+1 1:2 Y 2010-06-30

1: daily is down , 3hourly down hourlydown 15minute up 5 down
2: News to come is:nothing important, some small news.
3: What's the main event just happened that move the market? ECB lending is better than expected over night and blackbox fund is buying up the pair.

4: What do you think the market will do today?


5: Were you right about the market? (After the trading session) yes, I was right, but I didn't trade with the plan...

6: What's the trade? I
s it related to the previous loser or winner?
Do you take half at 1R?
Is it follow the rules?
How many pips it risk?

6: What's the trade? I
s it related to the previous loser or winner?
Do you take half at 1R?
Is it follow the rules?
How many pips it risk?

what's the daily limit and daily risk now? 60/









There was 3 trade today, first 2 are little rush, and not at any resist point, last one got good entry, but didn't hold on to the profit.

TESLA MOTORS

It went IPO today, it was set to price at 14 to 16, and it changes its mind last minute to 17, and market like it, it open up at 18 and went as high as 19.

I got some at 18.38. And my price target is 20, stop is at 16. I expect to get target/stop in 2 weeks.

There is no technical or chart behind this trade. I like the company and I like the car.

update1: 11:30 AM PST, damn, should bot more.... selling 1/3 now.

update2: ops... sold too early, I was never a good stock trader.. anyway, I like the car.

update3: WTF.....

Trade Message
(008163) The Stop Order you are attempting to enter is currently unavailable for this security. This may be due to market conditions or the ineligibility of that order type for this security. When OTC securities are either temporarily or permanently ineligible for Stop Orders, you may not enter such orders through any channel, including electronic and automated channels, as well as representative-assisted channels. Please refer to online help for further clarification.

update4: 6/30, I 1/3 at 29.9 and rest is holding...

2010-06-29

No trade today, here is a chart for ES weekly.




update: I enter an order to short EUR/USD at 1.2216, stop 1.2240 and target 1.2168. Reason for the trade: 1.2216 is the ema62 on 15 minutes, also the daily high.

+40 1:0 Y 2010-06-28

1: daily is down, 3hourly flat up, hourly flat up 15minute down 5 down
2: News to come is: no news
3: What's the main event just happened that move the market? eastern euro selling push the price from 1.2380 to 1.2340, g20 agrees on spending cut and US PCE up little bit.

4: What do you think the market will do today? boring, will be flat until new news come.

5: Were you right about the market? (After the trading session) wrong, the pair dropped lower for 80 pips.

6: What's the trade?
I still have a short at 1.238, move stop to BE and watch.
Is it related to the previous loser or winner? no
Do you take half at 1R? yes, take half at 1.2340
Is it follow the rules?
How many pips it risk? yes

6: What's the trade? I
s it related to the previous loser or winner?
Do you take half at 1R?
Is it follow the rules?

How many pips it risk? 15

what's the daily limit and daily risk now? 60/ 0


update: today's setup was good, at 1.2340 level, EMA62 on 5 minutes chart is down trending and pushing the price, on 1 minute chart, there was a reversal for DIV setup to entry

my swing position closed at 1.2260 level, total of 40 pips gain, with 15 pips stop.

weekly review

-90 pips this week, most of it (60) are from FOMC reaction. The rest are just not working setup, on the plan part, it's 10:10. Next week's target is 10:5.

misstakes:
1: didn't do as I predict in the post, and didn't write why?
2: trade on 10 seconds entry, but not taking profit at half, also set stop on 5 minutes chart, so bigger lost.
3: leave trade over night with too wide of target, it's getting hit on stop first.
4: didn't find true div but jump in anyway.
5: need to name first picture as P...... and so it can connected to each other on 15 minutes.

week of 2010-06-27
1: no trade on FOMC, as it moves too quickly. unless I'm trading with the trend.
2: no trade on 1 minute chart when at remote, too slow to react.
3: try more follow trend trade.
4: In trending market, DIV on one didn't work well on 1 min chart... DIV on 5 and 15 did.


More learning cycle more better.

key success for this coming week:
1: Keep a plan in place and follow it.
2: follow the trend.
3: Don't trade 10/1 chart when remote.

iphone 4. and iPad.

I didn't get it. I was trying to reserve it and it's sold out. Then I went to store but the line is too long. I will wait for couple weeks, and my wife wanted a white color, it's not available online anyway.


I know someone waiting on June 24th for 4 hours, and then was turn back saying "Sorry, we are closing for today"... What a miss management. Well regardless the miss management, iPhone4 is a great success, even ATT cannot mess it up.

I'm very happy with my iPAD.. Thinking of buying one for mom and dad, they don't use computer and keyboard-mouse is kind of hard for them.

-26 3:0 Y 2010-06-25

I was on a remote place and use VNC to my trading desk, I got 2 setup in DIV on 1 minute chart, I entered them, and then work on other things. They both got stopped out, it didn't work well on 1 minute chart for the reversal setup when in up trend.

Then I got a DIV on 5 minute chart, entered a half position at 1.2384 short, with half size, cause my stop is at 1.2410, I'm still holding it now, hope the Sunday's gap won't blow it away.

-20 1:0 N 2010-06-24

1: daily is flat 3hourly flat hourly flat 15 up minute 5 up
2: News to come is: no news, It just break the key resist 1.2360 level. and all other market seems not doing well, it's just euro rally.
3: What's the main event just happened that move the market? unknown yet, greece cds spreak is 1075+ bp, which should be euro bearish, but seems it doesn't care much.

4: What do you think the market will do today? it will go up from here.

5: Were you right about the market? (After the trading session)

6: What's the trade? buying at 60 level
Is it related to the previous loser or winner? no, previous was a short.
Do you take half at 1R? yes, plan to.
Is it follow the rules? yes.
How many pips it risk? 20

6: What's the trade? I
s it related to the previous loser or winner?
Do you take half at 1R?
Is it follow the rules?
How many pips it risk?

what's the daily limit and daily risk now? 60/ 20

And my stop is at 40, I'm getting there.

-64 0:7 2010-06-23 FOMC

No trade prior FOMC

Interesting market move this morning, first we have the rumor about France been downgraded by Fitch, and then the news for US new home sale down 33%, it's down 52% in the west. What's interesting is, in average, 70% American own their home, but less than 60% in California. And we all know that home price in California is about 2 or 3 times higher than any other place in US. So that 8000$ tax credit won't help much in California. For example, a home for 200K vs. a home for 600K, 8000$ tax money won't matter that much on the 600K, a 2% drop can be easily 12K. That's why I'm wondering why in the west, so many people are rushed into buying new homes.


News is out, there is no news.. FED keeps on doing what they do as everyone already expected, extended period is there. I went short on the pop, after about 50 pips lost, I finally got a 1/2 size at 1.2340 level, now sit down and tight my stop and let it run.

What make me feel bad today is because:
1: I short on 2270 right after the news when the spread shrink from 10 to 2, I feel like finally I can trade, so jump right in, and stop is at 93, with 22 pips risk, I should really go with half size.. also It's a chasing trading on 10 seconds chart, typically I should be shorting the pop.
2: After I was stopped out, I basically go in with a damaged brain, with only thing in mind, I have a daily limit for 60, let's get some winner before that used up.


There is only 1 good part, I took 2 times of profit in my short when the price on the way up. and I didn't move my stop.



Lessons and sumary:
For FOMC and news trade, DIV don't work well, let's try to follow the trend with EMA62 setup...

+4 1:1 2010-06-22

1: daily is down 3hourly flat hourly down 15minute down 5 up
2: News to come is: 6:30 us stock market open and 7:00 housing sell
3: What's the main event just happened that move the market? risk aversion, including SNB comments fitch downgrade BNP and Eur bond spreads wider, UK budget cut and tax hike. CNY still in focus trade at 6.76
4: What do you think the market will do today? I was right yesterday, market drop and bounce back from 1.2250 level, now traded at 1.2290.

5: Were you right about the market? (After the trading session)

6: What's the trade?
A: Short at 1.2305/10 level, with DIV setup
B: long at 1.2250
Is it follow the rules? Yes
How many pips it risk? 10 + 10
what's the daily limit and daily risk now? 60/ 20

update: 10:39 AM PST, it's boring, I missed a buy at ema62 on 5 minutes, but it's only a 13 pips move, the whole morning is within 30 pips. I was able to hold on to my atemp to buy at 90. as it's not planned, oh well, it could be another 10 pips winner while I'm typing this, it pop back to 1.2300 already. but follow the plan is the only way I can track my trade and make consistent grow.

+15 5:2 Y 2010-06-21

1: daily is down 3hourly up hourly flat 15minute down 5 down

2: News to come is: none

3: What's the main event just happened that move the market? Chinese revalue RMB, RM is now up 0.7%

4: What do you think the market will do today? It will drop below 1.2350 and test 1.2250 maybe soon (not today), mainly it goes down.

5: Were you right about the market? (After the trading session): I'm write about today's market, it bounced from 50 level because of a DIV setup on 10 seconds chart, and then toppped at 1.2395 level with a round top.  From FA side, China is not going to let RMB go up so quickly and there is only hope from US for that. From TA side, there is a DIV setup on hourly chart on eur/usd, it's also filling the gap for weekend jump. Market is also rally for a week now a pull back is due. My last wining trade wasn't a DIV, wasn't a classic ema62 play either. It's just a winner. also at the moment of the trade, I was down 20 pips, the worst I got stop out again with -30 total. And today is kind of trending day, not range trade for sure.

6: What's the trade?
A: short on ema62 down trending
Is it follow the rules? YES
How many pips it risk? 10+10+10+10
what's the daily limit and daily risk now? 60/ 40

update 9:30 AM I'm still hold half size at short 1.2390 level, will let it run, stop is at BE, overall today is -15 I think.... I can close now to get a BE day, but I want more, this is the time I need to milk it. At least to 1.2350 level, which is the day's low.

update 9:50 AM, I closed all at 1.2340 level, as I couldn't hold it any longer, want to realize the paper profit.

weekly review

This is for review the week of 06/18/2010.
Pips: 0, and trades are 8:8, not the win:loss, but planned:unplanned. 

Overall, it feels good, as I started the week with much more unplanned trade and ended the week with lots more planned trade. even though the biggest winner comes from unplanned trade, biggest loser comes from unplanned trade as well.... As expected, unplanned trade are just too hard to manage and follow and review.

There are some lessons learned and there are changes made for the template, basically the template is driving what I do in planned trade, after following the template,  I should be able to get a sense of the market, knowing the trend or the range, setup a plan and follow it. There are needs to have more than one weapon/setups to deal with different market condition, otherwise I get bored.

Pipwise, I didn't get much this week, but this is a different feeling compare to a week ago, I won't have a blow out account even I had much more losers as I have stop in place and money management in place to keep me in the game, also don't look for the setup that you want to trade, look to feel the market and so far it's working. next week will need to track if my read/prediction about the market is on target or not. and if not, why? is it because of different technical level or because the news changed everything.

0 2:1 2010-06-18

1: daily is sideway 3hourly up hourly up 15minute flat 5 sideway down

2: News to come is: none

3: What's the main event just happened that move the market? Assian session was quiet, euro session was boring too in the range of 2360 and 2416.

4: What do you think the market will do today? with only 5 real trading hours left and OE day, I think it's going to test 2340 and bounce from there.

5: Were you right about the market? (After the trading session)

6: What's the trade?
A: buying at 2340, stop 20 pips
Is it follow the rules? Yes
How many pips it risk? 20
what's the daily limit and daily risk now? 60/ 20

short at 1.2378

made a misstake, short at 1.2378 and stop 1.24 target 1.235..

Reason for entry, there is a price/macd div on 1 minute chart, and this end of day session (it's 10:53 now at PST) shouldn't last long... The thing is, 1 minute chart at the end of day is too choppy and also, it's not really a DIV yet, if I waiting for another 5 more minutes, the entry at 1.2385 level will be a true DIV setup.

Also, I should take half at 1.2374 as my initial risk is only 4 pips (stop can be at 1.2382)..

Anyway, this is a bad entry, now it's just a question of how I manage it.

I still have the stop at 1.2400, which is -22 in worst case.




At 12:00 PST, anyone looks eur/usd feels it's a head and shoulder pattern now? I'm setting my target to 1.2300... hope this 2400 is the top...

update:
at 5:00 PM PST, I was trying to close my position, I shorted at 1.2378, but the greedy in my mind keeps me waiting and now it's at 1.2390... Anyway, my stop is at 1.2410 and I will let it hit. It's just one trade and it's just 30 pips lost, no one trade should break me or make me .

-40 3:2 2010-06-17

1: daily is down 3hourly up hourly up 15 minute up 5 down 8:00 AM PST.

2: News to come is: no.

3: What's the main event just happened that move the market? Spain bond acution better and UK retail better trigger the rally to 1.2400, and Job claim higher in US push it down to 1.2350 level.

4: What do you think the market will do today? the rally will continue to 1.2400 again.

5: Were you right about the market? (After the trading session)

6: What's the trade?
A: buy at 1.2370, which is EMA62 on 5 minutes, stop 10 pips.
B: Buy at 1.2350 level, which is EMA62 on15 minutes, stop 10 pips.
Is it follow the rules? yes.
How many pips it risk? 10 and 10
what's the daily limit and daily risk now? 60/ 20

+7 2:0 2010-06-16

1: daily down is 3hourly lightly up, hourly up and ema62 is tested 2 times 15minute sideway 5 up. resist 1.2310, support 1.2250

2: News to come is: 7:30 oil inventory, (now it's 6:45)

3: What's the main event just happened that move the market? spain issue and then news of PPI at 5:30.

4: What do you think the market will do today? it's a choppy market, I think it will stay with range of 1.2250 and 1.2350.

5: Were you right about the market? (After the trading session)yes, trending down slightly.

6: What's the trade?
A: Short at 1.2310, stop 1.2320, target 1.2295 S/R play
B: buy at 1.2295, stop 5 pips, target 20, EMA62 on 1 minute chart.
Is it follow the rules? YES
How many pips it risk? 15
what's the daily limit and daily risk now? 60/ 15

update on the trade A:


done with the trade..




Update2: (10:50 AM PST), it's soooo boring this market.

Update3: I had a short order at 1.2335, which is base on support and resist, stop is 50, and target 00... It didn't get filled but it's a good setup in the ranging market.

-10 0:3 2010-06-15

need to see dentist today, no trading.

This is one of those days that I traded with mobile device, and now I'm shorting the eur/usd with stop at 1.2350, it looks like to be taken out anytime soon.

Update1: Still not stop out, this is interesting, dow and nasdaq are rally, how come eur/usd is not moving up?

Update2: The stock market rally today, DOW SPY up 2%+ and SPY break 1110 key level close at 1115.
1: I didn't follow the plan (which was no trade today). I jump in one trade at 20 and stopped out at 30 on a DIV setup. This is OK setup, but with realize that I need to go out for 3 hours and still take the trade is not acceptable.
2: I took another 2 blind short with my iphone, one at 30 and stopped at 40, one at 42 and stop set to be 50, and now still holding it. I will continue to hold this open position, target at 2300 level.

The result is, I had 3 unplanned trade and 2 losers already booked, hope the last winner can take it back.

+40 1:2 2010-06-14

1: daily is down 3hourly up hourlyup 15 up minute 5 up

2: News to come is: none

3: What's the main event just happened that move the market? stronger euro data and oil price up, Spain rumar didn't help. spy up 10.

4: What do you think the market will do today? Pirce will go and test 1.2350 resist and decide from there.

5: Were you right about the market? (After the trading session) no, price touch 1.2300 and drop back on the news of Moody downgrade. Without the news, it's having hard time to break on the upside anyway. Seems bull run out of steam.

6: What's the trade?
A: buy the DIV setup on 1 minute chart. (This didn't happen today, no setup found)
B: buy the EMA62 on 5 minute chart support, might be at 1.2220 level, which is also the previous support. This setup filled at 36, stop 21, target 70. RR 1: 2 , moved stop to 27 after price back to 38 ( it tested 29) , price spike up, I sold at half at 46, move stop to 30.
OK, I sold rest half at 47, reasons? no patient, SPY is at 1100 for resist and sure it went to 63 in 3 minutes after I close mine.


Is it follow the rules? yes
How many pips it risk? A: 5, B:15
what's the daily limit and daily risk now? 60/ 20

update: I went short at 67, and stopped out at 80, Then short again at 83, stop set was 02, I took profit on half at 50 level, now the rest is running. The drop in price is because Moody downgrade. The last half hit my profit at 30. These are wrong trade, as no rules followed.

There were 3 trade (round trip) today, 1 good solid, the other 2 are luck and gambler.

Today 1:2 + 40

blog trade template

1: daily is 3hourly hourly 15minute 5
2: News to come is:
3: What's the main event just happened that move the market? and is it trendy?

4: What do you think the market will do today?

5: Were you right about the market? (After the trading session)

6: What's the trade? Is it related to the previous loser or winner?
Do you take half at 1R?
How many pips it risk?

what's the daily limit and daily risk now? 60/

great article.

Thanks to MATT  bring up this old post. It's worth of reading and it refreshes your mind.

Another one

TWO

Three

Four

And the truabout trading 

And TILT

2010-06-11

daily down, 3 hour and hourly sideway and up, 15 is sideway, 5 is down after the news of retail sale disappointing.

I want to short



Just an update on today's trade. I have done with the short position, now I have a long position at 60, stop 40 and target the session high of 1.2140.

2010-06-10 EUR Rally.

EUR rally.
daily down, 3 hour sideway up, and hourly sideway up , 15 and 5 is up.

I wasn't trade well, last trade is still on, here is the chart, and need more review for the different entry.







update: My short closed half at 1.2090 level and rest is running...
update: the rest of short stopped out at 1.2140, I ended the day with -30, it could be 0 if I closed at 1.2080 or so...

FIFA world cup 2010.

It's 6:30 AM PST on Friday, and then the weekend has lots of games.

But most of the part is next week at 4:00 am 6:30 am and 11:00 am PST. That means it's the same time I'm trading.... As of the question about which is important, the answer is clear, SOCCER! It happens every 4 years, where my trade/setup happens everyday/night. I will try to blink on my screen while watching TV.

Go Orange!

2010-06-09

finally login to Oanda.

daily down, 3 hour sideway up, and hourly sideway up , 15 and 5 is up.

Looking to buy a dip or short a pop, now it's at 1.2024, 1.2030 seems to be a good short.

and 1.2000 can be long. 5 more minute US stock market will be open

update at 6:28, there was a mini breakout on the long side, I was able to trade it, here is the chart.




Here is another trade... not as good as I wanted and planned. Execution is bad.

I want to trade!

2010-06-08

no trade yet, 1.1925 seems to be a buy area...





got some trade in,







and I chicked out at 31, now it's at 26.....w......#$%^&*

I also longed at 1.1917, and talk profit at 1.1920 1.1925.. now I deeply regret about it, as it touched 1.2000 briefly. Anyway, protect my profit and then I will have a chance to let my winner run.

Oanda Server Busy.

I'm getting an error from Oadna, "Server Busy". no trade tonight.

2010-06-07

No trade, couldn't find entry today.

2010-06-06

NFP at 431K

it's worse than expected and eur/usd trading in a 80 to 40 zonne... 80 should be good short entry but as Oanda widen spread to 5 pips, I will hold on to my cash.

as I'm waiting for a smaller spread from Oanda, here is a setup last night.




I have a breakout order to short at 1.2015, target 1.2000. stop with 10 pips.

Just an update on the previous order, I have to go out to drop the kid to school so I canceled it, and yes, my trading idea was good, but didn't get executed.

2010-06-03

daily is down, 3 hourly is sideway with little short bias. hourly is choppy
15 is choppy, 5 is down... looking for short?


here is a setup last night, too late, I didn't trade.



another setup in 10 seconds chart, I missed it...




finally there is one I did trade.




one last trade, and I'm done for today.

2010-06-02

daily is down and 3 hourly is sideway but sliding down. both 5 and 15 are down, with little bounce. I was able to get a pick at double top...




last half position closed at 86

messed up

OK, on the other laptop, I messed up. I also try to shrink the partition, but somehow in windows 7 installation DVD, it shows 149 GB with RAW partition. On the old laptop, it was showing as NTFS, that's how I shrinked 50 GB from it. And now this new dell laptop shows differently, I shrinked it anyway, it finished in 1 second, I know something wrong right away, and it returns it shrinked 149 GB successfully... #$%^&*(

For sure, I couldn't boot to my xp anymore....

Order Canceled (BV)

Never seen this before, today I got it:

From Oranda:

Order Canceled (BV).

I did google search:

If, at the time a limit order is executed, the most current exchange rate at the OANDA servers lies outside the interval specified by the lower and upper bounds, then the limit order will be rejected and the limit order is erased from the system.


This make sense for market order, but not for limit order. Limit order SHOULD be executed at (or better than) the price I set!

2010-06-01

daily is down and 1.2150 was broken, stop was triggered, but bounce back to 1.2220
3 hour is sideway
hourly is choppy
15 is up
5 is up...

news is coming at 7:00, 5 more minutes..

update1: I short at 30 and stopped out in 5 pips. Then I short at 37, with stop at 50. (13 pips)

Target is 1.2210


stopped for today...