Trading Journal by FareTrade

[FareTrade 10]

Hi everyone!

 

I'm new comer to this forum. I do trade FX pairs for about one year. So you may say that I'm still a beginner.

 

I want to start this thread in which I would post all my trades. Why do I need it?

 

Firstly, I found lack of discipline inside me so I decided to post every trade with full description of motivation and answer on main question that every trader asks himself before entering the market - "Why do I enter the market here at this exact moment?". This way I hope I would be able to fix my over trading problem and will calm my emotion approach a little bit.

 

Secondly, I would like to receive your comments and all your critics. This way I can see what you traders are thinking about the entry points and hopefully I will get some experience from you guys. So please write what do you think about all you will see here!

[FareTrade 10]

Here are two trades which I opened today.

 

Swiss Franc. Opened Long position with wide stop.

 

 

 

British Pound. Nice buy from volume level

 

[Mysticforex 13]

Hi Faretrade ! Welcome.

 

What are you trading the CHF against? And, you promised to give your reasoning behind taking the trade.

[Mysticforex 13]

Hi Faretrade ! Welcome.

 

What are you tradinf the CHF against? And, you promised to give us your reasoning behind taking the trade.

[FareTrade 10]

Hi!

 

I do trade only major pairs - in this case this is Swiss Franc / USD.

 

Well, let me finish this trade and I will explain all in details with screen-shots.

 

Now I would only show trades in progress. By the way I entered the Swiss Franc on long side again yesterday.

 

This BUY was performed right after this HUGE shake out:

 

 

Few minutes after opening - I covered half of position and put stop in the brake even point.

 

So now the position is still hanging and showing nice profit

 

[FareTrade 10]

BP6 is just a PERFECT trade!

 

Just look at this beauty:

 

 

That was an entry point and here is the position statement at the moment

 

 

The algorithm of the trade was the same - I did cover half of the position on the beginning of the RALLY and then put stop on brake even level.

[FareTrade 10]

Meanwhile I opened another LONG position today. The choice is CA6 - Canadian Dollar

 

[Mysticforex 13]

Hi Faretrade,

 

I guess this is what has me confused, the prices on my chart are not at the levels that yours are.

[FareTrade 10]

Hi Faretrade,

 

I guess this is what has me confused, the prices on my chart are not at the levels that yours are.

 

There is misunderstanding - your screen-shot says it's USD/CHF and I'm saying about CHF/USD.

 

This way you will have no problems with quotes 8-)

[FareTrade 10]

Here is the BP6 trade ending

 

 

I did close the position after big spike and as usual lost some of the profit.

Nevertheless, the trade gave an amazing profit of 115 ticks.

 

SF6 was a disaster trade which ended with a huge loss for me. The cause is the order type - DAY instead of GTC.

[FareTrade 10]

Now it's time to tell why BP6 was opened in this exact moment

 

 

 

Here is a snapshot of two week chart of British Pound with horizontal volume on it.

 

You can see that there is a HUGE (marked purple) price level of interest - this is big boys positions.

 

Than you can see last small area of interest (marked red) - this is the last accumulation. After touching this level and finding that there is no one selling - price jumped up.

 

Here is close look on price-volume action at that day

 

 

Price level which is marked green is the place where BP6 was supported by professional money - huge impulsive volume bursts after which price never go below.

 

Ideal place to open LONG position is of 9:15. As you can see below there is a nice "tick reversal pattern"

 

Edited February 3, 2011 by FareTrade