FX Trade Diary 9 Sept 2011

I have decided to start blogging my daily FX thoughts as a way to keep track of random thoughts in my head. Hopefully this will help me to be a profitable trader soon.

Watching candles forming is really boring, so blogging might help to keep me awake and maybe sane.

EUR/USD

0005 hours :

I was waiting for a retracement to supply at 1.419-1.421 but prices kept falling like a brick towards demand at 1.376-1.383. Getting towards 1.38 is a certainty but without a deep retracement after massive 600 pips sell off is mind blowing. Looks like a steep drop on H4 is coming but hopefully at least with some sort of retracement.

I had entered a pending sell at 1.4064, SL 1.4081, Target 1.38. It's a case of drop base drop at 1.405-1.41, not a nice base due to the CHF driven rally-after-shock but let's give it a shot. A straight sell to 1.38 is too risky.

1847 hours :

It's already at 1.38. I need to rethink my pending order during the weekend.

USD/CAD

0005 hours :

This pair is stuck in limbo, in-between two zones. RSI and MAs are flat, confirming that prices are not moving much. Ignoring this pair for now.

CHF/JPY

0005 hours :

88.39-88.57 is a old demand zone. I am expecting this to take a little bounce here back to supply at 89.98-90.28, which will make a nice sell off, as it is a fresh area. But given the crazy Swiss policies changes recently, I am not going to touch this pair.

EUR / GBP

0005 hours :

I had missed my pending sell at 0.885 for a measly 8 pips, causing a hindsight loss of 150 pips. Not to be dishearten, I have a pending long at 0.8655, SL 0.8635, TP 0.886. This is going to be a swing trade.

1848 hours :

The pending buy triggered. Thinking of moving my SL to BE. A bit premature and I don't feel like losing a single cent more this week. But stick to the trading plan. It's kind of hard to do that. 0.8645 is another strong demand level, so even if it goes through 0.8655, there is still one more chance to break even. Let's see if NY can push prices back up.

AUD/USD

1830 hours :

The uptrend looks good and still intact, and the recent USD strength had pushed AUD/USD down towards a demand area. I am looking for a long at 1.0486 for push back up towards 1.07. I am setting up a pending buy at 1.0486, SL 1.0455, TP 1.0486.

GBP/JPY

1921 hours :

I don't really like the way prices are moving today. The bounce from supply at 122.68-123.5 looks weak but could take it all the way to 126 or even 128.5. Staying off this pair for now.