Thursday, June 28, 2007


It's sad for me that some bloggers stopped posting for some time or for good. I can't read any more NYSE scalper, Trader ZBS, Forex Blog by Lloyd, Tradercowboy, Trader X.

But luckily some very good bloggers are still here like Boogster, Pinoy, Bad-Ass, Dinosaur, Evolution, High Probability, Goddess, Chart Strategist, Maoxian.

Check out the new one also OONR7.

Monday, June 25, 2007

Learning curve

I'm having discussion with my friend also trader. His beliefs are that you got to start trading with some sound method. And if you don't have one you got to change methods until you get proper one, something like that.

On other side I gave up of search for methods. I believe that good trading can get out by organic growth. Like today, if I had enough knowledge to discard all trade ideas without some clear setup and stay in one that is sound I would be profitable and happy. But path to that is slow. I believe that learning how to trade profitably is slow process that requires a lot of practise. It's like playing tennis or some other competitive sports. Without practise there is nothing.

But you got to stay alive and financially afloat with all that trading practise.
Well I would also like to get struck with lightning and start trading some quality setup without all those mediocre stuff that I do. Until than I can slowly trying to get better with stuff that I do now.

In the end there is a reversal, hours later, but without me.

06/25/07 II

Well this set of trades really put me in the misery. First two in usd/jpy and usd/chf were at quarter of the size. But when usd/jpy fell I added one more trade half size. So I had averaging down full position and a half in other pair.
I really don't need that in my life and trading. Without setup, just wishful thinking and some reversal trading intuition and experience. But I can't get anything good form those kind of trades because I always get out at break even happy that it's not a loss. So it only can be looser, big one or break even.

In the end trading so far for today gave me +3 pips of half size position Lx3.


Lot's of bang for no buck.

In first trade I managed to let profits go away and than I just wouldn't get out. Like it will reverse any minute back in black. So -2 pips.... - full stop. Than anger and immediate trade, I was lucky and got myself some pips back. Poor trading.

Scalp man, take the profits and get out. Problem with reversal trade mentality is that you don't get many reversals that are full ones, but many small, so take the profits while you have them.

This trade is only trade that have some sound trading principles why to take it. After hour of indecision's and big wicks up and down usd/chf managed to close up at around 305. So if it fail now it mean that it can't go up now and it will go down. It was full of indecision hour ago so all forces for down are happy now that bullish side doesn't have power.
So I short it with those kind of thoughts. It had another undecided candle and than started to go down.
My internet connection broke down so when I got it up again I just exited. Nice excuse. The pair went down from that point some 25 pips. It was again poor exit.

Another pick the bottom trade, but wit quick scalp exit.

It looks like every time it's making a bottom, but real buyers came hours later and bought around 166 support of the channel that was broken at Friday.
So why than not to think first and trade later and not just jump in for the sake of the trading. Maybe here will happen something. That maybe is big problem. Fighting the trend I don't want even to discuss today.

Sunday, June 24, 2007

Hindsight learning 2

Above 166.10 we have real breakout in the uptrend after long consolidation. If it does not fail higher prices are probable.

Big breakout candle is not threatened in any way. Buy dips to be on safer side no matter if you are scalping, day trading, position trading.

New high failure after consolidation. If you want to scalp in short direction now is your chance.

Hindsight learning

After 8 am it's strongly up relating to previous day range. So the power is up, you should look for possibility of up trend day.

There is strong resistance, beware maybe this is reversal and trend up is over, now you can make money by shorting.

After consolidation there was aggressive pullback that is halted and price is back in the range. Any breakout from the small range up or down can indicate future price direction.

We now definitely have double top, direction is down get as many pips as you can. But beware it's Friday late afternoon price action can be violent in any direction especially if it started to move so fast as is moving now down.

Fast reversal is getting in trouble. There is buying going on indicated by the long wicks. Path of least resistance is up.

Friday, June 22, 2007

Globetrader: Lucky

Great post by Globetrader check it out.

"Dumb trades, you admit them to the journal and move on

very dumb trades, we all do them, it takes longer to get them behind you, but you get it all right

really really dumb trades, well I told the chat room about it and I write about it here, because I hope next time my internal Account Protection Team takes care of the really really dumb trade before it becomes one."

Trades like this we all have. It's pain and nothing but the pain. But it's how you learn to trade better.

06/22/07 III

I've put on some more scalps in the afternoon. Nothing worth of mentioning, but better to have record than not. All in all some 4 more pips with Lx3. So +9 pips Lx3 for today.

It's not so easy to just jump in after long period of no trading or following market action. I traded small, very small so if I start to average down I don't get burned a lot.

Market today was in pretty strong trend. I didn't catch any of that because I wasn't expecting it, so I just traded as better as I can. Against trend, reversion to the mean kind of trades.

But it sure was great to trade again after long pause.

06/22/07 II

Like a kid in a candy store. After long time no trading now I get in to scalp and win 1 pip. Great thing is that oanda made it easy with eur/chf 1pip spread.

I didn't see the downtrend until the trade.


First trade after long time. I have a day off from work so I'm back trading.

I shorted eur/jpy, my favorite expect reversal trade. There was a possibility that eur/usd is stalling and also that usd/jpy would stop short of 124 figure. Didn't open big position just Lx3.

Eur/jpy just broke the range so there was option of testing the highs of the range.

I had nice 15 pips of profits around 9 a.m. but I wanted to get more. In a second usd/jpy snapped through 124 and eur/jpy was higher. I had the need to average down around entry of 166.36 but resisted the temptation. Learning.

There were some EU news that take eur down so I exited with small 4 pips of profit.

Swing and scalp nature of my trading mind were clashing in this trade. Open was swing, lost possibility of profits in a scalp mode, out was scalp mode. But in the end things that I expected to happen didn't, so swing trade should be over when usd/jpy broke 124.

Usually in situation like this swing trade could develop over hours or days. But for daytrading which I'm more inclined scalp is better.