AUDJPY
I posted two trades in the forex town page but I suppose this is a better venue. I just bought AUDJPY…the trend lines i drew indicated the cross was right on top of support levels and holding. Stochastics indicated oversold levels. And this cross might be better to express my views on aussie whatever they might be, as opposed to audusd. Anyway, opened a 5k trade, since I dont know how this cross behaves and what I should be watching out for. This more of an experiment and helping me getting used to using charting/a couple of indicators. Entereed at 80.087, stop at 78, limit at 84.
Bought 5k, at 43.29…by now it should be obvious that I like the commodities/high yielders. I guess that’s my emerging market bias coming in :-)…Anyway, if i had a bigger account, I would be trying to short the sh*t out of JPY with these bad boys. But alas, my account is 5k. However, I do want to train myself to think in terms of the logic of the trade, give myself wide enough limits and stops to breathe, and become more objective. That’s why I typically trade with 10k, with the hope of scaling to 50k then 100k. However, again on this one, I put 5k on. I followed the same logic as the audjpy. I dont know how this pair behaves, or what to look out for. All i know is Japan is on a quest to depreciate its currency and Turkey’s political tensions with Syria have kept it range bound more or less. My trend channel I drew (btw, I use 1day-6month view in market scope from fxcm) indicated support right above 43. To give myself room to breathe overnight, I put a stop on for 42.25. Resistance was indicated about 44.5 so i put a limit on for 45.
Lets see if I can stick with these. I am discretionary which is good and bad. For example, I should not have exited today’s audusd trade when I did. However, I did and now I learned. What did I learn? I learned not freak out, to believe in my thesis, and let the fact that I am using 1-day type setups give me more margin for error in terms of exits. Another thing to keep in mind, with fx like this, or usd/mxn especially, youre fighting the bid/ask spread from the get go so dont freak out when u see a negative visual right out the gate
Discouraging to wake up in the early morning and find your trades going against you. I am so glad I limited trade size to 5 k. I just sold 1k usdzar. Obviously rand has gotten beaten up and I was surprised it was coming back a bit in this seeming risk off mode. Stochastics and RSI indicate overbought still, and macd was pointing up (if im reading it correctly). Trend lines are useless here because it is such a one-off situation. Please correct me if I am wrong. Sold 1k at 8.838, stop of 8.8814, limit of 8.6.
10k. I like this cross below parity. I piggybacked off of someone else’s idea in the forum. I forget the guy’s name. Props to whoever it was for pointing it out :8: Limit at 1.02, stop at .975. I read someone’s strategy about shorting this because they want exposure to US growth as opposed to Chinese. Although expectations on both have slightly reversed, I still like Asia over US especially as election concerns, fiscal cliff etc. come into play. I closed my usdzar trade. I made 621 pips on that one ($7.08 on 1k :(). I closed it earlier than I thought because it was an event driven trade. Apparently there’s still problems with the strikers, which I thought was on its way of being over. I dont want to be a day trader but again, I am discretionary and saw an opportunity to close out before sh*t hit the fan. One thing to watch out for AUDCAD is housing starts today. heres hoping its bad 
risk of killed me today. I closed my trades and make a couple of other ones that i dont feel like detailing, i got caught into thinking i was able to time the market and ended up being what i didnt want…a day trader. Ironically I made 506.9 pips today yet ended up losing 49.14…Just goes to show position sizing is as important as anything else. My lowest conviction trade, the short usdzar, I made 621 pips. But i only risked 1k. im still up for the week (i count this week as my first official trading week, last week iwas just getting warmed up hehe) but i went from 5066 to 5017.07 today. I started at 5001 yesterday morning. I could have let some positions run but I felt i was not in control and so decided to take my losses and not get into the red and just be flat. Take a breather, and revisit some proper set up techniques instead of going on whims.
bought at .81576. stop at .808 and limit at 0.835…thats about a 2.5 risk reward ratio. My stop might have been too tight but I got it from the support line I drew. I am now looking at one year charts…using the 1day-1 year setup. bought 10k…back to basics baby
two trades i did last thursday and friday helped turn my p&l around. Sold USD/MXN at around 12.97, bought at 12.89. bought nzd at .8173 and sold it at .8914…so for my first week of trading, at 5,245.32. up 245.32…just under 5%…lessons learned…if I put on a trade in asia time, it seems i catch the beginning of a very powerful up or down trend. Also, i cant get freaked out if i put on a position and its at a loss, most likely its because of the spread. I have started getting comfortable putting on bigger position sizes, with the average being 10 to 20k (as opposed to 1-5-10). I am using rsi/stochastic/macd plus trendline to determine entry-points.