Another choppy day

I guess the market is chillin since last 2 weeks. None of my orders were triggered yesterday, as for today i decided to take a trade on gbp/usd but was stopped out soon after the dip. Closed this month with $400, still a long way to go but its a start to recover real account balance. I find more manageable with this new 3 year plan and being an intraday trader. Must keep on being consistent.

Hopefully it turns out better next month!

Result: -22pips

Carry Trade Liquidation?

Almost every financial site talking abt carry trade liquidation and risk aversion. Ever since the dollar rallied days ago, everything else took a deep plunge. Gbp/Jpy now trading at 240-241ish, even i have anticipated this, i didnt react to this opportunity. Just felt high volatility and price spikes are just too "hot" for me to handle, i chose another pair to farm, took several 20pip profit and that is all.

Shut off my PC, went out to watch few games of 40k and a drink. Relax during the weekend, come back on Monday and see how it turns out. Money comes easily and frequently, there are trade opportunities everyday...keep telling this to myself everyday.

Result: +85pip

No trade day

It was expected the dollar will rally some time soon, and it did. Even with weak numbers on yesterday's news didnt have much effect. Finally, the beast broke trendline drawn since 15th Feb(daily), its been down for 5 days. Good thing i decided not to take any long positions(tempted!), as for cable, im still bias towards LT bullish, and a retracement was due, it had a good run since last week.

I didnt get into any trades because of uncertainty, things were moving too fast for me. Decided that it is best to be on the sidelines.

Result: +0 pips

Maintain course

I find it easier to manage my account ever since i started smaller profit targets, thinking money comes easily and frequently, there are alwasys trade opportunities everyday. Applied the same method to demo account since recovered and at 100k lots(lvl 11), US dollar took another round of pounding today and i was able to grab some nice profits. 5 more profitable trades on real account to gain next level.

Eur/usd did not clear 1.3850, Cable kept creating new highs, beast bouncing and i feel it might drop next few days, closed all long positions on that pair, following my instinct.

Now to keep up with the consistency.

Result: +60pips

Range action

Having problems accessing this site. Trading was good, cable now capped at 2.0555 and i have been buying at 2.0480 level and selling em. Today UK news came out better than expected, so far unable to break strong resistance at 2.0555. Alot of range bound action this week.

Result: +52pips

On with intraday

UK news came out better than expected today. Cable(2.0457) and the beast continued goin upwards, the beast finally hit my target 250.00 and still goin, closed all 3 positions for nice profits(gotta luv rollovers). Demo account back to 5k with some extras.

As for my intraday thing, kinda bummed didnt get to ride the beast, was out the whole day renewing my road tax.

Result: +7pips

Nasty reversals

Stopped out on 2 trades today, looks like eur/usd is in consolidation phase. Still picking out small profits but caught by sudden sharp turns(1-min chart!). Managed to bring down losses from $-55. Will have to look for other pairs, still not comfortable trading gbp/usd (still testing on demo), have to work this system until i can get the consistency right especially on timing, getting caught by reversals just sux.

on the plus side, additional rollover will bring my demo account back to 100% balance+nice profits. Wish that is true for the real account. Slowly working my way up. Reaally slow.....

Result: -15pips

The Chaos Theory

I am now backtesting intraday methods instead of going for longer/bigger gains. Even with small targets still maintaining reward:risk ratio of 2:1, ive tested many scalping methods during first 2 months of trading and i found it difficult hard to use(ya, partly im a nub). It was too fast for me on 1-min timeframe and i can remember using java charts(sux!). Now, thanks to FXDD with their uber charting s/w, i find it easier to follow these intraday rules. This one have some sort of chaos theory in it, ok i love playing Chaos in WH40K.

This method uses AO(good thing FXDD hv em), volume indicator and 3 EMA setting to identify main trend, use it pairs with low spread like eur/usd or gbp/usd(brrr), not "the beast!". 3 days of testing gave result of at least 70% win, im ok with taking away 3-5pips, sometimes 10pips with 20 is my max target gain. Max stop loss is 10pips. Still doing more tests, especially when to or not to trade. Eyeing how usd moves also helps to estimate entry/exit.

Last nite, most yen crosses took a beating. Had my eyes on the usual pairs-gbp/jpy and usd/jpy.Beast found support at 4hr 38.2% chart, 400pip movement! usd/jpy went as low as 120.90, but looks like they have recovered to levels as of last week. A lot of trade opportunities, i only took few slices.

Another Friday

Another friday, time flies. US NFP out later today, didnt create opportunities as with the last 2 NFP reports, so im just gonna do nothing. Plus i do not like to open positions on Friday.

Just have to wait and see.

Get on your surf board, bummer....

News trade, havent been on news trade for weeks. BoE interest rate hike decision today, market expected a 0.25% hike to 5.75%, my plan for trading this news is simple. 6.00% long, 5.50% short and 5.75% no trade. Gbp/jpy been ranging for past few days and still waiting for direction. Maybe this might give a bit of a nudge.

Results came out as expected, price went bouncing with no clear direction yet. My call, no trade....so im chillin on the sidelines. Again, my demo account looks good, better rates now.

On to tomorrow, US NFP data and friday(boring!)

Its not always like in the books

Not much movement after release of US data, as for Yen crosses it kept bouncing up and down, was stopped out from 3 trades. Even when valid entry signals came out and waited for more confirmation, market moves the other way around. It is just the way of things. Admit trade plan didnt work out, take losses and move on.