Sunday, September 15, 2013

Forex Trading for fun

I have been trading with stocks and forex for a while, make a decent profit with stocks (more on my stocks portfolio in another post)  but not much luck with Forex.
I have been using forex as entertainment, something akin to small scale casino fun for the past few months.

Anyway, i have decided to take forex more seriously now, with slightly bigger plays and more attention and homework to all the price actions.

I am not a big fan of candlesticks, so most of my own trades are not on big PA movements like falling star, doji, hangman etc etc.
When I do look at such candlestick PA, it is usually the daily chart.
And if the PA occurs on a Weekly chart, it will reinforce my conviction on the trade.

What then do I use to make my FOREX call?
I look at all the resistance and support lines (only when I have time to do live trade and is prepared to enter in and out of the market numerously to ensure small SL, and to ride the trend when I am correct), coupled with a large dose of some trading tactics I have learnt, essentially on when to test the line, and when to enter bigger at the right price. I will slowly utilise all these tactics and share only when I get more and more confident....

So for the past week actions (which I am still holding on to trades)

16/09/2013

XAU / USD (shorted last week till TP at 1320)
Long trade now
Today 930am bought at 1324.18
TP @ 1360
SL @ 1321

USD/JPY
Short trade at 99.495 (was watching it to cross 99.5 line)
TP @ 98
SL @ 99.5 (SL has been moved to 99.2)

EUR / USD
Long trade at 1.33165
TP @ 1.339
SL @ 1.35 ( SL has now been moved to 1.332)

AUD / USD
Long trade bought at 0.92701
TP @ 0.9478
SL @ (moved today to 0.93)

This blogpost is for myself, so that I can make all my analysis more serious (rather than treat this like a casino game).

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