hi all the purpose of this blog is to keep track of all my trades I want to trade forex as a profession and I have being trading for 4 years. I will keep all updated on my trades.
open positions
buy XAU/USD 1201.00
sell GBP/USD 1.58921
buy EUR/GBP 0.84637
orders will be disclosed when activated
well the GBPUSD rallie which was expected in a way. The reason why I entered this trade was because I was expecting a correction in the major currency pairs and I thought GBP would be hit the hardest since it has shown much weakness over the past periods. My first entry for the trade was somewhere like 1.578 and when that didnt work out as I expected I chased my trade and reentered a new trade at 1.6 which was a strong resistance. Anyways I will place stops at 1.605 and see what the market will do in the next couple of hours. If the pair closes below 1.6 or anywhere below my stops I think the pair will reverse and crash like I expected before, however for that to happen all the other major pairs must stage a correction which is unlikely seeing the strength of the recent rally. For this trade Im risking about 300+ pips which is most than 3% of my account. The other two positions are still open. Im at uni so I cant really be precise since I cant log into my trading account
lol 2 hours after I finished my lecture I was sure stoped out. thats -300+ pips for the week
after the loss for GBPUSD short I closed my long EURGBP and realised 315 pips at 0.8781. thats equal to over 500 pips since the pair’s pips are worth more than a normal major pair. so the week ended with a realised profit of 178.17 pips in normal pip dollars. I closed the position because of the GBP break, since it broke through the 1.6 resistance. Although I think the EUR will then rally and GBP correct making the EURGBP rise to new highs I am still unsure of where the GBP will go from now. So Im just going to keep my gold position open and see what the market will do in the couple of weeks
after the loss I want to take a break so… if I do trade I will update my positions.
lol sry guys but after I said I wana take a break I saw a potential dbl top with euRchF and considering the market conditions I entered my trade. Short at 1.342 the order hasnt being filled yet but its only a few pips away. GL to me :]
well the long awaited correction came but I was stopped out with GBPUSD kinda sucks but the trade was ill executed so ye lesson learnt never ever execute an ill trade.
ops I forgot to tell u guys Im short usdcad at 1.024 or something like that I made that trade solely based on speculation and I forgot to update it since it was not an trade order nor is it well thought out. The eurchf pair is still open and suffering a large loss Im short 1 more unit at 1.39 and I hope all goes well. The trade once again is ill executed maby I should go on a holiday. I originally had orders for short eurchf at 1.37 but I canceld that trade wen the market rallied like a bull so I hope the 1.39 trade does not trigger or I may very well be doomed.
I forgot to tell u guys that Im now long 2 lots of AUDUSD one at 1 and one at 1.01 so my net position is long 1.005 audusd
ok my positions are still open just that I didnt really make any adjustments to them until now. I closed my audusd positions at 1.02 and I am short eurusd 1 lot at 1.3390 right now the position opened on friday if I remember correctly. given the extent of the european credit crisis I expect the market to take advantage of the recent pull back. It does seem like a very strong move but I believe the market will not make any large directional changes in the short run since there are still many uncertainties.the orders for the eurusd is stoploss at 1.3450, a few pips below the previous day high. This is a short trade and I am risking 60 pips for a take profit at around 1.30 which equals a profit of 390 pips I also have orders waiting at 1.35 and 1.36 both shorting the pair and I will be risking 360 pips in total if all trades are triggered. the most ugly scenario for me is that I get stopped out at 1.3700 just below the 61.8% fib line and the most unwanted scenario is if I get stopped out at 1.3450 and the market starts falling just below 1.35 which means I take a 60 pip loss even though I had the right direction bets in place. This is a gamble and I may take a big hit. nevertheless I think it is a nice risk to take since I will be profiting 1100 pips by risking 360 pips if the trade goes perfect.
gnite
mmm after careful thought I decided to not trade so aggressively since I just had a holiday. I closed my orders to sell eurusd and I will let the open position ride.