FX 4 AUG

AUD Short closed @   1.0773 (+150 pips)

AUD flip to long @ 1.0773 [Stopped] (-35 pips)

Currently on the sidelines for both AUD and EUR

3 Aug FX

EUR Stopped @  1.4288 (-95 pips)

Currently on the sidelines for EUR ….. no signs of long formation…

AUD still shorting!

Looking into improving stop for my trades... currently placed at the previous high/low + spread ... Maybe i should place a narrower stop...

Had been spending days thinking of implementing a target for my trades.... currently i do not really have a target, i only close trades when i need to flip position... any suggestions?

Good day!

Hello

Spending the past few months revamping my strategies.. went for a course that cost me quite a bit... realized trading simplicity... simple charts are easier to trade with ... mainly looking at price action and trend lines only...
past few weeks, the market show great amount of noise and few long trend to ride on... (1H charts). Mainly focusing on FX (EUR&AUD) and local markets (Singapore). Glad to be back!


Currently:
EUR @ 1.4193   SL: 1.4288
AUD @ 1.0929   SL: 1.0983

Shorted both EUR & AUD

Good Day!

Back with more....

Currently testing out a new strategy, which seems workable after many back-testing. However this time round, I base my entry with tighter rules and stops wise, I have improved my RR ratio to 1:2. My entry strategy had always been based on trend counting and Fibonacci ratios; playing the breakout The only problem with this combination; my P/L will suffer in range bound regions. There are plenty of range bound regions when trading on the 1m and 5m. Profit/Loss wise, I will still base my entry amount on a fixed risk method.
Will be testing next week with a mini lot, hope I wont do too badly.
By the way, anyone using FXCM, is there a better broker to recommend?

Disappointed

Kinda disappointed with trading this week. This week trading resulted in a number of losses and a few problems I  found with my strategy.
1. Poor performance when market behave sideways
2. Choppy market caused me to enter and stop out almost immediately
3. On the longer timeframe, trades just seems to take too long; the breakout effect is no longer there when i enter my position.
4. Too many cross timeframe counters cause me to lose focus.

Overall, not a week of work thats worth my effort. Doing a major system overhaul.

Update soon... Maybe tomorrow.

New Battle Plan

Looking back at the trades done during the first 2 weeks of March, I have come to conclusion, that I will only swing EUR and CHF 15M and 30M. At the same time I will introduce 1M intra day swing, to increase trading opportunities and to diverse risk from trading only mid terms swing on EUR and CHF.
For the 1M trades, I will be looking at EUR and CL, these 2 counters are relatively more volatile as compared to other pairs. My main objective of trading more time-frame, is to improve my winning rate and be less dependent on the longer time-frame.
I will also stop trading every month once I hit 2 net 30M, 4 net 15M and 28 net 1M trades. This is so to keep unnecessary losses low and to preserve the profit once I hit my target. I am not really interested in pips count, as all my trades are entered with fix limit and risk percentages; Risk/Reward ratio usually at 1:1.

Currently traded pairs/counters
30M EURUSD / USDCHF
15M EURUSD / USDCHF
1M EURUSD / CL(USOIL)

Wish me all the best!

Busy week....

Attended some camp this week; unable to update any trades performed last few days. Condolences to Japan, hope it will have a speedy recovery.
Finally manage to finalise the trade plan for the next few months, will update in a later post.
Nice week for 15M and 30M swing, manage to close few of the EUR trades positively.

Update of March P/L: 
EUR 15M: +1
EUR 30M: 0
CHF 15M: -2
CHF 30M: 0

Weekend; plans for next week...

Looking at the trade log of pass 2 weeks, I could only conclude that most of the losses are from trading SPX. Whereas for EUR and CHF, I have limited trading opportunities, thus the P/L is somehow level. Will be swing trading the EUR 1M and probably US oil 1M to increase exposure and entry opportunities.

Confirmation for trading pairs:

Swing trading (Risk)
EUR 15M(1.5%) 30M(3%)
CHF 15M(1.5%) 30M(3%)

Short term swing (Risk)
EUR 1M(0.75%)
CHF 1M(0.75%)
USOil 1M(0.75%)

11 Mar 2011 Update

Good day for the 1M trades; removed SPX; hope that I will be able to break even this month. 
11/03/2011
EUR 1M: +3


Update of March P/L: 
EUR 15M: +1
EUR 30M: -1 1p
CHF 15M: -1
CHF 30M: 0

10 Mar 2011 Update

Got really tired with SPX, really wondering whats wrong with it? Decided to stop reading SPX till then end of this month. Introducing EUR 1M, will be trading it from 0300 to 1200 EST, risking 0.5% per trade. 


10/03/2011
EUR 1M: -2


Update of March P/L: 
EUR 15M: +1
EUR 30M: -1 1p
CHF 15M: 0 1p
CHF 30M: 0
SPX 15M: -5
SPX30M: -4

09 Mar 2011 Update

A few trades on the orders; update when open.....


Update of March P/L:
EUR 15M: 0
EUR 30M: -1
CHF 15M: 0
CHF 30M: 0
SPX 15M: -4 1p
SPX30M: -4

08 Mar 2011 Update

Update of March P/L:
EUR 15M: 0
EUR 30M: -1
CHF 15M: 0
CHF 30M: 0
SPX 15M: -4 1p
SPX30M: -4

07 Mar 2011, SPX ......

Really  wonder what's wrong with SPX, or it's problem with my method. 3 consecutive losses on the SPX for the month of March. Really expensive. The unrest in the middle east and the sky high oil prices is causing the market to fluctuate. I can only conclude that Mr. Market is quite lost and confused now. S&P 500 has been trading in the 1290 and 1325 range from more than a week now. Hope that a breakout downward will be possible as I had shorted the SPX 30M. CHF have been opened for 3 days now, no great movement,  just hovering around the same price.

Update of March P/L:
EUR 15M: 0
EUR 30M: -1
CHF 15M: 0 1p
CHF 30M: 0
SPX 15M: -3
SPX30M: -3 1p

04 Mar 2011 Update

Looking forward to the announcement of the non farm payroll tonight. Hope it will be a great one; cos i have SPX long positions still open.


Update of March P/L:
EUR 15M: 0
EUR 30M: -1
CHF 15M: 0 1p
CHF 30M: 0
SPX 15M: -2 1p
SPX30M: -2 1p

03 Mar 2011 update

Wow market today, especially the EUR, is crazy; 100 pips in 10mins.
SPX 15M and 30M was stopped out; seems that SPX is a little against the trend; range bound trading.
Entered a long the the CHF 15M....

Update of March P/L:
EUR 15M: 0
EUR 30M: -1
CHF 15M: +1 1p
CHF 30M: 0
SPX 15M: -2
SPX30M: -2

CHF 15M & EUR 15M limit

Current standing for the month....
EUR 15M: 0
EUR 30M: -1
CHF 15M: +1
CHF 30M: 0
SPX 15M: -1 1p
SPX30M: -1 1p

Entered EUR

EUR 15M long @ 1.38271

EUR 30M Stopped

30M EUR stopped out.... the market is range bound, difficult for my method to work here...
Current standing for the month....
EUR 15M: -1 1(ol)
EUR 30M: -1
CHF 15M: 1p
CHF 30M: 0
SPX 15M: -1 1p
SPX30M: -1 1p

EUR,SPX & CHF

The 15M EUR long was stopped out.
Enter SPX 15M and 30M on the 01/03/2011 Long , both stopped out. Due to Ben speech
Current open position....
EUR short on the 30M
CHF short on the 15M
SPX short on both 15M and 30M

Current standing for the month....
EUR 15M: -1
EUR 30M: 0 1p
CHF 15M: 1p
CHF 30M: 0
SPX 15M: -1 1p
SPX30M: -1 1p

EUR 15M long

Entered long EUR @ 1.38107

Trading, a new week.....

Looking forward to the next trading week....
Monday will be the last day for Feb, so a start of a new month a brand new start in FX...
Leaving behind scalping, I decided to add in a slightly more active chart so as to introduce more entry opportunities for myself. As of next week, I will swing trade both the 15M and 30M charts, both using the same trade strategy.
Just like previous idea on the 30M, I will be looking at only EUR/USD and USD/CHF. Risk amount per trade, regardless of number of pips, will be kept at 3% for 30M and 1.5% on the 15M.

Expected entries per month for 30M = 3~4 trades; 15M 5~7 trades.
Wish me luck!

No trades...

Not a single trade yet after moving back to swing trading. Knowing that im not going to enter 10 trades a day and camping in front of my computer all day long seems more relax. Really prefer this kind of life, trading should be fun. Update once there is a new trade.

No Scalping

Tried out scalping for a week now; realised that scalping is actually not for me. I dont have much time camping in front of the computer everyday; resulted in many missing trades. Overall unprofitable.
Decided to be on full time 30m; trying out 15m.
Rules set for next month of march:
Trading on only EUR/USD & USD/CHF.
30m - 3% risk amount
15m - 1.5% risk amount
Hope to achieve; 3 positive trades on the 30m & 5 positive net trades on the 15m.

S: -65 Pips 30M: +1 Trades

Wow killer day, only one green on my chart. What's wrong?
Got stop twice today. Decided to introduce trading in the morning; to scalp for 20 pips. The continue with the Europe session for another 30 pips.

Manage to limit the EUR/USD 30M trade
EUR/USD: +3, -1
USD/CHF: +2

30M Trades

Base on the month of FEB:

EUR/USD: +2, -1 trades; 1 pending

USD/CHF: +2 trades

S: -10 Pips 30M:-1 Trade

Kinda bad day... Looking at the scalping chart, the last few hours had wipe out my earlier gains + losses. Need to revise the trading hours, last trade to be before ET0900, to avoid the choppy price movement.

30M: got the EUR/USD stopped. As I trade the longer time frame with a limited risk of 3%, thus the number of pips is not really important. Current open position: Long EUR/USD.
 -1 EUR/USD; 0 USD/CHF

S: +40 Pips 30M: 0 Trade

Manage to achieve a good 40 pips for scalping today. I only scalp on the EUR/USD 1M. My max gain is limited to 40 pips a day.
No close position for 30M: currently one open position(EUR/USD) in red.

Scalp

Technical analysis

Even though I do read a lot on the financial news and announcements, however when it comes to trading; I am 100% technical. I only trade base on technical analysis. My past experience with news, especially between ET0900 - ET1200, has made me avoid trading in this choppy period. News will definitely allow you to achieve the max profit in the shortest time due to volatility, however it might be the reverse if the news go against you. Calculate your odds of winning before entering any trades.
Check out Greg Mcleod from DailyFX - one great scalper.

" Forex is like an ATM machine, You only need to know the password to withdraw $$ everyday"
The one and the only problem........ Forex change the password everyday ( if not every hour)

Trading and Investing

Many people have the wrong concept between trading and investing. Many will say that they are investing when they are actually trading and vice verse. Investment is based on prospect when trading is based merely on price actions of any particular instrument.
Know what you are doing and you will do it well.
In this blog I will mainly share about trading of financial instruments(spot FX)

Start of this blog...

Glad to start this chapter in trading. Hopes to record all P/L in this blog as a log for future reference.
Current active in spot FX; scalping EUR and mid term trade on the EUR & CHF 30M charts.
Projected target:
Scalping: 10 - 20 pips a day
30M: 4-6 Trades a month
Risking not more than 0.8% per trade for scalping and 3% for the 30M trades.