Got a Royal Canadian Kick in my Ass!

GBP.CAD trade was stopped out. I had initially thought that rice could get pass the resistance area, but it was not to be.

Riding the Canadian Train

I'm back on the Canadian pair, this GBP.CAD.

Let's see.

Another Break-Even Trade!

Yep, here's another one in which I got out with my tail still in one piece! This time it was CHF.JPY pair. In looking back, this pair is quite choppy - I consider myself lucky to get out without harming my capital.

The Singapore Swing

The USD.SGD trade was exited at a little above my Break-Even level. There was a very obvious resistance area that I had missed. Price bounced off it, and I was lucky to get out with some cash to spare.

Yen Cross

Entered another trade today, CHF.JPY. I liked what I saw on the 4hr, so I entered off from M30 chart.

New trade

Normally I would wait for the 4HR pinbar to break before entry. This time, I entered earlier, based on 15M PA trigger. I believe there are enough confluence for the 2nd touch trend line to hold, and to move down further subsequently.

I see 50/61.8% Fib retracement, as well as at PPZ.

Let's see if she wants to go down and boogie!

Lost my GBP.CHF trade. It looks like I entered the trade at the tail end of the downtrend. It was at the 4th touch, maybe 4th touch too many.

Will adjust my trading plan so that I will only take 2nd & 3rd touch of the trend line only.

Wise Words

"Although the cheetah is the fastest animal in the
world and can catch any animal on the plains, it will wait until it is
absolutely sure it can catch its prey. It may hide in the bush for a
week, waiting for just the right moment. It will wait for a baby
antelope, and not just any baby antelope, preferably one that is sick
or lame. Only then, when there is no chance it can lose its prey, does
it attack. That, to me, is the epitome of professional trading".

Mark Weinstein from Market Wizards, Jack D Schwager.

Being picky is what I strive to do everytime I take on new trades.  Admittedly, I am still not very good at this aspect yet, but I'm working on this.

Monday Trade

A trade that I just got in. Plan to get out once price reach the recent low.

Signing off for the week

It's Friday, and that makes it a good day for reflection.

Why am I talking about "reflection", suddenly?

Simple.

I had a pretty good run recently with my trend line trades.

So I believe I may be on to something here.......

Hell, in fact I believe I could tweak my trend line method and make it even better........

Of course I need to do some research and backtesting.

Time to head back to my cave and spend some screen time.

Licking my wounds

I learn more from my losing trades than the ones that I win.

In the case of my previous losses, it wasn't due to lack of knowledge. I was able to analyze my trades and pinpoint where I did wrong.

The problem was my psychology - I was trying to "force" the market to give what I want, rather than what the market could realistically offer me.

Time to move on to the next trade.

Another Loss

This was another trade that was similar to my previous post. Again, I was trying to eke out more than what the market wanted to offer.

In hindsight, this was a trade that I probably would not want to trade in the first place. There was simply very little space for price to run before it hit the 1st trouble area.

And just why didI take this trade?

You guessed it........greed. Similar to my EUR.GBP trade, I got carried away when I had my winning streak previously.

Greed & fear is something that I had to continuously keep in check, as these two monsters can certainly ruin your judgement.

Coming back to this EUR.CHF trade, I killed off the trade when price started to break the trend line.

The TL break tells me that my original trading plan was no longer valid.

It HAD to happen sooner or later....

After a remarkable string of winners, I now have a losing trade.

To be frank, this was NOT a failed trade.

In fact, it did what it was expected to do.

The problem was ME (yeah, yours truly).

I had wanted the trade to give me a 1:1 R/R, simply because I was enjoying the amount of money that I was making.

Do you see the problem? I was trying to "force" the market to give what I had wanted.......rather than simply take whatever that the market was prepared to give me!

Stated differently, I wanted more than what the market was willing to give.

My 100th Post in this Blog!

And what better way to celebrate this milestone by posting another trade of (yep, you guessed right!) ........... Euro pair.........this time EUR.CHF!

New trade

I just can't sem to get enough of EURO! I've just shorted EUR.GBP pair.

Go baby!

Getting off the Alps

Took profit from my hourly EUR.USD trade.

Hopping on the Euro Express

New trade, off from hourly chart. Let's hope the train heads to the Alps :-)

Heading into lower time frames

At this stage of my trading activities, I am now slowly getting into hourly charts. I am finding more trading opportunities in this timeframe, especially when I trade based on trendlines.

I can see myself using more 1hr & 4 hr charts, and less of Daily. Which is probably a natural thing to do, as I evolve more as a trader.

I have also started looking (just looking, not trading any of them yet) at Stocks. The reason is pretty obvious - I want to expand my trading portfolio.

I must admit though........I find stocks less interesting than FOREX at the moment.

A bird in hand is better than two birds in the bush...

My EUR.AUD trade was stopped out at Break-Even level just now. Although I did not lose any money, I still felt a little mad at myself.....

Reason is that had I stuck to my original Exit plan, I would have netted a winner.

Now why did I move the goal post, so to speak?

Simple. I got greedy when the trade started to go my way.

Time to go slap my wrist.....

Mr Yen Finally Speaketh

EUR.JPY finally decided to show its hands and went right where I had my Take Profit orders!

Confused Jap....

Will someone please tell Mr Euro-Yen San to make up his mind which way he wants to go?

Ahem.....I sure would like to see him going south (hint, hint.....), fast & furious!

NZD.USD Trade

Closed this trade at profit.

New trade

A trade that I just jumped in....

Riding the Kiwi

New trade, taken just off the 6700 round number.

Tales from Down Under

The EUR.AUD trade that I'm currently in has been the most interesting so far. It started from 4hr chart, then zoomed down to 1 hr for better entry (since I also found a setup there).

Now it is starting to form an interesting set-up on the Daily timeframe. So, I have now decided to be a bit ambitious and let my trade go down to the 1.7000 area before thinking of taking profit there.

And yes, I've already moved my stop to Break-Even to make this a risk-free trade.

Let's see how far she wants to go!

Heading Down Under

First trade of the week with EUR.AUD. Obviously I'd like to see this pair heads down!

Getting off the Canadian Express

Exited my EUR.CAD trade today, as prices are now hovering at resistance area.

My Canadian Love Affair

Closed my USD.CAD trade for a decent profit. Also, moved my stop loss to break-even level on my EUR.CAD trade (gee, I just love the xxx.cad pairs this week!) in order to make it risk-free.

Overall, a pretty solid week for all of my trend line trades.

Canadian Train Express

Have added another Canadian pair into the fray. This time it's EUR.CAD.

New trade

What? Another trend line trade?

I dunno, somehow I'm beginning to dig them straight-edge trend lines!

Here's another trade that I'm currently in......its USD.CAD pair this time around.

My 1st FOREX trend line trade

Well, it's actually the 2nd (after the EUR.NZD)...but who cares????

Enough ramble.....

Closed the Aussie Cad trend line trade as it reaches the daily PPZ.

Hitching on the trend train

This is a trade that I'm currently in that was based on trend line. This style of trade is not what I normally do with FOREX pairs (I normally trade based on S&R stuffs).

I guess, I am now starting to expand my trading arsenal a bit.

To be honest, trend lines are not new to me. I use it a lot during my stock trading days.

I like trend lines. It makes trade management a lot easier.

So let's see how far this pair wants to go. In any case, I've already marked possible trouble area on the chart.

Euro Kiwi Update

Just closed this trade for a small profit as soon as I saw that pinbar formed off the 2.1000 area.

New Trade

Well, it's about time that I knock in a new trade......after waiting for what appears like eternity!

Testing new indicator

Checking this pair out with GMMA indicator. Nice BEOB bouncing off the Long-Term group.