Rav 2008 Forex Trading Journal

[rav700]

I am starting my new journal here on trade 2 win...as I do not wish to post comments on the main boards due the impact it has had on my trading. I am literally using this journal as a forex trading journal.
After going full time trading has had its ups and down..I guess in this journal some people would get an insight of exactly what the thought process is when a part time trader goes full time..I will be posting exactly what I trade and how I trade...
Currently I trade most majors and the ey and gy as well on the odd occasion.On the side I do also trade the ftse..for a little bit of extra fun...
Good luck and I hope that my journal will be a true reflection of trading..
RAV700 will never give up..:clap:

 

[rav700]

The Calender for Monday the 7th of July 2008
Mon
Jul 7 12:30am AUD Construction PMI 36.9
1:30am JPY BOJ Governor Shirakawa Speaks
6:45am CHF Unemployment Rate 2.5%
All Day ALL G8 Meeting
Tentative GBP Halifax HPI m/m -1.0% -2.4%
9:30am EUR Sentix Investor Confidence 5.2
9:30am GBP Industrial Production m/m 0.2%
9:30am GBP Manufacturing Production m/m 0.1%
11:00am EUR German Industrial Production m/m -0.8%
1:30pm CAD Building Permits m/m 14.5%
3:00pm CAD BOC Business Outlook Survey
11:00pm NZD NZIER Business Confidence -64

 

[rav700]

Every Sunday I go through this process..but dont really document things in great detail but I will on this journal if possible:
The things included are
1:End of week Analysis
2:Study of the Daily and weekly candles
3.A very quick overview of the average range for the prior week
4.How the currencies have been affected by the Fundamentals
5.What the average market positions ie ssi
6.Calculation of targets..
There is quite a lot but lets just start posting...


The Very First pair I would like to talk about is the Aus\Usd Pair
And I would like to prepare for this trade on Monday..

 

[rav700]

Aud\usd

The First pair I would like to look at is the AUD\USD:
This Pair has a co-relation with gold as most of you already now and his been battling ie seems to me that a top is forming..I know that you can never call a top but a top to me is when there is buying failure.Now the aussie pair seem to hit this resistance over and over again and seems to me that it is providing a good opportunity either way. A break out at this level ie 9640 could lead us to 9675 and a fall could give us a nice swing trade of atleast a 100 pips not to many this does not matter but for me 100 pips in one single trade is perfect...So I am gonna take a screen shot of the chart and what it is telling me.

 

[rav700]

The Chart

Here is the chart that I am posting and this is daily which show the formation of the top and it also show you how three major tls have come together.

 

[rav700]

Chart Number 2

This chart show you exactly what my topping means even on a day like NFP and we have had various other fundamentals that do no neccesarlily mean strong or weak au but $$$ is what should move this pair...My Thought on this trade are very simple.

Trade Number 1:
Will short on market open unless there is a drastic change which I do not see there is no major news affecting my short trade
:idea:Short @ 9638
PS @9738---Physical Stop loss
MS @9680---Mental Stop loss

:clap:Take Profit @ 1st stop =603
2nd stop=580
3rd stop=540

Also I do not go dead on 38 but that is the figure I have in mind.

My Target =100 pips for this trade.

 

[rav700]

Gbp\usd

My personal thoughts about this pair is that we shall see it visit to the 2.0000 region before a nice fall...The reason for me to say this is I think we have just seen a correction now I have to views..There is quite a lot of news coming out on monday for gbp
Tentative GBP Halifax HPI m/m -1.0% -2.4%
9:30am GBP Industrial Production m/m 0.2%

Both these sets of news could set the trend for the day..
I will wait for 1.9773 before considering going long but long cable is definately what I am looking at ....It makes tradersense doesnt it really the forex world shouting short cable short....And the banks wanna clear them out and reach 2$ lets see how this week goes....
My bias on both Euro and Cable are Long
But waiting for the dip on both...hopefully this will take my au down to my first tp as well
so I will wait for GU and eu to see if it wants to any lower before I pound on them
My target pips for this Week is 500 and My loss is 150 at a max...
Happy Trading
Rav

 

[rav700]

This chart show you exactly what my topping means even on a day like NFP and we have had various other fundamentals that do no neccesarlily mean strong or weak au but $$$ is what should move this pair...My Thought on this trade are very simple.

Trade Number 1:
Will short on market open unless there is a drastic change which I do not see there is no major news affecting my short trade
:idea:Short @ 9638
PS @9738---Physical Stop loss
MS @9680---Mental Stop loss

:clap:Take Profit @ 1st stop =603
2nd stop=580
3rd stop=540

Also I do not go dead on 38 but that is the figure I have in mind.

My Target =100 pips for this trade.

I am closing this trade for a total profit of 128 pips:clap:

 

[rav700]

I am currently short on EY @ 168.52 my stop @ 168.92 my ml and 169.62 is my sl