My Trading Log

[o990l6mh]

Thanks Ken

Again you've expanded my horizons!

Timingcharts make it possible to view the USD index, but these LFX charts seem to make it possible to view also other individual currency indexes. Could be very useful and I will investigate it thouroghly.

[o990l6mh]

Let's suffice to say that I'm considering selling signals based on doing the opposite of my analysis

I'll look into why my analysis crashed and burned later. Although I based it on a weekly chart I feel that it most likely can be said to have been wrong.

Right now I'm hard at work with my other strategies. I have come to one conclusion though. I'm going to focus on daily time frames. Only when I'm consistently profitable, if that day ever comes..., will I maybe look at shorter frames again. But by then I might not care to. (there is one exception to this rule, but that's the general plan.)

Back to work

[Sweet Pip]

Just wanted to say thanks again for that simulator...LOVIN' IT!!!

All (almost...lol) weekend I just played with it. Found out I can use other pairs after all, but not the yen ones for some reason.

I loved the way I could start on a Sunday (or any day for that matter), place trades during the Asian session, and then skip to the next day's Asian session, place some more trades, then skip to the next day and so on for the whole week/month, and it keeps track of my trades for that whole time. All within a couple of hours and I could focus on the session that is my prime trading time.

I specially liked being able to speed up & slow down the price movement...lol..I slowed it down when price approached my trigger, then I could speed it up again to find out the results...either it would hit my t/p or my s/l within a couple of seconds...lol. It's amazing to see how price moves in fast forward!

Last night I tried my strategy on demo and I kept wanting to speed up the price movement...lol..silly me. In spite of that, practice paid off and my demo trades were 4/4.

I definately recommend it to everyone!

[o990l6mh]

I've mentioned this subject before in this thread but I guess that not until now have i been ready to accept this fact: I'm going to trade daily time frames and that's it.

It's been a conflict inside me since I know that if I had 8 hours per day in front of the London session I could surely be consistently profitable just following the trend, entering on the counter waves.

Anyway, to summarize, I now accept that trading dailys is; safer, less video game like, much less time consuming.

Ironically that's how I began quite a while ago and now I'm back there. I can honestly say that these months have humbled me and any get rich quick dreams are long gone. In other words, I'm slowly aquiring the right mindset - if oneself can be the judge of that...

My goal now is to become consistently profitable exercising good risk and money management.


As for the poor analysis I did the other day, I must have forgotten to take my meds that day or something. Looking back it's pretty obvious that the spinning top probably represented a second week of distribution. Price was supported while huge volume shows that there's a large amount of effort, with very little result - aka distribution when occuring after a uptrend.
It was a very good lesson to be wrong. Making mistakes is the best way to learn. I guess I must have learned a lot already then

[o990l6mh]

Alexander Elder says "show me a trader with good records and I'll show you a good trader"

There's definitely truth in that. In spite of this it's been something I've neglected to do. Until now that is.

I'm pleased with myself as I've created a very simple trade record template and an even simpler diary template.

I'm more and more learning to treat this like the business it is and this is another step on that path. A step I should have taken long ago, but better late than never.

[o990l6mh]

Been busy lately with all sorts of stuff and forex has suffered.

I'm currently back testing my way through a method I thought of all by myself and if the results are worth the effort I'll post it when I'm done. Going through daily charts from 1989 to today, so it's gonna be a while.
After that I've got several other methods to back test.
I'm following a thread here called win ratio by the user trevpick. This thread contains a setup which is very interesting and is high up on my back test list.

Life in general is good and it's even getting nice and warm here in Sweden.

I'm planning to do a complete restart of my live trading when I finish with my back testing. I plan to divide my Oanda account into several sub accounts. This is because I intend to trade a few methods simultaneously and that's the best way to keep their performance separate.
I have now completely accepted that I'll trade only methods that are either based on daily bars or that are of a set and forget type.
I'm done with obsessing about forex all day long. I will deal with forex only in my own time and as efficiently as possible. I'm not going to spend my life staring at a screen, it's better quality of life to trade longer time frames. And quite likely, just as or more profitable.

After all, compounding steadily is what counts.

I also plan to look at NickB:s method again having been inspired by Phil838, a user who has become a tremendous asset to BP in a short time.
I did look at NickB in the beginning but for reasons that are lost in the fog of the past, I shelved it. Maybe a mistake, we'll see (my forex to do list is depressingly large and growing).

[o990l6mh]

Originally Posted by o990l6mh

Let's suffice to say that I'm considering selling signals based on doing the opposite of my analysis

I'll look into why my analysis crashed and burned later. Although I based it on a weekly chart I feel that it most likely can be said to have been wrong.

Right now I'm hard at work with my other strategies. I have come to one conclusion though. I'm going to focus on daily time frames. Only when I'm consistently profitable, if that day ever comes..., will I maybe look at shorter frames again. But by then I might not care to. (there is one exception to this rule, but that's the general plan.)

Back to work

Let's take a moment here to check again what happened after my analysis. It's true that price dropped on the very next day after my bullish forecast, but after that it stalled and hasn't been pushed down further since. In fact it's now trading above the spinning top weekly bar that I based my hypothesis on.
After all I was analyzing weekly bars, so maybe I was a bit to hard on myself. Still the trade would have caught a big draw down and so far the potential reward has not been very attractive.


Todays bar isn't exactly suggesting a bearish move either. Price was pushed down during the early part of the day on low volume and when volume increased from Frankfurt and on, price action reversed and the Eur/Usd has been pushing higher until late NY. Now there seems to be a correction going on on low volume.

I know I shouldn't shoot myself in the foot again by making more (uneducated as it seems) guesses. But what the hey!
I'm theorizing that the Eur/Usd will continue it's bullish move for a while longer. DailyFX is expecting a lower top to be carved out before the next drop, but all the analysts at FXStreets tech analysis page are bullish in bias, so I have some support (pun).

Let's see if I can't get one right huh?

[o990l6mh]

I was going through my bookmarks (gah i have sooo many!) and found this one.

Basically it's a free site where you can build pretty Expert Advisors for MT4 without knowing the first thing about programming. Since I'm a complete illiterate when programming is concerned, I found it useful. Of course scrolling by hand is the best method, but also the most time consuming.

This is the link: Expert Advisor Builder for MetaTrader 4

As always, try at own risk. I'm not promoting, just sharing a find that was useful to me.



Eur/Usd moving inside a rising trend channel on 4H. My bullish view would be challenged if it breaks and closes substantially below the support trend line. Right now it's in the middle of the channel space.

[o990l6mh]

Let's see what eur/usd has been up since my last analysis.
When I wrote that, price was in the middle of the channel, at the red vertical line.

Since then it went down and then up to hit the upper resistance trend line. from there it bounced and is now testing the support trend line.
Based on how that plays out I'll either retain my bullish bias, or I'll change to bearish.
We'll see. Price action tomorrow will be on low volume due to 4th july in the US, so reliable direction might not be obvious until beginning next week.

The chart below is 4H btw, printed july 2, 2340 British summer time

[fknandrew]

Originally Posted by o990l6mh

Anyway, I think this is a great tool for all those of us who would like the possibilty to practise trade on weekends or at other times when markets are closed.

Hi, I seem to have a problem loading up custom indicators (such as pivot points) in the simulator. Any idea what I could be doing wrong?