MARKET UPDATE 1 mONDAY jUNE 6 @ 5:30 AM EST
TRADE JOURNAL
Sun JUNE 5 2011
9:00 p.m. EST-- The yen is weak across the board right now. Normally I don't trade on Sunday but, I'm looking to see how aggressive the market makers are.Also, this is the first day I'm actually trading the account seriously. Till now I've just been trying to get in the required 31 trades as fast as possible without Tearing the stats down on the account. As mentioned earlier in the journal. I'm starting off with a few LCM home run trades.The signals were 4 short trades in the gbpjpy, eurjpy, chfjpy, and audjpy. The market reacted to the orders as usual with an immediate pullback against the positions. Even though I sometimes place my hard stops at a negative profit to loss ratio that is only for show like poker. I will be watching for my mental stops which are true profit to loss ratio. I often exit early before the posted stop or target is hit. This is to keep the broker program trading robots from zeroing in on a trading pattern. Let's see what happens.
Note: The trades were entered 10-15 pips late. Since its Sunday night I'm at my home office and after 20 years my family and friends still do not consider what I do as work even though they complain that I live at the computer. They still think I'm playing or something and will interrupt me for the damnedest things where they would not dare think of interrupting me when I'm doing physical labor. So, I know what most traders go through just to trade in peace. It no longer angers me because it has taught me the truth about the mental dumbing down of the human population. It can't possibly be work unless you're doing it somewhere else for someone else.
4:00 am Close gbpjpy and eurjpy a couple of pips from target. they closed a couple of pips from daily open support which is support until a close below it. Exited audjpy by accident and reentered. It's 4:00 am and I'm tired but trading is work. Also exited chfjpy. Too early it looks but the hour closed with a high volume inside bar so I stuck to the early exit rules on this one. The bar had higher volume and thus, needed to close lower than prior bar. It also did not close below the 20 avg so I needed to see a break below the 20. It did so immediately at the open of the hour and rushed down to the daily open target. No chance to reenter like audjpy which I would have loved to do.
4:24 am Closed audjpy @ daily open for another. 4 out of 5 so far today. Not going for bi pips yet though. The week is just starting and I'm looking to take what the market is showing it's willing to give at the moment. The jpy is weak across the board and I will look to jpy some more if hour closes below daily open. 15-20 pips profit may not seem like much but, when you average about 10 trades per day that's a potential 150-200 pips per day. But the main point is to try and keep your average risk to around that amount also and you have staying power Right now I'm trading off the 1hr and that is the average range of a 1 hr bar. I trade all time frames whenever I see an opportunity. The longer the time frame the larger the target and stop/risk.
4:40 am - Right now I'm glad I stuck to the LCM principles and got out at first support because all of the pars I was in are bouncing back up hard off the daily open/s.This is what I mean when I say, "Take what the market is willing to give. The currency market in general is bouncing back up off the daily open/s."
5:00 The chfjpy - I made a mistake by not jumping back in but hindsight is 20-20. My mistake was in misjudging the opening range by not considering that the closing range bar from Friday is the opening range bar because the opening range bar for today was an inside bar that closed within it. Forgetting to look at inside bars is one of my most common mistakes. But this pair has exploded through both and I missed the ride. I am always amazed how often I can have say, 5-8 trades open and it's the one I'm not in that blows up and I miss the pair with the biggest move. I don't know if that is a result of my conservatism or that's just how tight the operator beast computers have the program trading algorithms down. For most of the pairs the opening range held and that means it's time for a reversal to test last hour's move.
5:05 am It's time for me to take a break till the u.s. session. Tired minds make mistakes. Currently up 28.7 pips on 5 1hr chart trades.for the day. bUT THE MAIN THING IS THAT
i'M SATISFIED WITH MY RISK MANAGEMENT THUS FAR. aLL OF MY TRADES WERE SHORTS AND MY OBJDECTIVE WHEN GOING SHORT IS TO GO SHORT AS CLOSE TO THE HIGH OF THE DAY AS POSSIBLE.
Sun JUNE 5 2011
9:00 p.m. EST-- The yen is weak across the board right now. Normally I don't trade on Sunday but, I'm looking to see how aggressive the market makers are.Also, this is the first day I'm actually trading the account seriously. Till now I've just been trying to get in the required 31 trades as fast as possible without Tearing the stats down on the account. As mentioned earlier in the journal. I'm starting off with a few LCM home run trades.The signals were 4 short trades in the gbpjpy, eurjpy, chfjpy, and audjpy. The market reacted to the orders as usual with an immediate pullback against the positions. Even though I sometimes place my hard stops at a negative profit to loss ratio that is only for show like poker. I will be watching for my mental stops which are true profit to loss ratio. I often exit early before the posted stop or target is hit. This is to keep the broker program trading robots from zeroing in on a trading pattern. Let's see what happens.
Note: The trades were entered 10-15 pips late. Since its Sunday night I'm at my home office and after 20 years my family and friends still do not consider what I do as work even though they complain that I live at the computer. They still think I'm playing or something and will interrupt me for the damnedest things where they would not dare think of interrupting me when I'm doing physical labor. So, I know what most traders go through just to trade in peace. It no longer angers me because it has taught me the truth about the mental dumbing down of the human population. It can't possibly be work unless you're doing it somewhere else for someone else.
4:00 am Close gbpjpy and eurjpy a couple of pips from target. they closed a couple of pips from daily open support which is support until a close below it. Exited audjpy by accident and reentered. It's 4:00 am and I'm tired but trading is work. Also exited chfjpy. Too early it looks but the hour closed with a high volume inside bar so I stuck to the early exit rules on this one. The bar had higher volume and thus, needed to close lower than prior bar. It also did not close below the 20 avg so I needed to see a break below the 20. It did so immediately at the open of the hour and rushed down to the daily open target. No chance to reenter like audjpy which I would have loved to do.
4:24 am Closed audjpy @ daily open for another. 4 out of 5 so far today. Not going for bi pips yet though. The week is just starting and I'm looking to take what the market is showing it's willing to give at the moment. The jpy is weak across the board and I will look to jpy some more if hour closes below daily open. 15-20 pips profit may not seem like much but, when you average about 10 trades per day that's a potential 150-200 pips per day. But the main point is to try and keep your average risk to around that amount also and you have staying power Right now I'm trading off the 1hr and that is the average range of a 1 hr bar. I trade all time frames whenever I see an opportunity. The longer the time frame the larger the target and stop/risk.
4:40 am - Right now I'm glad I stuck to the LCM principles and got out at first support because all of the pars I was in are bouncing back up hard off the daily open/s.This is what I mean when I say, "Take what the market is willing to give. The currency market in general is bouncing back up off the daily open/s."
5:00 The chfjpy - I made a mistake by not jumping back in but hindsight is 20-20. My mistake was in misjudging the opening range by not considering that the closing range bar from Friday is the opening range bar because the opening range bar for today was an inside bar that closed within it. Forgetting to look at inside bars is one of my most common mistakes. But this pair has exploded through both and I missed the ride. I am always amazed how often I can have say, 5-8 trades open and it's the one I'm not in that blows up and I miss the pair with the biggest move. I don't know if that is a result of my conservatism or that's just how tight the operator beast computers have the program trading algorithms down. For most of the pairs the opening range held and that means it's time for a reversal to test last hour's move.
5:05 am It's time for me to take a break till the u.s. session. Tired minds make mistakes. Currently up 28.7 pips on 5 1hr chart trades.for the day. bUT THE MAIN THING IS THAT
i'M SATISFIED WITH MY RISK MANAGEMENT THUS FAR. aLL OF MY TRADES WERE SHORTS AND MY OBJDECTIVE WHEN GOING SHORT IS TO GO SHORT AS CLOSE TO THE HIGH OF THE DAY AS POSSIBLE.
NOTE: WHILE i CANNOT PREDICT THE HIGH OR LOW OF THE DAY IN ADVANCE, I CAN USUALLY SPOT IT WHEN IT HAS OCCURED A HIGH PERCENTAGE OF THE TIME.. THE HIGH OR LOW FOR THE DAY MAY CHANGE FROM HERE BUT i MEAN DURING THE TIME i'M ACTUALLY TRADING.
For those who ask me what is the differenc between my books and my 1 on 1 course, if you read my logs it should be obvious. There are levels of details that cannot
be in a book or a book will be thousands of pages. My books teach you a couple of techniques and concepts. The basics. It's like playing sports. You can go to the coach and
get the playbook and never talk to the coach again. That means you learn the plays. But learning the plays is the basics that prepare you to learn...
HOW...TO...PLAY...THE...GAME... Or as Morpheous told Neo in the Matrix movie...It's a big difference between knowing the path, and walking the path. After studying
my books you will know the path. After taking my course you will know how to walk the path...
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