Thursday, May 28, 2009

Exit EJ

Well the market certainly loves to make its moves quietly, especially when I am sleeping! I didn't get a chance to buy more on the lower touch and it certainly bounced higher! Just happy to exit without any damage. EU short still swinging lower. Has been a good week so far.

Cover GJ+

Small profit on this one. Good day of trades however EJ is still sitting in the middle of the channel. Had an exit on the upper band but it did not actually touch. Would have been a modest loss. Will track it to exit when price finally does touch the upper band. Hope we get a swift bounce into the New York close.

Wednesday, May 27, 2009

Short GJ

Pared some of my gains in EU short below 1.3900. Now short GJ as we seem to be at a double top and no momentum either way. Market should soften to at least the center of the Keltners.

Sell GU

Taking modest profts here.

Buy GU

Scanning the charts GU is by far the strongest of the pairs.

Buy EJ

Have been holding a swing short on EU for 2 days now. Looking for sub 1.39 prices. Otherwise I would have longged EU today. Buy EJ for EU proxy as both are exhibiting buy signals on the same bars.

Tuesday, May 26, 2009

Exit Long GJ

Huge day today. Going flat as chop sets in. Will try not to anticipate the market so much. Last trade was a textbook setup. I just didn't like the price level, but the parameters of the system fit perfectly. 

Exit GJ Short, long again

Was looking for new low. Didn't get it, reversed. In small because this range is getting tired and there is no clear direction.

Exit GJ long/ Short GJ

Playing the swings. Exit the long from the London session + about 35 pips. Now short GJ looking for new low of the day.

Buy GJ

Market is a little soft after the long weekend. Buying small here for a modest bounce.

Saturday, May 23, 2009

Prime example of Trend Fridays

I have been trading for a few years in Forex now and one of the few lessons I have internalized is Friday's trend is not to be taken lightly. The entire week has been USD negative and Fridays NY action was no exception. With this in mind there was really only one trade to take today. Buy GU. Short EU was a losing proposition as was selling GJ. Working with the trend rather than against it on Friday is a conservative strategy but far less painful than my normal method of taking both sides of the market. Any day but Friday, I don't have a problem with it. There is a very good reason for the one sidedness of the market today. Not just the historical observation that markets tend to trend on Friday's but due to the holiday weekend today's market was unbalanced and certainly there are less short term traders in the market who are looking for counter trends today. In my experience, all of these conditions lead to trend days. 

Wednesday, May 20, 2009

Short GJ

Adding to my underwater shorts here for a short term trade. Will not hold this one all the way down as I expect buyers to step in several times before lower prices are seen. Hope I am wrong, usually am in fact =)

Tuesday, May 19, 2009

Only one signal for NY session

Am in my "deer in the headlights" phase right now. Sitting on an ugly short from yesterday in GJ. With the new hedge rules now in effect I could not take advantage of this no-brainer trade on GJ during the NY session. Having blasted 600 pips straight up without even a moments pause, the long signal was the most clear thing I have seen all month. Alas, I am stuck in a short from yesterday and am holding on for lower prices later in the week. 

Not pleased with my attempts at staying faithful to my trading system.

Tuesday, May 12, 2009

Poor risk management

Yesterday the market took out all my lower levels, and even broke below those levels in the Tokyo session. I made the worst possible decision which was to hold on for the bounce. Well, it came and I exited today break even, but this is not the proper way to hold a losing trade, I had no confidence price would bounce back this aggressively--lucky though, it did...

This is a continual struggle to take reasonable losses when themarket presents them. This morning during the Tokyo session, there was a very clear buy signal but I didn't take it because of my clouded judgement holding a position left over from yesterday.

Resolution: to trade the bands for exits. Yesterday should have had 3 losses and 6 wins. Instead I had 3 buys and all exited break even on the following day. No profit to speak of.

As the AA guys like to say: it works if you work it.

Monday, May 11, 2009

Add GJ

You can see the market tested the LOD and is seeking equilibrium now. Seeking a retest of the HOD still.

Buy GJ

Market not holding its range here, testing the Tokyo lows, in for a retrace.

Tuesday, May 5, 2009

GJ new highs

Have been distracted by real-world incoveniences the past 24 hours or so. Missed themassive upmove as I put a limit order in well below my target. Hope someone took the bulk of yeterdays upmove.

Monday, May 4, 2009


Trade not sailing smoothly, may have to wait until US session for profit on this one...

Buy GJ

First trade of the week, above high of Friday, should be good for a play on Sunday nights high.