|
Monday, 18 June 2012
EUR/GBP - Short
Wednesday, 14 March 2012
Silver
Limit buy on silver at 32.64, with SL at 33.95 and TP at 26.39.
Yes, I do believe Gold and Silver is going to fall drastically within the next two weeks.
On EU, here's my trade : Short EU
TP 1.26948. SL 1.32448
I do believe in the strength of USD at the moment. Good trading..
Yes, I do believe Gold and Silver is going to fall drastically within the next two weeks.
On EU, here's my trade : Short EU
TP 1.26948. SL 1.32448
I do believe in the strength of USD at the moment. Good trading..
I think I found it
Spent the last 2 years working thru' various indicators , I believe I am on track now at not blowing my account any more.
Foremost, among all things, money managment is the king to all success. Without the discipline to trade within the money managment rules, one wrong orders can swipe you off totally.
With proper MM in mind, here are my trades for today:
Short gold stop loss 1721.665 , Take profit 1593.04
Short GBp/USD, SL 1.57483 , TP 1.55895
Short Eur/USD , SL 1.3081 , TP 1.28242
Will see how it unfold,..
Foremost, among all things, money managment is the king to all success. Without the discipline to trade within the money managment rules, one wrong orders can swipe you off totally.
With proper MM in mind, here are my trades for today:
Short gold stop loss 1721.665 , Take profit 1593.04
Short GBp/USD, SL 1.57483 , TP 1.55895
Short Eur/USD , SL 1.3081 , TP 1.28242
Will see how it unfold,..
Sunday, 4 March 2012
Today's setup
Hi,..
1) started the day Long on EUR/GBP pair...
Price entered 0.83445
TP 0.83568
SL 0.83305
It's temporary moving up, against the primary trend,..so watch it's quick spike movement,..before possible U turn
1) started the day Long on EUR/GBP pair...
Price entered 0.83445
TP 0.83568
SL 0.83305
It's temporary moving up, against the primary trend,..so watch it's quick spike movement,..before possible U turn
Friday, 2 March 2012
I am back
Took a break from posting as I needed some quiet mediation. Needed to understand, why - my love for gold - has hurt my pocket. Has it anything to do with my birthchart ? Took time off to study if , given the info of my birth chart, can I trade gold?
Ya, supertitious you may say,.. I am just curious. It turned out that greenbag is better for me in my trading. Silver and gold is out.
I tested trading without gold for the last 2 weeks and it seems I hv more wins than losses. Performance rate is 70%.
I will update my buy/sell next week. Friday is notorious for it's swing in the currency world,..and I do not wish to be involve.d
Till then.. watch this space !
Ya, supertitious you may say,.. I am just curious. It turned out that greenbag is better for me in my trading. Silver and gold is out.
I tested trading without gold for the last 2 weeks and it seems I hv more wins than losses. Performance rate is 70%.
I will update my buy/sell next week. Friday is notorious for it's swing in the currency world,..and I do not wish to be involve.d
Till then.. watch this space !
Wednesday, 28 December 2011
Gold - fell again
10.10am
Been awhile since I did an update of my activities,.. was reading and trying to stick with a strategy,.. it keeps changing. Pam showed me an article that says , I will form a habit by repeatedly doing something all over again for 30 days.. I guess once I find a method that will profit me consistently,.. I will repeat that process for 30 days and see if it will form a habit and get my discipline up to stick with it.
Despite what many top analyes have indicated,..that gold will reach 2000/ 5000 by end of next year and beyond,.. I am sticking to a down gold for the short time.
Looking at the daily chart, gold should touch 1540 today, which is the support for 200 ema.
On the monthly chart, support are at these level:
1455 : 38.2 Fib level
1446 &
1315.
I should look into buying gold when it moved up from the last support to 1337 - 1340 level. I cannot imagine price to fall further down that level - but then again, anything can happen. For now, I should only look to short gold when opportunities arises - not buy/sell whenever the wind blows. Just focusing on one diection for now - DOWN.
Cash 147/ 147
Been awhile since I did an update of my activities,.. was reading and trying to stick with a strategy,.. it keeps changing. Pam showed me an article that says , I will form a habit by repeatedly doing something all over again for 30 days.. I guess once I find a method that will profit me consistently,.. I will repeat that process for 30 days and see if it will form a habit and get my discipline up to stick with it.
Despite what many top analyes have indicated,..that gold will reach 2000/ 5000 by end of next year and beyond,.. I am sticking to a down gold for the short time.
Looking at the daily chart, gold should touch 1540 today, which is the support for 200 ema.
On the monthly chart, support are at these level:
1455 : 38.2 Fib level
1446 &
1315.
I should look into buying gold when it moved up from the last support to 1337 - 1340 level. I cannot imagine price to fall further down that level - but then again, anything can happen. For now, I should only look to short gold when opportunities arises - not buy/sell whenever the wind blows. Just focusing on one diection for now - DOWN.
Cash 147/ 147
Saturday, 24 December 2011
Singapore Index - at risk of major downturn..
STI - weekly.
I do not like what I see, it's basically showing that we are at a major support level and if that level is broken, it's likely that we move down to 2364 level, which is resting at 50% fibonacci level.
The weekly prices from a drome shape,..and it also looks like double shoulder, a head and a possible formation of the 2nd right shoulder.
What I need to take note of and to remind myself is : TRY TO SELL AT ANY BULL RUN,.. DO NOT BUY AND BE LEFT HOLDING THE BABY.
Yr 2012, based on this chart, looks more bearish than bullish. Infact, the bear has stepped in early this year - we just failed to notice. I have to refrain from throwing in more money into the stock market - it is not the right time to be aggressively speculative.
Thursday, 22 December 2011
Gut feel for Gold - UP : Today only
10.50am
TP triggered for the 2 long Gold. Morning cash position was 163./ net 163.
Looking at the 4 hr chart, I am placing my bet on Gold to move up today. Just for today. I have placed an order for another 2 lots long gold at 1613.25. Have yet to place the stoploss yet. But today's full concentration will be to buy gold when it moved down.
Will look into silver too.
Cash 163/ net 164. Long 2 gold
TP triggered for the 2 long Gold. Morning cash position was 163./ net 163.
Looking at the 4 hr chart, I am placing my bet on Gold to move up today. Just for today. I have placed an order for another 2 lots long gold at 1613.25. Have yet to place the stoploss yet. But today's full concentration will be to buy gold when it moved down.
Will look into silver too.
Cash 163/ net 164. Long 2 gold
Wednesday, 21 December 2011
Looking at Gold again after a short break..
11.10am. I was tempted to buy gold before the vacation as it is showing a double bottom.. it was hoovering around 158x and I totally believe it will move up temporary before going downhill again. But then again, I didnt want to be thinking about my trade during that wonderful break, so placed no trade. It did move up to 162x,.whil the heart ache a little, there was no regret. It's just the right thing to do.
Now that I am back and looking at the 15 mins chart, EMA 34 crossed down from EMA200 a moment ago. This to me is bearish, and since I am bearish on gold at the moment, decided to short 2 gold .
1 lot at 1612.19 and the other lot at 1609. Tight SL is placed,.. since BB is tighting and I didnt want to be caught with my pants down when it surge up.
Will see how it perform, and since I will be away whole afternoon,.. will leave the trade to play itself out - hopefully, in my favour.
Cash 150/ net 150. Short gold, 2 lot.
Now that I am back and looking at the 15 mins chart, EMA 34 crossed down from EMA200 a moment ago. This to me is bearish, and since I am bearish on gold at the moment, decided to short 2 gold .
1 lot at 1612.19 and the other lot at 1609. Tight SL is placed,.. since BB is tighting and I didnt want to be caught with my pants down when it surge up.
Will see how it perform, and since I will be away whole afternoon,.. will leave the trade to play itself out - hopefully, in my favour.
Cash 150/ net 150. Short gold, 2 lot.
Sunday, 18 December 2011
Taking a 4 days break from Trading
Going off for a short break in Malaysia with family.... would hv loved to stick around and see how gold and silver perform for the week,..but needed family time together.
Will be back soon..
Will be back soon..
Thursday, 15 December 2011
Friday's analysis
9.15am..
Guess it a start of the new me again - having blew (again ?!?!?!) my account down to mere 100+ from previous high of 400+...
Restart my 'engine' with this analysis and see how it goes.
Daily
USD/CAD : Short trade ONLY
Price above EMA34, but CCI, Stochastic pointing downwards. Once EMA34 is broken..to go short at higher volume. Now wait and see.
GBP/USD - Long ONLY
Doji sighted 3 days ago, yesterday was green. Resistent at 1.55395... , strong resistent at 1.57598. Go small long once first resistant is hit.
4Hr
Gold - Long ONLY
At 4 hour chart, gold seems to be coiling up for an upstring. Since I have already 2 long lots,..now showing a loss of $30/- will leave it alone and not cut the losses. To buy one more at appropriate time, since it has broken out the resistant at 4Hr
SL to set at 1553.39
Silver - Long Only
SL at 27.939
4Hr chart, indicators showing positive uptrend..Broken resistant. It should be a small risk trade till US session.
Cash 153, Net 115
Guess it a start of the new me again - having blew (again ?!?!?!) my account down to mere 100+ from previous high of 400+...
Restart my 'engine' with this analysis and see how it goes.
Daily
USD/CAD : Short trade ONLY
Price above EMA34, but CCI, Stochastic pointing downwards. Once EMA34 is broken..to go short at higher volume. Now wait and see.
GBP/USD - Long ONLY
Doji sighted 3 days ago, yesterday was green. Resistent at 1.55395... , strong resistent at 1.57598. Go small long once first resistant is hit.
4Hr
Gold - Long ONLY
At 4 hour chart, gold seems to be coiling up for an upstring. Since I have already 2 long lots,..now showing a loss of $30/- will leave it alone and not cut the losses. To buy one more at appropriate time, since it has broken out the resistant at 4Hr
SL to set at 1553.39
Silver - Long Only
SL at 27.939
4Hr chart, indicators showing positive uptrend..Broken resistant. It should be a small risk trade till US session.
Cash 153, Net 115
Tuesday, 13 December 2011
Killed while asleep
11.14am...
while I was sound asleep last nite, US Fed's FOMC meeting gave no hint of any further quantitative easing of US monetary policy. Without such news, USD surge sharply higher, which put pressure to the price of gold. Price of gold was moving nicely up during my evening hours but woke up with a slaughtered cash balance.
Cash is now reading as 137, net 137. Lower than 168 when I first started the blog after a painful cash reduction.
Gold is such a difficult animal to tame,..each time I thought I got it right, it turned around to bite me. Given this very limited amount, it is very easy to blow it all over again. I will go small again and try one more time to see if I can bring up the cash value,..slowly but surely and not get too carried away with my desire to see price of gold moving up.
Long term it is still pretty bearish,.. each time I tried to buy for the rebound,..it does not work... gravity bring it down all the time. What I will probably do now is to wait for the rebound to move to overbought situation and then to sell..this way,..gravity will help me pull it down , with the downtrend.
Will see how I behave.
Cash 137. 0 orders outstanding
while I was sound asleep last nite, US Fed's FOMC meeting gave no hint of any further quantitative easing of US monetary policy. Without such news, USD surge sharply higher, which put pressure to the price of gold. Price of gold was moving nicely up during my evening hours but woke up with a slaughtered cash balance.
Cash is now reading as 137, net 137. Lower than 168 when I first started the blog after a painful cash reduction.
Gold is such a difficult animal to tame,..each time I thought I got it right, it turned around to bite me. Given this very limited amount, it is very easy to blow it all over again. I will go small again and try one more time to see if I can bring up the cash value,..slowly but surely and not get too carried away with my desire to see price of gold moving up.
Long term it is still pretty bearish,.. each time I tried to buy for the rebound,..it does not work... gravity bring it down all the time. What I will probably do now is to wait for the rebound to move to overbought situation and then to sell..this way,..gravity will help me pull it down , with the downtrend.
Will see how I behave.
Cash 137. 0 orders outstanding
Risking 30% of my capital on Gold
10.25pm...
Looking at weekly chart, gold sits on my favourite 34EMA. Any fall below that level will possibly means a U turn in gold prices..right now,.it's sitting on the fence.
Daily chart in another MT4 Platform shows price resting on 200EMA . It looks like a strong support today. If this support is broken, again.. prices will be expected to fall - and fall.
Given that historically, prices of gold is on it's uptrend, I am betting for it to stay temporary up. It is possible that it will eventually break, but for now, I am trying to capture any profits on it's temporary rebound.
Entered 4 long gold at price 1662.79, SL set at 1648.06, potential loss $80/- or roughly 30% of whatever cash balance I have now left - make or break time. I hv not set TP yet,.. given that prices have fallen so much,.. I would love to push any profit as far as possible.
Am using Support/ Resistent strategy..
Cash 272, Net 281.
Long 4, Gold
Looking at weekly chart, gold sits on my favourite 34EMA. Any fall below that level will possibly means a U turn in gold prices..right now,.it's sitting on the fence.
Daily chart in another MT4 Platform shows price resting on 200EMA . It looks like a strong support today. If this support is broken, again.. prices will be expected to fall - and fall.
Given that historically, prices of gold is on it's uptrend, I am betting for it to stay temporary up. It is possible that it will eventually break, but for now, I am trying to capture any profits on it's temporary rebound.
Entered 4 long gold at price 1662.79, SL set at 1648.06, potential loss $80/- or roughly 30% of whatever cash balance I have now left - make or break time. I hv not set TP yet,.. given that prices have fallen so much,.. I would love to push any profit as far as possible.
Am using Support/ Resistent strategy..
Cash 272, Net 281.
Long 4, Gold
Monday, 12 December 2011
Gold - you hate them you love them
12noon...
my 3 outstanding orders last nite , resulted in further damage to my account. Gold has broken the support level and has formed head and shoulder formation,..yet I was stubborn and wanted to long it - that result in my account being down to mere 258$,.. down from $400+ just last week.
I am still very much tempted to buy...but am controlling this urgency. I reckon gold will fall to 1550$ level before moving up.. it's at 1655 now..
Patient needed before my accounts get damaged again..
Be patient..be patient...
my 3 outstanding orders last nite , resulted in further damage to my account. Gold has broken the support level and has formed head and shoulder formation,..yet I was stubborn and wanted to long it - that result in my account being down to mere 258$,.. down from $400+ just last week.
I am still very much tempted to buy...but am controlling this urgency. I reckon gold will fall to 1550$ level before moving up.. it's at 1655 now..
Patient needed before my accounts get damaged again..
Be patient..be patient...
I was Right, Yet sorely damaged
10.20pm... was not able to do any entry earlier as system keeps showing error each time I tried to update my blogspot. Must have been reflective of my mood ?!
I was right. I said gold and AJ will fall. In fact, I was able to nicely bring up my account to a level of 413$ thereabout by shorting both gold and AJ..and cut short it's fall qtr way. I took my profit much too early. I closed all my outstanding and not left any to orders to bring in fatter bacon.
My analysis of the market was wonderfully correct... my entry timing was bad,..and my exit was much much worst.
And given that I am such a contraian player, I reckon that with my exit in the short position, the trade is bounce to move up north..and as you hv guessed it,.. I went long into gold..thinking that it has fallen enough. My love for gold has blinded the fact that on a daily chart, it has formed a head/shoulder formation. It has broken the right shoulder and gravity has started to do it's work , pulling it all the way down today.
At time point of typing now, gold price is now1666.92. Who would hv imagine that gold price would get this low this fast ?
My current account fell from Friday 400 to 311 today,.. no thanks to the plunge in gold price. I had set a buy limit at 1667.87 : 3 lots earlier this morning. This is the low of the previous low. System went down and by the time I reboot , the order was triggered. 3 lots. I have decided not to set stop loss for it as I do not wished to be taken off by false breakdown. Today 's price has plunged way above daily average, and I was hoping that the only other option for gold is no up. No TP, no SL set. I am probably comfortable to buy gold at this price and if a margin call is triggered becoz it fell thru' the floor, so be it. I am okay with buying gold at this level and wait for it to move higher.
I will try not to think how much I would hv profitted if I were to hang on to my belief and not take profit off the table so soon - I hope to instill this in my mind.. lesson learnt
Current cash balance 312, net 315, outstanding 3 long gold at 1667.87.
I was right. I said gold and AJ will fall. In fact, I was able to nicely bring up my account to a level of 413$ thereabout by shorting both gold and AJ..and cut short it's fall qtr way. I took my profit much too early. I closed all my outstanding and not left any to orders to bring in fatter bacon.
My analysis of the market was wonderfully correct... my entry timing was bad,..and my exit was much much worst.
And given that I am such a contraian player, I reckon that with my exit in the short position, the trade is bounce to move up north..and as you hv guessed it,.. I went long into gold..thinking that it has fallen enough. My love for gold has blinded the fact that on a daily chart, it has formed a head/shoulder formation. It has broken the right shoulder and gravity has started to do it's work , pulling it all the way down today.
At time point of typing now, gold price is now1666.92. Who would hv imagine that gold price would get this low this fast ?
My current account fell from Friday 400 to 311 today,.. no thanks to the plunge in gold price. I had set a buy limit at 1667.87 : 3 lots earlier this morning. This is the low of the previous low. System went down and by the time I reboot , the order was triggered. 3 lots. I have decided not to set stop loss for it as I do not wished to be taken off by false breakdown. Today 's price has plunged way above daily average, and I was hoping that the only other option for gold is no up. No TP, no SL set. I am probably comfortable to buy gold at this price and if a margin call is triggered becoz it fell thru' the floor, so be it. I am okay with buying gold at this level and wait for it to move higher.
I will try not to think how much I would hv profitted if I were to hang on to my belief and not take profit off the table so soon - I hope to instill this in my mind.. lesson learnt
Current cash balance 312, net 315, outstanding 3 long gold at 1667.87.
Thursday, 8 December 2011
Closed for the week
3.25pm.. closed off all outstanding position. As of now, the pairs I am trading at , has reached it's average range and I am not going to push my luck further since I will not be available in the evening.
All position closed,..will use Support/Resistant for next week to trigger my buy/sell. I will aim to be a sniper instead of the general army with an automatic machine gun. Will only trigger order when the chance of winning is the highest.
It was a good trading week.. which I will hope to repeat it again next week.
Cash 401, net 401... order 0 outstanding.
All position closed,..will use Support/Resistant for next week to trigger my buy/sell. I will aim to be a sniper instead of the general army with an automatic machine gun. Will only trigger order when the chance of winning is the highest.
It was a good trading week.. which I will hope to repeat it again next week.
Cash 401, net 401... order 0 outstanding.
AJ out..start all over again
10.18am
It sure takes lots of conviction to exit AJ with a small profit - after all the roller coaster ride. Having the belief that AJ longterm trend is down,..actually help buffer all the negative $$ for the last few days. It was a relief. I would hv left it alone but the 4hr chart shows price sitting on the 200sma. Decided to let it move up and then short again at a right time. Today's friday, I dun really like to trade on Friday..so will see how it goes on this AJ pair in the near future.
Gold in the 4hr chart is at oversold situaation,.. decided to move 2 lots long, with very tight SL. Potential loss $10. R/R 1:1.
Current order :
2 long gold
1K short AU
0.5K short GU.. my outlook in USD will strengthen for rest of today.
Cash 349, net 344.
It sure takes lots of conviction to exit AJ with a small profit - after all the roller coaster ride. Having the belief that AJ longterm trend is down,..actually help buffer all the negative $$ for the last few days. It was a relief. I would hv left it alone but the 4hr chart shows price sitting on the 200sma. Decided to let it move up and then short again at a right time. Today's friday, I dun really like to trade on Friday..so will see how it goes on this AJ pair in the near future.
Gold in the 4hr chart is at oversold situaation,.. decided to move 2 lots long, with very tight SL. Potential loss $10. R/R 1:1.
Current order :
2 long gold
1K short AU
0.5K short GU.. my outlook in USD will strengthen for rest of today.
Cash 349, net 344.
Niagara Fall
10.15pm...
The European Central Bank cuts it rate... and I am not sure why the market behave the way it did. First, there was a rocket shoot up.. it went up AGAINST my order... at one stage AJ was negative $35/- and hitting SL.. and as fast as it surge up , it falls like water in the Niagara Fall - there was no pause for a break..it just fell,..now my pair is -$16/-. To think that I am just trading $2K and experiencing such price swing,..what will happen to those traders that trade a standard lot of $100K ? I think today's price moment must have caused a few heartattacks.
I have decided to look far,. daily chart , 200SMA.. if that immediate trend is up,.. I will only trade along side that. My stop loss should be place far enough as not to be triggered with movement as crazy as today. And I must trade at a small enough lot that any temporary price swings will not have me crunching on my heart on the floor. I hv to manage my lot size and not to overleverage - this way.. I should be able to win consistently and be humble in the process of counting cash.
Tomorrow will be another day,..will be anxious to see how dow jone moved. The property measures that our govt took last night has resulted my loss of $1K today.. just like that,.. a decision, a quick loss even before it has a chance to move up,.. it went down. I should stop falling in love with Capitaland.. it jinx my capital...
Price of gold plunge as I type.. goodness me... such drastic fall again... when stock falls,.. commodities fall,. there is only one thing to look out for,.. the bond market.
Cash..355, net 347
open Short AJ 2K
The European Central Bank cuts it rate... and I am not sure why the market behave the way it did. First, there was a rocket shoot up.. it went up AGAINST my order... at one stage AJ was negative $35/- and hitting SL.. and as fast as it surge up , it falls like water in the Niagara Fall - there was no pause for a break..it just fell,..now my pair is -$16/-. To think that I am just trading $2K and experiencing such price swing,..what will happen to those traders that trade a standard lot of $100K ? I think today's price moment must have caused a few heartattacks.
I have decided to look far,. daily chart , 200SMA.. if that immediate trend is up,.. I will only trade along side that. My stop loss should be place far enough as not to be triggered with movement as crazy as today. And I must trade at a small enough lot that any temporary price swings will not have me crunching on my heart on the floor. I hv to manage my lot size and not to overleverage - this way.. I should be able to win consistently and be humble in the process of counting cash.
Tomorrow will be another day,..will be anxious to see how dow jone moved. The property measures that our govt took last night has resulted my loss of $1K today.. just like that,.. a decision, a quick loss even before it has a chance to move up,.. it went down. I should stop falling in love with Capitaland.. it jinx my capital...
Price of gold plunge as I type.. goodness me... such drastic fall again... when stock falls,.. commodities fall,. there is only one thing to look out for,.. the bond market.
Cash..355, net 347
open Short AJ 2K
Wednesday, 7 December 2011
Looks like I am stuck with AJ for a while
9.55am...
Did some quick trade on Gold (short) yesterday with some positive result,..helped me buffer the losses from AJ - though no enough, but any little help.
Negative AJ went as high as $33- before correcting to $-17,..but now been hoovering around $-20. Will just leave this pair alone. One good thing about having it in the system is - it prevented me from betting on other currency as I need to keep my leverage low..will try not to hit $10K on orders with my leverage. This way, less damage for me. And having an order in the system makes me 'complete' - I avoided hastely moving in to any currency that I assume will move in the direction I had in mind.
Anyway,.. went into land stock yesterday, only to have the government put in cooling measures over the evening....so much about my luck on stocks....for nothing,..my paper asset reduced by nearly $800 over night. This government... sigh !
Cash 351/ Net 330,... Short AJ 2K
Did some quick trade on Gold (short) yesterday with some positive result,..helped me buffer the losses from AJ - though no enough, but any little help.
Negative AJ went as high as $33- before correcting to $-17,..but now been hoovering around $-20. Will just leave this pair alone. One good thing about having it in the system is - it prevented me from betting on other currency as I need to keep my leverage low..will try not to hit $10K on orders with my leverage. This way, less damage for me. And having an order in the system makes me 'complete' - I avoided hastely moving in to any currency that I assume will move in the direction I had in mind.
Anyway,.. went into land stock yesterday, only to have the government put in cooling measures over the evening....so much about my luck on stocks....for nothing,..my paper asset reduced by nearly $800 over night. This government... sigh !
Cash 351/ Net 330,... Short AJ 2K
Tuesday, 6 December 2011
Each ticks bleed my heart....
...okay..I exaggerated a little...
3.15pm.. by doing nothing but leaving the order as it is,.. my net balance fell below $300/-... The AJ pair is leaking my money bag.. persistently upwards moving, ignoring my short order. To think that just a mere order of $2K can result in a current loss of $33/- means the strength of Aussie vs Yen is pretty strong.
Since I have had SL set,.. I will just leave it alone and let it either hit my SL and see me weep , or quietly move down to where I intended it to be.
Time will tell,..tho' time's not on my side now... with it's price moving nearer and nearer to my stop loss target. SIGH !
3.15pm.. by doing nothing but leaving the order as it is,.. my net balance fell below $300/-... The AJ pair is leaking my money bag.. persistently upwards moving, ignoring my short order. To think that just a mere order of $2K can result in a current loss of $33/- means the strength of Aussie vs Yen is pretty strong.
Since I have had SL set,.. I will just leave it alone and let it either hit my SL and see me weep , or quietly move down to where I intended it to be.
Time will tell,..tho' time's not on my side now... with it's price moving nearer and nearer to my stop loss target. SIGH !
Giving up gains and more
11.40pm
Today's focus was on shorting AJ as there was a bearish divergence... did well in the morning shorting this pair,..and profit in the morning was $20+..very unusal as Asian session is zzzz....even when these are asia's pair.
Ceased being humble when I thot I am on track in covering back my gold losses ,..I thot I got the golden touch.. went in to long Eur/Gbp only to have SL triggered quickly... However, since I continue to gain from AJ,.. I threw caution to the wind,.. when in to several other pairs... losses..and to make matter worst,.. late afternoon, the AJ pair turned around and started to show losses..
My morning gains were wiped out,..and capital reduced further - time to begin to be humble and back to reading and strategizing.
Right now, net balance is a mere 330, (case was 346).. open short orders on 2K AJ. Shorted at 79.09.
I have set SL..and am leaving it alone , since the overall daily chart still looks bearish.. will hope to have some nice surprises tmr when I wake up.. as long as there is no bigh false flunctation that kill my SL, I think I pretty much will leave this pair alone till it is ripe for picking... profit... right now, it's showing a loss of $16/-.
No other orders, cash 346/ net 330
Today's focus was on shorting AJ as there was a bearish divergence... did well in the morning shorting this pair,..and profit in the morning was $20+..very unusal as Asian session is zzzz....even when these are asia's pair.
Ceased being humble when I thot I am on track in covering back my gold losses ,..I thot I got the golden touch.. went in to long Eur/Gbp only to have SL triggered quickly... However, since I continue to gain from AJ,.. I threw caution to the wind,.. when in to several other pairs... losses..and to make matter worst,.. late afternoon, the AJ pair turned around and started to show losses..
My morning gains were wiped out,..and capital reduced further - time to begin to be humble and back to reading and strategizing.
Right now, net balance is a mere 330, (case was 346).. open short orders on 2K AJ. Shorted at 79.09.
I have set SL..and am leaving it alone , since the overall daily chart still looks bearish.. will hope to have some nice surprises tmr when I wake up.. as long as there is no bigh false flunctation that kill my SL, I think I pretty much will leave this pair alone till it is ripe for picking... profit... right now, it's showing a loss of $16/-.
No other orders, cash 346/ net 330
Monday, 5 December 2011
Gold back to Square One
10.05am
Price of gold went back to where it was before the surge on last thursday. Tears for those who lost big during the surge, only to see prices back to their original position, with no orders on hand. The orders I placed , in anticipation of the fall would hv been profitable if I held on ; but I had to set a Stop loss as part of my discipline to trade safely.
The main mistake is to keep assuming it will fall (now,..now ,..NOW!) and placing bet against it's rise. One never know how far it will go up before it plunge..and I was hurt as it drag up, giving away many of my accumulated profit. My guts feel has been right,.. but the timing is wrong,..and that matters - wrong timing can be fatal.
Given that the price of gold has gone back to the lower channel.. there is no more incentive for me to short it - far too risky. I will now look at the AJ pair,..with shorting on mind. I usually do not like to short Aussie dollar due to it's high interest rate, but this pair looks ripe for picking/ shorting I mean..
An order for 2.8K triggered at 79.594. Potential loss for this is 30$,.. 1:1 R/R ratio.. will see how it turn up.. I may abandon order if the chart changes direction..before it hit SL .Will see...
Cash 354, net 351... short AJ, 2.8K
Price of gold went back to where it was before the surge on last thursday. Tears for those who lost big during the surge, only to see prices back to their original position, with no orders on hand. The orders I placed , in anticipation of the fall would hv been profitable if I held on ; but I had to set a Stop loss as part of my discipline to trade safely.
The main mistake is to keep assuming it will fall (now,..now ,..NOW!) and placing bet against it's rise. One never know how far it will go up before it plunge..and I was hurt as it drag up, giving away many of my accumulated profit. My guts feel has been right,.. but the timing is wrong,..and that matters - wrong timing can be fatal.
Given that the price of gold has gone back to the lower channel.. there is no more incentive for me to short it - far too risky. I will now look at the AJ pair,..with shorting on mind. I usually do not like to short Aussie dollar due to it's high interest rate, but this pair looks ripe for picking/ shorting I mean..
An order for 2.8K triggered at 79.594. Potential loss for this is 30$,.. 1:1 R/R ratio.. will see how it turn up.. I may abandon order if the chart changes direction..before it hit SL .Will see...
Cash 354, net 351... short AJ, 2.8K
Gut Feel Paid Off
8.30am...
Gold fell yesterday and given the lesson learnt on trading aggressively and lossing money at the end to slippage, I was very conservative. Trade one lot and brought the account to 349$..wouldnt it been nice if I trade larger like the time when I did, when I was a loser ? I have to learn to win consistently and not get too impatient. I guess the next time I get emotionally charge,..I should walk away , incase I get too impulsive and trade too aggressively, not following my limit loss days.
3 orders were triggered based on the reset buy/sell price made over the weekend.
Orders were
Short USD/CAD,
Short USD/JPY and
Long USD/HKD...all showing small negative at the moment.. and since the wins and losses are pre-determined, I will leave all these alone - these orders were based on breakout strategy,.. will see how that work out.
Cash 349, net 348 , above 3 orders.
Gold fell yesterday and given the lesson learnt on trading aggressively and lossing money at the end to slippage, I was very conservative. Trade one lot and brought the account to 349$..wouldnt it been nice if I trade larger like the time when I did, when I was a loser ? I have to learn to win consistently and not get too impatient. I guess the next time I get emotionally charge,..I should walk away , incase I get too impulsive and trade too aggressively, not following my limit loss days.
3 orders were triggered based on the reset buy/sell price made over the weekend.
Orders were
Short USD/CAD,
Short USD/JPY and
Long USD/HKD...all showing small negative at the moment.. and since the wins and losses are pre-determined, I will leave all these alone - these orders were based on breakout strategy,.. will see how that work out.
Cash 349, net 348 , above 3 orders.
Can't Get My Mind Over Gold
5.40pm...this week,.. all my orders have been pre-set in the system. It will have to be a set and forget week. But the feeling I have on gold could not go away.. the desperation in wanting to short it. Technically, gold is not weak..but it is overbought and I have the strongest feeling that it will fall.
That feelings resulted in a lost of almost $100/- on Friday, blowing off my $60 limit loss per day limit.
I am giving in to this feeling one more time... stop loss set at $20/-.. shorted 2 lots of gold at 1744.979 and 1744.244. Will leave it as it is and not trigger reverse order when prices move up..since feeling is down.. will just focus on it's forthcoming plunge..if that feeling serve me well.. again, emotion's at play. Those that is not based on emotion has been preset - but nothing triggered yet. It's like fishing..you set in the bait,..it's not biting yet. For that, I will wait. For gold, I will ony hope that I my guts feel is right, if it is not,..that feel cause me $20/- which is acceptable.
Cash 319, net 318, 2 short orders for Gold
That feelings resulted in a lost of almost $100/- on Friday, blowing off my $60 limit loss per day limit.
I am giving in to this feeling one more time... stop loss set at $20/-.. shorted 2 lots of gold at 1744.979 and 1744.244. Will leave it as it is and not trigger reverse order when prices move up..since feeling is down.. will just focus on it's forthcoming plunge..if that feeling serve me well.. again, emotion's at play. Those that is not based on emotion has been preset - but nothing triggered yet. It's like fishing..you set in the bait,..it's not biting yet. For that, I will wait. For gold, I will ony hope that I my guts feel is right, if it is not,..that feel cause me $20/- which is acceptable.
Cash 319, net 318, 2 short orders for Gold
Sunday, 4 December 2011
Did It again
9.10am...
The desire to see further fall in gold has lead to many shorting execution.. resulting in a massive loss of account.. massive becoz' I broke my rules of limiting daily loss of $60/-..and I went beyond that.
Decided to use only 1 strategy instead of multiple ones for forex...and that I should only trade on breakout.
I have put in few orders into the system, based on breakout assumption,.. each order lasting 1 week. Small volume orders with R/R at 1:1.2. This is completely a set and forget action,..Most of the orders call for the strength of USD.
Will see how it work out.. in the meantime, despite gold recent surge, I am still bearish..but dare not take the plunge to short (and short, and short) it at the moment.
Cash balance down to 319. 0 orders on hand
The desire to see further fall in gold has lead to many shorting execution.. resulting in a massive loss of account.. massive becoz' I broke my rules of limiting daily loss of $60/-..and I went beyond that.
Decided to use only 1 strategy instead of multiple ones for forex...and that I should only trade on breakout.
I have put in few orders into the system, based on breakout assumption,.. each order lasting 1 week. Small volume orders with R/R at 1:1.2. This is completely a set and forget action,..Most of the orders call for the strength of USD.
Will see how it work out.. in the meantime, despite gold recent surge, I am still bearish..but dare not take the plunge to short (and short, and short) it at the moment.
Cash balance down to 319. 0 orders on hand
Friday, 2 December 2011
9.30pm NonFarm Payday
Everybody either hate or love the above nonfarm payday... given that I deflated my account due to a silly mistake I made on gold.. mistake based on assumption.. that made an ass out of my account.. I am wondering if I should take a gamble on this non-farm payday and place higher volume... make it or break it kind of order ?
If I had my guts, I would play against Gold,..short,..and against Eur.. placing my assumption that USD will surge tonight . Than again,.. do I want to give myself a second ass ?! hmm.. probably not.. Will see how it goes.. I am pretty much (STILL) convince that gold will fall and have decided to short 1 lot,.. just 1 lot to see how things work out.. potential loss about $20/- for this pair... risk/reward = 1:1.
Cash positon... ouch 352.. SIGH ! Serve me right for playing with emotion than with strategy.. the sooner I mute my feelings.. the better is my account position.
If I had my guts, I would play against Gold,..short,..and against Eur.. placing my assumption that USD will surge tonight . Than again,.. do I want to give myself a second ass ?! hmm.. probably not.. Will see how it goes.. I am pretty much (STILL) convince that gold will fall and have decided to short 1 lot,.. just 1 lot to see how things work out.. potential loss about $20/- for this pair... risk/reward = 1:1.
Cash positon... ouch 352.. SIGH ! Serve me right for playing with emotion than with strategy.. the sooner I mute my feelings.. the better is my account position.
Thursday, 1 December 2011
Cloudy days
1.42pm..
Cloudy days both in local weather and gold market.
Looking at the 30 mins chart, the prices went into the cloud area , based on Ichimoku cloud... again my belief was turned on.. I keep seeing downside to the gold price -having surged so high in the past 2 days. i hv yet got over the climb and truly believe it is going to fall anytime.
Entered a few trades with SL set at $7 losses... and that was hitted, orders repeated,..hit and so on.. It went on for several orders.. each time, I short it, I am stopped out. End result,.. my total week's gain is evaported before of my belief in the weakness in gold - the strength in USD.
Current cash balance 367 / net 367.
Switching the theory..if you cant beat them..join them.. I hv now set a limit buy for gold, SL set at $20/- Am giving it 2 hours to trigger that purchase, failing which, it will just expire.
I looks thru' all the pairs,..there isn't one that is idea to trade (so that means, I should not force any trade). On hindsight, when I went thru' the charts over the weekend,..80% of the pair shows high risk of breakout. I put in orders of 9 units each to test the breakout ,..and it showed me a perfect pip gain of 200-400 pips. I hv to stop rushing.. when 80% of the charts showed a possible breakout..I hv to ponder on what it means and how I can capitalise on it. Knowledge without action = time wasted in looking at those charts. I must think beyond what the charts represent. Still a long way to learn.. ... I need to sharpen my axe,.not just keep on, keeping on..chopping trees.
Each time I become poorer,.. I learn a lesson.. but when my accounts get inflated, so does my head. I need to remain humble - I can never win the market..
cash 367 , 0 order on hand
Cloudy days both in local weather and gold market.
Looking at the 30 mins chart, the prices went into the cloud area , based on Ichimoku cloud... again my belief was turned on.. I keep seeing downside to the gold price -having surged so high in the past 2 days. i hv yet got over the climb and truly believe it is going to fall anytime.
Entered a few trades with SL set at $7 losses... and that was hitted, orders repeated,..hit and so on.. It went on for several orders.. each time, I short it, I am stopped out. End result,.. my total week's gain is evaported before of my belief in the weakness in gold - the strength in USD.
Current cash balance 367 / net 367.
Switching the theory..if you cant beat them..join them.. I hv now set a limit buy for gold, SL set at $20/- Am giving it 2 hours to trigger that purchase, failing which, it will just expire.
I looks thru' all the pairs,..there isn't one that is idea to trade (so that means, I should not force any trade). On hindsight, when I went thru' the charts over the weekend,..80% of the pair shows high risk of breakout. I put in orders of 9 units each to test the breakout ,..and it showed me a perfect pip gain of 200-400 pips. I hv to stop rushing.. when 80% of the charts showed a possible breakout..I hv to ponder on what it means and how I can capitalise on it. Knowledge without action = time wasted in looking at those charts. I must think beyond what the charts represent. Still a long way to learn.. ... I need to sharpen my axe,.not just keep on, keeping on..chopping trees.
Each time I become poorer,.. I learn a lesson.. but when my accounts get inflated, so does my head. I need to remain humble - I can never win the market..
cash 367 , 0 order on hand
Serve Me Right !
9.50pm
I closed all my account earlier , at the end of Asean session. The no zone period for me is between 5-8pm local time, mid day European session and before the US session.
Emotionally, my belief system says ; Gold has surged soooooo high, it has to come down,.. Eur/Aus has plunged for the last 4 days, it has to go up. My belief system triggers my emotion sense and each time I look at the chart,..it moves exactly where I have visualised. Either I am seeing things or I will it to happen.. mentally. So put in a couple of trades ,..short gold, long EA... and as you may have guessed it.. eachtime I use my emotion to trade,.. I destroy my accumulated fund.
I still believe Gold will fall tonight,..and I still believe EA will move up tonight,.but becoz of my inability to control my emotions , I will not trade tonight..will trade to watch at the sideline and do nothing.
I hv brought my account down to mere 382,...
Will try again tmr.. for today,.. I think I have done quite alot of damage...
Cash 382,..0 orders...
I closed all my account earlier , at the end of Asean session. The no zone period for me is between 5-8pm local time, mid day European session and before the US session.
Emotionally, my belief system says ; Gold has surged soooooo high, it has to come down,.. Eur/Aus has plunged for the last 4 days, it has to go up. My belief system triggers my emotion sense and each time I look at the chart,..it moves exactly where I have visualised. Either I am seeing things or I will it to happen.. mentally. So put in a couple of trades ,..short gold, long EA... and as you may have guessed it.. eachtime I use my emotion to trade,.. I destroy my accumulated fund.
I still believe Gold will fall tonight,..and I still believe EA will move up tonight,.but becoz of my inability to control my emotions , I will not trade tonight..will trade to watch at the sideline and do nothing.
I hv brought my account down to mere 382,...
Will try again tmr.. for today,.. I think I have done quite alot of damage...
Cash 382,..0 orders...
Closed all position
5pm
Gold price fell slightly and instead of staring at it as it moved up and down, decided to cut my losses. Sold at 1743.72, loss $14/- . TA indicates prices may fall further, but who knows ? I am really scare of the US session. At the current moment, px of gold falls further. I would hv lost less, but then again,.. nevermind,.. will live with that .
Today's focus will be on Eur/Aus, mainly Long. Closed all the 4K order at small profit of about $4/- as it has reached the resistant level. I will review the whole situation again at 8 pm,.. in 3 hours time. Needed Europe to stablise a little for a clearer trend.
Cash balance 410. 0 outstanding.
Gold price fell slightly and instead of staring at it as it moved up and down, decided to cut my losses. Sold at 1743.72, loss $14/- . TA indicates prices may fall further, but who knows ? I am really scare of the US session. At the current moment, px of gold falls further. I would hv lost less, but then again,.. nevermind,.. will live with that .
Today's focus will be on Eur/Aus, mainly Long. Closed all the 4K order at small profit of about $4/- as it has reached the resistant level. I will review the whole situation again at 8 pm,.. in 3 hours time. Needed Europe to stablise a little for a clearer trend.
Cash balance 410. 0 outstanding.
Wednesday, 30 November 2011
Odd Love with EUR/AUD
1.55pm. Thursday.
Busy in the morning,..didn't hv the time to ready sit down to draw trend lines.
My single long gold is still there and still showing losses of about $20. For the last 8 hours since last evening, prices does not move. Great pull between supply and demand... none giving way.
Thru' tracing some pair,came across Eur/Aud that has been sold drastically over the last 4 days. It is in a support level that has not been broken for the last two times. I thot I would be good to put in some money into longing the pair, with hope that the support continues to be strong.
Went in to buy 2 lots of 2K each, Long EA at 1.31549 - 1.31574. Expected total loss of $70/-. I hv not yet set the TP level as I intend to observe. The level I am aiming at is far too high, and unlikely to be achieve within this week. Will move the SL to breakeven when it moved up,.and will then place TP as and when , at the appropriate level.
Cash = 413 , net 396
Busy in the morning,..didn't hv the time to ready sit down to draw trend lines.
My single long gold is still there and still showing losses of about $20. For the last 8 hours since last evening, prices does not move. Great pull between supply and demand... none giving way.
Thru' tracing some pair,came across Eur/Aud that has been sold drastically over the last 4 days. It is in a support level that has not been broken for the last two times. I thot I would be good to put in some money into longing the pair, with hope that the support continues to be strong.
Went in to buy 2 lots of 2K each, Long EA at 1.31549 - 1.31574. Expected total loss of $70/-. I hv not yet set the TP level as I intend to observe. The level I am aiming at is far too high, and unlikely to be achieve within this week. Will move the SL to breakeven when it moved up,.and will then place TP as and when , at the appropriate level.
Cash = 413 , net 396
What Am I gonna Do with Myself ?
11.45pm...
I was holding to 0 trade when the Worlds' Central Banks decided to act. I rarely see the push up in prices.. Gold / Silver shoot up like rocket. USD plunge,..and anything that trade against the USD , went up. Tonight , there are millions of other traders who both loss bigh and win big. The move was totally unexpected and very drastic. Blew off my mind.
And as I stared at the shooting gold price,.. my fingers inched - my two weeks of disciplined control could not stop that gambling instinct. I waited for the price to move , up to a level when I felt that it has ran out of fuel. I triggered a sell. I was hoping to profit on it's way down. It showed me a profit of $3/- at one stage.. nay,..not enough...
As of now,.. it's showing a loss of -20$ and climbing.. it will likely wipe off all my gain for today ?! Sigh.. I hv not set up stop loss on this pair... i was willing to continue to bet that it will still move down. Fortunately it's just a lot and I should be able to stomach any loss of up to $50/- ... will leave it.... prices has went up again..now showing a loss of $22/- even before I sign off this blog !!
Sigh.. me and my fingers,.... chopping it off..
I was holding to 0 trade when the Worlds' Central Banks decided to act. I rarely see the push up in prices.. Gold / Silver shoot up like rocket. USD plunge,..and anything that trade against the USD , went up. Tonight , there are millions of other traders who both loss bigh and win big. The move was totally unexpected and very drastic. Blew off my mind.
And as I stared at the shooting gold price,.. my fingers inched - my two weeks of disciplined control could not stop that gambling instinct. I waited for the price to move , up to a level when I felt that it has ran out of fuel. I triggered a sell. I was hoping to profit on it's way down. It showed me a profit of $3/- at one stage.. nay,..not enough...
As of now,.. it's showing a loss of -20$ and climbing.. it will likely wipe off all my gain for today ?! Sigh.. I hv not set up stop loss on this pair... i was willing to continue to bet that it will still move down. Fortunately it's just a lot and I should be able to stomach any loss of up to $50/- ... will leave it.... prices has went up again..now showing a loss of $22/- even before I sign off this blog !!
Sigh.. me and my fingers,.... chopping it off..
I broke my rules
8.35pm..... I took a glance at the chart... I peek. In most cases, the action taken from looking could have resulted in moments where you would knock your head on the wall - but this time , I was thankful that I could not resist not looking.
The trend , 1 hour into my morning purchase did not look promising... infact, instead of moving upwards, the 4Hr chart shows that trend has turned and it's moving south. I closed all the silver and gold and did a reverse trade. I short it.
There were a few transaction and I tried to buy/sell depending on the short term trend, result of which was I win more than I loss, so that was good.
Right now, I am staring at the chart to see what direction I should be placing my money on. Prices has gone up in the last 1 hour, so am decided that I cleared all outstanding orders before I went for dinner.
Cash balance 408$ , up $28 or 7% from capital. Waiting for the day when I bring it up to my original capital of 5500$ before placing orders with larger volume. For now, it's important that my strategy works and that I am consistently winning, despite the meagre $ involved. If I can win $10, can I win $1000 in the future ?
The trend , 1 hour into my morning purchase did not look promising... infact, instead of moving upwards, the 4Hr chart shows that trend has turned and it's moving south. I closed all the silver and gold and did a reverse trade. I short it.
There were a few transaction and I tried to buy/sell depending on the short term trend, result of which was I win more than I loss, so that was good.
Right now, I am staring at the chart to see what direction I should be placing my money on. Prices has gone up in the last 1 hour, so am decided that I cleared all outstanding orders before I went for dinner.
Cash balance 408$ , up $28 or 7% from capital. Waiting for the day when I bring it up to my original capital of 5500$ before placing orders with larger volume. For now, it's important that my strategy works and that I am consistently winning, despite the meagre $ involved. If I can win $10, can I win $1000 in the future ?
Tuesday, 29 November 2011
Set and Forget
9.10am...a new day with Set and Forget strategy on mind.
From the experience yesterday. If I hv not looked,.. I would hv profitted a little more than what I did. Will try to shift my attention to other activities for today and see what happen.
Long 8 units of silver at 32.0968, SL 30.29, TP 34.82.. Potential loss = 19, Reward = 28
Long 1 gold at 1721.65, SL 1690.15, TP 1779. Potential loss = 41, Reward = 76
Am risking 60 for 104 gain...
Cash balance 380/ net 380
I WILL NOT PEEK...I WILL NOT PEEK....I WILL NOT PEEK.....I WILL NOT PEEK...I WILL NOT PEEK...see if I can last till Europe trading session...
From the experience yesterday. If I hv not looked,.. I would hv profitted a little more than what I did. Will try to shift my attention to other activities for today and see what happen.
Long 8 units of silver at 32.0968, SL 30.29, TP 34.82.. Potential loss = 19, Reward = 28
Long 1 gold at 1721.65, SL 1690.15, TP 1779. Potential loss = 41, Reward = 76
Am risking 60 for 104 gain...
Cash balance 380/ net 380
I WILL NOT PEEK...I WILL NOT PEEK....I WILL NOT PEEK.....I WILL NOT PEEK...I WILL NOT PEEK...see if I can last till Europe trading session...
Silver trap
11.05pm
For the whole evening,.. price of dripping downwards.. like the tap that is not completely closed, the price of silver falls one step at a time.
I have seen these behavor before. Each time this happen, it just shows that price is moving the opposite direction pretty soon !
I didn't have any order outstanding,having closed gold with a very small profit. The service provider that I used to chart my charts, is moving like a snail. The system freeze and I had technical chart to depend upon.
Used Oanda chart just to look at the price action and having learnt about supply/demand from Sam Seiden recently, I decided to push in 50 lots to buy at 31.86. It took another 30 mins or so, to have that tap turned off and price started to soar... it hit the resistent line at 30 mins , and I exited at 32.1123 , with a profit of 12$.
Again without the technical chart, I decided not to trade anymore for today. Time to rest and be energized tmr. I may hv to work out a Set and Forget strategy for small sum tmr since having a system the freeze can be very frustrating.
More tmr. No outstanding order as of now. USD is very strong today.
Cash 381
For the whole evening,.. price of dripping downwards.. like the tap that is not completely closed, the price of silver falls one step at a time.
I have seen these behavor before. Each time this happen, it just shows that price is moving the opposite direction pretty soon !
I didn't have any order outstanding,having closed gold with a very small profit. The service provider that I used to chart my charts, is moving like a snail. The system freeze and I had technical chart to depend upon.
Used Oanda chart just to look at the price action and having learnt about supply/demand from Sam Seiden recently, I decided to push in 50 lots to buy at 31.86. It took another 30 mins or so, to have that tap turned off and price started to soar... it hit the resistent line at 30 mins , and I exited at 32.1123 , with a profit of 12$.
Again without the technical chart, I decided not to trade anymore for today. Time to rest and be energized tmr. I may hv to work out a Set and Forget strategy for small sum tmr since having a system the freeze can be very frustrating.
More tmr. No outstanding order as of now. USD is very strong today.
Cash 381
Should not have peek
4.15pm.. back from a loooong lunch with the kids,..and was feeling very tired when I took a peek at the silver and gold performance. Both showed a total negative amount near $10. Then 10 mins later, the market turned and plunged towards my direction.
First I was delighted that I now see profit for silver - gold is still in the red. And I wanted to take a quick nap and didn't want to risk the market moving north while I was not looking. I needed peace when I sleep !
Comparing Silver and Gold, Silver looks weaker in technical sense - which is good for me since I shorted it, but since it's the only pair that shows profit, I decided to close all 50 lots at 31.8274, pocketing a mere $5/- . My lunch was 20x that , today ! At the point of writing, if I had closed silver now, I would hv profitted $17. Current prices is 31.6515. I need to quickly learn now to maximise my profit . Should I have placed order for 15 lots x 3 and scattered my sales ? I hv to review soon,.. otherwise, it will be difficult to bring back to my initial level of $5500 capital.
Leaving the gold order alone. It plunged with silver, but seems to have reached it's valley. Risk is $12/- , I can live with that. Now,.. I need my rest...
Cash 364.
First I was delighted that I now see profit for silver - gold is still in the red. And I wanted to take a quick nap and didn't want to risk the market moving north while I was not looking. I needed peace when I sleep !
Comparing Silver and Gold, Silver looks weaker in technical sense - which is good for me since I shorted it, but since it's the only pair that shows profit, I decided to close all 50 lots at 31.8274, pocketing a mere $5/- . My lunch was 20x that , today ! At the point of writing, if I had closed silver now, I would hv profitted $17. Current prices is 31.6515. I need to quickly learn now to maximise my profit . Should I have placed order for 15 lots x 3 and scattered my sales ? I hv to review soon,.. otherwise, it will be difficult to bring back to my initial level of $5500 capital.
Leaving the gold order alone. It plunged with silver, but seems to have reached it's valley. Risk is $12/- , I can live with that. Now,.. I need my rest...
Cash 364.
Monday, 28 November 2011
Needed an order in the system
9.40am..having observed the silver and gold price for the last 30 mins, there seems to be a 50-50% win-loss situation. A hard fight between bull and bear.
Price at the 4Hr chart for the silver is where I wanted it in the past,..a target for me to short. But given that 50-50 and the fact that price has risen to the previous high, I decided to move into the bear terrority.
Shorted gold based on the 30 mins chart. It has moved into the 'cloud' area and ADX showing bearish outlook.
Shorted 50 silver at 31.9172, potential loss = $29/-
Shorted 1 gold at 1707.52. Potential loss = $11/-
Today's potential loss = $40/-
Last night, did some transaction on EUR/AUD, resulting in a loss of $5/-...
Current cash balance = 358/ net =352
Price at the 4Hr chart for the silver is where I wanted it in the past,..a target for me to short. But given that 50-50 and the fact that price has risen to the previous high, I decided to move into the bear terrority.
Shorted gold based on the 30 mins chart. It has moved into the 'cloud' area and ADX showing bearish outlook.
Shorted 50 silver at 31.9172, potential loss = $29/-
Shorted 1 gold at 1707.52. Potential loss = $11/-
Today's potential loss = $40/-
Last night, did some transaction on EUR/AUD, resulting in a loss of $5/-...
Current cash balance = 358/ net =352
Closed Silver
4:40pm local time.
Silver stayed in negative territory for most of the day, only to burst upwards 5-10 mins ago . The BB tightening seen on the30 mins chart was squeezed thru out the Asian session. Since primary trend is own and I hv noted that trade taken earlier is a counter trend, I decided not to push my luck too far and exited with a small profit . Manually closed the position at 31.944. $10 profit or 2.3% capital gain.
Will wait for the US session before making the next decision. Gold on the 4Hr chart has touched the 200EMA level.. it's ability to cross it may indicate a technical rebound. Will hv to see if prices will be able to push thru',..otherwise, it's south bound again.
Cash balance $363/ 0 orders outstanding
Silver stayed in negative territory for most of the day, only to burst upwards 5-10 mins ago . The BB tightening seen on the30 mins chart was squeezed thru out the Asian session. Since primary trend is own and I hv noted that trade taken earlier is a counter trend, I decided not to push my luck too far and exited with a small profit . Manually closed the position at 31.944. $10 profit or 2.3% capital gain.
Will wait for the US session before making the next decision. Gold on the 4Hr chart has touched the 200EMA level.. it's ability to cross it may indicate a technical rebound. Will hv to see if prices will be able to push thru',..otherwise, it's south bound again.
Cash balance $363/ 0 orders outstanding
Sunday, 27 November 2011
Long Silver
11.10am....
Gold and Silver surged in the morning before I even brush my teeth. It reaches the top channel of the 30 mins chart and it has been consolidating at the high level for the past 2 hours. 60 Mins is showing very tight BB and it looks more on buying strength than selling. For that, I went in to place a buy up order.
Decided to move in to buy silver. It is still a counter trend based on the historical movement, but signal is showing a strength is it's uptrend.
Went in to buy 50 lots at 31.7847. SL set at 31.26 and TP at 32.56. I am risking $34 for this trade, profit is about $50.
Open trade : Long Silver 50.
Cash position 352. Net position 355. Silver is showing a profit of $2 at the moment. Remember, this is a counter trade, so I hv to be careful
Gold and Silver surged in the morning before I even brush my teeth. It reaches the top channel of the 30 mins chart and it has been consolidating at the high level for the past 2 hours. 60 Mins is showing very tight BB and it looks more on buying strength than selling. For that, I went in to place a buy up order.
Decided to move in to buy silver. It is still a counter trend based on the historical movement, but signal is showing a strength is it's uptrend.
Went in to buy 50 lots at 31.7847. SL set at 31.26 and TP at 32.56. I am risking $34 for this trade, profit is about $50.
Open trade : Long Silver 50.
Cash position 352. Net position 355. Silver is showing a profit of $2 at the moment. Remember, this is a counter trade, so I hv to be careful
Friday, 25 November 2011
Sudden movement at 10.45pm
10.45pm..price of gold and silver starts to surge,.. 4Hr chart at strong support. And waiting for 15 mins chart to signal the okay to buy. When both the green and the red line kiss on positive territory, I went in to buy without much thoughts. Set SL at $26/- sth that I believe I can tolerate for a risk at the moment.
The price suddenly exploded to my buy direction , while 4Hr stochastic chart indicates that there are more steam to run, the fact that it burst out so rapidly , makes me want to take profit first.
Sold both pair with profit, current cash balance = $345/-
The price suddenly exploded to my buy direction , while 4Hr stochastic chart indicates that there are more steam to run, the fact that it burst out so rapidly , makes me want to take profit first.
Sold both pair with profit, current cash balance = $345/-
S l o w D a y
Friday 9.35pm...
Prices drag their legs... very slow day today,.. good that I was out most of the time, otherwise, would hv gone in and out with orders and damaging my account.
Went in/out for a very quick bite on Silver.... richer by $16/- and then as usual, returned $6...
Cash $310/ Net $310. Usually dun like to trade on Friday and am sticking to that ,..actually , nothing much to trade too.. price range too much !
Have a great weekend ~!
Prices drag their legs... very slow day today,.. good that I was out most of the time, otherwise, would hv gone in and out with orders and damaging my account.
Went in/out for a very quick bite on Silver.... richer by $16/- and then as usual, returned $6...
Cash $310/ Net $310. Usually dun like to trade on Friday and am sticking to that ,..actually , nothing much to trade too.. price range too much !
Have a great weekend ~!
Thursday, 24 November 2011
Watch Paint Dry
...9.50pm.. watching paint dry is the summary of tdoay's trading experience - espy for gold and silver. It does not move at all.. the range is exceptionally tight...like it's waiting for something real big to happen.
Price is current at strong resistant level on the 4Hr chart,..weekly chart shows bearish trend.. daily is showing technical rebound - only think is , how long is the rebound and how swift.
I am most tempted to short it, but given today's snail pace, it's very difficult to profit. Will wait at the side line and watch what happen... hard to trade, so better leave it alone
current cash position.. 299/-.. you guessed it,..i open/close some minor trade that is too cumbersome to record.. overall,.. no trading position feasible now... let's not do anything or i may regret the action.
10.05pm.. minutes after writing the above comments, decided to go with shorting 2 lots of gold. SL about $50/- Shorted at 1696.185 , SL at 1714.12...since I will probably stare at it till bed time, will not update any TP... go with the flow...
10.30pm... realised it's Thanksgiving day in US.. no wonder nobody trades ! Closed my Gold position and will start anew tmr.. no point leaving it there and wondering what will become of it. Position closed with small profit of $2/-
Cash balance 301/ net 301. Nothing outstanding
Price is current at strong resistant level on the 4Hr chart,..weekly chart shows bearish trend.. daily is showing technical rebound - only think is , how long is the rebound and how swift.
I am most tempted to short it, but given today's snail pace, it's very difficult to profit. Will wait at the side line and watch what happen... hard to trade, so better leave it alone
current cash position.. 299/-.. you guessed it,..i open/close some minor trade that is too cumbersome to record.. overall,.. no trading position feasible now... let's not do anything or i may regret the action.
10.05pm.. minutes after writing the above comments, decided to go with shorting 2 lots of gold. SL about $50/- Shorted at 1696.185 , SL at 1714.12...since I will probably stare at it till bed time, will not update any TP... go with the flow...
10.30pm... realised it's Thanksgiving day in US.. no wonder nobody trades ! Closed my Gold position and will start anew tmr.. no point leaving it there and wondering what will become of it. Position closed with small profit of $2/-
Cash balance 301/ net 301. Nothing outstanding
Power of Concentration
Quotation:
Concentration of the mind can only be developed by watching yourself closely. All kinds of development commence with close attention. You should regulate your every thought and feeling. When you commence to watch yourself and your own acts and also the acts of other people, you use the faculties of autonomy, and, as you continue to do so, you improve your faculties, until in time you can engineer your every thought, wish and plan. To be able to focalize the mind on the object at hand in a conscious manner leads to concentration. Only the trained mind can focalize. To hold a thought before it until all the faculties shall have had time to consider that thought is concentration.
The person that cannot direct his thoughts, wishes, plans, resolutions and studies cannot possibly succeed to the fullest extent. The person that is impulsive one moment and calm the next has not the proper control over himself. He is not a master of his mind, nor of his thoughts, feelings and wishes. Such a person cannot be a success. When he becomes irritated, he irritates others and spoils all chances of any concerned doing their best. But the person that can direct his energies and hold them at work in a concentrated manner controls his every work and act, and thereby gains power to control others. He can make his every move serve a useful end and every thought a noble purpose.
;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
I hv been buying/ selling based on impulse.. and that only gives me lots of activities with very very very little profit to show for - what worst, losses - more likely.
On the 4Hr chart, the sma34 crosses ema 200. Such crosses happen so long ago,.. I need to see what is the consequence. The cross is a bearish cross.
Closed my gold position at a loss. Now cash balance down to 294. I will hv to wait for the precise buy/sell moment and not jump in and out based on whatever I fancy, so help me Lord !
Concentration of the mind can only be developed by watching yourself closely. All kinds of development commence with close attention. You should regulate your every thought and feeling. When you commence to watch yourself and your own acts and also the acts of other people, you use the faculties of autonomy, and, as you continue to do so, you improve your faculties, until in time you can engineer your every thought, wish and plan. To be able to focalize the mind on the object at hand in a conscious manner leads to concentration. Only the trained mind can focalize. To hold a thought before it until all the faculties shall have had time to consider that thought is concentration.
The person that cannot direct his thoughts, wishes, plans, resolutions and studies cannot possibly succeed to the fullest extent. The person that is impulsive one moment and calm the next has not the proper control over himself. He is not a master of his mind, nor of his thoughts, feelings and wishes. Such a person cannot be a success. When he becomes irritated, he irritates others and spoils all chances of any concerned doing their best. But the person that can direct his energies and hold them at work in a concentrated manner controls his every work and act, and thereby gains power to control others. He can make his every move serve a useful end and every thought a noble purpose.
;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
I hv been buying/ selling based on impulse.. and that only gives me lots of activities with very very very little profit to show for - what worst, losses - more likely.
On the 4Hr chart, the sma34 crosses ema 200. Such crosses happen so long ago,.. I need to see what is the consequence. The cross is a bearish cross.
Closed my gold position at a loss. Now cash balance down to 294. I will hv to wait for the precise buy/sell moment and not jump in and out based on whatever I fancy, so help me Lord !
Wednesday, 23 November 2011
Shiny Gold
3.35pm..gold keeps inching up as expected. I was waiting for it to move up the resistant at 4hr chart. It does looks like it's possible.
BUT then, the problem is,.. I know it is moving up till it hit the roof and then my plan is to place a sell at the roof top. I was not able to resistent the temptation of moving it up with it till it hit,..so you may have guessed, I went on to buy 2 lots of gold. Risking $70/- for both pair.
Did not set TP as I believe it will probably be ended as breakeven when I move up the SL when price moved up - when it moved up !
Long 2 lots at 1697.10 and 1697.49. SL set at 1661.74 and 1674.79. I hope I am not too late with this entry.. Whatever happen to my self control ??
BUT then, the problem is,.. I know it is moving up till it hit the roof and then my plan is to place a sell at the roof top. I was not able to resistent the temptation of moving it up with it till it hit,..so you may have guessed, I went on to buy 2 lots of gold. Risking $70/- for both pair.
Did not set TP as I believe it will probably be ended as breakeven when I move up the SL when price moved up - when it moved up !
Long 2 lots at 1697.10 and 1697.49. SL set at 1661.74 and 1674.79. I hope I am not too late with this entry.. Whatever happen to my self control ??
Nothing to trade this morning
10.05am Thursday
Searched tons of charts this morning but found no trade. Alot of pairs espy when US$ is in it, shows divergence - giving me a feeling that this recent US climb is not totally supported. I would hv loved to sell USD now, but that would hv been a very big risk as I do not know when that divergence will work out.
Did that in Gold before and was burnt. So lesson learn. What I did was to put a limit buy/sell based on the trend. If that gets broken, a small order will be triggered for me to pay more attention to.
Right now, nothing and am not going to force a trade. Gold and Silver remained bearish, but it's now on a technical rebound. Their plunge will depend on how strong US$ is going to push before it drizzled out.
So nothing for this morning. Will review again this afternoon. And my cash record is lower then what was reported yesterday. Like all gambler, when there are profits on hand,..the tendency is for you to return ome back to the table. I returened some back with small trades last night..too small and quick to even bother to record.
Cash position 305. No open trade
Searched tons of charts this morning but found no trade. Alot of pairs espy when US$ is in it, shows divergence - giving me a feeling that this recent US climb is not totally supported. I would hv loved to sell USD now, but that would hv been a very big risk as I do not know when that divergence will work out.
Did that in Gold before and was burnt. So lesson learn. What I did was to put a limit buy/sell based on the trend. If that gets broken, a small order will be triggered for me to pay more attention to.
Right now, nothing and am not going to force a trade. Gold and Silver remained bearish, but it's now on a technical rebound. Their plunge will depend on how strong US$ is going to push before it drizzled out.
So nothing for this morning. Will review again this afternoon. And my cash record is lower then what was reported yesterday. Like all gambler, when there are profits on hand,..the tendency is for you to return ome back to the table. I returened some back with small trades last night..too small and quick to even bother to record.
Cash position 305. No open trade
Time for my power nap
5.10pm... I usually take a 15 mins break when STI closed,..just to build up some energy for the forex trade in the evening.
Silver move down nicely.. phew !
First 50 short was Stopped out (I moved the SL resistent level and it was taken out). Stopped at 31.9561 with a profit of $20/-
Let the 2nd lot ride , it went up to $26/- and then move up again to hit my SL position. Profitted another $19/-.
Right now, no order in the system.
Cash position = $313 , just slight improvement from opening..despite all the ho-ha.. not a good trade. If I hv just put a short and close my eyes and not stare at the screen,.. I believe I would hv profitted more.
Anyway, will review again when US session is up.
Tonight US Unemployment claim at 9.30pm.. I have to monitor this closely to see if I can take a ride on it's movement.
Hang on..
Silver move down nicely.. phew !
First 50 short was Stopped out (I moved the SL resistent level and it was taken out). Stopped at 31.9561 with a profit of $20/-
Let the 2nd lot ride , it went up to $26/- and then move up again to hit my SL position. Profitted another $19/-.
Right now, no order in the system.
Cash position = $313 , just slight improvement from opening..despite all the ho-ha.. not a good trade. If I hv just put a short and close my eyes and not stare at the screen,.. I believe I would hv profitted more.
Anyway, will review again when US session is up.
Tonight US Unemployment claim at 9.30pm.. I have to monitor this closely to see if I can take a ride on it's movement.
Hang on..
Crazy me - can't make up my mind
4.15pm... been bruised by silver today. It's a battle between emotions (the love for silver) and Technical reading. Both gave different signal.
Started the day following TA, but soon changed my mind when TA suffered some losses. Went long, then short, then long, then short,..and as of 4.15pm.. made up my FINAL FINAL answer. To follow TA and mute the emotions.
To make up for loss cash due to weaving of decision, decided to short 100 silver. A qty i hardly play since I last got burned and saw my money evaporated. This time round, I had a SL that will make me poorer by $100/- . Wow, this is almost half the money I hv left to play. I just have to believe on the technical reading and go for 'broke' ! Just hope that TA does not fail, or I will surely be broke!
100 short silver at 32.1975 and 32.26.
Cash balance now 273, Net value 269. Nervously waiting for the trade to run it's full course,..DOWNWARDS !
Started the day following TA, but soon changed my mind when TA suffered some losses. Went long, then short, then long, then short,..and as of 4.15pm.. made up my FINAL FINAL answer. To follow TA and mute the emotions.
To make up for loss cash due to weaving of decision, decided to short 100 silver. A qty i hardly play since I last got burned and saw my money evaporated. This time round, I had a SL that will make me poorer by $100/- . Wow, this is almost half the money I hv left to play. I just have to believe on the technical reading and go for 'broke' ! Just hope that TA does not fail, or I will surely be broke!
100 short silver at 32.1975 and 32.26.
Cash balance now 273, Net value 269. Nervously waiting for the trade to run it's full course,..DOWNWARDS !
Tuesday, 22 November 2011
Being Flexible
2pm.
The 30 mins chart for gold show a very very tight squeeze.. like it's going to burst up/down anytime.
The 4Hr chart shows a toppish , which is why I shorted 50 lots earlier based on the 4 Hrly chart.
But I have since been uncomfortable... maybe it's my love for gold and silver which made me on the long side.
Rightly or wrongly, based on gut feel , and not taking into consideration the TA at 4Hr,..I closed off my 50 short on silver at loss and reverse my trade. Longing it this time.
Reverse to Long Silver at 32.6477.. crossing toes and fingers. SL at 32.3529
Current cash position 273, net 269. Sigh!
The 30 mins chart for gold show a very very tight squeeze.. like it's going to burst up/down anytime.
The 4Hr chart shows a toppish , which is why I shorted 50 lots earlier based on the 4 Hrly chart.
But I have since been uncomfortable... maybe it's my love for gold and silver which made me on the long side.
Rightly or wrongly, based on gut feel , and not taking into consideration the TA at 4Hr,..I closed off my 50 short on silver at loss and reverse my trade. Longing it this time.
Reverse to Long Silver at 32.6477.. crossing toes and fingers. SL at 32.3529
Current cash position 273, net 269. Sigh!
Silver Is IT
10.30am.
Realised I can never reach my previous capital level is I do not take higher risk.
Decided to put the daily stop loss level of $50/- in just one pair. The silver pair.
Based on the 4 hr chart, the pair has reached it's resistent level. The only worry factor is that it's sitting on the SMA34 moving average. I am hoping that the down trend is strong enough to push it over the edge.
Went in to buy 50 lots short silver at 32.5775. SL set at 33.331. Hv not set TP target. Potential loss for this trade $50/- Make or break my account today.. leaving it to this order.
Current cash balance 287
Realised I can never reach my previous capital level is I do not take higher risk.
Decided to put the daily stop loss level of $50/- in just one pair. The silver pair.
Based on the 4 hr chart, the pair has reached it's resistent level. The only worry factor is that it's sitting on the SMA34 moving average. I am hoping that the down trend is strong enough to push it over the edge.
Went in to buy 50 lots short silver at 32.5775. SL set at 33.331. Hv not set TP target. Potential loss for this trade $50/- Make or break my account today.. leaving it to this order.
Current cash balance 287
AUD/EUR closed out
10.15am,.. the long dragging short trade for AUD/EUR finally closed. SL at 1.37734, loss of $12/- The trend is your friend,.. that is why,..even when the indicator is showing toppish signal, the up trend still win,..even if it's by a margin. To think that there was a price struggle for 32 hours , with very tight range,..the eventual result is that the uptrend still win. So be it.
Lesson learnt.
Lesson learnt.
Another day for gain
9.45am Wednesday..
Was not able to provide any update earlier. For some unknown reason, stocks and forex went crazy 30 mins ago . Big price movement, the play of BB, I waited for it to settle down to see if any nice formation has been form for me to buy/ sell. Sad to say, as of now,..nothing.
EA pair,..during that crazy price movement, 1K was stopped out at a loss of about $11/- Only 1 order remains and at high risk of stopping out too. Looking at this pair, although it was unable to break it's very strong resistent, it wasn't ready to move down too. It stayed in that low range for the past 8 bars of 4 hours each. My SL is only 16 pips away which will likely be hit within the morning unless price decided to plunge. I am going to leave it alone since the losses is acceptable. Just wait to see who get exhausted first,..although I know i am looking at the mirror.
Gold is also stopped out at a small loss, prices fal to kill it and then moved up as of now. Gold price is hoovering around 1707.
Going thru' the 10 pairs from weekly to hourly chart, there is nothing that stands out to call for a long or short and I decided to go with the flow.. wait for indication.
Current outstanding order 1K EA short pair.
Cash balance 303, Net 297
Was not able to provide any update earlier. For some unknown reason, stocks and forex went crazy 30 mins ago . Big price movement, the play of BB, I waited for it to settle down to see if any nice formation has been form for me to buy/ sell. Sad to say, as of now,..nothing.
EA pair,..during that crazy price movement, 1K was stopped out at a loss of about $11/- Only 1 order remains and at high risk of stopping out too. Looking at this pair, although it was unable to break it's very strong resistent, it wasn't ready to move down too. It stayed in that low range for the past 8 bars of 4 hours each. My SL is only 16 pips away which will likely be hit within the morning unless price decided to plunge. I am going to leave it alone since the losses is acceptable. Just wait to see who get exhausted first,..although I know i am looking at the mirror.
Gold is also stopped out at a small loss, prices fal to kill it and then moved up as of now. Gold price is hoovering around 1707.
Going thru' the 10 pairs from weekly to hourly chart, there is nothing that stands out to call for a long or short and I decided to go with the flow.. wait for indication.
Current outstanding order 1K EA short pair.
Cash balance 303, Net 297
Stop loss triggered - Gold
11.18pm...
Stoploss for gold triggered at 1695.14, giving me a profit of $11/-. I had moved it up when it showed positive position. It reaches a profit of $17 before falling.. if only..if only..but then again.. am happy with this opportunity to profit - gives me the confident that the 34sma is a good indication of support level.
I hv moved the SL for EA short pair lower,.. reducing my potential lost.. SL moved to 1.37731, and will leave the order open when I jump to bed. At the point of writing, price of gold has moved up from my sold level to it's earlier glory. And given my INABILTY to control my emotion, I jumped in to buy !!!!
3 lots at 1700.775, with SL at 1694.56. I just didnt want to miss the boat ?! Potential loss for this impulsive trade = $24/- TP set at 1724.22, which is the previous resistent level....
Now waiting for the trade to run it's course.
Outstanding orders :
3 Long Gold , 2K short EA
Cash balance 312, Net 312
Stoploss for gold triggered at 1695.14, giving me a profit of $11/-. I had moved it up when it showed positive position. It reaches a profit of $17 before falling.. if only..if only..but then again.. am happy with this opportunity to profit - gives me the confident that the 34sma is a good indication of support level.
I hv moved the SL for EA short pair lower,.. reducing my potential lost.. SL moved to 1.37731, and will leave the order open when I jump to bed. At the point of writing, price of gold has moved up from my sold level to it's earlier glory. And given my INABILTY to control my emotion, I jumped in to buy !!!!
3 lots at 1700.775, with SL at 1694.56. I just didnt want to miss the boat ?! Potential loss for this impulsive trade = $24/- TP set at 1724.22, which is the previous resistent level....
Now waiting for the trade to run it's course.
Outstanding orders :
3 Long Gold , 2K short EA
Cash balance 312, Net 312
Long into Gold again
10.05pm. Tuesday
Closed gold earlier at 1694.845 and it sent all the way down to 1686.46. While the overall trend in the long term looks bleak, the short term trend looks positive. Gold is oversold based on the 1 hour chart, price is being supported by the SMA34,..my favourite moving average.
Trusting the good old support at 34, decided to move in with a purchase of 2 lots.
Long Gold 2 units at 1690.872, SL at 1683.45 , potential loss of $20/-
The short EA pair is still showing a neagive of $15/-
Now observing the price movement,..
Closed gold earlier at 1694.845 and it sent all the way down to 1686.46. While the overall trend in the long term looks bleak, the short term trend looks positive. Gold is oversold based on the 1 hour chart, price is being supported by the SMA34,..my favourite moving average.
Trusting the good old support at 34, decided to move in with a purchase of 2 lots.
Long Gold 2 units at 1690.872, SL at 1683.45 , potential loss of $20/-
The short EA pair is still showing a neagive of $15/-
Now observing the price movement,..
Closed Gold and wait for US session for new direction..
6.50pm. Tuesday
Closed gold position, at 1694.84, profit $12. The 5 mins chart (ya, not supposed to trade using these kind of timefame ! but..but...) shows two long pin tail pointing up.. meaning .. price looks to move down. I wasn't comfortable to see all the profit eroded to nothing when US wakes up to trade. Decided to close it now and observe. My current short EA pair is showing a loss of $12 in total..still looks like the bull trend has not died yet. My trade is a contraian trade... will leave it and observe what happen... expected total SL at $25+ thereabout, so I still can stretch it 50% more
Cash position as of now 301, Net 288..sad !
Closed gold position, at 1694.84, profit $12. The 5 mins chart (ya, not supposed to trade using these kind of timefame ! but..but...) shows two long pin tail pointing up.. meaning .. price looks to move down. I wasn't comfortable to see all the profit eroded to nothing when US wakes up to trade. Decided to close it now and observe. My current short EA pair is showing a loss of $12 in total..still looks like the bull trend has not died yet. My trade is a contraian trade... will leave it and observe what happen... expected total SL at $25+ thereabout, so I still can stretch it 50% more
Cash position as of now 301, Net 288..sad !
Monday, 21 November 2011
Trading ebooks available
3.20pm.. Tuesday
Eur/Aud.. Euro seems strong....looks like it's a long way to pressing it down. Right now, my two lots is showing a consolidated loss of $5/-..not alot, but unless I am able to trade profitably in small account, I cannot trust myself to trade well in big account.
My ultimate aim is to be able to stomach $500/- loss per day , and with a Risk/Reward ratio of 1:1.5, I want to be able to earn at least $7-800 per day. I cannot do that until I am able to gain back alll my losses, and show consistent wins.. so please do not laugh at these small amount that I am currently trading !
Just to get an idea of who's reading this blog,.. I have some trading ebooks that I would love to share if you are interested in it. Please write to me at bepassionate.life@gmail.com . Free trading ebook.
Have a good trading days.. I am holding on to my breath and not taking any action on my current orders.. Gold and E/A.
Eur/Aud.. Euro seems strong....looks like it's a long way to pressing it down. Right now, my two lots is showing a consolidated loss of $5/-..not alot, but unless I am able to trade profitably in small account, I cannot trust myself to trade well in big account.
My ultimate aim is to be able to stomach $500/- loss per day , and with a Risk/Reward ratio of 1:1.5, I want to be able to earn at least $7-800 per day. I cannot do that until I am able to gain back alll my losses, and show consistent wins.. so please do not laugh at these small amount that I am currently trading !
Just to get an idea of who's reading this blog,.. I have some trading ebooks that I would love to share if you are interested in it. Please write to me at bepassionate.life@gmail.com . Free trading ebook.
Have a good trading days.. I am holding on to my breath and not taking any action on my current orders.. Gold and E/A.
Can't leave Gold alone..
10.30am..Tuesday....back from my morning errands.
Looking thru' my 10 currency pairs, Gold stared back at me. In the 4Hr chart, it cried "buy me, BUY me!".
There are 4 pin tail from the previous sessions, pointing possible technical rebound for gold. The current price of below 1700 looks attractive too. For that,..
Long 1 lot of Gold at 1685.194. SL at 1661.52, no TP set. Expected loss in this trade $31.
Current outstanding = 2K short EUR/AUD , Long 1 Gold. Cash position 287
Total potential loss for today , less than $60. Whst I need now is to close my eyes and let the trade manifest itself.
Looking thru' my 10 currency pairs, Gold stared back at me. In the 4Hr chart, it cried "buy me, BUY me!".
There are 4 pin tail from the previous sessions, pointing possible technical rebound for gold. The current price of below 1700 looks attractive too. For that,..
Long 1 lot of Gold at 1685.194. SL at 1661.52, no TP set. Expected loss in this trade $31.
Current outstanding = 2K short EUR/AUD , Long 1 Gold. Cash position 287
Total potential loss for today , less than $60. Whst I need now is to close my eyes and let the trade manifest itself.
Tuesday morning trade action
8.35am..Tuesday.
Sighted a toppish formation of EUR/AUD a moment ago, in a 4 Hr chart. And since I will be out of action in the first half of the morning, decided to put in the trade and leave it alone .
Shorted EA 2K lot at 1.3682, SL at 1.3781. Total expected loss = $26. R/R for first lot is 1:1.
Currently only one (above) outstanding order, with cash balance of 287$/. Undertand that I am trading against the trend. I hope it's not foolish,but the 4 Hr shows a trend reversal. I hope it is correct.
Sighted a toppish formation of EUR/AUD a moment ago, in a 4 Hr chart. And since I will be out of action in the first half of the morning, decided to put in the trade and leave it alone .
Shorted EA 2K lot at 1.3682, SL at 1.3781. Total expected loss = $26. R/R for first lot is 1:1.
Currently only one (above) outstanding order, with cash balance of 287$/. Undertand that I am trading against the trend. I hope it's not foolish,but the 4 Hr shows a trend reversal. I hope it is correct.
Back to the drawing board
11.18pm. Monday.
Gold was moving up as predicted, set prices above breakeven and went for an evening jog,..only to return with positive Stop loss triggered. Prices plunge at about 11pm when I was not around.
Current cash value = $287 with 1 outstanding order. 1K shortsanti Aud/Nzd.
My new rules will be :
1. No more trading early in the Asian morning. Just observe. Buy small during European session, and try to close order before US. US session is known to reverse the trend built up in Asia/ European timeframe.
2. Trade again in US session, use 4 Hrs for trending and 1Hr to trigger. Nothing lower than that.
I will leave by 1K short Aud/Nzd overnight since SL has been set and it's not going to kill my account. I will hv to start again tmr. My weekend analysis has been on the spot for weak GBP against USD, but I am such a dummyhead - I didn't follow totally and was blinded by my love for gold. I hv to be rational. Follow trend, not heart.
current cash 287$, 1K short Aus/NZd
Gold was moving up as predicted, set prices above breakeven and went for an evening jog,..only to return with positive Stop loss triggered. Prices plunge at about 11pm when I was not around.
Current cash value = $287 with 1 outstanding order. 1K shortsanti Aud/Nzd.
My new rules will be :
1. No more trading early in the Asian morning. Just observe. Buy small during European session, and try to close order before US. US session is known to reverse the trend built up in Asia/ European timeframe.
2. Trade again in US session, use 4 Hrs for trending and 1Hr to trigger. Nothing lower than that.
I will leave by 1K short Aud/Nzd overnight since SL has been set and it's not going to kill my account. I will hv to start again tmr. My weekend analysis has been on the spot for weak GBP against USD, but I am such a dummyhead - I didn't follow totally and was blinded by my love for gold. I hv to be rational. Follow trend, not heart.
current cash 287$, 1K short Aus/NZd
Crossing my fingers on Gold again
9.05pm.
Gold at 1 hr chart shows bullish divergence... and since I believe in the strength of 34sma on a daily chart, I decided to get gold a 2nd chance.
Went in again to long gold at 1707.582. Potential stop loss $24/- TP at 1724, roughly 1:2 R/R ratio.
I will learn to ride it thru'. Short term, price of gold looks to me trending up. I hope I am not wrong.
Gold at 1 hr chart shows bullish divergence... and since I believe in the strength of 34sma on a daily chart, I decided to get gold a 2nd chance.
Went in again to long gold at 1707.582. Potential stop loss $24/- TP at 1724, roughly 1:2 R/R ratio.
I will learn to ride it thru'. Short term, price of gold looks to me trending up. I hope I am not wrong.
Broken Support, first major 'loss' today
6pm.. price broke SMA34 support for gold on a daily chart. Position Closed with lost of $24/-. Silver position closed with lost of $5/-
Current cash position down to $283/- . Bad, not liking it at all.. I will only blame it on my need to trade. I cannot stand empty / nil order status.
Will revisit the chart again near US session. May have to wait the close of today on gold price. If it starts to confirm falling below the SMA34, I think it's time to do a big short on that. The issue here is - do I hv the patient to wait till tmr ? Or will I go against my better judgement and throw in some orders again today.
Emotions, my number 1 enemy.
Cash value 283
Current cash position down to $283/- . Bad, not liking it at all.. I will only blame it on my need to trade. I cannot stand empty / nil order status.
Will revisit the chart again near US session. May have to wait the close of today on gold price. If it starts to confirm falling below the SMA34, I think it's time to do a big short on that. The issue here is - do I hv the patient to wait till tmr ? Or will I go against my better judgement and throw in some orders again today.
Emotions, my number 1 enemy.
Cash value 283
Mistakes Realised
4.40pm local time.
Gold. Stop loss triggered for 1 lot of gold at 1717.215 with a lost of $7.30. The other lot is still in the red.
Looking at my order, I realised that I hv made a mistake.
My short position in G/U and long position in Gold couter-attack eachother in terms of profit. If I am expecting USD to move up, I should hv shorted Gold, but if I think Gold is moving up since it's being supported by SMA34 in daily chart, I should not have placed any orders, but to observe. My old habit of MUST HAVE an order in the system fail me again this time.
I have half the mind to close my gold position, but since it has yet broken off the 34SMA leel, I am inclined to leave it as it is for the time being. I should focus on the pair that has higher probability of winning,.. a sure case , instead of making assumption.
I may live to hit myself in the head later today, but inorder to just support one trend direction, I have decided to close my Short GU position and just hope for the U turn on price of gold to positive trend.
Closed both GU, 2K at about 1.57008 at 4.50pm. Profit $10.60/-
Decided to support the upward moving of Gold by buying 10 lots of silver at 31.57749. SL set at 29.84, potental loss = $23/-
Current outstanding position
1 long gold, 1K short AUD/NZD , 10 long Silver : Total expected loss for these order = $$50/-
(Note : I will RUSH in to short gold if the SMA 34 daily support is breached....)
Cash balance 312, Net Asset value $300.
Gold. Stop loss triggered for 1 lot of gold at 1717.215 with a lost of $7.30. The other lot is still in the red.
Looking at my order, I realised that I hv made a mistake.
My short position in G/U and long position in Gold couter-attack eachother in terms of profit. If I am expecting USD to move up, I should hv shorted Gold, but if I think Gold is moving up since it's being supported by SMA34 in daily chart, I should not have placed any orders, but to observe. My old habit of MUST HAVE an order in the system fail me again this time.
I have half the mind to close my gold position, but since it has yet broken off the 34SMA leel, I am inclined to leave it as it is for the time being. I should focus on the pair that has higher probability of winning,.. a sure case , instead of making assumption.
I may live to hit myself in the head later today, but inorder to just support one trend direction, I have decided to close my Short GU position and just hope for the U turn on price of gold to positive trend.
Closed both GU, 2K at about 1.57008 at 4.50pm. Profit $10.60/-
Decided to support the upward moving of Gold by buying 10 lots of silver at 31.57749. SL set at 29.84, potental loss = $23/-
Current outstanding position
1 long gold, 1K short AUD/NZD , 10 long Silver : Total expected loss for these order = $$50/-
(Note : I will RUSH in to short gold if the SMA 34 daily support is breached....)
Cash balance 312, Net Asset value $300.
Sunday, 20 November 2011
Long Gold again
11.20am, Monday
Went in to buy 1 more lot of gold at 1723.74. SL at 1720.15, total potential loss = $28/-
On a daily chart, Gold is supported by the 34 SMA. I am willing to bet that support will hold , failing which, my loss will be $28/-. If it holds , it will probably reach 1780, giving me a risk/reward of 1: 1.8 thereabout.
And as I will be out in the afternoon, this will be a good time for the trade to stay inplace without me staring at it every minute.
Current open trade
GBP/USD short 2K
AUD/NZD short 1K
Gold Long 2 unit
Current cash = $308, Current Net Asset Value = $306, total expected loss for today <$60/-
Went in to buy 1 more lot of gold at 1723.74. SL at 1720.15, total potential loss = $28/-
On a daily chart, Gold is supported by the 34 SMA. I am willing to bet that support will hold , failing which, my loss will be $28/-. If it holds , it will probably reach 1780, giving me a risk/reward of 1: 1.8 thereabout.
And as I will be out in the afternoon, this will be a good time for the trade to stay inplace without me staring at it every minute.
Current open trade
GBP/USD short 2K
AUD/NZD short 1K
Gold Long 2 unit
Current cash = $308, Current Net Asset Value = $306, total expected loss for today <$60/-
New Order for the week
Monday. 9.22am
20 mins ago, triggered 2 orders :
GBP/USD 2K short at 1.5744 &
AUD/NZD 1 K short at 1.3195
Gold long 1 lot at 1722.82
Total expected lost = $25/-/ Risk/ Reward = 1:1.4 . No other trade looks feasible for now.
Gold is in a no trade zone. very tight range,..it can move up/ or down very rapidly.
Gold in the short term - 1 hr chart looks positive. Am risking $10 to buy 1 lot at 1722.82, SL at 1717.31
Current cash balance = $308/-
20 mins ago, triggered 2 orders :
GBP/USD 2K short at 1.5744 &
AUD/NZD 1 K short at 1.3195
Gold long 1 lot at 1722.82
Total expected lost = $25/-/ Risk/ Reward = 1:1.4 . No other trade looks feasible for now.
Gold is in a no trade zone. very tight range,..it can move up/ or down very rapidly.
Gold in the short term - 1 hr chart looks positive. Am risking $10 to buy 1 lot at 1722.82, SL at 1717.31
Current cash balance = $308/-
Friday, 18 November 2011
Analysis for Next week's action Nov 21 - 25
Proposal for the week of Nov 21 - 25
GBP/USD : - KIV,..maybe play of the week
Strong support at 1.54 (weekly chart), daily resistent at 1.597.
Possible short play at 4Hr chart..
Short 1.57552
SL (2) 1.58642
TP (1) 1.56915
TP (2) 1.56251
Gold : Do nothing
Price standing at SMA 34 , 1708. Action only if that line is breach. Meantime, DO NOTHING on GOLD
Silver : Do nothing
Price at no man zone....up./down move uncertain. Better to wait for clearer picture.
AUD/NZD - Do Nothing
Possible start of downtrend. Do nothing now,.. observe
AUS/USD - Do Nothing till 0.96
Downtrend. Review again when price fall to 0.96 - observe
EUR/USD - Do Nothing till 1.29
Sighted H/S on weekly chart. Support at 1.3187. If support broken , next support = 1.29.
Do nothing until price reaches 1.29. Then possible buy long into technical rebound.
GBP/USD : - KIV,..maybe play of the week
Strong support at 1.54 (weekly chart), daily resistent at 1.597.
Possible short play at 4Hr chart..
Short 1.57552
SL (2) 1.58642
TP (1) 1.56915
TP (2) 1.56251
Gold : Do nothing
Price standing at SMA 34 , 1708. Action only if that line is breach. Meantime, DO NOTHING on GOLD
Silver : Do nothing
Price at no man zone....up./down move uncertain. Better to wait for clearer picture.
AUD/NZD - Do Nothing
Possible start of downtrend. Do nothing now,.. observe
AUS/USD - Do Nothing till 0.96
Downtrend. Review again when price fall to 0.96 - observe
EUR/USD - Do Nothing till 1.29
Sighted H/S on weekly chart. Support at 1.3187. If support broken , next support = 1.29.
Do nothing until price reaches 1.29. Then possible buy long into technical rebound.
Reflection...why I started this blog
I am in love with anything that shines, especially if it comes in a bar form!
My weakness for gold turned into a love-hate relationship when I mis-time my purchase and sales in gold trading. It blew up my trading account various time ; until I decided to get serious by making a commitment to record my transaction in the web. It makes me accountable for my action; it refrain me from acting impulsively. Making a journal out of this blogspot enable me to think logically, not emotionally. Emotions in trading is a dead trap. I started with $5500 and blew it down to $168/-. The last straw that broke my back is the lost of $400 within 3 hrs. I am fortunate to have made that loss, otherwise, this journal and my discovery of this new strategy will not have materialised. Thank God for the losses in life ! It gave me a better 2nd chance to winning it consistently. Thank you Lord.
Shop Closed for the week
8.40pm.
10 lots long silver take profit triggered at 32.28613 , giving me a profit of $11.
Manually closed the other 10 lots at 32.4142, profit of $13/-
Price may move higher - I really try not to care. Right now, no orders outstanding. Never like Friday trading. The price fluctuation can wipe out all profit for the week.
Started the week, Nov 14 with cash balance of $224, and end today with a balance of $308. $84 or37% gain. This could be the first time in my 2 years of intensive forex trading that I have consistent daily wins. And the reason I have gains was becoz' I set SL and TP and I did not overleverage. These three elements are the demons to trading forex.
I have to gradually bring up my capital to the previous glories days of $5500/- and until I am able to bring up to these level, will I start to play more professionally, with higher level of capital and self control/constrain.
No more trade for the rest of the night, I am very pleased with my current week performance. Never mind the little I hv gain,..it's the % that is pleasing. Good job and keep it up !
Cash balance : $308/-
0 orders outstanding.
10 lots long silver take profit triggered at 32.28613 , giving me a profit of $11.
Manually closed the other 10 lots at 32.4142, profit of $13/-
Price may move higher - I really try not to care. Right now, no orders outstanding. Never like Friday trading. The price fluctuation can wipe out all profit for the week.
Started the week, Nov 14 with cash balance of $224, and end today with a balance of $308. $84 or37% gain. This could be the first time in my 2 years of intensive forex trading that I have consistent daily wins. And the reason I have gains was becoz' I set SL and TP and I did not overleverage. These three elements are the demons to trading forex.
I have to gradually bring up my capital to the previous glories days of $5500/- and until I am able to bring up to these level, will I start to play more professionally, with higher level of capital and self control/constrain.
No more trade for the rest of the night, I am very pleased with my current week performance. Never mind the little I hv gain,..it's the % that is pleasing. Good job and keep it up !
Cash balance : $308/-
0 orders outstanding.
Silver is IT
6.00pm. Closed my Gold and USD/CHF position. Gold closed at 1728.103, gain $5.20 and U/C closed at 0.91331, gain $11/- . Leaving Silver to fight the winning battle for today. I usually do not like to trade on Friday , US session,.. and since both Silver position is showing a gain of $8 each, I hv decided to move my SL to breakeven and leave the order as it is.
Worst scenario, my cash position remains as $284 for today.. still a gain of $23 or 8.8% from beginning of the day. I hv to stay discipline in order to crawl back to my previous capital.. a long way to go, but with the current strategy, it seems like a sure way - so long as I am not foolish to over leverage.
Open position : 20 long silver.
Balance cash $284/-
Worst scenario, my cash position remains as $284 for today.. still a gain of $23 or 8.8% from beginning of the day. I hv to stay discipline in order to crawl back to my previous capital.. a long way to go, but with the current strategy, it seems like a sure way - so long as I am not foolish to over leverage.
Open position : 20 long silver.
Balance cash $284/-
Thursday, 17 November 2011
Gold's turn to shine
11.40am..
Looking at the 4Hr chart, there are 3 pin tail pointing up. Gold is at support level and there is a risk of breaking it and falling further. I would like to think of the support as supporting and price moving up instead.
The previous 4 hours price was a doji, so it's not helping in the decision making.
Will long,..and note that this is a contraian move.. buying against the general flow of price fall.
Went in 1 lot at 1724.02, SL at 1698.17, TP at 1758.9. R/R ratio = 1: 1.2 (thereabout). Potential loss = $34.
Current position:
1 long gold
20 long silver
2K short USD/CHF.
Cash position : $261
Net Value of of now $270
Looking at the 4Hr chart, there are 3 pin tail pointing up. Gold is at support level and there is a risk of breaking it and falling further. I would like to think of the support as supporting and price moving up instead.
The previous 4 hours price was a doji, so it's not helping in the decision making.
Will long,..and note that this is a contraian move.. buying against the general flow of price fall.
Went in 1 lot at 1724.02, SL at 1698.17, TP at 1758.9. R/R ratio = 1: 1.2 (thereabout). Potential loss = $34.
Current position:
1 long gold
20 long silver
2K short USD/CHF.
Cash position : $261
Net Value of of now $270
Silver's turn
9.56am.
This is a buy based on 30 mins chart instead of the usual 4 Hr.
Silver , Long 20 lots at 31.4067 and 31.4229.
Potential loss = $16/-
R/R ratio = 1: 1.4 for one lot. No TP for the other.
Current cash balance $261.
Open orders :
Long Silver 20 lots
Short USD/CHF 2K
Total potential loss = $32/- for the day.. am okay with it..
This is a buy based on 30 mins chart instead of the usual 4 Hr.
Silver , Long 20 lots at 31.4067 and 31.4229.
Potential loss = $16/-
R/R ratio = 1: 1.4 for one lot. No TP for the other.
Current cash balance $261.
Open orders :
Long Silver 20 lots
Short USD/CHF 2K
Total potential loss = $32/- for the day.. am okay with it..
USD/CHF turn today
9.30am local time. Cash balance $261/-
Gold did a nice fall yesterday without me. I was away having dinner with friends and did not want to keep any position open. Anyway, no big deal,..as long as you keep to your checklist, there is money to be made another day. Today, I am eyeing at USD/CHF ,..short. On both the weekly and daily chart, this uptrend has hit heavy resistent. If it breaks thru' - bad for me,.. and if it fall like it usually did in the last 2 occassion, I will get to profit some money out of it.
Got in short 1K x 2 orders at about 0.92114-0.92137. Stop loss 0.92533. R/R ratio 1:1.2 . Total potential loss for both trade = $14/- And since this is within my pain thrush-hold,.. I think I will just ride with it and not close off the order prematurely.
Hang in thereeeeeee....
Gold did a nice fall yesterday without me. I was away having dinner with friends and did not want to keep any position open. Anyway, no big deal,..as long as you keep to your checklist, there is money to be made another day. Today, I am eyeing at USD/CHF ,..short. On both the weekly and daily chart, this uptrend has hit heavy resistent. If it breaks thru' - bad for me,.. and if it fall like it usually did in the last 2 occassion, I will get to profit some money out of it.
Got in short 1K x 2 orders at about 0.92114-0.92137. Stop loss 0.92533. R/R ratio 1:1.2 . Total potential loss for both trade = $14/- And since this is within my pain thrush-hold,.. I think I will just ride with it and not close off the order prematurely.
Hang in thereeeeeee....
If...
11.01pm local time. Took a time off of 6 hours to meet up with old friends from school. Didn't manage to see the chart till now. Gold went down as expected, EUR/AUD went up as expected ; based on my previous entry. But I got out of both position , IF and only IF I had held it,.. it would hv given me a nice profit. IF IF IF,..but then again, who knows ,..better feel bad about not capturing the profit than to agonise over the losses. No regret,..would hv done the same for peace of mind.
One thing I now realised,.. my analysis is okay,.. my expectation comes thru. I hv to now figure out how to maintain the order in the system and not close it in a hurry at the sight of profit. I hv to mentally expant my thrusthold for pain... I hv lost $400 in 3 hours,..what is a potential lost of $40-$50 per day ? I will hv to work on my qty and grow my small capital back to where I first started... slowly but surely.. have promised not to overleverage,..so do intend to stick to my promise.
Cash balance...zzzz $260/-
One thing I now realised,.. my analysis is okay,.. my expectation comes thru. I hv to now figure out how to maintain the order in the system and not close it in a hurry at the sight of profit. I hv to mentally expant my thrusthold for pain... I hv lost $400 in 3 hours,..what is a potential lost of $40-$50 per day ? I will hv to work on my qty and grow my small capital back to where I first started... slowly but surely.. have promised not to overleverage,..so do intend to stick to my promise.
Cash balance...zzzz $260/-
Yo-yo mind
3.58pm..
Looking at the 4hr chart, the price of gold is currently in the NO MAN land.
Resistent is at 1772
Support is at 1755.
Decided not to play smart alex. Closed my postion at 1764.09 ,.. My cash position is at per the start of the day...$260. No outstanding position until a clear signal is given... I shall hv to wait..and if my hands itch too much, I will just hv to do the trade in a demo account. For now, no decision till the above S/R is broken. Wait wait...WAIT...
Looking at the 4hr chart, the price of gold is currently in the NO MAN land.
Resistent is at 1772
Support is at 1755.
Decided not to play smart alex. Closed my postion at 1764.09 ,.. My cash position is at per the start of the day...$260. No outstanding position until a clear signal is given... I shall hv to wait..and if my hands itch too much, I will just hv to do the trade in a demo account. For now, no decision till the above S/R is broken. Wait wait...WAIT...
Wednesday, 16 November 2011
That was fast...
3.08pm..soon after my earlier post,..my order for short position was triggered. Purchased 1 lot at 1764.96. Currently showing a loss in position. Set SL at 1779.737 , TP 1745.36. Potential lost 20, potential profit about 24.
I am better able to accept this level of loss.
Current cash balance, $259/-
I am better able to accept this level of loss.
Current cash balance, $259/-
Tight BB
3.03pm.
Very tight BB in 5 mins chart. Price looks like it's stuck. Trend has been moving up, and with tight BB, I am expecting an explosion in price. But since there is a bearish divergence, price can go both way. I hv decided to put in a Buy and Sell limit for just 1 lot abover the previous high/ low and wait. Time given is 1 hour from 3pm.. Will see which pair gets in first... right now,.. it is as if price is waiting for some market announcement. I moves like a snail.
Nothing outstanding until the price in the system gets triggered.
Very tight BB in 5 mins chart. Price looks like it's stuck. Trend has been moving up, and with tight BB, I am expecting an explosion in price. But since there is a bearish divergence, price can go both way. I hv decided to put in a Buy and Sell limit for just 1 lot abover the previous high/ low and wait. Time given is 1 hour from 3pm.. Will see which pair gets in first... right now,.. it is as if price is waiting for some market announcement. I moves like a snail.
Nothing outstanding until the price in the system gets triggered.
Out again...lesson learnt
An hour ago,.. noticing at the 4hr chart that I had purchased gold at the bottom of the channel, decided to close the position and wait for a clearer signal.
Closed gold at 1751.39 , loss $2/-
Will just have to wait for it to move up to the upper channel at 1771 before I trigger any sell action. I realised it will be wiser than to trigger an short now and waiting for the position to be in bad shape before it gets better. Now, no order in hand.. just waiting...
Closed gold at 1751.39 , loss $2/-
Will just have to wait for it to move up to the upper channel at 1771 before I trigger any sell action. I realised it will be wiser than to trigger an short now and waiting for the position to be in bad shape before it gets better. Now, no order in hand.. just waiting...
Today's focus will be on Gold
10am local time. Current start value = $260/-
Looking thru' the overall daily charts, looks like a potential weakening in gold and silver. I had indicated in my graph to only short gold /silver at a higher level. It's not time to short although the overall direction is down.
But since I am UNABLE to withstrain from not having an order in the system, I went in to short , just on impulse. As of now, I hope that is not an expensive impulse. My emotions are just too hard to change.
Shorted 1 lot of gold at 1759.56. SL 1791.87, TP 1726.08. R/R ratio = 1:1. Potential loss = $46/- . I usually allow only 20$ for total day loss, but guess I make an exception this time. Any lower SL may risk immature trigger,..and since I am pretty sure the price is falling,.. I will take an extended SL risk. Will see how it goes,..will try not to stare at the trade.. try try try..
Looking thru' the overall daily charts, looks like a potential weakening in gold and silver. I had indicated in my graph to only short gold /silver at a higher level. It's not time to short although the overall direction is down.
But since I am UNABLE to withstrain from not having an order in the system, I went in to short , just on impulse. As of now, I hope that is not an expensive impulse. My emotions are just too hard to change.
Shorted 1 lot of gold at 1759.56. SL 1791.87, TP 1726.08. R/R ratio = 1:1. Potential loss = $46/- . I usually allow only 20$ for total day loss, but guess I make an exception this time. Any lower SL may risk immature trigger,..and since I am pretty sure the price is falling,.. I will take an extended SL risk. Will see how it goes,..will try not to stare at the trade.. try try try..
Peace of mind needed
12.17am.. closed all position. EA pair lost $1,.. Gold win $16/-.
Daughter wanted to watch a movie. I am unable to watch a movie + charts , so decided to close all my position. Closed gold at 1768.8.
Cash position = $260/- Nothing outstanding.. tomorrow another day.
Nite nite
Daughter wanted to watch a movie. I am unable to watch a movie + charts , so decided to close all my position. Closed gold at 1768.8.
Cash position = $260/- Nothing outstanding.. tomorrow another day.
Nite nite
Gold again
11.27pm. Thank goodness for Stop Loss.. the price of gold plunge to 1757 a moment ago. I was stopped out at 1767.98. Looking at the hourly chart, there is a possibility of retracement. Went in again 1 lot at 1756.26. R/R ratio : 1 to 4. Potential loss in this trade $5/-
Outstanding order 2K long EA, 1 unit long Gold.
Cash balance : $245/- Net Asset Value : $250/-
Outstanding order 2K long EA, 1 unit long Gold.
Cash balance : $245/- Net Asset Value : $250/-
I deserve the losses
9.37pm.. Stop loss triggered for gold. Out with a loss of $7/- Okay. so be it. Itchy fingers...Sometimes the trade is not there, and you wanted to trade, so you forces a TA setting that tells you to go ahead with the entry. I found it in 5 mins,..and as usual, short timeframe is unreliable. I deserve the losses - in fact, I think I push myself in taking these loss. No sympathy.
Now left with the 2k long Eur/Aud. The pair does not look good. But not bad enough for me to throw in the towel.
Balance $245
Now left with the 2k long Eur/Aud. The pair does not look good. But not bad enough for me to throw in the towel.
Balance $245
Buy Signal at 5 mins chart
9.23pm Local time.
I usually want to trade at 4Hr chart, but given that the Eur/Aud pair is in the red, I am looking for something to buy for a quick profit.
Found it in gold. Risky trade as I dun trade in 5 mins, but thot I should just give it a try. Purchased 1 unit at 1773.54 based on 5mins buy signal. Potential loss = $7/-.
Right now, my balance value is showing $252... will see if the TA fails me.
I usually want to trade at 4Hr chart, but given that the Eur/Aud pair is in the red, I am looking for something to buy for a quick profit.
Found it in gold. Risky trade as I dun trade in 5 mins, but thot I should just give it a try. Purchased 1 unit at 1773.54 based on 5mins buy signal. Potential loss = $7/-.
Right now, my balance value is showing $252... will see if the TA fails me.
Start again..
4.43pm... I didn't rest till now..if you think I have been skivving. It was only now that I decided to push in the order for 2K (1K each) of Eur/Aud Long.
Purchased 2K at 1.3331. Total Potential loss = 21$. R/R = 1:1 and 1:1.5
While my love affair with Gold is still strong, it's not providing any indication to trigger an order. I just hv to wait.
Purchased 2K at 1.3331. Total Potential loss = 21$. R/R = 1:1 and 1:1.5
While my love affair with Gold is still strong, it's not providing any indication to trigger an order. I just hv to wait.
Tuesday, 15 November 2011
Tired ,..badly needed a nap
It's almost 3pm.. European market is opening soon, but I am tired and needed a nap.
I cannot risk leaving my open position to chance,.. it's now registering a profit for both A/NZ and E/A pair.
I closed it all and will review again after I have sufficient energy.
Cash balance is $252,both current value and net asset value. 0 Position outstanding.
Rest first...
I cannot risk leaving my open position to chance,.. it's now registering a profit for both A/NZ and E/A pair.
I closed it all and will review again after I have sufficient energy.
Cash balance is $252,both current value and net asset value. 0 Position outstanding.
Rest first...
New Day with a Buy-Me setting from EUR/AUD pair
10 am.
Last night outstanding order of short AUD/NZD currently shows a profit of 28 pips each or about 2.8$ per 1000 lots (x2).
Sighted a Buy in 4Hr chart for Eur/Aud and triggered a 1K each order (x2) at 1.33141 and 1.33146. R/R = 1:1. Total potential loss = $27/-
Current status :
2K short AUD/NZD
2K long EUR/AUD
Balance 240$
Net Asset 248$
Will try not to stare too much at it's fluctuation until 4 hours later.. hard not to do, but for my account sanity, will try...
Last night outstanding order of short AUD/NZD currently shows a profit of 28 pips each or about 2.8$ per 1000 lots (x2).
Sighted a Buy in 4Hr chart for Eur/Aud and triggered a 1K each order (x2) at 1.33141 and 1.33146. R/R = 1:1. Total potential loss = $27/-
Current status :
2K short AUD/NZD
2K long EUR/AUD
Balance 240$
Net Asset 248$
Will try not to stare too much at it's fluctuation until 4 hours later.. hard not to do, but for my account sanity, will try...
Last check before bed
12.55am Local time.
Gold and Silver chart does not look promising, closed 10 lots silver at 34.4361, profit $5.50. Closed 1 lot Gold at 1778.626 with a profit of $8.85.
The Aud/Nzd hitted the red short level at 4Hr chart, so decided to short 2K at 1.32004 , 1.31993 (1K each). Will see how it goes tmr morning.. hopefully, I see profit.
Good nite for now.. AUD/NZD short is the only outstanding pair for today. Current balance 240.6$, Net Value $242.60.
Gold and Silver chart does not look promising, closed 10 lots silver at 34.4361, profit $5.50. Closed 1 lot Gold at 1778.626 with a profit of $8.85.
The Aud/Nzd hitted the red short level at 4Hr chart, so decided to short 2K at 1.32004 , 1.31993 (1K each). Will see how it goes tmr morning.. hopefully, I see profit.
Good nite for now.. AUD/NZD short is the only outstanding pair for today. Current balance 240.6$, Net Value $242.60.
I am a woman,.. I am entitled to change my mind
9.21pm..
This is a delayed recording. A minute after closing off the earlier 2 lots of gold.. I relooked at the chart and decided to go for the gamble. Just 1 lot , with SL of $20/-.. that is my daily lost limit.
Purchase 1 lot at 1771.78....1:5 Risk/Reward ratio. Not looking anymore.
10 lots of silver - TP triggered. $3.60.
Outstanding order :
10 long Silver
1K short AUD/NZD
1 long Gold.....not looking anymore for the rest of the day. God bless the trade.
This is a delayed recording. A minute after closing off the earlier 2 lots of gold.. I relooked at the chart and decided to go for the gamble. Just 1 lot , with SL of $20/-.. that is my daily lost limit.
Purchase 1 lot at 1771.78....1:5 Risk/Reward ratio. Not looking anymore.
10 lots of silver - TP triggered. $3.60.
Outstanding order :
10 long Silver
1K short AUD/NZD
1 long Gold.....not looking anymore for the rest of the day. God bless the trade.
Adjust to breakeven
8.33pm.
Decided that I should follow my set rules and not acted on impulse. My purchase of silver and gold earlier were based on gut field.Nothing technical about it. And since it's now showing profit. I ave decided to just take it .. $1.50 .. and move my 20 lots of silver to breakeven.
I do have to place trade based on set rules,..not gut feel - may not be lucky to get profit each time, so took whatever little on the table and wait for the right setting.
Current status:
20 long silver
1K short Aud/NZd
Decided that I should follow my set rules and not acted on impulse. My purchase of silver and gold earlier were based on gut field.Nothing technical about it. And since it's now showing profit. I ave decided to just take it .. $1.50 .. and move my 20 lots of silver to breakeven.
I do have to place trade based on set rules,..not gut feel - may not be lucky to get profit each time, so took whatever little on the table and wait for the right setting.
Current status:
20 long silver
1K short Aud/NZd
Got into Gold thru' peer pressure
8.25pm... went in to buy gold at 1770.189 x 2 lots. It was an impulsive buy since Silver is surging up. I just want to ride in the trend.
1K lot of the earlier Aud/NZd pair was stopped out. Lost $4/- right now, only 1K lot left ..will leave it as it is.
Current open postion:
2 lots Long Gold
1K short AUD/NZD
20 long Silver
1K lot of the earlier Aud/NZd pair was stopped out. Lost $4/- right now, only 1K lot left ..will leave it as it is.
Current open postion:
2 lots Long Gold
1K short AUD/NZD
20 long Silver
Monday, 14 November 2011
Opportunity to short Aud/Nzd?
3.35pm local time. shorted 2 lots , 1000 each of AUD/NZD at price 1.3156 and 1.3155. Stop loss for both set at 1.31961. Potental total lost of $10.
Earlier this morning, AUD surge like there is no tomorrow. I am hoping it can be tamed down a little in the European and US session. Current day price is grossly overbought for Gold.. trying to catch it on it's way down.
Current open position. Long Silver, Short Aud/NZd.
Earlier this morning, AUD surge like there is no tomorrow. I am hoping it can be tamed down a little in the European and US session. Current day price is grossly overbought for Gold.. trying to catch it on it's way down.
Current open position. Long Silver, Short Aud/NZd.
Feeling bored
1.30pm Technical Analysis is showing NO TRADE again.. My hands are now itchy.. I wanted to have a trade and get my emotion moving.. so I hunt down the possible trade. Notice Silver. Not high probability of winning. but chances are slightly more than 50%. Decided to just move in with 20 lots each. I have traded 100 lots before, so 20 is nothing.. just to seize that craving soul - for a need to have an order in the system.
Purchased 2 orders of 10 lots each of silver. Price purchased 34.0095 and 34.0175. Potental loss = $10/- Risk / Reward about 1: 1.7. Bought becoz of bullish divergence. Now that my soul is satisfy (I hv orders in the system).. will now wait and see.
Purchased 2 orders of 10 lots each of silver. Price purchased 34.0095 and 34.0175. Potental loss = $10/- Risk / Reward about 1: 1.7. Bought becoz of bullish divergence. Now that my soul is satisfy (I hv orders in the system).. will now wait and see.
Patience is Virtue. Hang in there !!!
10am local time. Current holding = 0. Open position as of yesterday triggered both stop loss and take profit.
The two Aud/Nzd pair resulted in profit of $4 and a loss of $5,..net negative $1. Was trying the strategy of placing two orders,..and moving the TP of the 2nd order higher up the hierachy. Looks like it does not work this time, but willcontinue this strategy.
Auto TP on the EU pair resulting in a gain of $8.20.
Current cash holding = $230/- with no outstanding orders. None of the 10 pairs I am tracking looks good to buy . It's on the NO TRADE area, so I need to be patient. Failure to do so, may again jeopardise the little money I have left to trade.
The two Aud/Nzd pair resulted in profit of $4 and a loss of $5,..net negative $1. Was trying the strategy of placing two orders,..and moving the TP of the 2nd order higher up the hierachy. Looks like it does not work this time, but willcontinue this strategy.
Auto TP on the EU pair resulting in a gain of $8.20.
Current cash holding = $230/- with no outstanding orders. None of the 10 pairs I am tracking looks good to buy . It's on the NO TRADE area, so I need to be patient. Failure to do so, may again jeopardise the little money I have left to trade.
Start with the Beginning...
any sight of yellow metal melts my heart. I have a weakness for all things shiny, especially if it comes in a bar,.. shiny gold bar.
I started the year 2011 with $5000 in a forex account, trying to make a living trading gold. With leverage of 1:50, I have at my disposal, the ability to trade $250K worth of gold and silver.
And as with all affairs, there is love, as much as hate. My relationship with gold resulted in a roller coaster ride with my account. I lost all sanity as I try to short gold, only to see it climbing higher. And when my nerves could not accept the surge in price, close the short and revert to long, only to see myself buying it at a peak and prices starts to erode.
November 10, 2011. My $5500 account (I put in another $500) has reduced to just $168/-. That Thursday night alone, within a span of 2-3 hours, I lost $400/- buying gold. Prices fell, margin call closed out all my outstanding long order. And as a confirmation of my luck, the price moved back up, and it continued up on Friday, Nov 11. If I had not had that margin call and forced account closure, I would have gained. That Thursday night, I went to bed early, my heart was in pain. I could not bear to see the prices of gold that night,..nor most of Friday morning.
As with nature, the darkest moment made way to the brink of day light. I had that dark moments on Nov 10, 2011. I revisited the event. My understanding of the trend is not wrong. My timing may be a little off, but what actually kill me is my leverage. I long too much , I short too much. Eventually, these are what killed me.
Nov 14th. Managed to pull back some of my losses. As of now, 11.01pm local time, my account now read $223, up from $168 from Thursday. I decided to journey my progress with immediate effect. It is only thru' journal , the writing of thought, will one stay discipline . I will pen down each of my purchase with SL and TP in this blog. My aim is first to revive my capital outlay and once that is successfully, will move on living on this trading income. It has all been expenses/ losses - but all these will soon change. Just wait and see...
Status as of now:
Balance 223 / Net Asset Value 224
Outstanding Short EU 338 units (potential loss = 0), short A/NZ 2000 units (Potential loss $11).
Current gold chart does not allow me to open any position. No trigger - self control = capital preservation
I started the year 2011 with $5000 in a forex account, trying to make a living trading gold. With leverage of 1:50, I have at my disposal, the ability to trade $250K worth of gold and silver.
And as with all affairs, there is love, as much as hate. My relationship with gold resulted in a roller coaster ride with my account. I lost all sanity as I try to short gold, only to see it climbing higher. And when my nerves could not accept the surge in price, close the short and revert to long, only to see myself buying it at a peak and prices starts to erode.
November 10, 2011. My $5500 account (I put in another $500) has reduced to just $168/-. That Thursday night alone, within a span of 2-3 hours, I lost $400/- buying gold. Prices fell, margin call closed out all my outstanding long order. And as a confirmation of my luck, the price moved back up, and it continued up on Friday, Nov 11. If I had not had that margin call and forced account closure, I would have gained. That Thursday night, I went to bed early, my heart was in pain. I could not bear to see the prices of gold that night,..nor most of Friday morning.
As with nature, the darkest moment made way to the brink of day light. I had that dark moments on Nov 10, 2011. I revisited the event. My understanding of the trend is not wrong. My timing may be a little off, but what actually kill me is my leverage. I long too much , I short too much. Eventually, these are what killed me.
Nov 14th. Managed to pull back some of my losses. As of now, 11.01pm local time, my account now read $223, up from $168 from Thursday. I decided to journey my progress with immediate effect. It is only thru' journal , the writing of thought, will one stay discipline . I will pen down each of my purchase with SL and TP in this blog. My aim is first to revive my capital outlay and once that is successfully, will move on living on this trading income. It has all been expenses/ losses - but all these will soon change. Just wait and see...
Status as of now:
Balance 223 / Net Asset Value 224
Outstanding Short EU 338 units (potential loss = 0), short A/NZ 2000 units (Potential loss $11).
Current gold chart does not allow me to open any position. No trigger - self control = capital preservation
Subscribe to:
Posts (Atom)