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Category Archives: Major Pairs
Paper trade: Long USD/CHF @ 1.0122, SL 1.0060, TP 1.0225
Seeing that this is my first commitment after the big drawdown, I’ll bring back my tradition of writing a post to log my rationale and market conditions on this entry for later review.
I sifted through the weekly charts of all pairs on my watch-list tonight and found that USD/CHF long is the most promising. Figure [...]
My bad EUR/USD day trading and what to do about it
I’ve stayed home from work this week because of the flu. So with spare time on my hands, I had the urge to experiment with day trading the forex market. Bad decision. After a good 3-4 days of day trading EUR/USD with my demo account, here is what I have to show as illustrated in [...]
Paper trade: Long USD/CHF @ 1.009, out 1.0245 (+155 pips)
The U.S. dollar finally picked up some strength last Thursday and I loaded to ride the trend. One of the earliest trade I made in this wave is going long on USD/CHF. Figure 1 is taken today after a full week since the initial move in USD. The vertical line marks the day when I [...]
Also posted in Self Assessment Tagged CHF, entry, exit, good trade, long, paper trade, USD Leave a comment
An undisciplined trade: Shorted EUR/USD @ 1.499, stopped 1.505 (-62 pips)
I started to doubt this move mere minutes after placing it, which rarely happens. And not because of the price action. It was solely for my reasoning for this trade. On a quick mental review of this entry, I noticed that they sounded more like excuses than reasons. First sign of it was that I [...]
Also posted in Self Assessment Tagged bad trade, entry, EUR, exit, paper trade, short, USD Leave a comment
Paper trade: Short GBP/USD 50% @ 1.634, Out 1.645 (-110 pips)
Well, that descending trendline didn’t last long for GBP/USD. I shorted it when it was testing it and saw that the RSI was at a prior high too (Fig. 1). I placed my order just below the short-term ascending support to hope for a break to the downside, see Fig. 2. GBP/USD consolidated around that [...]
Paper trade: Long EUR/USD 50% @ 1.49212, stopped out @ 1.4875 (-46.2 pips)
EUR/USD looked as though it was going to break through 1.50 when it broke 1.49 (Fig. 1). I waited til it marked a short term top at 1.4920 (Fig. 2) and then placed a stop entry just above it at 1.4921. EUR/USD traded above it for a few hours but failed to break 1.4970. It [...]
Also posted in Trading How-tos, Trading Signal Tagged entry, EUR, exit, paper trade, USD Leave a comment
Paper trade: USD/CHF sold at 1.03138 (+39.10 pips)
USD/CHF didn’t bounce as planned. Although my trailing stop did keep me some of the profit. But considering that the high of USD/CHF during my holding was 1.03598, this isn’t exactly good. However, as I’m focusing on the daily, I don’t want to micro-manage my trades either. So I guess this trade went as planned. [...]
My name is Paul and I am a full-time engineer, part-time trader. Back in 2000, I deposited my $5000 interest-free student loan with an online broker. Since then, my interest in trading has become an obsession.
EUR/USD +95 pips in 2 hours: An example of swing and day trade convergence