Aug 22, 2012: Aussie Trade

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The thoughts and techniques of trading, as learned through a student. Currently only trading currencies:

Welcome! This is my 2012-2013 daily journal/blog to see if, and to what extent, trading can really be done for the average Joe; Without the fancy automated trading systems, spending thousands of dollars on books and seminars, and quad monitor business. Everything I have learned is through the internet and free e-books.

Link to Live trading account:

All equity charts are presented using Charles Schwab's Street Smart Pro. All forex charts are presented using Oanda's Metatrader 4 Java edition.

The following are my most recommended (and lengthy) posts:

Reading and using the Metatrader 4 platform:
Part 1 part 2
The beginnings of analysis
Compilation of Bearish Reversal candlestick patterns
Compilation of Bullish Reversal candle stick patterns
Blog list for the year

This is meant to be a learning experience above all. If you have a question, ask! Ask me anything

August 22, 2012

I’m feeling like I lucked out on this one again.

I was talking last night about some set ups; shorts on GBP, EUR, and AUD. However I woke up this morning and AUD looked like a good long on ITT so I took it on.

I stuck to my guns. The trade started off bad for me and at one point I was down I believe 50 bucks, or 16 pips. Then this happened:

From the open to close of the big bar is about 54 pips. Wows. I decided at this point that I’d be happy getting out of all 3 positions, and set my stops pretty tight. They ended up triggering all on stop losses, netting me about 56 pips overall. I updated the Spreadsheet and included the bad GBP trade from the other day, which was -20 pips.

Moving forward AUD looks like it could be turning straight back down, with a hanging man forming on the 1 hr and possibly on bigger time frames as well within the next few hours. GBP is also heading into super super overbought territory.

6:03pm | URL: http://tmblr.co/Z0U4FwRyHhSu
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(Notes: 1)