Sorry for the late update, I was exhusted last night, and as soon as I entered the trades crashed. two new trades to report... buy stop GBPNZD 2.0837 and sell stop GBPCHF 1.3756 the GBPNZD got hit, and is currently down about 35 pips. I am having an issue with the CHFJPY, which is now 2/3 of a position. I will most likely use profits from other pairs to offset this loss, unless it recovers on its own
weekend update 375 pips booked, for a total gain of 1.43% this is the key to this type of trading, low leverage. When you trade the daily time frames, you cant be going more than 10 cents a pip / 1,000 in your account. its a great formula i was taught ( yeah im not the smart guy who created it, and give credit where credit is due) Anyways great first week,
I will try to do a weekly outlook section, which will focus on the forex trends. Yes I will take a look at the fundamentals coming up, but this is mostly will focus on currency strength/weakness match-ups. The following is on the Daily time frames Gaining JPY, USD, GBP and CHF Losing AUD, NZD,CAD and EUR The following is on the 4h time frames Gaining JPY,USD EUR GBP Losing CHF,CAD ,AUD,NZD Basically becareful about the EUR and CHF as those two are crossing on the lower time frames, which could spell for either short term pull backs which are perfect to reenter the long term trend. Personally I have removed the CHF pairs off my charts for at least a month until the technical's settle down Fundamentals, here is a link to this weeks calendar, its pretty self explanatory http://www.dailyfx.com/calendar?tz=...=true&cny=true&high=true&medium=true&low=true
as per my post last week, I have removed all CHF pairs from trading for a few months, as I noticed a bunch of false signals. And rather then curve fit my system to exclude the losses, i think its easier to just avoid those pairs for a bit here is the updated account, after the removal of all chfs, and new orders
The forex world is very strange, I was going to bed down 2.5% and as you might have thought wondering out loud if this strategy is for me, and then after a 2h power nap waking up to write this update being back to near flat. I keep facing the same writing on the wall, it keeps telling me how follow the trend no matter what the short term market swings are. And boy are they nasty. But in reality you need them, as the markets cant just keep going in one direction, and then when the trend changes go into the other. People would never be on the wrong side of the trade, and the markets would cease to exist. anyways with that little food for thought here is the updated list of trades. Only one fresh one which is the buy of GBPNZD. I run the same program using Global Prime, which has a end of day way earlier, and allowed me to post some other signals as well. I might be switching to it in the next few weeks only because writing at midnight is hard on the brain as always you can follow me on twitter @TheSmokedAces
its been an interesting week so far, market does a mini correction/profit taking on tueday, shaking out a lot of the people who were in the short oil, cad and buy USD trades. That party is now over and we are back into the trend. I was down a bit but within my limits ( this is why money management is key) as always remmeber you can follow me on Twitter @TheSmokedAces Sorry there was no post last night, as I was exhausted. Anyways here are the new trades for the day SELL NZDJPY @86.547 SELL NZDUSD @.73769 Sell NZDSGD@ .99441 Buy SGDUSD @1.34843 here is my current portfolio
Nice to hear your thoughts and enjoying your journal, I have traded Forex for 2 years now (used to trade stocks and etf's) it takes a bit of getting used to! I we would love to see some more charts to back up your text, I can show you a couple of my positions