Lots of positions closed over Thursday, Friday last week. I’d been moving stops tighter on most positions as I’d just seemed to think most stocks looked slightly extended – hadn’t actually given any thought to the situation in Ireland or the G20. Much easier just listing the positions left open: AAL and ECM.
Stocks i’ll be focusing on this week are: AZN, TSCO, ATST, CBG, ISAT and RR.
Normal daily routine in London consists mainly of downward pointing faces, inward thoughts of why the hell doesn’t the person next to me cover their mouths when they sneeze and general avoidance of any human empathy and most importantly operate a strict policy of no eye contact. What a difference a protest makes though! Today, people came together to celebrate a common cause, friendships were made and stories were created to pass on to future loved ones. Watching the coverage at the gym and at home i’m left thinking that those students looked like they really enjoyed themselves! On the basis of all that, I say people should protest more often. People should protest whenever they feel the time’s right in fact. One caveat: just don’t do it where i am thank you very much. Stay the hell away from me! Very comforting to know that i was completely unaffected by it all today and i can sit at home and gloat.
Daily forex positions closed:
GBPJPY open 131.05, closed 131.39 for +34 pips
USDJPY open 82.03, closed 82.58 for + 55 pips
Intraday, took positions in EURUSD. First trade was following a reversal pin near the base of a small range which had formed from last night, took as confluence the 1.375 minor round number. Entry at 13770, stop 13739 and target was 13791. Going over my thinking process, i was encouraged by the subsequent test and failure to break lower, that price was going to move higher. I didn’t however want to add to the trade but instead i was actually thinking that this may prove a better opportunity to lift my target and see if price could break higher and maybe aim for the obvious resistance at 13814. But i stuck to the plan… Out for +22 pips. Forgot to take a screenshot from my spreadbet account so using metatrader instead.
Second trade followed immediately afterwards. Reversal at 1.38 round number and confluence with the relative top of the range. Short from 13790, stop at 13816 and target at 13751. For me, price was trading in a range and i wanted to target the base. Watching the price then break through wasn’t easy but i traded what i thought/expected so i’m happy.
Some movements in my stock portfolio. Not overly excited by what i’ve seen in my scans tonight if i knew what i’m talking about i’d say that there’s going to be some consolidation due.
Positions closed: IMT, DEB
Positions opened: IAP
Managed a quick intraday trade on the FTSE index. Sold after a small reversal bar at 5900 following failed break. Entry at 5893, stop at 5905 and target at 5870. Lucky stop placement here i think as price nearly shot up to stop me out. Did give me confidence though that a drop was even more likely. Toyed with adding to my trade but (lack of experience/fear?) stepped aside and let original trade play out. Did read an interesting article over the weekend that was ringing in my ears deciding on what to do. In summary it was saying that if you’re fully confident in knowing what’s going to happen then what’s the need for risk management, the so called holy grail of trading. I don’t think i actually agree with that statement but i do agree that if you’re nearly say 80-90% sure something’s going to happen, then surely it’s time to load up? I’ll stew on that. Anyway nice straightforward profit after that.
Overally in my stock portfolio, i’ve moved stops up since last week on most positions. Stopped out in DLN today after it struggled to sustain any real move following its break out. Price now ticking around between the 20 and 50 MA but still above the previous resistance. Think stop was moved up too soon.
On the watchlist: TATE, AAL, ABF, IAP, KESA, XTA
In my hungover malaise failed to notice a few other things that happened Thursday/Friday.
AUDCHF, long at 0.97721, closed at 0.96823 for -90 pips
Also stopped out on two stocks, MKS for a nice profit and rolls royce. Why oh why did they have to sabotage their own engines?!
Work drinks last night….urgh…
Positions closed from wednesday trades:
Short AUDCHF at 0.97495, closed 0.97145 for 35pips
Short EURAUD at 1.40198, closed 1.39955 for 243pips
Metaphorically speaking at least…
Trades closed today
Sold EURCAD 1.4057, stopped at 1.42390 = -182pips
Sold AUDCHF 0.97495, closed at .97145 = 35pips
Long EURAUD 1.40835, closed at 1.41373 = 54pips
Today, one of my oldest friends provided me with some needed perspective and motivation. Don’t know why he felt inclined to show me, but he forwarded his stats for his poker winnings for October. Excluding any online games and games at any other venue, he took home a cool $11k just from playing live at the Empire Casino. He took voluntary redundancy 2 months back but i’m sure he’s in no rush to find new employment.
…. but an actual break is far better. 3 weeks spent travelling South Peru seeing all the main tourist sites: 4 day Inca Trail, Nazca Lines, Lake Titicaca and then short visit over to La Paz, Bolivia to cycle down the Death Road. Highlights:
– seeing my girlfriend using a ‘she-wee’ enabling her to wee standing up like a man (shudder…);
– learning that i’m glad i’m English and not obsessed with tipping like Canadians or Americans;
– learning that altititude affects people regardless of fitness. Frustrating to see less fit GF hiking completely unaffected and even asking if i didn’t mind whether she marched ahead or not…
– hiking 4 days to find view of Machu Pichu completely obscured by rain and cloud. Mood brightened when canadian lady broke down in tears;
– spending 3 weeks trying to take Getty Images worthy photos and being bettered by Bolivian boy (max 12yrs old) in “Kids with Cameras” inspired moment, see last photo
TOugh month prior to going on leave as a new project at work was sucking all life out of me. In short i haven’t committed to any intraday trading since the end of September. I’m back and frankly i’m not going to pretend that my intraday situation is likely to change. Was only fortunate in being able to take positions as like a naughty school boy, my desk position enabled me to see all other employees approaching without allowing anyone to see what was on my screen. Returning from holiday and i’m left with an exposed desk and i'[m unlikely to be moved unless it’s to Slough or worse still to Iraq! Going to see how things go.
I have decided however (plus now learnt how) going to start journalling all of my trades. These will include all UK share trades currently on demo (based on a momentum/price action discretionary system) and my forex trades which are based on price action on daily timeframes. There is now a “UK Portfolio” menu at the top of the blog which links to a portfolio summary via GoogleDocs. This is only demo at present (hence not bothering to start with clean sheet) but my whole aim for starting this ‘open’ blog was to be open+honest with my trading activities so i can be accountable in chronicalling my own progression. The portfolio is representative of the starting account I will go live with. All forex trades noted here (marked ‘daily’?) will be live.
Catchy title but doesn’t reflect the truth!
Not been very exciting at all these last two weeks – seems like a long time since last post considering the blog motivation was nearly a daily consistent! Exceptionally busy at work with clients meetings occurring next week. Only took a few trades last week which I won’t update as they resulted altogether a small negative almost breakeven week. Overall September is a negative month. I have been watching for opportunities I would’ve taken had I been able and I’m thankful that I’ve been away from the screen. Action has been consistently choppy with the EU breaking new highs almost daily only to chop back within the range. Needless to say September’s demo account also reflects a juicy negative. Oh well.
Frustrating day yesterday, worse one yet. Total of 3 trades and each one stopped out. Interesting to see that a there were two clear channels where price was bound one on the hourly and one at the 15min timeframe. First trade was the break below of the 15min early yesterday morning at 1.278 which stopped out for -51 pips total. Next saw the break above shortly after, at the top of the 15min channel at 1.2823. Stopped out for -48 pips total. Finally stopped out for -39 pips total once the hourly resistance was broken and the breakout again failed at 1.2837.
The only real mistake I can think of is my stop placement for the second trade which should’ve been 5 pips lower which would’ve at least resulted in a break-even trade.
First real series of drawdown’s that I’ve experienced and I guess I’m just going to have to take it on the chin. The channels were well defined for me to use the 15min as reference for any breakouts so I wouldn’t expect to do anything different.
Forgot to update the blog so I’ve attached my trade from yesterday. Entry at the blue line, stop at red and exit at 1.2677 for 27 pips in total. Also missed the entry this morning again through work so bit disappointed to miss what would have been the first profitable trade of the month. However I’m a bit more blasé about it this time!
Guess it’s customary to go through the month just past. Total of 345 pips gained but certainly a lot more left on the table. The overall result takes into account trades made pre-blog plus some discretionary trades taken outside of those recorded. I’m content with the performance as my target is to build up my account and not to earn a living quite yet but definitely things to improve on. If I look at the comparison between this first month of live trading versus say the previous two in demo trading this system I’ve been recording there’s definitely a significant difference between the results – we’re talking at least 2-3 times less pips earned. One reason is simply not being able to action a trade when it’s there and the other is losing pips by not trading as per the main system rules. The latter point is the one to really home in on here on in.
Bam Bam Blog 