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

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.

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.

Trades & Journal Updates

Forex
Right, i was finally taken out of my eurgbp trade for 140 pips profit (approximately 1.5R). I took a direct short immedietely after that (0.7635) current stops are residing at BE.

Sg Stocks
STX PO : Showing interesting developments. Will keep watch for the next few days.
Wilmar : Resting on an important 200 SMA. Buy stop placed at $4.20, Stop Loss at 3.92.
SIA : Making Interesting developments, a possible long trade could be on the cards. Keeping Tabs

I havent been active lately and have been finding it hard to get my feets wet again. Be very cautious with those long trades.

AUSUSD Demo Trade Update

Well since this is a demo trade…no point flattering myself, just updating the position. Oh btw the account opened today, i’ll be TTing the money tonight and should be ready to trade in a day or two.

Demo Trading the AUDUSD

Since i’m still waiting for some account matters to clear up with the broker. Allow me to share a setup i took with the Aussie.

FX Trades and more ramblings on the Dollar Index

I have just cleared two trades with a gain 180pips:

SHORT AUDJPY @ 100.12, bought back @ 98.75 for 137pips
SHORT GBPUSD @ 2.0205, bought back @ 2.0152 for 53 pips

The performance as below,
SEP
Realised Loss : -0pips
Realised gains: +704pips

YTD
Realised Loss : -295pips
Realised gains: +709pips

On the Dollar Index

I’m not trying to play against the trend but as we look further into the Index, the weekly and the daily is suggesting that we are likely to see a bottoming formation in the near term.
The momentum in weekly Macd is showing signs of weakening, RSI 14 at mark 30 proved to be a strong support zone for the index.

On the daily, the candles showed signs of weak downward movements, as if its not willing to move down anymore, well it could be consolidating, we’ll just have to see from here. Technical indicators like the MACD and RSI are already showing diverging signals.

Why is it safer to go long on the dollar now? One, you can set close stops. I personally believe so because the dollar has never been so attractive, and no other dollar pair, other than the Euro has managed to cap a new high against dollar even as dollar keeps making a new low…esp the GBP, its proving to be very very vulnerable as of late. I have made a note to myself to keep the GBP shorts on dollar rallys until the credit fears in Britain eases.

Dollar Demise, Trade Updates…

Did Ben Just did the US a favor by cutting the rates by 0.5 points? The rate cut pretty much sealed the long term fundamental fate of the USD. It looks like we are likely to see an extended dollar devaluation.

So heres the plan, sell dollar rallies. I’m pretty convinced that we are likely to see a further prostitution of the Dollar.

Dollar Near Record Low Versus Euro Before Bernanke’s Testimony

By Stanley White and David McIntyre
Sept. 20 (Bloomberg) –
The dollar traded within a half- cent of its record low versus the euro before
Federal Reserve Chairman Ben S. Bernanke’s congressional testimony on the
mortgage market and economic growth.

Traders are betting the central
bank may reduce borrowing costs further this year as the worst housing slump in
16 years threatens economic growth. The first U.S. interest-rate cut since June
2003 on Sept. 18 has pushed the dollar to a 15-year low against an index of six
major currencies.

“We’re going to see a continuation of U.S. dollar
weakness against the euro,” said Greg Gibbs, a currency strategist at ABN Amro
Holding NV in Sydney. “Bernanke will talk about the housing market and how that
could flow through to the rest of the economy. The possibility of more U.S. rate
cuts is completely open.”

The dollar traded at $1.3975 per euro at 9:18
a.m. in Tokyo from $1.3957 late in New York yesterday. It reached a record low
of $1.3988 on Sept. 18 after the Fed’s rate decision and will finish the year
around $1.42 per euro, Gibbs forecast. The U.S. currency was at 115.97 yen from
116.10 yen yesterday.

The U.S. currency has lost 5.7 percent this year
versus the euro as traders bet the Fed would cut interest rates while the U.S.
economy slowed. The European Central Bank’s benchmark interest rate is 4
percent…

Full Report, click here.

Anyway, an update for my trades,

I collected some points from playing some Geppie longs and Cable. Here’s the latest pip count.

SEP
Realised Loss : -0pips
Realised gains: +514pips

YTD
Realised Loss : -295pips
Realised gains: +519pips

Closed Trades & Updates…

Well the rumours of rate drop really did fuel quite a sell off on the USD. We have seen the return of the carries as well, but for how long? While im quite sure that USD is already damned, i can’t make out much abt strategising the carry trades.

Anyway, I have cleared 2 positions The EURUSD and NZDUSD. Details below.

EURUSD Long @ 1.3618, stopped @ 1.3848 for 230pips
NZDUSD Long @ 0.6949, stopped @ 0.7098 fpr 149pips

SEP
Realised Loss : -0pips
Realised gains: +408pips

YTD
Realised Loss : -295pips
Realised gains: +413pips

I’m back, changes in trading approach…

I’ve been on a hiatus for quite sometime, have not actually stayed away from the markets for the concerned period that i was away. I was hit quite badly in april due to a market correction, paper traded all they way till early july and went at it again, well i have not been doing that well to say the least but i feel that i am starting to get back on track.

I have also decided to change my trading approach, i’ll be trading on a longet term basis. My strategy to approach the market is to trade on price swings. I’m also looking to integrate some futures trading into my trade journal.

i’ll sum up my performance;

AUG
Realised Loss : -295pips
Realised gains: +5pips

SEP
Realised Loss : -0pips
Realised gains: +29pips

YTD
Realised Loss : -295pips
Realised gains: +34pips

I’m currently Long on EURUSD since 1.3618, a stop has been established at 1.3698 which guarantees me 80pips.