Personal log... Suplemental....

[USATrader]

Hiya All!

This is a place where I will be posting my failures and hopefully, successes as I wade into the Forex ocean! This is for my personal edification and growth in Forex. I am NOT a professional trader by any stretch (at this time). I will be working diligently to 'read' the charts and proceed to trade, In my favor, from there. Again, this is my own log for my own records...

This 19th of October 2008, I have been trying out strategies that have been outlined extensively by Karmostaji here:
Karmo's trading strategy trading GBP/JPY - Excellent Fellow!

I am also using the Probability Meter and Heart of Forex by FerruFx.

Happy Pippin' days for all!!!!

FYI:

The Gif that says DetailedStatement was from Tuesday and the other is from today...
Same account....

 

[USATrader]

Been pounding at FX Since end of July 2008

Just to confirm your suspicions, I haven't been at this long. I have blown up demo accounts at the beginning just cutting my teeth figuring out the MT4 platform and trying out different brokers, etc.

Some brokers, I found out, have latency issues, probably because those that I had a problem with are either in Europe or GB and I'm all the way over on the 'Left' Coast. I have narrowed my use of broker's to 3. Have been looking at accounts with an ECN as well...

Tried several strategies and continue to hone the ones that have been promising, that is profitable

Follow me at YOUR OWN RISK... Looky loo's welcome!!!!!
Still learning.... :smart:

 

[USATrader]

Pics of some tools in my tool kit...

Here are some pics that give me the extra confirmation or exclusion to a trade.

 

[USATrader]

Here's a Pair GBP/JPY that I'm monitoring

GBP/JPY - Looking to short to @155.00.

Here are some charts...

I will look at all time frames giving extra weight to D and H4 when I'm in a Day trade, as this is, sometimes look at Week and Month.

Expecting it to continue to tank!

 

[USATrader]

Here are the results - GBP/JPY

Here are the results! Since I had to walk away from my desk my stops were hit. Still positive, but I could have seen the trend reversal and made a change, oh well. Don't complain if you take profits!
The attachment shows USD/CAD as well, This isn't my trading, testing an EA on that pair.

All in all, looking good.... :cheesy:

Consistent outcome, THAT'S what I want!!!!

Continue more of the same tonight.....

 

[USATrader]

Alright, here is a mess of a couple of trades. Not, waiting for clear and present signals, going on weak signals isn't the way to go... at ME! I should know better......

When in DOUBT, stay OUT! It's a better position than a losing one.

 

[USATrader]

I notice some 'brick' laying on this pair as well. Appears that when these bricks are confirmed, provide support...

Thought I'd post it...

 

[USATrader]

Leaving some trade cookin! I have an alert on a price downwards but I hope it doesn't go off! I need some

Back in a few hours....

 

[USATrader]

Ok, another thing to be leary of....

Keep alternate channels open for trades!!!! I had several going and was getting a Common Error window, even after shutting down the MT4 platform a couple of times, I saw my window of opportunity close!

Got this from chat:
Client Services 80: If this is a Demo account the problem should be fixed soon
Jose Rivera 5300671: Yes, it is... Can give some leeway because this is a demo, however, makes me nervous if I open a live account
Jose Rivera 5300671: I'll give it a try now..
Jose Rivera 5300671: And it's working....
Client Services 80: Live accounts are held on separate servers so it did not affect them, however, if there was a problem like that with the Live accounts please contact us right away and we can give you quotes etc....
Jose Rivera 5300671: Would I be able to place orders or close them with this chat? Or needs to be by phone?
Client Services 80: You can use this chat system to close and open trades. Sometimes when the servers are down we can't open new trades but we could quote prices at which to close trades etc...

Now, I need to keep near a chat window as well as the phone number! I should have caught this myself instead of smacking my head against these type of errors.
Now I know, and knowing is half the battle!

 

[USATrader]

Trying to clean up the mess of the error... GBP/JPY

Seems that I clicked too many times the order window! Some of the trades actually went through! None of the close orders but the sell orders came through!!!!! Too bad I couldn't trade them correctly. Oh well, ce la vie!

Now, to focus on the mission, to minimize my losses OR try to ride the drawdown to positive territory, I need to figure out what I can do with these trades....

Well, here is the damage...

Trading Note:

I seem to have Support at 156.62 - my Weekly S3 Pivot. Price keeps bouncing off here. If it breaks here, probable to make profit. I will wait and see, if it retraces back to @ 158, 'bout halfway to the Daily Pivot point, I'll have to take my humble pill, and take the hit, close all shorts!

My H4, D1 and W1 show a possibility of downward movement. We'll see.

 

[USATrader]

Intently viewing...

Lookin' better, see if any formations appear.... Checkin' out the MA's.

 

[USATrader]

Just under my GANN line on the 5 and 15 M TF. Keeping an eye on it, looks like temp resistance...

5M TF looks to be poking at it now....
Also, poking up on my Violet 5 SMA....
Still way under my Green 60 SMA and Orange 200 SMA... Ray of sunshine...
Down trend line, looks to be providing some resistance as well...

:?::!::?::!: Next... I'll see what the chart says, hold on to your hats!

 

[USATrader]

Getting down to my max drawdown levels... Ok, now, if the chart really start to show the Bulls, I'll have to do a quick dump of my positions...

Hopefully, I'll learn from my mistakes!!! No guarantees tho'....

This trade journal should help keep me in line.

All you other newbies and experienced traders will do that as well, that is keep me in line! Just by knowing SOMEONE is looking at my trades and I have to explain my logic clearly here clarifies my mind. Ooommmmmm!!!

 

[USATrader]

Weekly S3 Support level broken, a couple of my positions closed in profit!:clap::clap::clap:

I'll ask the chart what it'll do next...

 

[USATrader]

It says, it wants to go higher but hasn't decided how low it will go!!!

Got a couple of positions left on the GBP/JPY, hold over from the mistake I made...

Wait 'n see....

 

[USATrader]

Well, GBP decided to go up. However, the Down trend line is holding it back at 158.33. Also, the 200 SMA has only an upper shadow poking at it so it looks like it will hold the price from going further.
Waiting for it to bounce down....

Still got 2 positions on GBP/JPY mistake... Waitin' to react.

 

[USATrader]

If it does break up past the down trend level, I'll be forced to dump my shorts!
An embarrassing mooning scenario! :whistling

 

[USATrader]

Since London market closed, have to see if the US market will have enough momentum...

Still waitin' and seeing...

 

[USATrader]

Looking at my GBP/JPY positions, I should have at least let half go at a loss when I hit the S3 Support a couple of hours ago...

Well, eventually, I'll get these hiccups in my head and not let them be such big hiccups...

Still bumping up to the 158.33 resistance. Wait and see if it breaks....

I set my stops and will let it go...

 

[USATrader]

Ok, all GBP/JPY have been closed, frayed nerves not withstanding. Got through alright, banged up a little with some losses, but a save it was! Breakin' through the S/R's, SMA, Pivot, brick jungle, to get out, though better than barely alive! :rambo:

Don't want to try that again...:drunk:

The pressure and this journal kept me from being emotive and just reacting to the charts. Not what I wanted to happen but what the chart was saying. I want to take this away from this mistake.

Posted are the results... still in profit @ $600.00 US. Much better than the $4000.00 plus drawdown...