After blowing and getting margin calls on my Oanda account, thankfully it's only about $600. I realised my big mistakes and I hope by starting this trading journal, I will be able to become a disciplined and profitable trader.
I took a personality test with DailyFX and it indicates that I am a medium term fundamental trader. To that, I shall only trade minimally on the H1 but work on both market fundamentals and technicals.
I will post all my trades here so that I do not "cheat" myself by hiding some of my trades that may have broken my pledges and taboo.
Before I start, I would like to list down my forex taboo and pledge and recite it everyday when I wake up and before I sleep. I will possibly add more as I go on.
My Forex Taboos
1. I will never revenge trade.
2. I will never shift my stop loss to potentially increase my risk exposure.
3. I will never risk more than 3% per trade.
4. I will never counter trend.
5. I will never let a loss affect me emotionally.
6. I will never over-trade.
7. I will never let fear and greed control me.
8. I will never trade without proper analysis.
My Forex Pledge
1. I am a disciplined trader.
2. I will only trade when the signals tell me to.
3. I will never break my forex taboo.
4. I will never let trading stress and targets manage me emotionally.
5. I will always trade multiple small positions than a single large position.
6. I will always trust my own forecast and analysis.
I will post my own analysis here as I spot them in the following format.
Example
Strategy: N/A
Technical Indicators: Fibonacci and Trendlines
Pattern: Ascending Triangle
Timeframe: H4
Corresponding Timeframe: Daily
Conviction: Strong belief
Market Sentiment: USD bearish due to blah blah blah
Bias: Bullish
Let the journey begin,
Jay
Trade Results
NZDUSD - 28th July 2011
Entry: 0.8725
SL: 0.8675
Total Loss: $15 / -50 pips
Current Balance: $485
NZDUSD - 1st August 2011
Entry: 0.8800
SL: 0.8679
Total Loss: $25 / -21 pips
Current Balance: $460
Remark: Took almost 5% risk and it was a bad idea to catch the supposed "retracement" on the 15min, shall stick to nothing less than hourly chart
AUDUSD - 2nd August 2011
Entry: 1.0854
SL: 1.0790
Total Loss: $13.8 / -64 pips
Current Balance: $446
Remark: Got caught trying to pick a bottom
AUDUSD - 4th August 2011
Entry: 1.0695
SL: 1.0630
Total Loss: $13 / -65 pips
Current Balance: $433
Remark: Failed ED Channel. Yes, I blatantly ignored the possibility on the H4 that the upward move could be just a retracement.
EURAUD - 8th August 2011
Entry: 1.3825
SL: 1.3765
Total Loss: $12 / -60 pips
Current Balance: $421
Remark: Failed to look at previous immediate daily resistance to see that 1.3660 was a previous support turned resistance, got stopped out and profit targets 1.4000 and 1.4200 got hit
Possible that I didn't draw the downsloping trendline correctly
CADJPY - 9th August 2011
Entry: 79.25
SL: 79.60
Total Profit: $39.12 / +125 pips
Current Balance: $460
Remark: Sold at DBB H4 retracement
EURUSD - 9th August 2011
Entry: 1.4160
SL: 1.4120
Total Profit: $28 / +120 pips
Current Balance: $488
Remark: Bought at H1 trendline
EURJPY - 10th August 2011
Entry: 110.15
SL: 110.60
Total Profit: $11.74 / +90 pips and $6.08 / - 45 pips
Current Balance: $493
Remark: 1 lot hit TP while the other didn't, hit SL when price bounced back
AUDUSD - 10th August 2011
Entry: 1.0165
SL: 1.0235
Total Profit: $18 / -70 pips
Current Balance: $474
Remark: Price was well on it's way to my TP but the high impact FOMC turned the tables. Note: Be wary of high impact news when holding overnight trades.
NZDUSD - 10th August 2011
Entry: 0.350
SL: 0.8420
Total Profit: $28 / +140 pips
Current Balance: $502
Remark: Extremely favorable daily DBB set-up
EURJPY - 10th August 2011
Entry: 109.70
SL: 110.40
Total Profit: $17 / +130 pips
Current Balance: $519
Remark: Exited before TP, as the closest I got to was 0.5pips and market has started to consolidate and most probably hit a support
EURUSD - 10th August 2011
Entry: 1.4175
SL: 1.4145
Total Profit: $11 / -30 pips
Current Balance: $508
Remark: N/A
AUDUSD - 11th August 2011
Entry: 1.0156
SL: 1.0220
Total Profit: $12 / -65 pips
Current Balance: $495
Remark: N/A
USDCHF - 11th August 2011
Entry: 0.7495
SL: 0.7535
Total Profit: $11 / -40 pips
Current Balance: $484
Remark: N/A
NZDUSD - 12th August 2011
Entry: 0.8280
SL: 0.8335
Total Profit: $13 / -55 pips
Current Balance: $471
Remark: N/A
Weekly Conclusion - August 8th to 12th 2011
Great trading week, managed to make some real profit and recoup last week's heavy losses and was even positive at one point. My best trade this week was perhaps EURAUD, although I was stopped out due to a miscalculation, the pair hit both my profit targets and it was the start of a good run where my peak was $519. Almost a 20% growth from last week's end week balance. Some losses here and there, I'm now up 10% from last week
My long of EURGBP and short of EURJPY still running over the weekend.
Weekly Outlook - August 15th to 19th 2011
Both EURUSD and NZDUSD show similar setup in H4, but NZDUSD looks more likely to break sooner than later
http://img69.imageshack.us/img69/28/eurusdh4.jpg
http://img683.imageshack.us/img683/9638/nzdusdh4.jpg
While the cable seems to have formed a good resistance between the 2 horizontal line, let's see if it test the trendline again.
http://img571.imageshack.us/img571/3884/gbpusdh4.jpg
I took a personality test with DailyFX and it indicates that I am a medium term fundamental trader. To that, I shall only trade minimally on the H1 but work on both market fundamentals and technicals.
I will post all my trades here so that I do not "cheat" myself by hiding some of my trades that may have broken my pledges and taboo.
Before I start, I would like to list down my forex taboo and pledge and recite it everyday when I wake up and before I sleep. I will possibly add more as I go on.
My Forex Taboos
1. I will never revenge trade.
2. I will never shift my stop loss to potentially increase my risk exposure.
3. I will never risk more than 3% per trade.
4. I will never counter trend.
5. I will never let a loss affect me emotionally.
6. I will never over-trade.
7. I will never let fear and greed control me.
8. I will never trade without proper analysis.
My Forex Pledge
1. I am a disciplined trader.
2. I will only trade when the signals tell me to.
3. I will never break my forex taboo.
4. I will never let trading stress and targets manage me emotionally.
5. I will always trade multiple small positions than a single large position.
6. I will always trust my own forecast and analysis.
I will post my own analysis here as I spot them in the following format.
Example
Strategy: N/A
Technical Indicators: Fibonacci and Trendlines
Pattern: Ascending Triangle
Timeframe: H4
Corresponding Timeframe: Daily
Conviction: Strong belief
Market Sentiment: USD bearish due to blah blah blah
Bias: Bullish
Let the journey begin,
Jay
Trade Results
NZDUSD - 28th July 2011
Entry: 0.8725
SL: 0.8675
Total Loss: $15 / -50 pips
Current Balance: $485
NZDUSD - 1st August 2011
Entry: 0.8800
SL: 0.8679
Total Loss: $25 / -21 pips
Current Balance: $460
Remark: Took almost 5% risk and it was a bad idea to catch the supposed "retracement" on the 15min, shall stick to nothing less than hourly chart
AUDUSD - 2nd August 2011
Entry: 1.0854
SL: 1.0790
Total Loss: $13.8 / -64 pips
Current Balance: $446
Remark: Got caught trying to pick a bottom
AUDUSD - 4th August 2011
Entry: 1.0695
SL: 1.0630
Total Loss: $13 / -65 pips
Current Balance: $433
Remark: Failed ED Channel. Yes, I blatantly ignored the possibility on the H4 that the upward move could be just a retracement.
EURAUD - 8th August 2011
Entry: 1.3825
SL: 1.3765
Total Loss: $12 / -60 pips
Current Balance: $421
Remark: Failed to look at previous immediate daily resistance to see that 1.3660 was a previous support turned resistance, got stopped out and profit targets 1.4000 and 1.4200 got hit
Possible that I didn't draw the downsloping trendline correctly
CADJPY - 9th August 2011
Entry: 79.25
SL: 79.60
Total Profit: $39.12 / +125 pips
Current Balance: $460
Remark: Sold at DBB H4 retracement
EURUSD - 9th August 2011
Entry: 1.4160
SL: 1.4120
Total Profit: $28 / +120 pips
Current Balance: $488
Remark: Bought at H1 trendline
EURJPY - 10th August 2011
Entry: 110.15
SL: 110.60
Total Profit: $11.74 / +90 pips and $6.08 / - 45 pips
Current Balance: $493
Remark: 1 lot hit TP while the other didn't, hit SL when price bounced back
AUDUSD - 10th August 2011
Entry: 1.0165
SL: 1.0235
Total Profit: $18 / -70 pips
Current Balance: $474
Remark: Price was well on it's way to my TP but the high impact FOMC turned the tables. Note: Be wary of high impact news when holding overnight trades.
NZDUSD - 10th August 2011
Entry: 0.350
SL: 0.8420
Total Profit: $28 / +140 pips
Current Balance: $502
Remark: Extremely favorable daily DBB set-up
EURJPY - 10th August 2011
Entry: 109.70
SL: 110.40
Total Profit: $17 / +130 pips
Current Balance: $519
Remark: Exited before TP, as the closest I got to was 0.5pips and market has started to consolidate and most probably hit a support
EURUSD - 10th August 2011
Entry: 1.4175
SL: 1.4145
Total Profit: $11 / -30 pips
Current Balance: $508
Remark: N/A
AUDUSD - 11th August 2011
Entry: 1.0156
SL: 1.0220
Total Profit: $12 / -65 pips
Current Balance: $495
Remark: N/A
USDCHF - 11th August 2011
Entry: 0.7495
SL: 0.7535
Total Profit: $11 / -40 pips
Current Balance: $484
Remark: N/A
NZDUSD - 12th August 2011
Entry: 0.8280
SL: 0.8335
Total Profit: $13 / -55 pips
Current Balance: $471
Remark: N/A
Weekly Conclusion - August 8th to 12th 2011
Great trading week, managed to make some real profit and recoup last week's heavy losses and was even positive at one point. My best trade this week was perhaps EURAUD, although I was stopped out due to a miscalculation, the pair hit both my profit targets and it was the start of a good run where my peak was $519. Almost a 20% growth from last week's end week balance. Some losses here and there, I'm now up 10% from last week
My long of EURGBP and short of EURJPY still running over the weekend.
Weekly Outlook - August 15th to 19th 2011
Both EURUSD and NZDUSD show similar setup in H4, but NZDUSD looks more likely to break sooner than later
http://img69.imageshack.us/img69/28/eurusdh4.jpg
http://img683.imageshack.us/img683/9638/nzdusdh4.jpg
While the cable seems to have formed a good resistance between the 2 horizontal line, let's see if it test the trendline again.
http://img571.imageshack.us/img571/3884/gbpusdh4.jpg