A Journey of a thousand pips

AUD/USD Pips Intraday 02 Sep 09

David — Sun, 06 Sep 2009 13:51:01 +0000

Demo
Currency Pair: AUDUSD
Trade: Long
Method: Pips Intraday
Global Stock Market: Bullish
Date & Time of Entry (GMT): 02/09/2009 16:02hr
Entry Price: 0.8321
Critical Level: 0.8296
Initial Stop Loss: 0.8291 (-30 pips)
Basis of Stop Loss: Standard
Initial Target Profit: 0.8411 (+90 pips)
Basis of Initial Target Profit: Standard
Planned Risk-Reward Ratio:1:3
Stop Adjustments: NA
Exit Price: 0.8411
Exit Time (GMT): 03/09/2009 11:34hr
Reason for Exiting the Trade: TP Hit
Profit / Loss (Pips): +90 pips
Actual Risk-Reward Ratio: 1:3
Reflections: Signals for entry were pretty good. Drew a falling channel starting from around 27 Aug 09 and reckoned there be a upward movement back to the top of the channel.

Mentor Comments: That was a very nice profit there. However, I noted that your TP was above the PWP. We must never assume that price will always break above the PWP.

GBP/USD (Long – Rapid Market with Trendline) – 28 Aug 09 – (closed)

David — Sat, 29 Aug 2009 04:20:05 +0000

Here’s a quick trade. Lasted 20 mins.

Live or Demo	:	Demo
Currency Pair	:	GBP/USD
Trade Long or Short	:	Long
Method	:	Rapid – Trendline
News (For Running Market Only)	:	N/A
Global Stock Market (For JPY Pairs Only)	:	N/A
Timing of News Release (GMT)	:	N/A
Date & Time of Entry (GMT)	:	28/08/09 1101hrs
Entry Price	:	1.6329
Critical Level	:	1.6263
Initial Stop Loss (Price and No. of Pips)	:	1.6309 (-20Pips)
Basis of Stop Loss	:	Standard
Initial Target Profit (Price and No. of Pips)	:	1.6369 (+40Pips)
Basis of Initial Target Profit	:	Rapid method
Planned Risk-Reward Ratio	:	1 : 2
Stop Adjustments (Price & Profits Protected)	:	N/A
Exit Price	:	1.6369
Exit Time (GMT)	:	28/08/09 1121hrs
Reason for Exiting the Trade	:	TP Hit
Profit / Loss (Pips)	:	+40 pips
Actual Risk-Reward Ratio	:	1 : 2

Comments: I actually entered quite late as I was still flipping through the other currencies, but managed to spot this pre-market opening movement. Could have been quite risky I guess. But on the whole, GBPUSD appeared to have been moving well bullishly throughout the day so I bought in.

Mentor Comments: Congrats to your nice profit there.

EURJPY (Long – Modified PIPS Swing) – 24 Aug 09 – (closed)

David — Tue, 25 Aug 2009 07:27:26 +0000

Here’s my first attempt on the modified pips swing, pity it didn’t swing the right way..

Live or Demo	:	Demo
Currency Pair	:	EUR/JPY
Trade Long or Short	:	Long
Method	:	Modified Pips Swing
News (For Running Market Only)	:	N/A
Global Stock Market (For JPY Pairs Only)	:	Nikkei Bullish, FTSE Bullish, DJ Bullish
Timing of News Release (GMT)	:	N/A
Date & Time of Entry (GMT)	:	24/08/09 0000hrs
Entry Price	:	135.64
Critical Level	:	134.79 PWP
Initial Stop Loss (Price and No. of Pips)	:	134.84 (-80Pips)
Basis of Stop Loss	:	Standard
Initial Target Profit (Price and No. of Pips)	:	140.64 (+500Pips)
Basis of Initial Target Profit	:	Modified Pips Swing
Planned Risk-Reward Ratio	:	1:6.2
Stop Adjustments (Price & Profits Protected)	:	N/A
Exit Price	:	134.84
Exit Time (GMT)	:	24/08/09 2314hrs
Reason for Exiting the Trade	:	SL Hit
Profit / Loss (Pips)	:	-80Pips

Comments: Entered at first instance based on pip swing rules, after the first full candle above the PWP. Global markets were bullish and were expected to continue from last friday. However, it seemed that perhaps the euro didn’t have as much steam as the yen.

Mentor comments: A good attempt but the trade like you said did not swing well due to the US stock market losing flat the day before. Accept this loss and move on.

Forex Journey begins

David — Tue, 25 Aug 2009 07:04:46 +0000

Hi fellow traders,

This post marks the beginning of my forex journey. As they say, a journey of a thousand miles begins with the first step. Here will be the first entry, to a journey of not just a thousand, but thousands and thousands of pips. Cheers to all!

This blog will serve its purpose as an online platform for all to view, comment, discuss, debate, argue and learn through my forex journey. I will be posting up each of my trades also for archiving purposes. Once in a while, there will be tips and tricks of trading forex posted for all to see, if I do chance upon them that is.

So fellow friends, let’s remain persistent in our goal to become the ultimate forex masters. Till then, bon voyage.