Week 2 - FX Goal Review

t



This week has been an uneventful week. Although winning 6 out of 7 trades with a new personal record high of 1,028 pips albeit with a micro lot. My portfolio has increased marginally at 1.2% and therefore missed my weekly goal.

Using my coach Price Pullback Strategy, I only managed to find 2 trades at the end of the trading week. As i do not like to leave the trade open over the weekend, i had put in a tight Trailing Stop on both trades. Both trades were out at the slight reversal. In order to make up to my goal, i have to achieve 21% growth next week. It will be a tall order, however i remain optimistic as there are 2 major interest announcement next week. Hopefully i can take advantage of it.

Price Pullback Strategy, Trade #0003

Pair: AUDUSD
Entry Price: 0.6400
Stop Loss: 0.6435
Profit Target: 0.6200

This is the 3rd trade of the day after having screened through few currency pairs with my coach's Price Pullback Strategy, I found this one to have the highest potential. With the US releasing its 4th quarter GDP soon (1330 GMT). We could be expecting high volatility in play here. Hoping to get full profit target by end of the market. If it materialise, I would have achieved my weekly goal.

Cheers.

Where is your courage?

The earlier trade was closed with 6 pips gained. I set the Trailing Stop at 45 pips and upon activation, i adjusted it to 75 pips to give it more room to pullback. But it wasn't meant to be, it reversed and hit my TS within 2 hours.

6 pips gained is better than 1 pip lost. My trading partner both entered the same pair and we both exited early. We didn't let it run the whole course and we found out that we are afraid that it will reverse on us before the trailing stop got activated. And we spent some time in finding the right signals only to let fear conquered us. What a dissapointment.

Price Pullback Strategy, Trade #0002

Using my coach's Price Pullback Strategy, I've entered a short position of EURJPY at 115.61.

As all indicators showing downtrends, I've put a Profit Target of 361 pips. With few Japanese economic data to be released at 0500 GMT, I'm expecting downward pressure to persist.

New Record : 1,028 pips

Currency in Play: GBP/NZD
Position: Long
Duration: 2 Days 1 Hour
Entry Price: 2.6614
Exit Price: 2.7642
Pips Gained: 1,028

This is a personal record high. But I missed out on the reward set by my coach. Someone gain the 1,018 pips earlier. I was determined to make break the record. However it will only be a consolation.

Restless in waiting

Its 1 more day of trading to go....and i still couldn't get any right signal to trade. The market has been choppy with no clear strong trend. And i am getting restless, i had forced an entry but the position has made me more frustrated as it didn't move to my position. After battling of more than 2 hours i finally close it with 2 pips gain. It is more frustrating when the forced entry position hovering around the entry price with no clear direction. Learn valuable lesson here. Forced entry brings no happyness.

Time is running out of the week, and with my growth still halted. And with the 1,000 pips record being broken by other, i guess i have nothing much to gain for this week. One consolation is that my GBPNZD is still open and i aimed to break the 1,018 pips set by other. At least i will hold the record of highest pips gain per trade. I think it will happen in an hour or two.

Day 2: GBPNZD

Going into day 2 now...and its has climbed about 600 pips after the surprise announcement by RBNZ to cut the interest rate by 150bp. Now its at record low of 3.5%. I am anticipating a higher climb by GBPNZD but it fell short of my target. And its hovering at around 600 pips from my entry price.

I think I'll have to wait for another day or 2 for it to hit my profit target. With no major announcement coming up till end of the day or start of the US day. Lets see if there is any major movement by then.

Cheers.

My first 1000 pips win

Currency in Play: GBP/NZD
Position: Long (Buy)
Entry Price: 2.6614
Stop Loss: 2.6200
Profit Target: 2.7614

Reserve Bank of New Zealand is expected to cut its interest rate by 100bp to 4.00% at 20:00 GMT 28 January 2009. Market already price in 125bp cut.

If the cut is bigger than consensus it could prove to be bearish to the NZD. However Sterling itself has come under pressure recently against most major currencies. As at the time of the posting, there is already sign of reversal happening (almost 200 pips down from its high). It would interesting to watch the reaction of the Sterling against the NZ Dollar if the cut is more than the consensus estimate.

We'll see if it can hit the profit target. If it happen it would be a personal record as I had targeted 1000 pips.

Trade Reflection

Its been 4 months since i started trading. After under going the forex course, i was pumped up and highly optimistic of getting myself rich quick. The first trade was a success, 3% portfolio growth in just under 30min. But i was brought down to earth quickly. The next 3 consecutive trades was losses. The trading grew tougher and i was hovering around my initial startup capital.

Going into month 2, i was getting impatient, placing more trades when the criteria is not right and was down 6%. That's when the revenge mood kicked in...and was getting reckless, my portfolio was down 25% at the lowest point in the mid Dec 08. Retook the course, traded with more purpose and discipline. And 1 month later i am back at square one.

With guidance from my coach, and a right trading mindset, discipline and psychology. I devised a trading game plan and my weekly goal, i've achieved +10% in my portfolio as at today.

More to come...

Week 1 - FX Goal Review

Hit my weekly goal. Yahooooo.
One trade that made it happen - GBPUSD.
Short the currency pair upon clearing 11 criteria.
Thanks to my coach for his strategy.

I've achieved 2 breakthrough in this week's trading. First is that i've achieved my 10% weekly growth and Second is my personal high in pips won, 565 pips.

In this week, I've made several trades but only 1 that made the big bucks. Others were more losses to winnings.
Lesson 1: Learn to be focus on few pairs that i am familiar with.
Lesson 2: Do not rush into trade, make sure it clear all criteria.
Lesson 3: Play defensive after your big win, cause you won't know if the big win gets into your head.

My FX Goal

Started in mid Sept 2008. My goal is to grow my fund 10% weekly. My first 3 months was a learning curve...and i couldn't be grateful enough to my coach who is always guiding me.

My game plan will be as follows:

- Trade within 5% of my capital per trade.

- Maximum 2 trades per day.

- Planning to hit 10% weekly profit!