Mehrams Trading Journey Diary

Its not Over yet

2011-11-17T07:05:00.001-08:00

Well currency trading has stopped for now if anyone wonders what happened...i am dealing with indian equities right now.

New blog on Economy and Indian Markets will be live soon : )

Ps - Currencies have been an affair once in a while but the time frame has drastically changed and i have come up with a brand new long term strategy which uses heiken ashi candles as a major part to detect the trend of the move :) will update on it pretty soon .

regards
M

Trading Success = Boredom + Discipline minus Leverage

2010-12-02T08:56:00.000-08:00

Well, the moment one comes to terms of it as it is a game of probabilities, one starts to thinking in terms of how much you can roll the dice and stay in game, this is a concept that need to be in the subconscious, for me it is....and if its not i start feeling the pain and the emotional ride once i have a trade on, and why does that happen to me ?? well i have found out in all these years that it is the excitement that has always made me loose in this business, when the months i am not excite and risk limits are less than 2 - 3 % i do really well and then once i go off the roof and my risk limits are off the hook for instance a normal trade for me is 6-8 mini lots and it perfectly suits my profile and i am doing good, well sometime last week i went of the roof and went in with 8 times the risk i normally take , what happened ?? well i had a winner of 260 dollars in about 4 minutes and i took the profit out, well as far as i am concerned that is the worse thing that could happen to me and why is that ??? well it formed a bad habit to take risks thinking that it will be good for me always....no it can never be....like anger is never justified no matter what excuses you give, its the same way.....over leveraging your positions can never be justified for good trading and they will catch you and beat you down and they will beat you down real badddd :) .... well i learned my lessons of trading with a system , sticking to it, not going above my risk profile and yeah things started getting boring, i had to wait and wait for my trades to happen but what the hell....i started making money and isnt that the reason i came into this business in the first place ??? well now its just the roll of dice for me and making sure i have enough chips in my hand to roll the dice in the long run...i hope all the traders out there do understand what i am trying too say.....one really good book on the topic is Trading in the Zone by Douglas...and Trading your Way to financial freedom is the on the same rank for me...i go back to them whenever i have problems with trading size and psychology and guess these two sides are the only side that matter to me in trading right now :)

good night all happy trading :)

On the HOLD

2010-11-09T10:23:00.000-08:00

well...been quite a while and life has been busy to be honest :) ....a bit of trading happening and no more time left, as i have planned to start another business...exporting stuff from Asian Countries to the rest of the world...well not a lot of stuff but just Fasteners and Axles and few standardised U bolts...i have a few good links in India where i plan to buy the stuff and get it exported overseas to the the buyers here in UK and Europe....well this is trading too and takes a lot of hard work..my website should be up within next two weeks or so..and yeah with currencies....more of sideways movement in the eurusd...i am really hoping to ride a down move in the eur right now and a up move in USDJPY....all orders are in and its more of a longer term trades...with holding periods of about more than a month or....i have just done that once in my life but right now with less time, i guess this is better for me, and also its easier to read the trend on dailies and trade from it :)

Happy Trading ALL

113 pips open, 15.9 and 3.7 closed

2010-09-22T11:10:00.000-07:00

well a very quick update as wasnt on desk so just was at screen 20% of the trading time....the long position is still on, the other longs closed at 15.9 and 3.7 ....another long missed marked in the chart with a possible result of 89 pips :( ...well cant complain about it...the account is still getting +ve returns as per plan..and these things do happen....cost of doing the business :)

264 pips on swing trade....52 on the intraday

2010-09-21T13:26:00.000-07:00

well havent really had the proper time to post a video still managing all aspects of the format...for the currencies i have hit targets at 264 pips for the swing over from last week and there was long entry which triggered and i closed it out pretty soon ( coz it was a heavy trade ) booked some handsome profit on it right now :) apart from that i have 100 shares of reliance industries ...its indias biggest industrial firm ... Bought it from the NSE India Shares... every one is bullish on the growth down here , so if things look good i would like to build a position in this stock....it has a huge gap down and i wish that gap gets filled on the way up...looking to ride that move :)

BOT 50 RELIANCE AT 1007.50

BOT 50 RELIANCE AT 1017.25

Current reliance price as of today close at 1032-33 range.. on low volume..

mental state

2010-09-16T13:09:00.000-07:00

well i dont know where to begin about trading.....its been long now that i have been studying and trading about markets..just started dealing in equities last week... nt a very good first trade..will post on all about later...but the dilemma i am facing is about long term ? as to where do i stand on bigger time frame with my career, so to have that confidence i am getting into a business venture which is still in development phase and as soon as it gets final will post details about with web addresses, as far as trading is concerned it has gone better now ??? how did this happen ? well i blame it on screen time :) i am spending less time watching trades now..all i do is see my entries ..calculate the risk i can take ..which is around 1-1.5 % of equity ..put my trade on and stop ..and all i have to do is watch the screen for 30 seconds after every 15 min candle...if the trade is stopped out ..cool...if not and is going higher ...all i have to do is trail the profit on 15 min candle lows going upwards and vice versa.... had a good day been catching the movement for last three days...still long on the euro.. also i plan to do video shots of the trades i do and capture everything i do in the day in a 4-5 min video which makes it easier for me .. why ?? coz i think in videos i can describe all my emotions of trades as well which i can review later on...all this cannot happen in pic shots :)

Current Day

Eurusd long side - 65 pips booked - 4.9 %

Open Position at 119 pips

Back After Break

2010-09-14T11:32:00.000-07:00

well was on a break for 10 days :) enjoyed my time off the eurusd for a while....still kept looking at charts once in a while along the way.....had two trades today... a longer term trade still open with a small position....the intraday trade got me handsome profit of around 100 pips approx with added scale out at 10 pips....

Mondays trades -

2010-09-01T14:22:00.001-07:00

well didnt trade at all today and did not post last night...so here is the result of monday... went pretty good just two trades to the long one stopped out, and the other one was a good runner..about 48 total pips after losses...around 1.8% gain of total equity...not bad these singles :)

52 pips in all - 45 missed pip :(

2010-08-27T10:31:00.000-07:00

well just two trades for the day...52 pips in all...nice scale out...very choppy on the eurusd though....just one big blunder the last trade i put i just closed out too early as i had to leave for something imp : ( lost about another 40-43 pips on that trade ...... just came back home and saw the market did move higher in the direction i had the trade on...well all in all a good week...didnt mind the ups and downs..

Thurday bite

2010-08-26T00:49:00.000-07:00

well not much happened on the intraday a loser and then a scale out....with stopped out trade....i didnt trade at all after that...could have had a nice supply/demand trade but wasnt really convinced so just left it to itself....looking at friday now...will post about todays trades Later in the day.

eurusd swing - no new trades

2010-08-23T14:10:00.000-07:00

no new trades today....wasnt trading.. had a bit of travelling to do and catch up with few people...swing hanging at 400 some odd pips....another 100 odd pips for the target..looks quite possible :) good nite

133 pips Eurusd - Swing 360 (1.2705) - Clear Runway

2010-08-20T13:25:00.000-07:00

well for intra day ..... just one trade with total of 133 pips, as anticipated in yesterdays post the currency pair did move lower and i was bias to the short side ....i entered it a candle late...but then did not hesitate on the next 15 min signal and went all in.... scaled out at 37, 59, 33 Stopped out.....everything went as smooth as it could get..no problems in the take off :) as for the swing part at time of close today the trade was at 360...waiting for it it to hit target at 1.2563... net 504 pips for target on that trade....overall the week was good with 4 trading days.... all positive for me and the account net % gain about 7%.....

Swing Trade 238

2010-08-19T12:27:00.001-07:00

no new trades today, wasnt trading at all.... still open with a swing trade from last week.... the market is back where it started monday....i am expecting further down move....lets see how the weekend unfolds

Current Positions

EURUSD SHORT - 241 at time of writing (8.29 GMT)

Something i am really interested in doing this time around is trying to get into a IPO .... its about a indian port company Gujarat Pipavav - majority of stake in the company is with apm terminals - a global leader in port operations....share being offered at a rate of 42-48 rs ...which is about a dollar a share.... long term growth guys ???? i definitely think so :)

http://www.pipavav.com/index.php

good nite

eurusd 74.2 pips & swing portion 169 running

2010-08-18T06:15:00.000-07:00

well a good day today...calling it off at 74.2 pips intraday trades result....the swing portion short from last week still running at 161 pips stop at 123 pips....lets see if the pair falls back tonight or tommorow...well for today the bias was again to the upside...so all long trades...one overnight trade...9.2 pips.....slept after that and got back to desk trading managed to bag 11.4 pips on first part of the trade and B/E on the second part ..next trade got me handsome 10, 16, 23 and 18 pips ( stopped out) .....well the position sizing was too good today..proper execution..+ 3.5 approx gain for the acc..the last trade really pushed the equity in green...was playing twice the positions i normally take...

eurusd - some 40 odd pips

2010-08-17T13:08:00.000-07:00

well still short a part from the position over from last week....apart from that the bias was bullish today so all trades taken to the long side in intraday! took a small loss of 10 pips on the first trade and the second one worked like textbook stuff..just in line with my strategy..the third trade stopped out at -18 pips ( not very good) but then i was looking for a long entry near support for the day and found one which worked out perfect and i was bit heavy with position on this one so tried to scale out as soon as i could see a profit...scaled out 40% at 4.3 pips.....another 30 % at 5.9 pips....this secured my day and in the green ....a part of position still left running just in case over night sees a rally in the euro..

“The secret of the creative life is often to feel at ease with your own embarrassment. We are paid to take risks, to look silly. Some people, like racing car drivers are paid to take risks in a more concrete way. We are paid to take risks in an emotional way.

The film critic is like a medical examiner. He gets the cadaver on the table, he opens it up, and tries to figure out why it died. The filmmaker is like the pregnant mother who is simply trying to nurture this thing. You have to keep the medical examiner out of the delivery room because he will get in there and he will kill that baby.”

- Paul Schrader, interviewed by Terry Gross, Fresh Air

USDJPY Trading Idea

2010-08-16T12:54:00.000-07:00

well as far as i remember i havent really been trading usdjpy for a long long time....well been looking at this range for some time now.... had i been trading the range i could have ridden the down move in the bigger picture with such ease..but now the currency is at a point of conflict...watch the chart...is it good time to buy the pair ??? or should one wait for break of both trendlines and then enter such a long term trade..or should i just put a teeny weeeny position to see how it bounces around and how it plays out ? well bit confused with everything on this pair right now...coz if it breaks to the downside it could go a long way coz the last time the currency traded in 80-94 zone was in 1994-95' times...well the plan of action for a safe bet would be to wait for trendline break and buy the pair and if it breaks below wait for a day and see if it pullsback, and if it does not and riding the horse downhill and fast for sure :)

Day Trade Eurusd

2010-08-16T11:06:00.000-07:00

Well, for the day just one multiple trade taken apart from the short position carried over from last week...did get a good low on eurusd but the day was biased to bullish side so i tired my hand on intraday upward swings to negate the effect of the upward move on the short trade...well worked out pretty well and made a handsome amount of money in it.....trades shown in 1 min chart...3 positions scaled out...last one stopped out..

Targets Hit

2010-08-13T05:47:00.001-07:00

well here we go slow action for these two days...no new trades put on....a pat on my back for patience to see prices reacting on support zone....well all parts closed of the trade...last trade scaled out at 251 pips.....one small position still active with stops in place...position at 250 pips hanging there ehh!

EUR USD RUNNER

2010-08-11T11:09:00.000-07:00

well the trade idea posted in my earlier post seemed to be working against all odds, after feds decission yesterday pushed the pair up....i had a small loss early in the night but then i scratched the position and waited for it to come down...had i not done that i would have been up another 2 % in my acc today...well all good for now going to scale out some of my positions just to sleep a bit easy...about 500(multiple positions) odd pips in pocket so far....stops in place...good night :)

EURUSD TRADE IDEA

2010-08-10T03:24:00.000-07:00

well here is a trade i have been watching for a while that is taking place in the dailies. charts attached

Possible entry with scale in's range - 1.3120 - 3144

STOP Zone - 1.3360 ish

Profit zone (VARIABLE - Depending on how price starts to fall and hits the resistance line so the profit is marked on the slope of the trendline.... i expect it go to 1.2900 area for the best results....

Trail Stop with 3 days price

NFP - Touch down

2010-08-06T13:17:00.000-07:00

what a day....total loss of discipline...40% strategy implementation....very lazy with trades.....did not trade anything like my own business....made all the fundamental mistakes i could think of in a day....and to top it off ? well had i just sat down easy and relaxed i would be up 40-50 pips for the day as per my strategy and that isnt that hard is it ? well it is...and that is what sets apart the winning traders from losing traders.....its just that edge of mental balance which gives the winning people the patience and confidence to stick to their strategy and perform remaining un biased.... well a negative day as per performance but from a educational perspective i would say it isnt that bad ..i have actually marked this day down as a lesson with a fees.....lesson learnt - STICK TO THE FREAKING PLAN BECAUSE THE PLAN IS FREAKING GOOOOOD _ GET THAT ........woooosh i wish i shout out loudly and make my brain hear that in its deepest regions...

well here is a weekend test...from the following question if at least ten are true for you...i would say boy you are on the right path and if less than 10 stand true for you....u've for sure gotta change that plan of yours to be a trader and get back to the drawing and mental board..

Ask yourself the following questions:

1. Do I treat my trading/investing like a business? Have

I prepared for it the way I would for a business?

2. Do I have a business plan—a working document to

guide my trading business?

3. Do I make mistakes regularly (a mistake means not

following my rules)?

4. Am I following a regular procedure to prevent mistakes?

5. Do I have a tested system?

6. Do I know how that system will perform in different

kinds of markets?

7. Do I know what kind of market we are in now and know

what to expect from my system in such a market?

8. If I don’t, have I gotten out?

9. Do I have exit points preplanned for every position

I currently have in the market?

10. Have I developed specific objectives for my trading?

11. Do I understand that I achieve my objectives through

a position sizing algorithm? Have I developed a specific

position sizing algorithm to meet my objectives?

12. Do I understand the importance of the points above?

13. Do I understand that I create my own investment results

through my thinking and beliefs?

14. Do I accept responsibility for that creation?

15. Do I regularly work on myself to make sure that I follow

the points above?

once in a while....

2010-08-05T12:54:00.000-07:00

this does happen once in a while... this morning i missed the trading part of the day...as i was asleep...slept really late last night ..was reading and researching ( NSE Stocks - indian exchange) ...well had i been up for trading i could have bagged a nice upward move on the eurusd as per my strategy...the time i did open the charts i saw euro at a resistance zone over from yesterdays euro break to the down which i missed as well ( too much trades being missed - does happen once in a while ) ...well i kept my strategy aside for the time being and shorted a portion at resistance and starting adding in as the currency kept moving downward and scaled out a bit as well...had to go for meeting which was planned since few days with someone ..so i placed stop at todays high ... THIS IS WHERE I MADE A BIG MISTAKE --- i did not check the resistance high ...had i done it ....the trades would have hit targets and not stops ughhhhhhhhhhhhhhhhhhh ....well u see from the chart i scaled out at 16 pips then at 24 and the third one is a loss at 29.. there is still a small position open on the eur usd with tight stop..will see if it runs over night to the target..otherwise it isnt going to affect my risk limits a lot...well within the parameters.... so for now i really need to stop the outside world interfering with my trading and i need to lock my room..switch of my phone and do what i do best...wait and shooot :)

End of Day 4th august - net 0 pips

2010-08-04T11:09:00.000-07:00

well what can i say took another trade and was a loser on the eurusd....and while i was waiting for the big move....it did come to the short side but i wasnt at desk to take oppurtunity...and it was a prime oppurtunity as per my strategy... missed about 64 pips on the trade...what can you say, sometimes it just goes this way...well interestingly i was thinking about this...when a new traders starts in trading he just wants piece of the action all the time ...i used to do it....never could wait.....if i saw a price chart i would always find a way out to trade...join a few lines here there....get fibs in...or put some indicator in my favour and force a trade...i never really waited and laughed at the experienced traders that trading could get very boring at times...its more like a sniper waiting for 3 days for one shot...ONE BLOOODY SHOT :) ...i guess that is where all the famous phrases come...discipline...jumping the gun....sticking with the plan.....wholesale entries.....low risk high reqard...etc.... they all boildown to one thing stick to your plan and sit in that seat patiently .....in the mean while you could always test few other things but make sure you have a set of screens so that the charts are never away from your eyes even if you are waiting for a trade...

net result for the day is 0 pips ...yes exactly 0....but i did loose few dollars as i scale in out of trades so a few trades were bit heavy and took full loss on them.

The orange part is the trade entry i missed and the green is where i could have planned an exit as per price action...well another lesson learnt....

11 AM update

2010-08-04T02:59:00.000-07:00

one short trade...10/5 pips ...another long stopped out at 8 pips...missed a beautiful short entry at 3203...just right nw...was busy reading something else..ughhh :S well need to have some more focus....for now eurusd is in a small range ...i am waiting for a break out on either side and finding a good entry to ride the position...will update with results and charts end of day...

227 net pips on Eurusd.--Friday close

2010-07-30T11:55:00.000-07:00

well since my post about shorting the euro in a supply zone..http://mehramdaily.blogspot.com/2010/07/possible-short-on-euro-for-swing-trade.html....well i did start shorting it and added in on position at every 10-15 pips added to the position six times in a span of about 60 pips ... well the price did move in my favour and scaled out perfectly with all scale outs placed very well...apart from one which got stopped out on a trail but it is cool...still a portion of trade is open for swing part with a long term target preferably 2860ish or better..thats it for now...have a good weekend..

Shorts and Longs on Euro

2010-07-28T13:54:00.000-07:00

well, a very choppy day ..good for range bound strategy as price did react very well at supply and demand zones within the day...not so good for my own strategy of finding bust price moves in a trending direction on the short term.......well got a signal this morning and entered long had 70% scale out at 6 pips and the rest was stopped out..then another long that took a loss of about 15 pips full trade size..(.8% of acc equity - this is something that is what my concentration is on rather than how many pips i make or lose...the focus is on how much % risk i am carrying at any given moment) ...well entered a short in the afternoon and was pretty convinced as on the hourly chart i was expecting a breakout to the short side of a rising trendline...did not happen so i hedged my postion with a long trade and waited for price to signal me a strong downward move so that i could close the hedge and stick with the plan......

SOMETHING I WOULD LIKE TO DISCUSS IS THAT ONCE WE ENTER A TRADE THE TEXTBOOK SAYS THAT IF IT DOES NOT LOOK GOOD...GET OUT...WELL I THINK IF YOU HEDGE YOUR TRADE YOU CAN STILL HAVE A BETTER PICTURE OF WHATS WORKING AND WHATS NOT.......OFCOURSE U LOOSE A PIP HERE N THERE BUT U CAN RE-CONFIRM YOU ORIGINAL IDEA AND IF IT STILL DOES NOT LOOK GOOD YOU CAN CLOSE ALL TRADES....N IF YOU ARE CONFIDENT THEN JUST REMOVE THE HEDGE OR LIGHTEN UP THE POSTION AS WELL AND SEE HOW IT GOES...END OF THE DAY ITS A PERSONAL PREFERENCE .....

Possible Short on Euro for a swing trade

2010-07-27T15:26:00.001-07:00

well here's a possible trade i am looking on at the euro right now, with last few weeks euro gains there is some resistance near to what euro is at right now.3000 ..... well a possible breakdown here should go to the base yellow line...the red area in the chart is where the action needs to take place possible touch and price action failure should get me start scaling in a short position....waiting.............

EURUSD 89 pips :)

2010-07-23T12:15:00.000-07:00

well today began really slow , didnt have anything this morning...was waiting for a signal to the long as per my bias ...a long did come scaled out my first target, scaled out 60% of my position and the rest didnt run..i sort of lost a bit on that...next one...serious mess happened...the stop order i put was a buy order as well..rather than a sell order...tell me about it :@ ..well i waited to get better exit on both positions..well sadly enuf i shud have closed both right when i saw the mistake and saved a few precious pips which i didnt have to think abt :(....now i am running on a bit of fever so

i just kept on checking the markets to give me a direction signal...coz the morning was choppy for me...soon at lunch the bias changes to the short and i get a nice clean short signal...i go in heavy...i did think about scaling in...but then i thought about the days EU stress test which everyone was waiting about...so didnt want to be heavy on it so i started scaling out nicely and bagged about 118 some odd pips on this one standing at 89 pips for the day...was too tired by then and the fever was killing me ..... well will review this week over the weekend and see what went right and wrong...well since superdelta 2 has been primary strategy i am doing pretty good on it...it works awesomely well on 6E futures but i am just waiting for a account greater than 80K to start trading there until then spot suits me....here n there with ES is cool....nothing more than that...the only focus for now needs to be ES and 6E, Eurusd spot and the one i really want to grow on and trade in the US 10yr bonds....

TWO QUOTES I WANT YOU GUYS TO INSTILL IN YOUR MINDS FROM THE GREATEST OF ALL.

No.1 - Bob Dylan

“A man is a success if he gets up in the morning and goes to bed at night and in between does what he

wants to do.”

You have to do what makes you happy. It’s cliched, but a proven truth in life. It might not make you rich, but

there’s nothing more valuable than waking up to do what you love. If you have an affinity for changing urinal

cakes at the local Cracker Barrel, and that’s what brings you joy in life, all the power to you. And if you love

touring the world, playing sold out arenas and being a cultural icon, that’s fine too

No.2 - Napoleon

“There is one kind of robber whom the law does not strike at, and who steals what is most precious to

men: time.”

Whether you’re trying to claim world domination or simply take a road trip with your son, just know the greatest

enemyof those plans is time. Life is short, unpredictable and you’re only given a small window of opportunity to

complete your aspirations. Constant procrastination and indecisiveness is a sure way to be robbed of them. So

quit putting off that coup d'état, and get your act together.

Update

2010-07-22T12:05:00.000-07:00

well havent been blogging for a while..was training with some financial companies....not working with anyone right now...might have a job lined up as a prop trader in asia over next month, things still being finalised and in midst of all this i have taken a switch over not a major one just a small one from currencies and ES to ZB , US bond futures 10yr and 5 yr note... been backtesting a few strategies...also the forex account has had a 12% gain over the last month as it was quite in active for a while.....still trading actively and working towards improvement and mental enhancement ....attaching a few recent eurusd trades over last few days...whats next ??? well trying to shift over to futures for 70% of my acc!! so as soon as things are finalised that is when i plan to get regular to blogging and if fingers crossed i get the prop trader job.... then i will be updating everyday :) hope everyone is doing well and moving towards a rising equity and knowledge curve..

Exams Over :) :) :)

2010-03-29T15:22:00.001-07:00

Finally Exams are over and back to trading from this week :)

weekend update - Rocky Week

2010-03-14T10:22:00.000-07:00

well , it was a rocky week .... well sure is gonna be .. coz aint tht much discipline instilled in me as of yet..... something all the traders will experience for the first few years and then it mellows down to once in a while in a month .... but every one experiences it - ROCKY WEEK ... its like a bump on the road and if there are lots, you sure know by now that the journey aint a smooth one , so u better change the road... or your driving sucks..... now the plan i have is solid, the management is solid, what aint solid is me..... wednesday was a bit of bummer for me had a few losses over leveraged again and for sure did not follow the plan, for now everything is on hold coz the plan is final ( SD1) but i am not so i have given it till the 21st of this month to be coming back for Superdelta 1 Strategy until then there are only going to be support resistance trades.... back to old things.... well not that the strategy did bag me about 146 pips this week, well again that is not the motive of the trading...many of the experienced ones here do know that... u all know u can have winning pips and still loose money has happened to me over the 2 years, one week i was up 296 pips and down about 2.4 % of the acc... reasons ?????????? - MONEY MANAGEMENT and one really good book that has opened my eyes to this part of trading is Trade Your Way to Financial Freedom ( i have a PDF copy is someone wants it) by Van Tharp........... what follows now this week is primarily Supp / Resistance Trades. reason that i am not able to concentrate on Superdelta 1, it requires to be on the top of price and it is at times lot of sitting and waiting for your entry and i am just not in the zone right now, gonna work on it mentally this week ..... apart from all this nothing special for the weekend...

ROCKY TIMES

SMOOTH TIMES

No eurusd trades, single GBPUSD 23 pips

2010-03-09T15:51:00.000-08:00

well wasnt at my desk all day today, came in really late and saw a buying opp in GBPUSD , wasnt much of a problem with it , got 23.9 pips on it, well as far as the strategy is concerned if i had traded it today on eurusd, this is what the result would have been +26, + 19, - 10, -4 , - 5 , more of a break even on pips but overall a loss on the whole coz the loss is on full size, couldnt even get to break a 5 pips scale out on them, not to worry these things do happen but overall i know that the strategy applied for 4-5 months is going to make me a good percentage on initial investment......

Monday Start - EurUsd SD1 Update

2010-03-08T15:37:00.001-08:00

discipline is the core and plan is not the only important thing, building a plan is easy, backtesting is easier, execution is also possible with loads of focus, one thing that cannot be guaranteed is discipline in all that you in the day... am i right ??? for me it is the case.... why ?? i struggle to have complete focus all day long on 1 instrument .... and it is pretty hard for me i might yawn a 100 times and loose focus and it happens day in day out and today i realised why it happens....... it happens coz physically my diet and exercise have gone down the drain, my physical self is just a body and not proper functional system without which the mind goes loose and runs away all the time... i read in a Zen book, to have a strong soul and mind ... u need to have a strong house( Body) for it... with strong it means well fed, and functional in all aspects.......ages ago i saw a interview on cnbc where the guy said that one thing in all these years that he has noticed in the pit traders in chicago was that outside their trading jackets these guys are very sporty and healthy... how does it matter ... well it does coz you cant play a game without discipline and if you dont have discipline you loose so to win you have to have the discipline to be there at the top of the game!!!!!!! this was my self lesson while trading today and i have marked it the most important aspect to be looked at in the coming weeks :)

bit about Trading now---- the day opened pretty well, i missed a early entry at 7 gmt on eurusd which would have been a b/e trade anyways but i still missed it, the next trade i got in was to the long as price was > open and scaled in few pips profit and the rest was back to stop loss, a bit of glitch occured when i placed a opposite order in my stop, though i managed it pretty quickly but did cost me 3 pips... second trade again on the long got 9.1 pips and b/e on last part of the trade... 3rd trade which i thought i would see got missed... coz of my fault as i was making some lunch and i missed my entry and saw it go nicely which would have bagged me another 26-29 pips ... 4th trade was a stupid mistake and i was loosing focus by now and i entered the trade on close of candle without a extension wick and was a flat close candle( in my Superdelta 1 rules... i have clearly written that no trades to be taken with candles having no extension on close price...) i took the trade and paid a price for it , 17 pips loss... 5th trade was a short trigger scaled out at 7.9 pips, second part moved to 22 pips profit but then i did not aggresively scale out and it came back to break even plus few pips. all in all net result for the day was -10.5 pips

NFP Trades with SD1 - first week net 295 pips

2010-03-05T14:08:00.000-08:00

Well this was the first live trading day with NFP report coming out and what a slow start was it to the eurusd, had to early losses one of 14 pips and the other with 7 pips in the red, at about 1300 gmt the market came around the open for the day and gave a short signal with a bearish 15 min candle 30 minutes before the report came out and i took the short trade with stop just above 3585, the trade went with first scale out before the report came out and locked in 5 pips there and then the market moved pretty fast in the dump and locked in 31 points and and then coz it was trailing the last position went for a mere 14 pips and then again the market coming above the day open and i missed that trade, why ????? coz interbank fx my new broker has some issues today , may be they were from my side but i was just not able to log in so i had to use FXCM again but they did not let me in at the price i wanted and lost a potential 36 pips over there ................ well fxcm say that they are going to connect the trading desk pretty soon to bank links and i could be able to place trades within the spread which i great for my kind of strategy..... well thats being launched around 21st of this month till then i am not going to withdraw my funds from the account and try it for a week and if that entry system feels right i might just stay with them coz the MEtatrader 4 platform is a bit old for order entry window popping and all the hassle, i like trading from charts just like Marketscope and Ninjatrade( its chart order system is by far the best i have come across ) ........ nothing much apart the noise in the eurusd today, backtesting SD1 ( superdelta 1) strategy on GBPUSD as well, and seems to work well , less noise it seems in this year and better entries than eurusd, but need a testing time of atleast a year before i go live on GBPUSD as well.... loads of testing to be done over the weekend so for me its gonna be a work weekend and for all of you have fun :)

First week of superdelta 1 - 124+66+74+ 31 (today) did not post trades for yesterday on the blog....

EurUSd trades 124 pips net

2010-03-03T15:19:00.000-08:00

Well interesting day today, everything went the way i wanted it to, and followed the rules pretty well as well, the open was a bit choppy but as per the rules of SD1(superdelta1) i had few entries to the long as price was above the open of the day and as per rules i had to take then on, got few smal profits on them this day with 17, 22, and 27 pips till 2:30 gmt and a small loss of -15 pips, late in the afternoon when euro was still range bound in the day the final entry was at 3:15 gmt bagging me 73 pips, and then i trailed the profit per 15 minute candle and the new broker does not really give me any execution problems at all, the only thing i have yet experienced is that when i place my order the price does not have to be withing 3 pips of the live price :(:( i knew something was going to trouble me on the way as for today there were no problems with trades coz the candle wicks were longer and placing limit orders was easy..... i always think that this strategy is beautiful for Euro Futures but need a min starting capital of 25-30 k for that until that happens with my acc i am going to stick to Forex Spot..... nothing else happening on my side, trying to figure my way aroudn currency options as well, they seem too good, but i guess there is a very dangerous side to options, building a strategy to figure them out and will start demo trading currency option once my Tradestation Acc is Ready to go........only mid week and price has come up from a strong demand zone in the euro at 1.3450 range and is heading into resistance right now at 1.3780-90 zone, looking at those levels to place a short swing trade with a tight stop at 1.3810-20 with targets to where price is right now around 1.3670 zone....

SD1 ( superdelta 1) results for eurusd =66, -11, -9

2010-03-02T19:17:00.000-08:00

well its almost 3 am right now while writing this and finishing off with loads of things so will update charts and results in details tomorrow, for now had a early morning eurosell off ride and bagged 66 pips on it and trail got hit and then two small losses and that was it , pretty choppy in the day and not much action as euro moved around yesterdays prices, really looking for a trend day to bag in some nice pips :) lets see what unfold tomorrow :)

First Day of Super Delta on Eurusd

2010-03-01T15:03:00.000-08:00

well day one of the EurUsd of Superdelta 1 Implementation.

Trade Results

Trade 1 - loss 15 pips

Trade 2 - loss 10 pips

Trade 3 - Profit 76 pips

Trade 4 - Loss 13 pips

Trade 5 - Profit 38 pips

Net Result + 66 pips for the day.

Well the currency did give a few starting signals but did not really go with the price and with two small losers i did finally have a good trade with trail to the profit target and then shorted another trade in the end for small 38 pips , well was the first to officially stick to the rules and be there, didnt really break any rules apart from taking one trade late evening but as far as the ATR of the day was concerned it was already over and there wasn't much potential movement left.

SuperDelta 1 - Finishing off Strategy Implementation

2010-02-25T15:54:00.000-08:00

got just hold of two quick trades today(EURUSD +19 ) and spent rest of the day finalising the strategy i am about to implement and i am definitely bit excited to go on with it...

from now on the strategy for Eurusd and 6E is going to the SuperDelta 1.

rules of the trades are based on the opening price of the day and then waiting for movement above or below the opening price and the final part is looking for a bull entry if price > open or bearish entry if price <>

Important Aspects of the Trading Plan.

Number of portion entered has to be a minimum of 2, preferably 3.... the reason ? well in testing there is a difference of about 3.8 percent extra drawdown but also the equity curve looks more active but certainly rising at a faster pace...... depends on personal preference i would say... still testing a money management system but that will be added in continual development of the strategy.....

Profit Taking out Targets...

well this is the interesting part as some of you might nod heads right or left, but the first this strategy is a very short profit target zone, with first profits locked in at 5 pips , basically 2/3rd position removed at 5 pips and the rest to be trailed by 15 minute candles.

Results and Trade Frequency as Per Backtesting (3 years )

1.About 3-4 trades a day

2. Profit are small but sure, with 81% success rate in last year and average of 72% in 3 years backtesting.

Finally i am finalising everything in word with chart and going to keep it very simple. and at last i have something i have developed on my own and tested and will test more on new contracts but as for now it works only for eurodollar..... Crude looks an interesting option but not for now, and With ES it is strictly a no no i dont knw why may because it picks up momentum only during open hours and currencies start moving nicely from london open to newyork close ........

Detailed Plan to soon Finish off and to be posted on Blog with Live Examples :)

Good night for now

Back in :)

2010-02-18T15:23:00.000-08:00

well been ages, i havent been able to blog the trades and things related, two primary reasons , i wanted to write down what i was doing but was keeping those notes in my personal diary, what i have been doing is testing a strategy and making changes, well that all went pretty well :) the only problem that arose after that is with my broker, why ???? coz all the trades i take are very near to the current market price and the whole strategy revolves around 15 min candles and my broker ( market maker) is funny with me and does not fill me in if my order is somewhere near the market price 5-10 pips so if i want to sell at 1.4000 and the market is trading at 1.4008 i will get a message to the change my order entry price until and unless the diff is atleast 12-15 pips anyways i tried to get in the market, pushed my trades got bad entries and got burnt a bit and then finally withdrew half the funds from the account and am planning to close this account as the other broker is being set up , and they have promised me order execution so things should go well on that front, pretty much to write about the strategy but i guess now i am back at blogging so will discuss it in the coming days .......... apart from just a quick eurusd trade today as i got a signal per the new strategy and i had to take it, just one small mistake though i have build the strategy to trade during london hours and normally dont take trades off london hourse but its not a hard and fast rule coz i have taken a few trades like this before and they go well as well as long as the execution is perfect :)

end of week - total pips 54, possible outcome 244

2010-01-15T15:23:00.000-08:00

well the week ends and i closed the last eurjpy trade for 47 pips and after all losses and profits i end the week up 54 pips and to be honest i did not really follow the markets well and take the signals for the new strategy and missed on 244 potential clean pips on two pairs! will do a weekly review tomorrow and see what went right and what went wrong :) good night all!

Too Much information ? Need to keep head Clear..

2010-01-13T13:44:00.000-08:00

Well nothing special, missed a couple of entries on the new strategy, i really need to sit on the desk but just bit busy with exams and other stuff, anyway's :) UsdCad shorted it yesterday and then shorted it again, two positions riding it through, i cut off one position because i did not really have the time to manage them as i had to move away from the desk, so -24.2 on one position and 58 on the second all in all i am satisfied as i didn't really expect a lot out of the positions, i also have been trying and testing a very short term scalp strategy and got 7.5 points on the ES out of it today, need to backtest it on Eurofx futures as i dont really think its going to be working in the currency spot as the orders are filled by market makers and i there is always issues on execution and spread and broker gameplay, so i guess futures is still better... again off the topic... charts attached for Es demo trades and FX actual trades......

anything else.. ?? well yeah i am having real hard time figuring out something or the other in the trading world and anytime i see a new blog a new idea i just go ahead and buy the book and start learning about it , from market profile, to ichimoku charts to order flow techniques to swing traders and scalping strategies, i seem to have a clutter of information in my head not only about trading but everything else as well and cant seem to stop the voices in my head, and i would tell this to anyone, that everything works some of the time and nothing works all the time and end of the day it is how you manage your money and not how you win the money but how well you are ready to risk the money and thats the edge as far i have seemed to understand markets, save your ass for the rainy day :) and you will be just fine......

runaway tuesday.. eurusd -65,+39.4, eurjpy - 25

2010-01-12T14:33:00.000-08:00

well here we go first things first the eurusd trades were okay i dont complain, its just that rather than getting entries in Uk hours i entered a trade late night and was not up to watch price action so got buggered off in that trade, morning trade got me 39.4 pips and i got out at a very nice point, you can see that in the chart, profit target was based on ATR, in eurjpy... this is the one which hurt me really bad, number 1 i did not scale out a profit at 40 pips as i was sleeping and number 2... i got out of the trade at just the top of the day and i was so bearish on this one, and i managed this trade like early early morning and i guess i wasnt even in my senses when i was closing it out, well u will very much see in the chart that i missed a potential of 106 pips as per my ATR calculations if i had stayed in the trade, well that a story and a lesson learned :) ( never manage trades half asleep :P)

New week, new Year, new Strategy, new rules and eminis demo 3.75(need to start getting back in the Es next month onward)

2010-01-11T14:51:00.000-08:00

well finally after a lot of reviewing and closed eyes...... and thinking i am slowly watching myself as a other person and realised my major weakness at the markets....

1. Profit targets -

i do think about the profit targets but dont have any certain thumb rule, its more of instinct that i follow and take the $ out of trades, the problem with this approach is that it works in the futures markets where i can watch price action and a small turn and i feel the market is gonna get out of hands and i am out of trades, and also in futures markets ES especially i can make 2-3 trades a day scratch one here or there and manage working around it, ............ its nt the same with Forex, u need to give these babies time to form and run, unless you want to ruin yourself and scalp 1 min timeframe ( i am sure some do it and are good at it) but its not for me...... now i have got profit targets in place which are going to be scaled out and stop loss adjusted with proper trade management.

2.Leverage

may be i have told myself a zillion times about this one single word but i guess this is the deciding factor in any traders perf. on how and when they use it, you use it out of impulse and just in case you profit from that trade and get a sense of satisfaction, let me tell you are not walking but running towards a mouse trap.......... it becomes a bad habit, so for this problem total equity at risk at any time for single trade is not going to more than 2-3 % and total equity at risk at any given time for a maximum of 3 trades open should not exceed 5-7 %this is the deadline, any thing above this means a failure in my trading career!!!! that is how serious i am about this problem.

3. No Hesitation.

This is the last and most important factor in the strategy i am using now, when its time, JUMPPPPPPPPP get in that bloody trade and take the ride.I have been doing a lot of testing on this strategy and it is very sound in all aspects, using higher time frame for entry, very strict stop loss rules and exit based on practical reasons, ( this is the strategy my trading mentor has designed and hats off to him, a real genius he is) and i am going to just tweak it a little bit for my comfort and still in the strat parameters.... but as i said no hesitation in implementation of the strategy.

lets look at how i have been working around this, my currency broker does not offer 4 hour charts so for that reason i need to use Metatrader 4 for 4 hour charts as it is the sole timeframe for execution and implementation to everything..... so metatrader 4 for charting, fxcm for execution, the price feed is almost in sync so there is no problem on that front.

todays trades, again i missed entry on two pairs .. why ???? i hesitated and missed on 140 pips atleast of locked profit.. any ways in a eurusd trade right now and pending order for eurjpy as well, going to review charts 6 in the morning and see if the stops need adjusting or entries need to be placed....

EMINI Demo Trade - 3.75 points

slipped outta hands thing!

2010-01-08T16:27:00.001-08:00

well here is the chart for the eurusd trades i was scaling out, and literally its my fault that i let these profits from trades pass out of my hands as i had a policy to be out of trades when very imp figures are coming out and its always better than to get out of position and get back in coz that would not cost you a lot and will give you a new view to the market bias....... well for now just writing down some thoughts and still finalising the resolutions for this year :) should be done by tomorrow ............. had a long day so will sign out for now : )

Trades Flat

2010-01-08T05:36:00.000-08:00

all right then , another quick loss coz of the job figures on USDJPY and i have reached my daily loss trades limit on on pair so no more trades for USDJPY for today, eurusd stopped out of total positon and final scale out at 1 pip ( laughs) i was almost gonna take profits at 113 pips but hesitated and wanted to see the job figures, i have seen them now loll, charts update later on the blog :) looking for new trading opp, gonna take a little break for now and let the buzz settle down :)

Eurusd second last scale out 73 pips, USDjpy Stopped out

2010-01-08T04:03:00.000-08:00

well lets see hw things have been going this morning, just writing a quick update on the trade the eurusd trade still being managed in a very nice fashion another limit scale out at 73 pips, Usd jpy closed out, like as i discussed last night i had a stop(tight in place) not that tight , about 54 pips, and was below the demand zone but i can say stops been hunted before the flight off ,lol , re-entry at 93.47, target 94.90. stop at 92.60 :)

EURUSD scale outs 136 pips, usdjpy - 83

2010-01-07T16:50:00.000-08:00

well here we go, i did try to keep my cool and be patient and let market talk and listen to it, primary plan was to scale out of the massive EURUSD - super leveraged position i had, if we go by rules i should have cut the position coz i got attached to it :( well wht could i do, tryna improve my habits but all in all things worked out really well and right now a very small postion on the short side riding on the eurusd, and i am bearish bias on the pair right now, now my main sweetheart usdjpy :) i am long on the pair , number one coz of the japanese govt trying to push the pair to 95 level so anything 20 less pips under 95 would satisfy me the only problem is riding it through and not getting murdered on the way coz i have a tight stop on it so i am hoping for the best on it and if i feel anything going wrong i am going to pull the plug on this one this time and yes no leveraged trades for me today and amount at risk is about 4 %, i can sleep sound tonight, will try to get up early and manage the trades and also i am back with my mentor so backtesting few of his strategies and will backtest them on FXtester for a week and see wht the results are and try implementing the results in the live trading and may try it and if all works well , may be use it for these market conditions :) please follow the link below for market update :) have a good one everyone .....

http://www.marketwatch.com/story/japans-new-finance-minister-call-for-weaker-yen-2010-01-07

Quick updates !

2010-01-07T14:34:00.001-08:00

First USDJPY stopped out, new trade on 50 pips stop loss 95.00 target zone entry at 93.39, will explains reasons later, bit of fundamental try on this one :) eurusd trades, the ones which really hurt me yesterday have played out really well and i have almost exited the whole short position about 1/3 rd of positon left to be scaled out, stops in place :) charts and results to follow :)

outlook

2010-01-07T04:31:00.001-08:00

what an absolute messup

2010-01-06T16:09:00.000-08:00

well dont really knw where to start today, i guess i need to take a break and think over what i am doing, gambling or trading and taking small profits, what happened today has happened before and they say we never learn the lesson, well it is quite true, and you only learn when u have been hit hard in the head emotionally that the course of action starts to change, had a near 9-10 % hit on my equity today ....... reasons ?????????????? over leverage, everything was going well and i am in still the same trades since yesterday its just that for some reason i started covering the longs and started shorting and at the time i was long , i looked clearly at the reversal bar formation in the eurusd pair and instead of adding position to the long trade i went short and it did hurt me really bad i am still holding a bit of the position and am cutting it down at every dip in the pair and hope to be out of it by the time it really starts to kill me again, the USdJPY position is still in place with some 20 pips profiti do think that eurusd could go down frm here but only at the break of 4200 which is not a long way and break of 4500 and i will be bullish on the pair untill then i just want to get out of the position i am in right now, and really need to learn my lesson that LEVERAGE KILLLLLLLLLLLLLLLLLS, no wonder we need discipline and it is the MOST deciding factor in this Business.............. when i started out i really failed to understand why does everyone press about having the discipline while trading and now after giving the tuition fees i finally have figured it out that discipline is the only key which will open the door to the other side of the green and there is no short cut around the door :) will be looking at the pairs movement overnight and if it comes some where near to 4370 i expect to be out of the position and stay flat and review what i have done in this trading day and try to start with my rules fresh again :) have a good day everyone :)

Happy new Year everyone :)

2010-01-04T16:27:00.000-08:00

well firstly wishing the whole world a very happy new year :):):), to start with, like everyone i have been working on my resolutions and targets for this year and will post them down as soon as the list is final and to be made sure that i stand upto it, so i am taking some time in thinking over it for now as to what are my limits and what not, for the trading part, i had a dollar swing trade on from last year :P......short the dollar against euro, did not work out that well till today and all this euro high ground we see today, was the dollar rally a fuke or is it gonne be a up day for dollar tommorow, only time will tell, for now i am standing in negative of about 67 pips for dollar, trading it off the daily charts so my risk profile becomes bigger with this, i have written about profit and loss targets on the chart itself so that it makes it easier to go through, another one is the usdjpy trade which i have on and is the one i think might show some good colours as i have tried to sell it into supply zone over from sep(marked in chart) and about 10-15 pips negative on that one right now.....nothing major happening apart from this......

ES - at last a good volume day on the Es and had been watching it all day and seemed pretty good , for now i guess the ES will rally into this week to make some highs but will stand the rally or not, only time will tell, fundamentally for ES to rally i guess the major factor is going to be financial stocks and if they dont show any weakness in these coming weeks then there is nothing stopping the futures contract going higher..... lets wait and watch as no trade for the first week for me in the ES..

some interesting video for everyone to watch - Gerald celente : 2010 market views

http://www.youtube.com/watch?v=t_ahFTYeif0

xmas break

2009-12-21T14:51:00.000-08:00

hello guys, merry xmas to everyone :) the break starts for me, will resume trading with new goals, new motives after the break:) have a good holiday season everyone :)

what can you say!

2009-12-17T15:15:00.000-08:00

well what can i say ?????????? last few days been dull, i am not getting any sense of direction a small loss on eurusd and the usd strength is crazy and me trying to FADE it is the worst mistake i could make , for now i am stepping aside and seeing it from far, gonna demo trade it for few days and see how it goes, looking at ES from tomorrow, nothing special with me, haven't been writing on the blog for a while coz the activity has gone dull, and i am already planning for the next year from now on, maybe change of place for me coming very soon..... apart from that same old stuff, weather is really getting colder, snowing right now in London and if we go by news we are going to have a white xmas after almost 2 decades :):) what else.............. well to sum it up right now its like going on a speed of 10, but i PRefer it :)

too much of wait------

2009-12-10T15:17:00.001-08:00

well what can i say really last few days have been very slow for me , like really slow, had a small loss of 23 pips on eurusd trade, plus 2 point on ES yesterday and nothing for today, been waiting for a long entry on eurusd for two days now but price is in a range, got another trade entry above market today and have placed it as well, so waiting for my longs to be triggered and tomorrow is Fri already, didnt this week just fly by and dec looks almost over for now .............. just got my copy of the pitbull book :) so will try to read it and see what it got :) some say it is a classic story :) so that is wht thrills me most just like the jesse livermore, we get to learn so much its like someone giving all their years of exp in few days, though we dont consume it all because we are so much already deluded by outside stuff and concentrate on what we want to see :) and that is the reality, everybody gets what they want :)

Eurusd trade closed 221 pips

2009-12-04T14:47:00.000-08:00

well the trade closed, didnt go the way i wanted it to, what happened is i cancelled my adding orders when the trade went in my favour and also shortened the profit target instead of the low of the range to the latest support at around 5000, where as my initial targets were around 4950 range, so there is it two contracts less, and about 100 + cumulative pips, but all in all i dont mind as it took the risk of my trades as it could have gone horribly wrong with the volatility in the pair due to the NFP, but to end the week not bad at plus 250 pips in all :) where as right now i felt like adding and buying the pair at bottom of the range, but the market is closed and as far as i think it should open higher on monday :P lets see wht it does, not much for today though : )a few platform problems, also i need to find a reliable broker with Ninja as a platform, i really am comfortable with ninja :) so lets see the search is on

Eminis and Eurusd trade

2009-12-03T15:34:00.000-08:00

well today is the day i would call that i did what i do, follow the plan, be patient and act and sit tight :) , first with the eurusd trade i had placed a sell order on the trade yesterday from the highs of 26th nov and the trade was triggered right at the top today 1.5138 and then i added another position on the trade at 1.5072 right now the cummulative pips on the position are around 90, i wish to add another on 5014, and then look for target area of 4970, if something does not feel right in between i will be out the market :) , and finally with the Eminis i started selling right at start as u will see from the chart and then closed a part and then sold at top again to carry it right way down for 18 approx points and the whole trade :) very glad with my performance today , definitely gives u a boost when sticking and planning trades turn out to be the right ones, as far as performance is concerned as i said in the last post that sitting aside and watching for your moment and acting on it is by far the most important thing to do rather than being in the trade all the time, i still have regrets about my eurjpy trades as by now if i had sticked to my plans i would be sitting on 350 plus pips , but that is a lesson learnt as well :)

neeeeed discipline back

2009-11-30T15:33:00.000-08:00

i really really need to get back on discipline, i mean it seems such and easy word when i first started trading and read about it everywhere that i need to discipline myself and stick with it, i never really understood then that why does it matter so much to be disciplined in this profession and slowly after losing a bit and learning more about the markets i realised that i cant change its direction so i just need to be on the right time and right size and sit aside and wait for my opp, it isnt necessary to be in a trade all the time and that is the concept i have to stick to and that is it , that is where my discipline would count, i mean today has been another learning episode in my life as the trade i closed today and got another one in and over leverage and not feeling confident and still trading, i messed it all up, well for so many traders something takes over them when they are trading and losing and that is what needs to be developed, though the trades i took today werent that big losers but still i made silly mistakes, like got out of a trade i was in and then reversed it .... wooooosh......... n its my strict rule never to do that unless the trade isnt planned, basically nothing was planned and for those out there who are experienced i dont really have to tell more after saying this that i did not plan my trades and just jumped on and off and for what ???????????????? to satisfy my ego ??? i dont knw ... but for sure i am learning a lot from this day today, as far as the result is concerned its -150 pips on eurjpy.... well i am flat right now, not looking at any charts for today just going to read some book and have a good rest for today and be back tomorrow :) with more of my life story and trading...

"People who look for easy money invariable pay for the privilege of proving conclusively that it cannot be found on this earth." --- Jesse Livermore

quick EURJPY scalps when the selling was on

2009-11-27T12:04:00.000-08:00

well here we go, this trade is the red marked in my trading career as it wasnt based on rules and only on impulse made me feel like a total amateur though i was on the winning side but i did not really appreciate what i did, well i saw a sell off in the pair last night i bought it thinking it was the low trade turned badddddd, then i reversed :P and then was on winning side with 75 pips in about 4-5 mins and the whole thing lasted only about 8-10 mins, there is a chart attached and if you have your eurjpy you can see the pair bouncing off today on a long term resistance of july lows, break of this level will make me bearish on the pair and the break to upside on todays high and i am looking for buying opp in the pair :)

eurjpy - 117 pips

2009-11-26T15:05:00.000-08:00

well there we go my trade closed out today at the stop loss with -117 pips, for some reason i have just not got the bounce from my trades for the last week and now i am going to reduce my position size and then go back to eurusd for some reason i did not trade the setups i had in the eurusd as i was heavily invested in and to par with my risk limit in the eurjpy trade:( so now focus is back on eurusd apart from that , i guess the big news is that we might see the markets falling down from now with the mideast dubai crisis a possible trigger with so much debt and unable to pay????????????? well the banks involved are definitely going to get a beating from it, come tomorrow things will be more sure looking for short opp on the ES tomorrow :) and the tortoise below is me right now lolll but i am climbing up :):)

EURJPY

2009-11-23T15:35:00.000-08:00

well here is trade i have been on into from friday and still holding on to it, eurjpy in profit of 55 pips at time of writing, well there has been JPY weakness in news and also on dailies the pair has bounced of a very strong trendline, until and unless that does not break i am bullish for the eurjpy pair, for last week i did not get much time but the net result i had after 5 losing trades was -211 pips and i had no winning trades on last week, i knowwwwwwwwwwwww but as long as i am in my risk parameters and not doing anything i should not i am very happy with those losing trades as well, so what about this trade now, i am in two minds of whether or not should i close it at my profit target or run this trade as i planned and add position to it and take it long way?????????????? well i want to run it long for sure as long as eur shows strength but that is linked to the global markets very well coz as soon as the markets starts to come down eur is gonna drop with it and JPY and USD are going to show upward bias................. and this is the only fix i am right now as i am bearish on global markets ..... contemplating my thoughts ... but will write on here what i am doing with the trade guess this is going to be another experience of trade management..... i will post the daily chart as well here and you can see clearly the pair bouncing of a strong trendline..........apart from all this bit busy with my studies and other personal stuff, everything needs time :):)

GBPUSD trade - 57.3 pips

2009-11-19T10:56:00.001-08:00

well here again fourth stop hitting trade this week, not going very well as in terms of movement may be coz of few of mine mistakes and in some cases the market just did not do wht i expected it to do :) well as far as i am concerned right now, everything is still okay with me as i am not risking more than a percent n half at maximum on any trade and this is a minor glitch in the result who everyone experiences its just about time another trade another plan another profit is around the corner and i just have to re-evaluate my trades and may be risk bit more less :):) i will attach the trade charts which will tell the whole story and i will remember it as well :) things just dont work at times :) (NOTE: this trade was reduced at one point as i took half of the position out at a key break of resistance level i had in my mind and the other one was taken out on actual stop )

Second GBPUSD TRADE -16.9 pips trade closed

2009-11-17T15:47:00.001-08:00

Mon Tue Trade

2009-11-17T13:13:00.001-08:00

well have been doing so much that i actually delayed updating the blog and thought to update altogether and in doing so forgot to take screen shots , well had two trade the first was a eurusd trade which resulted in 24 pip loss and the second today was a gbp usd trade which did go all the way in my favour but i had wrong place profit target set and it came and hit the stops :( well will attach the chart and if you look at it you will see that the profit target should have been set at top of zone and not above the range which would have got me somewhere around 74 pips in profit but all said and done it was and expericence and i have learned from it and while writing i am again in a gbp usd trade to the short side and its not a long term view trade just going for 20-30 pips............well another thing so good about my broker is that they have updated their cahrting package with Tradestation like feature where the trades are sort of marked with arrows and lines and i dont have draw lines just in case i miss taking a screen shot while in trade, i can always do everything end of day :) makes things so easy :):)

Total pips for week +235.5 pips

2009-11-13T10:50:00.001-08:00

End of Week

2009-11-13T10:39:00.000-08:00

well here we go profit targets just hit for the eurusd trade i had on yesterday evening at the demand zone :) , this week has gone pretty well as in terms of trade execution though i have had very less trades on but still i am pretty satisfied with performance, the price on trade came back to the entry level and i wasnt even on desk had some work to do so left the limit orders to do the work for me, the price move very quickly to the profit zone this evening and im glad that the target got hit as i would have had to scratch this trade as i wasnt feeling quite confident about carrying this one over the week this time......... no more trades now the waiting orders are all cancelled and im ready for a great weekend :) and hopefully if plans materialize will be watching 2012 the new movie which is out today and should like it, fingers crossed, i dont want it to be all tht action packed with no story line, though we all know what the base of the story line is but still i want to see a nice plot to spice things :)

TRADE CHART

2009-11-12T16:42:00.000-08:00

well here is the current trade on right now, bought it at demand zone marked in black :) currently plus 20 target zones mentioned in earlier post and also marked in the chart as pending orders..

Trade closed -82 pips

2009-11-12T13:16:00.000-08:00

Well i did plan to scratch this trade this morning but did not and it hit my stops with me landing a -82 pip loss, right now i am in a long trade this evening with eurusd on a supply demand zone reaction, entry 1.48287, profit target 1.4933, stop loss 1.4791, will post a chart later on in the evening and also i am ready for a long term trade on the EURJPY have been looking at this one for a long time now and guess it will work out pretty well, it is more of a range breakout strategy i have learned from a mentor of mine... charts later on in the day;)

TRADE UPDATE

2009-11-11T16:53:00.000-08:00

still the same trade on this morning the price missed my profit target by about 2 pips , wooooosh :( right now the market came back to entry level, its funny how this is happening coz i have a whole new plan for situations like these in my head will write it down and discuss it later on,,....... right now about -11 pips in trade , still bullish on the euro and guess overnight my profit targets will get hit else i need to review the situation early morning and may be close the trade down as i guess tomorrow is gonna be a active day for the pair :) good night all.

eurusd update

2009-11-10T16:25:00.001-08:00

well long day just to start off, the trade i am in right now is the eurusd looking at it the price is really going nowhere for today , too much of inaction just like last week and then break to upside and this is what i expect to happen tomorrow as well, the second part of the trade i had on yesterday was closed for profit of 61 pips the last one is still running slow but hopefuly will get there and i am being able to give it room , the amount i planned to, so dollar weakness if it prevails i will see my targets hit 1st and 2nd for the trade i am planning at the break of blue resistance shown in chart along with the trade i am already on!

what else ---- i noted yesterday i made the most stupid mistake ever, like i did not want to but still did, this is what trading forces you into and then u need to be aware of your mistakes and then realise them as a mistake ! what did i do ? - i over leveraged my account with a very short trade, i was almost risking an open 15-20 % that is hw huge my risk amount on tht stupid stupid trade was and i had to convince myself to scratch that trade no matter what and lucky me that it was a very small loss i had on that one, i did not want to let it burn my acc , just in case it did not work out and i am still verymuch sticking to my 2-3 % rule for risk limits nothing more than that, coz i have made huge mistakes last year with a account and am starting to come back in flow and do not want to mess up the acc until and unless i reach a milestone risking only 2-3% which in turn if successful will give me more room for larger trades or more room for my stop sizes( i do not have set stops on percent just to tell you guys, my stop goes where i feel the market should not and if it does i am out, and then i calculate if that stop is in my risk limits, so no hard and fast rules in FX for stops, it can burn you if you do that)

apart from all this a few assignments to be finished and a few books to be finished as well, one i would recommend all the trade out there is to read the richest man in Babylon, a beautiful book which teaches a lot in its few pages, i have sort of thought to apply the principles in the book to my trading profits and think it will turn out to be best for me! ( do read it )

EURUSD TRADE PART 1 closed at 160.5 pips

2009-11-09T02:05:00.000-08:00

almost there

2009-11-09T02:01:00.000-08:00

well we are almost near the targets for my first trade and i have a few mins to write about it right now, trade is 3 pips from target and i also added another portion to my winning trade this morning , added up at 1.4934 and target for this one is higher than other trade.

TRADE STILL ON

2009-11-06T16:32:00.000-08:00

my eur usd trade is still on and is being carried over the week for now, wasnt at desk all day today so did not do much , had to spend some time studying and finish off other stuff so just tried to keep away and let market orders do the work for me , the price did go plus 100 pips and is back to 16 pips profit for now ............ i am still very bullish the euro and hope to see a rally to the upside on monday!

hanging since morning

2009-11-05T14:20:00.001-08:00

well here is the eur usd trade open from 4828, got it in this morning, and the trade i had last night was a success but only if i hold on to it, i got out of it with meagre 2 pips ****** wooosh and overnight the trade did hit my profit zone of about 34 pips , and the target right now for the trade is just under 5000 zone at 4987, currently riding on 38 pips profit same stop as seen in chart and limit order for profit in place as well...

interesting article for all!

2009-11-04T16:18:00.000-08:00

An end to the exit talk?

Wednesday November 4, 2009

The two low-yielding soft currencies (the dollar and yen) are lower today as FOMC decision day has finally arrived. We can now look back with the benefit of hindsight and say that the recent boost to the dollar and yen were due to worries over the prospects for the U.S. economy and how that might transmit less cause for other central bankers to push for removal of monetary stimulus. That causes a wider yield differential and harms the appeal of the dollar. Instead, dealers have concluded that it’s business as usual and that the economy continues to progress, which means that it’s once again time to ditch the dollar.

The dollar has slipped to $1.4840 against the euro this morning following opposing news from respective PMI surveys. The Eurozone PMI data indicated ongoing expansion for October while the U.S. data eased back from expansion to break even.

Such patchy data makes it difficult for the FOMC to step up and announce steps towards the exit as many economists suggest they do. The tone of Wednesday’s statement from the Fed is likely to convey an unchanged message in which they see a patchy economic recovery warranting an extended period of easy monetary policy.

The surge in commodity prices has been spearheaded by a new record high for gold this week with bullion reaching $1,096.20 per ounce today. News broke earlier in the week that the India’s Reserve Bank had bought 200 tons from the IMF during September and serves to undermine the confidence in the dollar as a store of wealth.

With rising gold comes an increase in the price of crude oil to $80.48 and of course both are positive developments for the natural resource-rich nations of Canada and Australia. The Canadian dollar has been especially strong since gold jumped on Tuesday and today buys 94.23 U.S. cents. On Friday data will likely compound September’s positive employment picture when 30,600 jobs were added. For October, the consensus view is the creation of a further 10,000 jobs.

Following the RBA’s rise in interest rates this week investors continue to respond to central bank comments surrounding the impact of a stronger Australian dollar. Here’s where the comparison with Canada contrasts nicely. The Bank of Canada has attempted to talk its dollar down as the impact on activity bites. But the Australians seem to be more willing to take local dollar strength on the chin and have stated that a rising dollar performs some of the work of monetary policy for them. Interest rate expectations have therefore been pared, but the Aussie continues to recover and today buys 90.73 U.S. cents.

The British pound is also responding to stronger purchasing managers’ data today - the strongest reading since August 2007 – and is currently up against the dollar at $1.6552. The euro buys a pretty much unchanged 89.62 pennies. The PMI data is another factor making history out of the recent GDP contraction as traders prefer to be forward rather then backwards looking. Once again there is no expectation for the Bank of England to make any change in monetary policy when it announces on Thursday.

Recent sterling weakness has come hot on the heels of any suggestion of further expansion of the asset purchase program. Such a requirement has hitherto been taken as a sign of weakness. But now that further data and expectations of a recovery taking traction is in the air, investors are taking the view that should the Bank announce the £50 billion expansion that the majority of analysts now expect, it will be viewed as a reinforcement for economic activity. It may be detrimental for longer yields, but that’s a side show. The point is that investors are buying the pound on the view that the medicine will make the patient better and that rather than be fearful of swallowing it, they are simply accepting it’s on the prescription pad already.

We noted in yesterday’s commentary that implied currency volatility had recently stepped up. We expect this to remain the longer the euro is making its mind up with $1.50 being a focal point. The recent subsidence in risk appetite, which drove the pair back towards $1.46 is perhaps over and so the potential for a second wave move back above $1.50 should continue to underpin currency volatility for a while longer.

EURUSD

2009-11-04T12:54:00.001-08:00

the Story

2009-11-03T14:40:00.000-08:00

well just going to do a quick update in this diary of mine, lost a trade on eurusd yesterday, would have been a winner had i just sticked to the plan, couldnt get the shot of it so missed it, also missed an overnight entry by 2 pips which actually hit the imagined profit target of 90 pips early morning , well tht is how tight the currency markets can be, woooosh, apart from tht no trades at all today coz on the daily i cant find a trend in plane and everything is packed in a beautiful range, i will wait for the range to break and i am in the meanwhile looking at usdaud, with reserve bank of AUS raising int rates again, i guess the dollar will show weakness there , but i will not jump on trading the pair just on this news, i believe the market has already discounted that news so lets wait for some other opp, :) , really tired today been out of the house, so just gonna hit the bed for now, will try getting up early and get a few updates on my notebook for the day and try and figure out the plan, good night for now :)

do not mistake understanding for realization, and do not mistake realization for liberation....Tibetan Saying

trade stopped out, plus 20 pips EURUSD

2009-10-29T12:46:00.000-07:00

good night update on eurusd

2009-10-28T18:38:00.000-07:00

trade in plus 97 pips at time of writing stop in place for overnight , will close if price action changes overnight and if price tends to go lower i will try to go for the long one on this one, but i always tend to loose faith in the trade as it tends to change my mindset pretty soon ( need to trust in the trades and run the long one :P )

what next for eurusd trade

2009-10-28T10:59:00.000-07:00

well in the attached picture u will find eurusd touching the trendline right now , its the fourth touch of trendline on daily charts, lets see if it breaks through for today then i will love to carry this trade to the red base line of demand and if it retraces back then i am bullish for the pair from tomorrow onwards.

new eurusd trade short currently 76.5 pips

2009-10-28T10:51:00.000-07:00

Last night Eur usd trade 37.9 pips

2009-10-28T10:50:00.000-07:00

Eurusd bollinger trade 27th oct

2009-10-27T16:10:00.000-07:00

new trade on with bollinger trading strat. aim for the trade right now is mid bollinger and will review the trade after that.

eur usd trade close - 41.9 pips

2009-10-27T12:59:00.001-07:00

TRADES- eurusd overnight carry + 56 pips

2009-10-27T00:47:00.000-07:00

As presumed the pair is hovering around the 4900 range, i have nothing to do with this trade right now, will follow the plan for the day :)

EUROUSD trade update

2009-10-26T16:33:00.000-07:00

Eur USD trade on , long at 4850

2009-10-26T12:25:00.000-07:00

eurusd trade update

2009-10-26T10:24:00.001-07:00

eurusd trade closed on break of trendline, new trade in place, buy order at 1.4850 demand zone -------- earlier trade result 97 pips on 2nd part...

new trade target zone 1.5000 level

eurusd trade update :)

2009-10-22T16:34:00.000-07:00

another day for this trade, markets taking the eur down today but late pull back for the pair and right now the trade is still +136 pips at time of writing :) nothing much happening apart from all this, the ES is again at the supply level nearing 1100 lets see how tmrw unfolds :)

"never underestimate the power of stupid people in large groups"

ES update

2009-10-21T16:36:00.000-07:00

funny that i have not been trading the ES, let me see the reasons why, i was on a good run and had to take some time off and after that just did not feel right about it and got right into currencies back again..... another issue is with my broker so i am almost done the paperwork for a new one and which i have tried earlier so i dont mind switching back to them ( good rates) just a few hiccups here and there but i dont mind it, but lets just see how the markets are reacting on emotional level, well good news everywhere isnt it ??????? but i cant just digest it from the very start though i should just be looking at the charts and trading but its just not in me to do it i mean the companies have their books out with good figures the economy improving oil shooting up again, for me its got to go all the way down long term just for one reason.... and that is the amount of shit US is in and it will definitely scatter and look ugly in some time, till that does not happen let us see what happened in Es today just one report near the close got the the market to sell off i mean insane isnt it , so many good reports coming out and one report takes it down, http://www.bloomberg.com/apps/news?pid=20601087&sid=a0YBqly0Kz2o

and that makes the people wanting to short so happy that everyone triggers the cannons and look at the volume spike for the end in todays chart AWESOME :) okay now the level it is at right now is a demand level seen from the rectangle but i dont see it holding coz the demand level is on a very low volume so it is not a demand level for me though it looks like one and tommorow is a possible down day for the markets the only resistance i would take into consideration is the 1065 level which might give us a good opp if the market reaches there for some points on the long side, and if the markets break that level then i am bias to the downside until that happens the trade i was looking at today and though missed was the beautiful supply trade at the high is ES i mean just see the supply rectangle and top and how beautifully the market comes just there and BOOOOOM :) so covering it all up still strong supply at the top 1099 and strong resistance at 65 level no trades for me if the market is not at these levels, and depending on how the chart uncovers there might be more opp avail :)

update on the eurusd

2009-10-21T16:17:00.000-07:00

well the trade is still in +ve at 116 pips at time of writing, looking to hold this trade upto a longer term target or might get out, u never know when greed kicks in lol, but will try to keep it out of the way coz that is notttttt my plannn :) well i dont know what more is there to this trade at the moment, i see no danger at all any signs of worry in my head and i will be out :) ................. what more....... interestingly i was wondering today at how common the characteristics of humans and animals are in relation to anything that is so important to us.. for animals its most likely food, for well of humans it might not be food but i will just say i will place trading there, so whats common ???????????? well for one the inexperiences animals is always scared to hunt down so it needs a mentor to teach and hunt down someone for its meal, it gets hurt thousands of times( law of nature i guess to teach us) eventually if it has a strong will it becomes a machine who gets a mean when its hungry coz now it has a plan it follows, a way to look for something which it did not have earlier and it always hunts someone in its comfortable boundaries, a cheetah from Africa wont be successful right away in jungles on lets say subcontinental jungles, so traders are same in the start we place a trade on the heart is pumping, a tick down and you start sweating few ticks up and u are trade out, just like a newbie eagle is very content with even the smallest of worms but easy, it does not have the experience to look for a good fish in the water, and an experienced trade takes a look at his charts, marks his zone , and waits and waits and waits ( patience is the key my friends, fold your books and choose some other profession if you aint got this trait) and after taking the trade he knows what he wants out of it and if he does not get it, it does not affect his mind coz he is already ready to look for the next one coz he knows he will get it, why ???????????? coz he knows his plan works and all he has to do is follow it consistently , he will not go after a bad trade coz he knows the market is always going to be here as long as he is so there is an opp right on the corner so why turn back down and lock ur horns with a bull that has gone mad....... take a look at the eagle below the catch seems to look so smoothly directed , but it aint , that is years of practice and eye that sees from mile away where it needs to go and at what time to catch just like any pro in our profession who make things look so easy but you now know what the difference is :)

eurusd trade update

2009-10-20T16:37:00.000-07:00

well just a quick update on the eurusd trade, i got a entry on eurusd at 1.4902, exited some part of the pos at 4930 and still holding rest of the trade with stop at 4875, nothing much on this trade idea right now, got a trade on usdjpy a short entry, holding the trade with about -18 pips at the time of writing, been up since almost 15 hours now , going to get a short nap and will post my lifes views on trading and why, but plan to do it with a fresh mind :) hope all is well with everyone :)

gudnite

PS - something we all should take note of seriously

http://www.bloomberg.com/apps/news?pid=20601087&sid=ai_FOUbDIywM

eurusd trade

2009-10-19T17:12:00.000-07:00

well here i am really not able to keep updating my blog coz of so many things going on around me, well here is why i have look at with the eurusd :) on the daily charts the price of the dollar has taken a beating and the eur is above the 4910 resistance frm last sep :) and now the price is above it i am bullish on euro as long as the price stays in uptrend , my entry on the trade would be a pull back on the 1 hr chart( attached) and it is going to be in between 61.8 % ret of the fibs and the grey demand level, as soon as the price jumps back to the grey demand level frm the fib ret, i will be on the trade, will post on as soon as i take it on board.

usd going down the drain ??? - i believe so

2009-10-15T15:41:00.000-07:00

well lets look at something really interesting today, usd.jpy ----------- what do i look at usd jpy is at the most sensitive support level right now, well nearing that !!!! what if it break, which i think it will, why ?????????????? coz the us is so f***** up with the dollar right now, what that tells me ? any currency pair i am trading i need to be short bias to the usd :):) , well for now lets look at usdjpy which has really interested me , well if the resistance breaks at 87.14 level lets say 87 :):) then i go short for sureeeeeeee, and ride it all the way down may be to 70, 60 , 50 ,......... anything is posssible , coz i see the end of US dollar in next year or so and if that happens this trade can quite work out if it never sees the top above 87 after the dip :) , right now it is going to face mojor resistance at 91 level.. more discussions to come on the pair in the following blogs :)

eurusd 13 oct trade closed

2009-10-14T01:42:00.000-07:00

eur usd stopped out at 4878, bias to the long side now, preferably i would expect the price to rally a bit this morning session confirming the upside for me, and if it does that then i am looking for the next dip to the downside to enter a long trade :).

EURUSD TRADE UPDATE

2009-10-13T16:08:00.000-07:00

well here is how today went, did nothing muchhhhhhhhhhhhhhhh ':) why ????? the trade i have on is the only one i am managing right now and as said in yesterdays blog post the stop for my trade is around 4860 level, i actually did not comply to it coz the price has come back to this level after a year and it was at this level on 22nd sep last year (4866) so i planned and gave my trade another 10-12 pips to roam around and the price has just stopped arnd 4850 level right now, if it break the year high i am going to reverse my position and go on the long side, presuming the US dollar weakness to be genuine, and if that does not happen i would love to ride this position to the next swing :) preferably a few days but all this if it does not break the high of sep last year else every plan becomes void ;) , there is so much else going on right now , well gold is touchin 1066 level, should that mean that it is a dollar weakness that is causing it , i think so reason being the dollar aint that strong now as it was so if 1 dollar bought 1 gm gold to me a few months back and the value of dollar falls i would need more dollars to equal that equation to buy 1 gm of gold , and looking at my trade i could possibly buy a put option on gold , just paper trading this one though, will look at everything this night on this frm greeks to prob of the option and then paper trade it and see how it goes just in case the dollar weakness eases off and gold starts sliding again , but realistically speaking looking at the longer term i am not very much inclined at long dollar positions, reason being i am very much bearish on the stock market and the amount of debt US is in and not really shown in news right now, i guess the bubble is just near the bursting pressure its just that the politics is holding it really well, looking at the divergence on volume at ES on yesterdays blog chart i kinds picture everyone with their guns loaded and ready to take the nasty ride down and cause mayhem pushing the markets down ( too dramatic thoughts - wink wink )

EURUSD Short

2009-10-12T15:16:00.000-07:00

well the price did come back to my levels where i had planned to go short, went short at 4807(filled), price right now while writing is 4780, the way i have planned this trade is the price to reach at least the supp trend line with a target zone of 4710-4720 level, will see how the markets take the price tomorrow, the stop for the trade is arnd 4860 level, a breach of that means i am out of this short and will look for new opportunities. apart from all this not much deal happening been out for some time sorting a few things out, also looking at the ES from a distance i just noticed something today that in the last few days when the market was trending down.... the volume was pretty good on it and now that it is moving upwards the volume just isnt there, and when i say volume i mean good real trading volume, it just seems that the big guys are just happy shorting in this market and no one really wants to get heavily involved in this move which they dont understand ( chart for Es attached) . do see the trendlines on the volume figure , feels like a great divergence, do i need to say more , well i really want to get into ES but i guess i will wait for the down move to start and trade the upswings :)

my next eurusd trade idea

2009-10-08T16:10:00.000-07:00

here is the update of my next eurusd trade, the time frame on this chart it the 1HR what i am lookin for is the price to come back to the blue dotter line which i am takin as a strong supply zone for the pair and then if that happens on upper bollinger and gives me a entry signal with reversal bar strat- i will start going short in it with a stop range to 1,4850, once the price reaches lower resistance(demand zone) i will take some bits off the trade and bring my stop to a mid bollinger ranger, but that will depend on the future price movement for now all i am looking for is this setup to work, alternatively if on the next swing the price breaks higher and goes above 4850 then i will look for short or long opportunity depending on price action coz if the pair break above 5000 level then i will be changing all my strategies and position for long coz then the price will break the last year oct level which is quite a big resistance level for now in the markets and i guess everyone is looking at it, and i would love to ride the cart when everyone wants a ride on it as well and get off (hopefully) before it breaks to pieces :P , apart from that still not trading the ES, for me its not really comfortable right now for god knows what reasons , wishing to get in sync with it really soon , i tried holding on to it today but again did not feel right about it so just let it go without hassling myself :) hope all is well with everyone :)

wht days :P

2009-10-07T16:09:00.000-07:00

woooosh wht days beeen on and off trades in eurusd like crazy in total about 14 trades in two days and havent really had the time to take snapshot and save coz i had been implementing a new strategy in real time which i backtested for quite a while and literally it gives so many signals that i now plan to change the time frame to 1 hr and above coz doing it in 15 min time frame will make me go crazy in matter of two weeks and i cant handle it and it does not even let me see the higher time frame coz it is ir-relevant to the strategy :( will need to tweak a few things here and there :) but should happen pretty soon nothing on the ES/ the first trade i had a short at 35 went in for a loss of 2 points and after that i havent really gone onto it, so much glued to the currency and i really want to learn a lot more about options so that takes a bit of time as well :) , apart from that one thing i realised today is the AHA moment we all have in trading and in life, when u try so hard all the time you all of a sudden have this great moment when u know wht is happening with your trades and how you sort them out and all of a sudden u see the answer click, well that is what exactly has been happening to me all this while for last month and at one time i felt that the strategy i use does not really matter is and all the crap i have read about carrying my trades cutting on loosers is the key is coming to my brain now, so what i think i ll have to do now is that go for the higher time frames especially in currencies , see the bigger trend and trade on pull backs and put the stop to the point where the trend chages its direction and stops me out and not the point that i have a set stop of 100 points and that is it, no that is not gonna happen in few weeks from now what i am going to do is see daily charts and time the entry with 60 min and 30 min charts and try having only a few trades a month which i think is gonna happen by itself coz of the time frame i will be using and i will try building into a position and will post the snapshots here on my blog and look to hold a trade for some time for which obviously i need capital and coz i am going to do this in currencies for start i am going to start it with mini lots where 1$ is 1 pip (almost) and after 10 trades if it works out well and i see at least 40 % success rate then i will move my futures acc into this strat for a good 6 months and see where things take me, also the biggest reason i am doing this is coz of the studies as well for which i need to take time out and it will be easier to monitor trades on the larger time frames :):):) too much of that now , for now gonna hit the bed beeeen up since early morning :) take care guys good nite :)

ES

2009-10-05T07:00:00.000-07:00

Waiting for price in ES to test 35 mark (supply zone for me) and will see price action and volume to confirm entering a trade , limit order places in eurusd at 1.4625 to sell.

eurusd - 77 pips

2009-10-02T13:42:00.001-07:00

what a trade lollllllllll got out at 4500 had my stop hit and right after that the demand comes into action and boom plus 100 pips withing the nxt 45 mins, this is wht i try to learn everytime i am in a FX trade that the big guys try to take out the stops at '00 levels and then carry on with their job, so practically i did not take a good note of 4500 level and should have out my stop bit lower than that but anyways a good trade, lesson learned with everyone :) hope everyone had a good last day at trading :) , what next nothing really planned for the weekend apart from a bit of DIY and reading a few books, tryna catch up with friends and get prepared for next week, will try to get back to ES monday onwards and will change the way i update my blog as well, i wish it to be more like a diary frm now on, coz when in the future i wish to look back into this blog and go through it and actually understand what i was doing and thinking rather than just updating trades, i guess that will help me build my psychology about trading and how i act at diff levels of this game :) everyone have a great weekend :)