SH-101
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Out of AUD/USD at target. Favourable rollovers meant this trade produced an eventual gain of 9.03% from 5% initial risk.
Not quite at monthly target but glad I managed to get one in just before the bell
I'm moving money around various accounts after a short trip away so that will probably be my last trade until at least the second week of September, but we'll see...
Not quite at monthly target but glad I managed to get one in just before the bell
I'm moving money around various accounts after a short trip away so that will probably be my last trade until at least the second week of September, but we'll see...
SH-101
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Thanks mate - appreciated.
Took a while but I'm now set up for trading again. Quick recap on the blog so far:
Mar +19.73%
Apr -10.17%
May +9.17%
Jun -3.3%
Jul +10.58%
Aug +9.03%
That works out at an average monthly gain over 6 months of 5.84% - not nearly the level of performance I aim for over a 6-month period - hoping for better results over the coming months.
SH-101
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Order filled.
Daily and 4h upward trends represented on here in the usual way with MA's crossed up and pointing up. Fib/MA support also observed with bullish hidden divergence in the 1h. Also worth noting the switch on the daily chart that began on 07/09 - from a patter of lower lows and lower highs to higher highs and higher lows off of what was a strong support area.
Funny, I actually have a bad "gut feeling" about this trade even though it ticks all the boxes in terms of setup - I try to keep the "human touch" out of my trading as much as I reasonably can so I've let my head over-rule... we'll see how it transpires
Daily and 4h upward trends represented on here in the usual way with MA's crossed up and pointing up. Fib/MA support also observed with bullish hidden divergence in the 1h. Also worth noting the switch on the daily chart that began on 07/09 - from a patter of lower lows and lower highs to higher highs and higher lows off of what was a strong support area.
Funny, I actually have a bad "gut feeling" about this trade even though it ticks all the boxes in terms of setup - I try to keep the "human touch" out of my trading as much as I reasonably can so I've let my head over-rule... we'll see how it transpires
Attachments
SH-101
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As with the previous setup, a pattern of higher highs and higher lows is emerging on the daily, with MA's crossed up and sloping up.
Bullish hidden divergence in the 4h with bullish regular divergence on the 1h.
The market has traded down to re-test a previous resistance area, co-inciding with MA and fib support.
Quick bounce the wrong way as usual Failure on this trade would knock be back just over 6.5% gains for the month so worth a go despite the nagging doubts over the daily chart.
Bullish hidden divergence in the 4h with bullish regular divergence on the 1h.
The market has traded down to re-test a previous resistance area, co-inciding with MA and fib support.
Quick bounce the wrong way as usual
Failure on this trade would knock be back just over 6.5% gains for the month so worth a go despite the nagging doubts over the daily chart.Attachments
SH-101
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Raise a glass to the FOMC No idea as yet what they said/did as I've been out having a swift ale - but in the words of John Lennon, "it doesn't matter much to me"!
Target met on GBP/USD, producing a return of 4.4% from 2.5% initial risk. September gains now stand at 13.59%.
1-0 Arsenal vs. T*tt*nh**m too! :clap: (although that may not last!)
No idea as yet what they said/did as I've been out having a swift ale - but in the words of John Lennon, "it doesn't matter much to me"!Target met on GBP/USD, producing a return of 4.4% from 2.5% initial risk. September gains now stand at 13.59%.
1-0 Arsenal vs. T*tt*nh**m too! :clap: (although that may not last!)
SH-101
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This trade does lead to a more serious discussion regarding the nature of the relationship between charts and funnymentals - something I'll get into later/tomorrow
Now that two day's hangover fug has lifted my point wasn't much more than that the charts often indicate the market's reaction to fundamentals before the news even hits - as was in this case where my charts suggested USD weakness several hours before the FOMC did whatever they did.
On a more interesting note, I've seen this posted on another thread: "Let's say you have a Forex swing trader using TA. Put him into day trading the ES or a stock and tell him to use the same TA and see how he fares. They will fail miserably."
Which got me thinking. It's been a long time since I day-traded, and put simply, back then I used to lose money. I started making money when I switched to longer timeframes. When day-trading I tend to think I'm more susceptible to mistakes than when I have several hours to think over a trade, and also the impact of spread is far greater and lowers my risk-reward significantly.
Nonetheless, I'm interested to try day-trading again to see if the evolutions in my approach during my swing-trading days (and there have been some) can make me a profitable day-trader. Although swing trading allows certain freedoms, I have always liked the idea of shutting up shop at the end of each day and not worrying about the markets again until the next day.
I also like the idea of afternoon-only trading. With my swing-trading target having been met for the month I was considering taking next week off, but what I may do instead is enjoy a few lie-ins and then try to day-trade one of the US index futures in the afternoons using the exact same methods as I do to swing trade.
No-one ever said using a spreadbetting account to day-trade US indices was a good idea but as a test-bed it will do. A 4-point spread on the Dow Future seems to be the best I can locate at the moment
Anyway, I'm not committing to anything yet - I'll see how I feel on Monday as to whether or not I can be bothered to go through with this experiment
B
Black Swan
Good stuff buddy, you've got style man...respect & kudos..
B
Black Swan
Nonetheless, I'm interested to try day-trading again to see if the evolutions in my approach during my swing-trading days (and there have been some) can make me a profitable day-trader. Although swing trading allows certain freedoms, I have always liked the idea of shutting up shop at the end of each day and not worrying about the markets again until the next day.
I also like the idea of afternoon-only trading. With my swing-trading target having been met for the month I was considering taking next week off, but what I may do instead is enjoy a few lie-ins and then try to day-trade one of the US index futures in the afternoons using the exact same methods as I do to swing trade.
No-one ever said using a spreadbetting account to day-trade US indices was a good idea but as a test-bed it will do. A 4-point spread on the Dow Future seems to be the best I can locate at the moment
Anyway, I'm not committing to anything yet - I'll see how I feel on Monday as to whether or not I can be bothered to go through with this experiment
Why not just choose the Wall St daily with IG? As low as 2 pip spread in the afternoon..As always there's a few firms doing 1 pip spread but when I've had a punt on the index with IG I got filled quickly..
SH-101
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Interesting... IG's Wall St. Daily is the market I was looking at.. never even glanced at it before but at the moment it seems fixed at 4 points - I take it that changes when the USA gets out of bed?
B
Black Swan
Yep normally 2...IMHO it's what I'd go for..strangely enough I've found that my TA forex technique (or lack of it
) 'traces' perfectly onto indices and oil.. However, indices have *different* unpredictability to the usual unpredictabilty of forex...as does oil...Does that last bit make sense?
Saw your comments re the funny mentals and TA, tbh I just put it down to a lot of the big players (at the very top, where they breathe rarified oxygen) knowing what's gonna happen..and us retail punters just wait for the crumbs to fall from their silk napkins once they've finished their feast...
