Results, 29 Sept 2005
Hi all! ... back again ... a short update today as I am pressed for time :). Yesterday continued my good run recently with another profitable day. I traded very short hours yesterday, only looking for some quick profits at the the opening of Europe, and the quarterly announcement of the US GDP (Gross Domestic Product) figures at the opening of the US session.
Now when I started out in the forex caper, I chose technical analysis (the study of charts) rather than fundamental analysis (economic conditions and news) as .... well ... I find economic news rather boring to keep up with ;). It is however becoming more and more clear, that even if you consider yourself a technical analist, it pays to keep an eye on the major news events, just like yesterday. So how do you know when those news announcements are happening? Well have a look on the main page under the links section for the economic news calendars, but also, have a look at the below link, which gives you are very brief rundown on what each announcement might mean:
What Moves Rates
Ok here is my results for the day:
A busier day in terms of trades, and surprisingly, a day of missed opportunities, the short on the GBP/USD for example was +32 at one stage, but I thought it was only undergoing a short retracement and so locked in +5 and hoped for the best. In hindsight, it would have been better to close it, wait for the retracement, and enter the trade again, ah well another lesson learnt.
Ok trade of the day time, let's have a look at what happened on the release of the US GDP figures:
Trade of the day
Main thing of interest to me was the solid retracement just before the announcement, was this the market setting up the smaller players for the upcoming rise? or just a coincidence? Got to love a good consiracy theory :). Anyhow as soon as the announcement was made, you can see the effect it had, with a quick profit to be made. I used the engulfing candle that is marked as the sign for me that it was time to exit, and, if I was more confident, I may have looked at trading long again on the end of the retracement.
On another note, I am expecting my first bub in the next week, so, if there are no updates for a couple of days don't worry, you know where I am ;)
Happy trading!
Today's result: +78 pips | Overall: +152 pips
Now when I started out in the forex caper, I chose technical analysis (the study of charts) rather than fundamental analysis (economic conditions and news) as .... well ... I find economic news rather boring to keep up with ;). It is however becoming more and more clear, that even if you consider yourself a technical analist, it pays to keep an eye on the major news events, just like yesterday. So how do you know when those news announcements are happening? Well have a look on the main page under the links section for the economic news calendars, but also, have a look at the below link, which gives you are very brief rundown on what each announcement might mean:
What Moves Rates
Ok here is my results for the day:
A busier day in terms of trades, and surprisingly, a day of missed opportunities, the short on the GBP/USD for example was +32 at one stage, but I thought it was only undergoing a short retracement and so locked in +5 and hoped for the best. In hindsight, it would have been better to close it, wait for the retracement, and enter the trade again, ah well another lesson learnt.Ok trade of the day time, let's have a look at what happened on the release of the US GDP figures:
Trade of the day
Main thing of interest to me was the solid retracement just before the announcement, was this the market setting up the smaller players for the upcoming rise? or just a coincidence? Got to love a good consiracy theory :). Anyhow as soon as the announcement was made, you can see the effect it had, with a quick profit to be made. I used the engulfing candle that is marked as the sign for me that it was time to exit, and, if I was more confident, I may have looked at trading long again on the end of the retracement.On another note, I am expecting my first bub in the next week, so, if there are no updates for a couple of days don't worry, you know where I am ;)
Happy trading!
Today's result: +78 pips | Overall: +152 pips
This entry was posted
on Friday, September 30, 2005 at 12:10:00 PM.
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Posted bySunday, October 02, 2005 3:44:00 AM
Thanks for an informative blog.I am a newbie and the following on your USD/CHF 29th Sept trade confuses me.I am referring to the one where you gained 6 pips.
Short
Open :1.2902
Close :1.2896
Stop-loss: 1.2896
Question is how is it possible to have a stop-loss on the positive direction ?Shd'nt the stop loss be something like 1.2912 pse explain coz the above looks more like a target to me.
Posted by
Sunday, October 02, 2005 4:48:00 PM
polartrader: thanks for the link, I will have a look through it now :) Your site looks most interesting.
freetvafrica: Yes you are right, that was an error on my part where I accidently placed my stop loss on the wrong side of my trade, it resulted in what could have been a 20 pip trade stop out at +5. Well picked up!!
Posted by
Thursday, October 27, 2005 8:58:00 AM
Thanks for the kind words polartrader :)
Posted by
Thursday, January 03, 2008 5:55:00 AM
http://www.fxpalace.com/ contains great guides for beginners, forex books, indicators explained, forex videos. Recommended for any beginner.
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