Fast 7,5 pips

I went long after previous high break and MA support, left in less than 1 min. with +7,5 pips. I could grab 25 p. out of this but I am not complaining.

Responsibility

In Barcelona, Rob Booker gave us a nice idea: exchange your trades statements with your friends, or give them to your wife every weekend. You will be more responsible this way. We opted with David for the first solution (less dangerous...), to do that every Saturday, BUT e-mails are not good for archiving, commenting charts etc., for me at least. So I created the blog to keep a record of the good and the bad, and be sincere to myself first of all.

This is also addressed to my few friends from the forex community : Eric from Manchester, Vassilis fom Kos Island, Gershom from Tel-Aviv, Wolf from Stuttgart, Mona from Oslo and some others. But is also for ALL OF YOU that you may read this. Your comments are more than welcome, they are needed.

Antonio José (1902-1936)

"He will become THE Spanish composer of our century," said Maurice Ravel about him. But Antonio met the same fate as Lorca - he was executed by the Falanquists during the Spanish Civil War at age 33. His guitar sonata is a masterpiece, I am listening this right now. Downloaded from Emusic.com for 30 cents! On iTunes they charge you 3 times that (I hate iTunes and all the hype).

This is for my new friend David, a Spanish guy and professionnal trader whom I met at Barcelona Traders Conference.

Recap 1/11

Wild day for the euro/yen today. 200 pips drop after a multiple top, then a 140 p. retracement, then a new 100 pips drop again. Some trend followers I know were burned twice in a single day. My little scalping method kept me alive. Gains : 57,7 pips in 8 trades, 7 winners, 1 loser. +13,93 % increase of my account.

Typical TL break on a downtrend

Shorted this on the TL break, resuming the downtrend. Entry at 20, conservative exit at 04, should let half lot run. Euro was a sell-off today, not obvious (for me) at this moment. I was waiting for a reverse at 166.

A bad winning trade

Short entry on the rush this one, a very dangerous one. I didn't enter at the 70 level break, then i was running after the price. Entry at 42, immediate reverse or retracement, -18p , didnt close, rule #1 for max stoploss 12 p, forgotten. Then it reversed again, price came in my favour (+4 pips) and I closed immediately. I didn't have the guts to let it drop! Lesson learned...

Pre-London

I entered long after the third break of hourly trendline (green line). I never stay for long in pre-london trades because of the stop hunting. I quitted fastly with 8,2 pips. Immediately after this it reversed, I could lose 30 pips and the gains if I continued. My philosophy : Take the peanuts and run!

November plan

This blog is an exercise of discipline for me, the lack of discipline and consistency is my biggest problem. So I will try to stay with the plan that follows for November.

I use a 40 times leverage, 10 pips per day is a +2% of my account. I will go for 10% and 50 pips per week, 40% per month., compounding the gains and increasing the lot size week after week. To keep this pace, I have a strictly tight stoploss of 10-12 pips, applied on the 1M TF I use and very fast trades. Only the high probability trades on the very short term are taken.

FOMC

Price moved wildly after FOMC on all pairs as usual, on eur/jpy we had a false breakdown and then a move to a new high in less than 30 min. For the first time I didnt jump the gun and I didnt short the pair on the run. I waited for the move up to break the descending trenline, i entered a little bit late, collecting 12 pips very fastly. I closed to cover the previous loss.

5 trades on Wednesday in total. In pips : -8,3 +12,5 +2 -13 +12. Total +5,2 pips, +0.50% of the account.

A start

Starting to post here trading ideas, mistakes (in order to avoid them in the future), charts and all my day trades. So, to start, mistake Number 1! : I entered long based on 1M chart, while a huge divergence WAS THERE, white on black, at the 5M chart, and MACD. -13pips. Lesson learned: never ignore a MACD divergence of the higher TF.