FX Trader

More pips at the London Open

2009-07-22T23:20:00.005+01:00

Hi there,

Just a quick and short update toady as I only had the one trade today with cable at the London open. Managed to bag 35pips. Thats 3/3 with the London open strategy this week!. Below is the chart:

I wont be trading tomorrow so I will be back on Friday.

Later

Profitable day with Cable

2009-07-21T14:23:00.005+01:00

Hi There,

Hope everyone has had a good day. With Cable at the 1.65 level yesterday I was hoping for a break to the downside today at the London open and that's exactly what happened giving me a nice 45pips. Below is the chart:

The eur/usd was pretty flat all day so I spent the rest of the morning stalking Cable and bagged a nice 26pips with a long. As this was against today's trend I exited at 26pips. Many of my losing trades over the past couple of weeks have been this types counter trend trades which have turned against me after being originally in profit so today I took the pips and ran!

So just trades today in the London session giving me +71pips.

Off topic slightly I'm currently reading Rigged by Ben Mezrich which I'm very much enjoying and I'll post a review when I'm finished it!

Later

Strong start to the week....

2009-07-20T20:08:00.004+01:00

Hi There,

Hope everyone had a great weekend. Today was a good start to the week as I bagged 5o pips with the London open on cable. If anyone isnt familar with this strategy its fairly basic. On the hourly charts you mark the high and low of the Asian session and wait for the London open at 7am to break either this high or low. Its usually good for a quick 25pips but today I managed double that.

Elsewhere I managed a quick 14pips on a euro/yen trade and a nice 38 pips on a cable short that had clear Macd divergence. Below is the chart

So todays 3 winning trades gave me a total of +102pips. Hope this continues for the rest of the week!.

Later

End of Week Review

2009-07-17T20:59:00.003+01:00

Hi There,

As i said yesterday no trading today so I will take this opportunity to do my weekly review. This week I managed 13 trades resulting in 8 successful trades giving me a total of 223pips. Looking back its easy to see that Tuesdays 3 winning trades on the 4hr charts provided the bulk of this and my losing trades seemed to be counter trend trades that at i didnt close quick enough when in profit!

Next week Im going to spend quality time on the 4hr and daily charts looking to catch some big moves. Im going to stick trading the London open with Cable and during the day am going to be more selective in the 15min setups that I take.

Over the weekend Im going to reread Trading in the Zone, exciting eh! I hope everyone had a good trading week and have a great weekend!

Later

Poor trading day

2009-07-16T22:23:00.002+01:00

Hi There,

Not much good news to report today im afraid. Today started off early with the London open and trading the breakout/down from the Asian session. I was triggered into a cable short on the hourly charts but it didnt look right and I lost 25pips.

Elsewhere I timed two enteries wrong with euro/yen and euro/dollar resulting in 2 losses -44pips. That was it for the 3 losing trades totalling -69pips. Sorry for the lack of charts Im at my own computer.

Im wont be trading tomorrow but will do my end of week trading report tomorrow. Hope everyone had a better trading day than myself and best of luck in the markerts tomorrow!

Later

A Flat morning

2009-07-15T14:09:00.005+01:00

Hi There,

Well today was a fairly poor effort with just 2 trades. It started off well at the London open with Cable as i bagged 32pips trading the breakout from the Asian session

For some reason I missed loads of chances to get on the strong Euro up trend against the dollar and the yen. Below is the eur/yen on 15min charts. Cant believe i didnt take any of these. Im beginning to think my trading plan needs tweaking and I also need to use my chart time more productively.

My losing trade today was a short on eur/usd but with a tight stop in place it cost me just -15pips

So today gave me a total of 17 pips! I will look at some longer timeframe setups this evening. Hpe everyone had a better day than me!

Later

Success on the 4hr charts

2009-07-14T22:17:00.007+01:00

Hi There,

Let me start with the trades I opened yesterday based on the 4hr charts. These 3 trades were closed today giving me a total of 237 pips! Below is the enteries

EUR/POUND

USD/JPY

AUD/USD

This along with bagging 20pips on Cable with the London open set me up nicely for the day with 257pips. After lunch i was looking at an opportunity to short Eur/yen on the hourly charts. While waiting for some stupid reason i saw what i thought was a long on the Eur/yen 15min charts. It was a countertrend and at one point I was 37pips open but stupidly left it and ended up getting stopped out for -63pips. It was a dreadful trade with too wide a stop. Lesson learned but it left a sour taste in the mouth after such a good day!

Todays result + 194pips
Hope everyone had a good trading day.

Later

A new trading week begins

2009-07-13T18:09:00.006+01:00

Hi There,

Hope everyones having a good day. Again today I had some success trading the London open. I was at my desk for 6am ready to rock and roll! With the Pound very weak during the Asian session it provided nice opportunities with cable and euro/pound. I managed to bag 46pips trading both pairs. Below is the chart of cable

My 3rd trade of the day was actually long cable for 35pips. Its nice to bag the pips but I closed this way to early!

So three winning trades for the day gave me 81pips. However Im in 3 other trades today with a longer term view based on 4hr charts. At the time of writing these are 60 odd pips up. Im short eur/pound, long usd/jpy and long aud/usd. More than likely they will be running through the night and into tomorrow.

Later

Weekly Review

2009-07-13T11:56:00.004+01:00

Hi there,

Hope everyone had a good weekend. Just a review of the trading week past. I had 13 trades resulting in 10 wins and 3 losses giving me a total of 286pips for the week. This was obviously helped by my longer term trade last thursday which pulled in nearly half my weekly total!

Im hoping this is a better week as Im going to put more time into my actual trading. Today has been good so far and I will update todays goings on later this evening.

Later

Nice end to the week

2009-07-10T13:13:00.004+01:00

Hi There,

Hope everyone has had a good trading week. Today I managed to grab 27 pips at the London open with Cable and Eur/pound. I havent been able to do as much trading this week as I would have like and im hoping to change that next week. Just after exiting a eur/usd long trade moments ago so i could update the blog and finish my trading week! Below is a chart! Entry was 1.3891 and took profit at 1.3915 for 24pips

I dont have much plans for the weekend. Tomorrow I will review the week past and get some sort of plan together for next week and get trading properly instead of this stop/starting which i seem to be doing at the moment!

Todays result +51pips

Later

Pips while you sleep!

2009-07-09T13:54:00.003+01:00

Hi There,

Well today or should I say last night was great! I was chart flicking last night and came across a long cable trade on the 4hr charts entering just after midnight. I woke up early today to 146pips and quicky went back to bed! As a result missed a few nice trades and all else I could manage was a 20pip scalp on eur/usd for 20pips.

As my target for the day is 50-75pips I was happy with the monster pips I got on cable so didnt feel the need to sit at my desk all day! Below is a chart of my cable trade.

Hope everyone had a good trading day!

Result for the day +167pips

Later

Quite day away from trading

2009-07-08T22:27:00.002+01:00

Hi there,

As i said yesterday i wasnt going to be trading all day today and was just going to trade the London open at 7am. Well i wish i didnt bother at all today!! my cable resulted in -20pips and the eur/pound didnt trigger so that was that.

I do take losses faitly well and not too concerned as every trade cant be a winning one! The London open strategy which i posted yesterday has served me well and will continue to do in the future. I dont may much attention to a losing day Im more concerned about my weekly and monthly stats.

I had a nice day away from trading went for a long walk and just chilled out. Its important to have time away from the desk and i usually finish early on the Wednesday and midday on friday. Hope everyone had a good trading day!

Result for the day -20pips.

Later.

Early bird catches the pips!

2009-07-07T17:15:00.004+01:00

Hi There,

Well today was certainly a better day! I managed to drag myself out of bed at 6am to prepare for the London session and trade some British pairs. I note the high and low of the Asian session and then trade the breakout at 7am on the hourly candles with the plan of gaining a nice 25-30 pips per trade!

I managed to bank 25 pips with a Cable short @ 162.05(5pips below the Asian low)

Same strategy on the eur/pound but the breakout didnt happen until 8am candle which is fine! I managed to nick just 18pips with this. I entered 5pips above the Asian high @ 86.11. Try out this strategy and see how you get on!

The rest of the day was fairly quite with 1 winner( +35pips eur/usd) and a loser(-9 eur/chf). So all in all today there was 4 trades resulting in 3 winners and a total of + 69pips.

Tomorrow wont be a full days trading and i just plan on trading the London open. Hope everyones trading is going well!

Later.

And we're off......

2009-07-06T15:55:00.003+01:00

to a slow start that is! Monday morning blues meant that I missed most of the early big moves in the Forex market and all I could manage was 3 countertrend trades resulting in 2 winners.

My Ftse scalp +12
Eur/yen -25
Cable(gbp/usd) + 32

So there you have it a whopping 19pips for Monday! Later on tonight I will do a quick scan for longer term trades which i like to have running in the background!

As this is my first post heres some information on my trading style/typical day!:

I start trading Fx at 6am. I stick to the major pairs with low spreads. Usually scalp with 3min charts and some longer day trades with 15min charts.

I also keep an eye on the ftse and dax.Every 4 hours i flick throgh the fx charts for longer term plays based on s+r, trend lines and divergence. I spend an hour at night doing eod(end of day trades)

Hopefully everyone had a better trading day than me!

Later.