Hello everyone,
Today I haven’t taken any trade. In fact, I haven’t even looked at the charts. I had an early morning appointment with the dentist (one tooth has been given me problems for weeks!) and when I came back home I quite didn’t feel like trading at all to be frank. No lame excuses here: I was in pain and didn’t want to work one bit :p
Anyway, today is the last day of November and as usual it’s time for me to sum up the month. It’s been a difficult month in all fairness. In fact, by the middle of the month I was sitting at an uncomfortable breakeven. At that point I decided to take few days off on holidays to re-freshen up and upon return I scored two nice trades for 100+ pips each that saved the month. Both were short entries on AUDCHF which has been probably the best trending pair as of lately. That’s why one of Golden Rules of Sensible Trading is “patience, young grasshopper” - if there’s nothing you like on your charts, the best decision is to shut down your trading station and walk away for the day. Sooner or later the right setup will present itself and you must have your capital intact if you want to profit from it. As a matter of fact, a good motto for this business would be:
“Forex trading: surviving the chop, exploiting the trend.”
All in all, the net results for November 2007 has been +278 pips.
Hello December, nice to see you again!
-HECTOR-
Hello everyone,
Today I traded a range breakout on NZDCAD in the direction of the hourly trend. It was a very well-defined range with an clean breakout, so all in all an easy trade, right? wrong Hector, wrong!
Today’s trade reminded that the Forex markets are not perfect and how levels of support/resistance sometimes are not respected right to the pip. A trade that should have been rather straight forward turned into a messy double-trade, the first one being stopped out for -21 pips and the second one hit its target for +36 pips.
But instead of me trying to describe the situation, perhaps it’d be better if I simply let you watch the video and judge by yourselves.
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How exactly I could miss out on this trade goes beyond my understanding. Yesterday I took a short entry on AUDNZD that got stopped out for a -27 pip loss, but at the same time I acknowledged the setup as “still valid” and I made a mental note to re-asses this setup the next morning over, meaning today morning. Well, as explained in the previous post I decided to not trade today - however in hindsight I should have kept an eye on AUDNZD as I had planned: it was such a clear setup! typical breakout in the direction of the trend and an easy 80′ish pip run to the downside.
Sorry about the rant folks, I had to let it out of my chest!
Hello everyone,
As I opened up my charting platform this morning I was spotting a number of strong trends going flat-lined. Indeed, those pairs I had marked on my notepad (USDCHF, AUDCHF, EURUSD, USDJPY, AUDUSD, EURCHF, GBPJPY, GBPCHF, etc) were all beginning to flatten sideways and to curl upside down. I am not too sure whether the market is switching gears or whether it simply needs to take a breather after the last few day’s strong moves, but at any rate there was a clear momentum dry-out on my charts.
So I decided to remain out of the market today since I didn’t want want to be caught up in a possible trend-unwinding.
In another scheme of things, the AUDCHF trade I had open from Monday is finally closed for +208 pip on the first half of the trade and +0 on the second half. You may watch the video uploaded here below :)
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Hello everyone,
Today I have taken a short entry on AUDNZD as it finally broke-out from a sideways range in the direction of the overall main trend. It is a very typical setup that you guys have seen me trading a number of times. Basically the setup is as follows:
In a clear downtrend, price takes a breather and enters a period of congestion signified by that sideways range. As price breaks free of its stagnant mood in the direction of the overall trend a new swing springs off. That’s exactly the swing I was trying to exploit. Unfortunately, as I came back home later in the evening I found out my stoploss being hit for a -27 pip loss. Oh well, it was a good try and in fact I still think the setup is valid so I will re-asses the situation tomorrow morning, right now it’s just too late in the day for me to consider any further entry.
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