Journal: In Pursuit of Success

[Sactown1]

Let me start off by saying that this journal will be used to help me grow as a trader, and make myself accountable for my actions(trades). I will journal some of my analysis and trades, and hope to get some feedback from other traders.

My background:
I am 22 years old and currently a College student in my last year, and will be graduating in December with a degree in business. I have been day trading futures for the past 1.5 years(demo+live) . I managed to come up even on my equity, after losing more than half...lucky or not. I have read many books, threads, and articles on trading methods and analysis.I have learned alot from my own trading experience and many posters on this and other forums. I have been preparing to enter the forex markets for the past couple months, over this time period I feel that I am prepared to start trading.

Method:
I will be swing trading forex, with the help of some basic technical analysis, Sentiment reports(COT, SSI etc.). Trading in the direction of the trend(trend is your friend) and entering based on some basic PA and pattern analysis.

Goal:
My goal is to grow as a trader and maybe help others to do the same, as they learn with me

That is the immediate goal of this journal, but by the end of this year, I want to be a proficient and profitable trader...and begin my career in the financial industry. I am graduating from a state university in California, and as many of you know it is very hard to break into the prop trading/fund management business without graduating from a tier 1 school. If I can show some proficiency in this craft, I believe I have a leg up on some of my competitors...so let the this journal begin!

 

[Sactown1]

COT Analysis 7/9/10

EUR:

-Net shorts decreased quite a bit from last week, and market is still quite net short, historically speaking.

-COT index is at bullish extremes which confirms large short covering episode seen in the net position changes.

-Market has been experiencing upside pressure from unwinding of short positions and adding of longs, and it looks as if this will be the case for the time being.


GBP:

-Net shorts increased marginally from last week as pound rallied indicating some selling into rallies. Net shorts are now well off of extreme levels reached ~3 weeks ago.

-COT index is near bullish extreme indicating unwinding of short positions.

-Pound has went through a corrective phase as many shorts have unwound positions, market looks to be consolidating and upside pressure looks to have abated for now as supply looks to be entering the market. Would watch for possible shorts on confirmation.

JPY:

-Net longs have increased slightly from last week, and market firmly net long.

-COT index is at bullish extreme for last two weeks indicating accumulation of long positions.

-Yen has experienced a break to the upside, but short term bottom looks to be in place. COT index may indicate possible correction.

 

[Sactown1]

July 11 notes:

EUR/USD:

Upside momentum remains intact would watch for longs at pullback.

GBP/USD:

Supply has come into market and put short-term top is in market, would watch for shorts at top end of range. If there is a break to the downside, would watch for hold and downward thrust.

USD/JPY:

Yen looks to have put in near term bottom as support has came in to market, held above support zone at first test. Would watch to see if it holds into Monday for possible longs.