Check out my new blog

I opened another blog with purpose to make long term technical analysis in it. This is my trading blog, my journal. I wanted to have clean blog only for TA of longer time frames. With this blog I found out that blogging is very nice motivational tool. So now, I hope that I will have more motivation for some homework type analysis. I probably will not trade on that, but why not to try and sharpen my skills. Maybe open new field for discussion.

I won't post there probably but once in a week or two weeks.

So there it is check it out, subscribe it, comment in it ForexTA

Wrong frame of mind

I decided to play around with 102 level when it was breached and retested. There was no such follow through on the down side, I was thinking. Just an idea, but as soon as I was in the red I realized that I will not exit on stop loss. I was in my biggest enemy in trading frame of mind "I don't want to lose". I know that there is no point of resisting, or trying to get out on stop forcing myself out. If I have that frame of mind in the first place, that is the problem.
So I played slow, added two times 1/3 position and made exit around b/e as soon as I got it.

Generally usd/jpy isn't my pair.


Than I decided to end it for a week. I don't want to mess around any more today with loser mentality.




I wasn't by the screen yesterday and it's quite disturbing when I see the big move that happened and I was trading around the bottom of it. I know that I'm scalping and that I wouldn't stick around any way. But in times like this I wonder how it would be to swing trade. It would be best to turn scalps in swing trades but it's only wishful thinking for now.

Is 1R enough?

First trade in gbp/usd was unbelievable. While eur/usd and usd/chf headed in the direction of dollar weakness gbp/usd was so still that it was funny. So I exited that trade with spread loss. After that I had two trades in eur/usd with no luck. Finally I was again in gbp/usd but this time short because it looked to me that there is resistance above 800 and that it's not easy for gbp/usd to go in that direction. I had profit on that trade to finish day positive with +5 pips.

Other think that I would like to mention is that any of those 4 trades would get 1R if I stayed in them until and took profit at 1R.
I don't know is it always good to wait for -R or +R. First in gbp/usd was 12, than in first eur/usd trade it was 4 but I didn't take the profit at 4. Second eur/usd trade had 5 for R and I exit it earlier for -3. At last gbp/usd I took +10 but it would come to +12.

I don't know maybe I should look only for R on any side. I definitely have tendency to take profits early and cut them. Regarding the exits it would be great to have only R loss without averaging and moving stops.

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Too early exit

Usd/chf movement was trigger for eur/usd trade. Eur/usd was more reluctant to go than usd/chf that was nicely ticking down. I exit for R of +8 pips, evidently to soon. I was thinking than that maybe it's spike that will come back so I started shorting it. Second averaging short was 1/3 size. Probably I was just angry because I didn't stay and for that reasons shorts came.

Later I made one more small scalp.

+12 pips today

New month

Forex market was slow in the morning, too slow. I was scalping a little but didn't make as much profits as I could. Last trade in eur/usd and usd/chf pairs went much farther. The thing was that I entered usd/chf trade too early and it looked like it will become loser. I entered eur/usd trade like some kind of averaging for usd/chf. I was happy to take them out around break even. I wasn't thinking when I entered the trade nor when I made an exit.

Gbp/jpy trade was best today. It was looking like there will be more to the upside although it slowed a little. It is usually spot where I short uptrend and get burned, so this time I was going in the direction of the trend. In one minute all was over.

+17 pips for trades