Rich1969's Journal

[rogan]

Originally Posted by Rich1969

Demo account
No trades

Live account Sep 02, 2008 22:17 GMT Sell GBP/JPY 193.77 closed at 193.05 (Aug 28, 2008 22.29) 72 Pips
Woke up to txt alert on break of the 193.20, which was a support level formed off low of preivous few candles on h4 chart. Good strong price action, hence the entry level being way off break out level. Still a nice trade. I will post up a chart soon.

Week commencing 1 Sep 08
weekly totals
Live 72 pips
Demo 0 pips

Hi Rich, well you got out of bed quicker than me on this one.... it moved so bloody fast, the move was over by the time I got logged on again - lol

Nice trade mate.

[Rich1969]

Demo account
No trades

Live account
Sep 03, 2008 07.50 GMT Sell GBP/CHF 196.89 closed at 197.69 (Sep 03, 2008 10.03) -80 Pips Entered on break of low of the 22.00 GMT candle on Sep 01. Stopped out by 4 pips GRRRRR, I think due to better than expected economic data form UK purchasing manager index. The saving grace is that I only entered with a 5th of my normal position size as I considered this a higher risk trade.

Lesson - caught out by news release?

Week commencing 1 Sep 08
weekly totals
Live -8 pips
Demo 0 pips

[Rich1969]

Post 20 Updated.

And here is a chart of the GBPCHF trade that went pair shaped.

I think it was down to news but if anyone else has a good explaination I'm all ears.

Cheers Rich

[Metalhawk]

And that's why you should not trade around news releases.

[Rich1969]

Originally Posted by Metalhawk

And that's why you should not trade around news releases.

I dont know haw many times in need to make the same mistake before this particular lesson sinks home, but with BOE interest rate and NFP Friday plus a host of other news releases due the next cpl of days I iwll trading very cautiously if at all.

Tks for your input Metal, I see from your Journal that you stayed out of martket.

cheers Rich

[Metalhawk]

Originally Posted by Rich1969

I dont know haw many times in need to make the same mistake before this particular lesson sinks home, but with BOE interest rate and NFP Friday plus a host of other news releases due the next cpl of days I iwll trading very cautiously if at all.

Tks for your input Metal, I see from your Journal that you stayed out of martket.

cheers Rich

Yeah, I stayed out, but that was a lesson I learned the hard way as well. I got burned many times before, and even yesterday, there was a part of me that wanted to take that trade. Luckily, that part is getting ever smaller. Being right yesterday helped too.

[Rich1969]

Demo account
Sep 04, 2008 13.59 GMT Sell EUR/JPY 156.22 closed at 155.47 (Sep 04, 2008 15.02) 75 Pips
Sep 04, 2008 14.45 GMT Sell EUR/USD 1.4381 closed at 1.4333 (Sep 04, 2008 15.20) 48 Pips
Sep 04, 2008 15.18 GMT Sell GBP/USD 1.7662 closed at 1.7652 (Sep 04, 2008 15.22) 10 Pips

Live account
Sep 04, 2008 14.05 GMT Sell EUR/JPY 156.14 closed at 156.11 (Sep 04, 2008 14.21) 3 Pips Managed to convince mysef there was a bounce imminent when price action slowed, I should have stayed in as the demo account trade... well demonstrated.
Week commencing 1 Sep 08
weekly totals
Live -5 pips
Demo 133 pips

[Rich1969]

Some potential S/R levels on G/Y I will be looking at next week. The thin lines I'm not happy about. Feel free to agree or disagree, constructive comments welcome. H4 chart by the way.

[Rich1969]

Weekly summary

Demo account
Sep 04, 2008 13.59 GMT Sell EUR/JPY 156.22 closed at 155.47 (Sep 04, 2008 15.02) 75 Pips
Sep 04, 2008 14.45 GMT Sell EUR/USD 1.4381 closed at 1.4333 (Sep 04, 2008 15.20) 48 Pips
Sep 04, 2008 15.18 GMT Sell GBP/USD 1.7662 closed at 1.7652 (Sep 04, 2008 15.22) 10 Pips

Live account
Sep 02, 2008 22:17 GMT Sell GBP/JPY 193.77 closed at 193.05 (Aug 28, 2008 22.29) 72 Pips.
Sep 03, 2008 07.50 GMT Sell GBP/CHF 196.89 closed at 197.69 (Sep 03, 2008 10.03) -80 Pips
Sep 04, 2008 14.05 GMT Sell EUR/JPY 156.14 closed at 156.11 (Sep 04, 2008 14.21) 3 Pips
Sep 06, 2008 09.25 GMT Sell GBP/JPY 186.99 closed at 187.49 (Sep 06, 2008 09.35) -50Pips
Sep 06, 2008 10.14 GMT Sell AUD/CAD 0.8691 closed at 0.8663 (Sep 06, 2008 09.35) 28 Pips

Week Commencing 1 Sept.
Weekly Total
Demo Total 133 Pips
Live Total -27 Pips

[Rich1969]

Hi Guys,

Just a quick chart to show possible set ups I'm considering this week.

Please leave feed back weather you agree or disagree, hopefully we can all learn from this journal.




Cheers Rich