Forex Journal 000004 EURUSD

Trade

Entry:

          

Date: 16/8/2013 1:01 GMT+7 (Bangkok)

Chart: H4

Type: BUY

Size: 0.02

Symbol: EURUSD

Price: 1.33396

Risk: 5%

Reason for trade/Setup:

On H4 chart showed range market. From the indicator the price was going up to the resistant line. There was morning star showed up on M5 chat.

Initial stop: 1.33296

Initial target: 1.33596 (award ratio 1:2)

Result

Exit:

Date: 16/8/2013 2:09 GMT+7 (Bangkok)

Price: 1.33596

Profit/Loss: 20.0 pips (4.00 USD)

Outcome:
The price was going up as predicted then hit the Take Profit line.

EURUSD H4

Forex Journal 000003 USDCHF

Trade

Entry:

          

Date: 16/8/2013 01:21 GMT+7 (Bangkok)

Chart: H4

Type: SELL

Size: 0.02

Symbol: USDCHF

Price: 0.92593

Risk: 5%

Reason for trade/Setup:

The graph declined, when it made to the last high then dropped. I see the potential of going short. Then looking on M5 the graph formed evening start. USDCHF price is often going in the opposite direction to EURUSD that this trade is going up on my open position.

Initial stop: 0.92693

Initial target: 0.92393 (award ratio 1:2)

Result

Exit:

Date: 16/8/2013 01:27 GMT+7 (Bangkok)

Price: 0.92693

Profit/Loss: 10.0 pips (-2.16 USD)

Outcome:

After enter the trade the graph swung up a bit higher then the last highest wick then seem to go down. I put Stop Lost a bit lower than the last highest wick. It was a really quick trade then the price hit Stop Lost. The price then seemed to go down. I should make a wider Stop Lost.

Forex Journal 000002 USDJPY

Trade

Entry:

          

Date: 15/8/2013 23:30 GMT+7 (Bangkok)

Chart: H4

Type: BUY

Size: 0.02

Symbol: USDJPY

Price: 97.944

Risk: 5%

Reason for trade/Setup:

H4 chart showed the bear trend line. After making a new lower high the market supposed to go down. MACD pointed down on M5 chart.

Initial stop: 98.044

Initial target: 97.744 (award ratio 1:2)

Result

Exit:

Date: 16/8/2013 00:04 GMT+7 (Bangkok)

Price: 97.744

Profit/Loss: 20.0 pips (4.09 USD)

Outcome:

After entered the trade, the price going up almost to hit Stop Lost, then swing down as expected hit the Take profit.

H4 Chart

M5 Chart

Forex Journal 000001 USDCAD

Trade

Entry:

          

Date: 15/8/2013 13:59 GMT+7 (Bangkok)

Chart: M30

Type: SELL

Size: 0.02

Symbol: USDCAD

Price: 1.03124

Risk: 5%

Reason for trade/Setup:

The price reach the last low and have possibility to make a new low. According to the SMA 200 is declined shows the overbought, also MACD points down.

Initial stop: 1.03224 (just above last high)

Initial target: 1.02924 (award ratio 1:2)

Result

Exit:

Date: 15/8/2013 17:35 GMT+7 (Bangkok)

Price: 1.03224

Profit/Loss: -10.0 pips (-1.94 USD)

Outcome:

The price going down like the prediction, but at 17:00 GMT+7 it spiked up, no fundamental news announced, then hit the Stop Lost at 17:35 GMT+7 and break the trend line and rally up.

Currency Nicknames

As I've been attending lot of Webinars, I have heard currency nicknames and well you at least you know what it refer to...

Flag	Symbol	Nickname
/	GBP/USD	Cable
/	EUR/USD	Fiber
/	EUR/GBP	Chunnel
/	USD/CAD	Loonie/The Funds
/	AUD/USD	Aussie
/	GBP/JPY	Guppy
/	EUR/JPY	Yuppy
/	NZD/USD	Kiwi

Source: http://en.wikipedia.org/wiki/Currency_pair

Why Most People Fail At Trading

The Holy Grail Forex Trading System (Foreign Exchange Trading)

I can just say "wow" to this book that it gives such a lot of lesson that you could learn from it. I would recommend that you read it. I couldn't put the book down.

Or you can go read his blog here: http://grailtrading.blogspot.com/

I am back

I decided that I don't want an office job anymore, so I sent resignation letter to my boss today. I hope that I can trade Forex for living. Now I need to get 45 - 50 USD per day to survive myself.

I have been reading this book, "All About Forex Trading" by John Jagerson and S. Wade Hansen. It also helps to understand how Forex works. For the beginner I think it is the best way to start to know Forex from this book.

All About Forex Trading

One thing after I read this book: news is really important for you that it has impact to the currency you trade.

This website: http://www.forexfactory.com/ shows the new you need to know and when it show in red, high impact expected. I think it is mostly immediate impact so you could get advantage from this.

Ghafari Trend Trading System

I have found this interesting method of trading and I tried it with real and virtual money there are more percentage that you profit form this method. It is called "Ghafari Trend Trading System"

Warning - Spread

Last night when I was trading. I was following my 1H Tunnel strategy. It turned out that one pair of currency (GBPDKK) matched the strategy pattern. I went short. Just right after I clicked sell, it showed on the profit column -767 point. I mean, if I followed the strategy I would only get maximum 377 pips. So I had to accept as a loss.

You have to be careful of the spread when you're trading. Small spread is easier to trade.

How To - Vegas 1 Hour Tunnel

Set Up

1. Open 1 hour chart on any kind of currency pair (Bar chart or candlesticks).
2. Insert the following
• a 169 period EMA (Exponential moving everage)
• a 144 period EMA
• a 12 period EMA

Enter

The 144 and 169 EMA will create tunnel, when the 12 EMA go through the tunnel and breaks above you go long, if it goes down short.

Exit

1. When it reach 34 or 55 you take a partial profit then when it reaches 89, 144, 233, 377 you exit the trade.
2. When it the 12 EMA goes back to the tunnel you exit the trade.

Vegas H1 Tunnel Problem

One thing that I lean from trading is BRAINS ARE NOT THE TICKET TO WEALTH IN TRADING.

DISCIPLINE IS THE KEY TO WEALTH IN TRADING.

I thought that the trend would go down because of the Yellow line is going down and the graph is going through the tunnel. I was WRONG then the market was bulling I have to treat it as a loss for 100 pips. 

Obsession

I can't get Forex out of my head today. I was so obsessed. I couldn't concentrate on work.

Vegas 1H Tunnel - Review

I got USD 2.87 left on my account. Since I got the know this strategy "Vegas 1H Tunnel" I think that it make my trade easier.

I maxed my leverage to 1:2000 then start using this strategy with my only real money that I have left. I made USD 1.44 last night. 

And I tried a bit more time to day when the graph was matched to the condition. It works all the time.

You just have to be patient to the number you see. Once it getting negative don't just yet close the trade wait a bit more and only close the trade at, at least, 55, 89, 144, 233, 377. I think for me 233 is quite right for me so 377 is kind of difficult to reach.

I am always anxious when trading and that the number is not going the way... I just have be more patient...

Vegas Tunnel 1H

I found this interesting document on the internet and I think everyone deserved to know it: 1 Hour Tunnel Method 

It seems to be a good strategy. I tried it last night with real money I made 144 pips. And this morning USDCHF seemed to match the condition and I go short. I will see if I make any profit out of it.

ICWR Problem

Today was trading all day long but it wasn't a successful story. I was not sure about was the ICWR manual instruct to find 40 pips. I'm not sure that I should be 1.51245 - 1.51205 = 40 pips as the real system shows 5 floating point. But according to the manual it should be 4 floating point 1.5124 - 15084 = 40 pips.

I have tried both the result is fail.

Apply Strategy (ICWR)

This morning, when I woke up Forex market was already open. I look at the graph, it wasn't what I was expected -- the graph was spike up so I could not use ICWR that I prepared from last night.

I put Fibonacci 0.000, 0.250, 0.382, 0.618, 0.750 and 1.000 again at the height point and low point differ at least 40 pips. I found that GBPUSD was match the rule, then I entered the trade at 1.50835. The swing of the fluctuation is quite strong that I couldn't put the stop point at 50 point above the enter point. I put it just above 0.250 line. I think the other difficult thing is the Space is 20 pips.

Forex Market Hours

Forex Lesson

I found this interesting interacting video training: http://www.avafx.com/MediaForex/
It is good for newbies.

Trading Strategy

I came to Koh Samui (Samui Island) for a short holiday. I tried to trad again on Friday. It didn't work out for me at all. As of now I have $2.78 left on my account.

It is really relax here. I googled for trading technique and I found this Trading Strategy manual from AvaFX.com. It shows how to trade for short and long term. I think when I'm going back to Bangkok. I will try with virtual money first then the real one.

Lesson Learn

I started to trade on Forex. I thought it would be very easy to do. I deposited around $100 and I lost them all. I deposit another $33. Hopefully I will get the all the money lost back.