This is what you do what you missed a good trade

As You can tell, im annoyed. I anticipated it. I timed it but i din take it. Don’t talk to your wife when you busy trading….

Day Trader’s Paradise

Have you had those days where anything you touch turns to gold? Days where you call the shots, whether you’re long or short, you almost always hit it on the nail, perfectly. I’m still not sure how i should put my currency trades up here, and im surely not ready to put up my blotters lol.

I started the day going long the EUROs at 1.5531 rode up to 1.5574. Which was then followed by a Yen trade, long from 104.35 which is still playing out, bulk removed at 104.70 current closed profit is 1R%, while floating profit is at 1.5R% Current positions include long usdjpy, short eurusd and short eurgbp.

Some updates on my current dummy futures trading. The trade went in syync with my YEN. The entry was pretty obvious but the exits…oh god i just left a ton of money on the table.

Some update on Trading price ticks. Im really starting get cozy with them, it kept me with price action and allows me to catcth intraday volatility, which i always find it hard on a 5minutes chart. The price movements tends to be more discernable, cleaner, trends look smoother and the technical setups looks really great. Go Ticks! lol

Dummy Du Jour

Sneak peek, warning its a dummy trade, i get no bragging rights for this…..

Some Journal Updates

I’m not in a mood to post charts so i’ll just summarise my week so far. I had a good week trading the dummy YM. Im not gonna keep dummy trading for very long, its too unemotional and i am already coming very close to making a decision for a preferred broker. Zenfire does have a lot of difference compared to MB Futures. Its gonna be Dorman, AMP or Mirus for me.

I had a decent week for currencies. Monday and Tuesday were mere breakevens, i was constantly caught on the wrong side of the intraday trend which forced me to conduct a series of averaging. Wednesday I made 1R% and Friday….is still pending. Thursday was labour day, i regretted i did not trade that Euro, who the heck moved EUro on labour day!!?? You guess may be as good as mine. lol.

Further on strategies,
I have been looking the possibilities of trading using tick charts, already i can see its advantages over time charts. It reduces the noise that is present in time charts, esp over periods when the is simply no volatility, you don’t get charts that looks dead & in tick charts, the PA is always alive and thats a plus. Of course this is simply my biased view.

jest

An idea, I call it the “Dynamic Hedge”

As some of you know i mainly trade the majors on an intraday basis. I am trying to set up a holistic trading approach to my entire trading setup and i plan on using a method i devised called the dynamic hedge. The schematics will require the system to be in the market 24*7. It should be able to withstand minimum drawdowns of 500pips. It follows the trend of a bi-weekly moving average. Its purpose is there not for major profits but essentially used as complementary to my intraday methods.

Trade on EURUSD

Okay, I don’t have much time to talk abt the trade. Im pretty tired and i wanna get some sleep so that i could catch Liverpool’s Clash with Chelsea. Go Reds.

On the charts I bought Euro at 13 and re-avged at 43 sold half at 88 and the other half at 600. The white arrow suggested that i should have added my final lot (which i don’t have the guts to) at that area. A 2.5R gain.

4 Types of Traders

There are essentially 4 types of Informed Traders. (identified by Larry Harris in his book, Trading & Exchanges)

• Value Traders
• News Traders
• Information Oriented Technical Traders
• Arbitrageurs

I figured that most of us falls under the ‘Information Oriented Technical Traders’ category. Which makes me wonder, how many of us will really have the edge against the other, there are plenty of technical strategies out there but i bet the most successful ones are mainly the types where most technical traders look at. So which one is it? Anyone care to invite me to the club?

Anyway i would love to post more information abt the 4 types of traders, but i figured i might just be wasting my time, also if one is interested in finding out more, why not pick it off the racks instead?

Euro & Yen, they’re never a couple.

Back to my normal routine i guess, as usual the plan is to always trade Euro & Yen on opposite directions. Euro had a heavy selldown which started in the afternoon thru the evening of (GMT +8). The retracement it made was wild which promtped my shorts and automatic longs on the Yen. Well its worth it, their PA has decide to be inversely identical today, with Yen carrying the bulk of the volatility.

My horrendous Euro Trade

Allright, i start the week with a BE turned loser due to massive comms fee. Where did i go wrong? Euro looked mighty fine for a long trade but i was trading in the US market hour. What was perceived to be aperfect entry turned into a day where i was forced to make rescues after rescues. I managed to re-average until price decided to retrace my way and dumped everthing at 1.5815 for a break even and a 0.5% worth of comm fees.

Things that i should have considered, euro has completed quite a range for the day, i should have waited and see how the bullish retracement act before jumping on the LONG wagon. I should have left some lots in to ride the retracement instead of dumping all at 1.5815, i sensed that the hourly have reached a point where buyers would come streaming in, it could have paid up for the hefty commision fees. Day 1 of the week looked bleak eh.

Trivia Question! Who sees the great USD comeback!

OMG! GBPUSD might be leading the way here. Fundamentally speaking, it makes no sense. But we do know that GBP is also ‘one of those nations’. I’m expecting the USD to make leaps and bounds forwards against the Britons and i said expecting, no confirmations there…