago.

http://420trader.net/?p=866

Well, it's a good thing I didn't over-trade or enter a position on the AUD/USD yesterday. The AUD faked out to the upside, then to the downside then shot up.

http://420trader.net/?p=866

 

[420.trader]

I just got back from Thailand playing 36 holes of golf a day. I'm back with a dark tan and plenty of sunlight and ready to trade.

I just switched my account from FX Sol LLC (US) to FX Sol Australia. I decided to go for Australia instead of the UK simply because I live in Asia and I travel to Australia more often than I do to the UK. I wanted to get away from NFA FIFO rules.

 

[420.trader]

Long on GBP/USD after big drop.

Entered trade out of boredom/antsy-ness. Been wanting to trade all week but haven't seen great setups. Probably a bad decision

http://420trader.net/?p=925

 

[Doomberg]

Hey mate good luck with this, it seems that people only seem to talk to you if you have a 500 post count or higher.. lol jokes, i mainly trade bank shares but looking in to forex... do you think its a good set up to use?

 

[420.trader]

Hey mate good luck with this, it seems that people only seem to talk to you if you have a 500 post count or higher.. lol jokes, i mainly trade bank shares but looking in to forex... do you think its a good set up to use?

Hey, sorry for the late reply. I haven't posted a lot on this forum because I don't really get any replies. Not saying my thread is great, but simply lacking traffic I suppose.

If you already have some background in trading, I think forex is a great addition. Which setup are you referring to? Or are you just asking about the way I trade? my trading is pretty simple and straightforward, nothing fancy. I use trendlines, S/R, EMA's, CCI, RSI, MACD. That's about it really. If you ahve any more questions, feel free to ask


I'm currently long the USD/JPY over the news, though I'm strictly a technical trader :innocent:

I missed the lightning fast 100 pip move this morning at 7AM; I got to work at 7:30 and missed it I'm long at 81.44 but 80.57 would have been a nice entry

I can't see the Yen continuing to strengthen even with repatriation views. I'm still surprised that the Yen strengthened all the way to 80.57! I may continue to scale in as I see fit.

 

[420.trader]

Here are my two trades for today (you can read explanations and see images in the links):

This is my USD/JPY trade; I missed the big move from 80.57 to 81.40, but I got in at 81.44 in time for Shirakawa's injection of 7 Trillion Yen ($86 Billion). It hit one of my targets of 82.00 and is continuing to rise:

http://420trader.net/?p=934

This is my EUR/USD trade today. I jumped in a bit early from excitement over the USD/JPY trade so I am at a paper-loss at the moment. I am bearish on the currency right now. I entered at 1.3923, price is at 1.3930 after rising all the way to 1.3947:

http://420trader.net/?p=942