My FX Journal - 80% Fundamental 20% Technical

[FXX]

I have downgraded my Ransquawk to the lite version which gets me delayed audio and real-time text headlines with access to some research like the central banks hawks and doves cheat sheet. I have enabled the Xenith subscription again and have also signed up to tradingview.com for their brilliant charting services. Going forward i need to alter my approach to be less soft sentiment and more hard sentiment where it lasts several sessions or longer. I am spending too much time during the working day focusing on trading and don't want it to affect my work. So here is my new approach

The process is going to be similar with exception to trading soft sentiment which is driven by daily news. I will be looking to taking trades post data releases\speeches with unexpected data that can drive sentiment longer. The trading will be all swing trading and i expect to spend 2 hours every night working and keeping an eye on data releases and setting alerts when price hits trading zones.

My journal will change slightly also. I am going to change the content to include my analysis at the start of every week and any changes or trades during the week will be posted. If i have time (working from home or can spare some time at work then i will do the odd soft sentiment trade if its a no brainer and i am around at the right time.

 

[FXX]

Today i am going to spend time setting up tradingview (i am currently working from home) and Eikon which i have mostly setup.

 

[Brumby]

Today i am going to spend time setting up tradingview (i am currently working from home) and Eikon which i have mostly setup.

Given the lack of tier one data this week, you haven't missed anything so far. I am curious, generally how do you use trading view?

 

[FXX]

Given the lack of tier one data this week, you haven't missed anything so far. I am curious, generally how do you use trading view?

It is one of the best charting platforms I have used feature wise. You can overlay instruments and the tools available are super handy (i.e. economic release calendar indicator + alerts email or sms)

The main reasoning behind using it though is having a web based platform that i can access on any pc\device and all my work is saved on it. This is a tremendous aid since i am constantly between several different computers + my mobile.

 

[FXX]

example of the economic indicator on the chart

 

[FXX]

NZB statement yesterday has given an opportunity to sell NZD. The forward guidance brought forward a rate hike to Q2 2019 from Q3 2019. This boosted the NZD but really nothing has changed and they are still divergent with other central banks tightening. Looking at USD which is on a tightening cycle I believe it will further strengthen against the NZD going forward (unless USA fundamentals change). The 4 hour chart is at a nice level for an entry and i have a target sitting in the area of 0.6700

 

[Nowler]

example of the economic indicator on the chart

I have a similar thing on my brokers platform.
I've never really heard many other people talk about such an indicator but I think it's fantastic! Even if I don't trade the news, when working out where I think price is going to go I just throw my eye down to the bottom to see if there's any scheduled news likely to intersect with my trade duration.

Simple but very useful!

Another underrated thing is the extended cross hairs coming from the mouse cursor. I use it all the time

 

[FXX]

I have a similar thing on my brokers platform.
I've never really heard many other people talk about such an indicator but I think it's fantastic! Even if I don't trade the news, when working out where I think price is going to go I just throw my eye down to the bottom to see if there's any scheduled news likely to intersect with my trade duration.

Simple but very useful!

Another underrated thing is the extended cross hairs coming from the mouse cursor. I use it all the time

hows your progress going?

 

[Nowler]

hows your progress going?

Nothing much to report.
I just spent some time watching how the charts react pre, during and post economic releases. Gaining a familiarity with the craziness that ensues Running things through my head as it happens..

I was about to deposit another little bit onto the account yesterday. My thinking was that depositing even just a small bit more might help with my psychology. Bringing the account balance a little beyond what was ever in the account before might help me look at this account as less of a practice/exploratory account and therefore take it more seriously. I had to pop out then and never got around to it

I have come to the notion that spread betting accounts aren't the best types to be using when trading news. The widening spread kills me... it either takes me into a trade that I don't want to be in yet as price never actually reached there, or it takes me out of trades when I shouldn't really be. The widening spread sucks!

 

[FXX]

Risk off

market has risk off sentiment this morning. Waiting for yen to move

 

[FXX]

Took a short GBPUSD last night on the open at 1.31723 on the news of 40 MPs looking to sign a vote of no confidence in May.

 

[FXX]

Took a short GBPUSD last night on the open at 1.31723 on the news of 40 MPs looking to sign a vote of no confidence in May.

out for 80 pips

 

[Brumby]

out for 80 pips

Good catch.

 

[FXX]

Good catch.

hows it going your end?

GBPUSD looks good for another entry here for a test of 1.3

 

[Brumby]

hows it going your end?

GBPUSD looks good for another entry here for a test of 1.3

I am still bearish on the GBPUSD pair with a target to at least $1.2950 but it needs to first break decisively $1.3040/30.