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My path of becoming a trader


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My path of becoming a trader

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  #11 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received


Big Mike View Post
Great job on the journal so far, I look forward to more

Can you tell me, did you decide to start this journal in part because of the free iPad / $600 tablet contest? Just so I can track what motivates people...

Thx
Mike


tnx Mike! I'm looking forward to contribute to community and to learn something from the comments and critique of others!

In fact I started running a diary 2 weeks before, and almost quit. It was on my own computer, so no response, no feedback.
I saw your advertisement on the front page about the ipad and asked myself why wouldn't I run a diary on the forum! Other people's comments could made me change things.

I'm not really expecting to win an ipad eventhough I'm looking at it over the web like the it's a present from God himself .... No really, it's a great idea, and very generous of you!

It's a great community of you traders here, just forex is not so popular, as future markets are....

Best regards,

ivan

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  #12 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
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kingich View Post
Due to lack of other ideas I've taken the trade ideas I've wrote before.

EURUSD went south, due to Japan downfall of credit rating and I guess, Libia and fly to safety. I've closed it + 95 pips, and GBPJPY is still an open trade.

I'm experiencing generally lack of energy and enthusiasm, have to get myself together and get more organized!

I've closed my GBPJPY short with + 154 pips. Trading gods were good to me this week :-)

I hope you're not thinking I'm a fakey. I've been trading year and a half, already blew my trading account, not so much relatively (2000 , but a pretty big amount to me). Cannot blame the broker or anyone else. It's my own stupidity. Now I'm really taking things slow, my way and with really small lots....

I was thinking that GBPJPY is not what it used to be! It's not so wild anymore. In fact EUR/USD is really like a wild animal lately.

If you haven't noticed it today, EUR/USD broke the S3 level of daily pivot points, which was really an indication of overextending .... and then retraced up more then 150 pips right to the pivot point. Amazing! I'm putting up chart so you can see. It's one of the strategy I'm trying to trade, it's doesn't happen that often, that a pair hits S3 or R3 in the same day, but when it does, if it starts going back I'm jumping in and exiting on the pivot level. This today I haven't grabbed.

As I left home at 6 am this morning, and returned now (its almost midnight my time), I'll give my last atoms of strength to check up the market and eventually put some orders!

best regards,

your friend in the markets

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  #13 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received


Hi all,

maybe I'm hoovering around too much, but this strategy intriggered me. it's from the www.ichimokuworld.com, and I'm trying to demo trade it.

On the website you have free book on ichimoku trading strategies, and I'll post one example. You'll notice the similarity, on 4h and 1h chart that had to match, only then you're looking for an entry on 15min chart.

For example, price must be above the cloud, kijun-above tenken-sen, and chikou span above price and a cloud.

This is something on my to-do list for more research also....

As I've said, don't have access to trading platform at work, so no trades at the moment ...I feel good this week with my positive result, and fell building an inner strength I've lost long time ago.

Your friend in trading,

ivan

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  #14 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

Hi friends!

Last 2 days I was an observer in the markets. Some setups I've noticed, and will concentrate on that for the next week.

Both EUR/CHF and USD/CHF have unsustainable downtrend. While USDCHF is clearly showing bullish divergence, I'll wait for an entry around 93,50 targeting 95,20 (more sustainable downtrend). with stop no more then 40 pips.

I'll be a buyer on EURCHF around 1,2850 targeting return to the 50 and 100 SMA, around 1.30 with stop loss 1,2750.

Haven't thought GBPJPY is going to make such a big move downwards, and exit my last short position @ 133,50....

At this moment it looks very overextended. It broke daily R3 zone, and make a small return back, I'll go long 132.20, SL 131.20, TP 1.3380 (return to the daily pivot, which also was totally missed today!).

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  #15 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

Just one more notification.

GBPJPY hit weekly S3 today. On this 5min chart setup, red line is 34 EMA and blue line is 200 SMA.

Dashed white lines are 800 SMA bollinger bands.

GBPJPY is really indicating overextension to the downside, so if it stays within current level and made a little progress above 200 SMA, this is one more signal why I should take the trade I just took, because it's around 100 pips below 800 SMA, and lots of space to return.

As you see, I'm speaking about moving averages but other way around. Not trading the breakout but the return. Moving average is like an market equilibrium, and if price spends long time away from it and shows signs of weakness in momentum I'm taking the trade in the direction of the moving average. It's like a magnet which is attracting the price back.

Like that saying, I read all the time, "it's my 2 cents" :-)

Hope you had a good week in trading,

best regards,

ivan

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  #16 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

Just to record one trading idea for the next week. A huge triangle breakout on the EUR/GBP pair. I'll have to take it into consideration if something comes up on the shorter time frames.

Looks like my only reader is BigMike :-) lol, tnx Mike!

The markets are non-linear, dynamic systems. Chaos analysis has determined that market prices are highly random with a trend component. The amount of the trend component varies from market to market and from time frame to time frame.

Manus J. Donahue III
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  #17 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

Hi guys, I'm looking forward to write you again.

I wish I could spend more time on the forum, looking and commenting on other people's diaries. Unfortunatelly, work, family, 1,5 yrs old son doesn't give me much space :-)

Let's recap the last week,

I've had 2 positive trades,

GBP/JPY short + 154 it was really a good divergence on the daily chart, and the pair fell right down to the low bollinger band on the daily...


EUR/USD short + 95 this was a trade when the pair hit R3, looked overextended and I've taken an opportunity to profit from the correction. It's kind a tricky.

My last trade didn't went well, it's GBP/JPY long, which ended - 100 pips, was from the pivotvstrategy, pair hit S3 daily level and bounced back, I've taken a long position, targeting pivot point, but ended up negative.

That's life, so to put it all together it's +149 pips for the week.

Now I'm comming to the fun part of next week's analysis and setups.

The markets are non-linear, dynamic systems. Chaos analysis has determined that market prices are highly random with a trend component. The amount of the trend component varies from market to market and from time frame to time frame.

Manus J. Donahue III
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  #18 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

My first pair is again GBP/JPY

as you see, I like to play with fire :-)

We'll take this journey from the monthly chart. As you can see, looks like the pair found a low, with slightly positive bullish divergence on the RSI. Also breakout of the huge triangle could pointing upward trend.

Weekly chart is showing similar picture. On daily, long entry is not so clear, and looking at 4 h chart, my favorite strategy, I'll be looking for a long position returning to the 50 and 100 MA's, when I see increasing long period MACD histogram (it's just regular figures x 5).

I've put it on the 4h chart, so beside normal MACD, I can see 4x5 which is 20 hours, almost one day MACD histogram development. So it's kind a bigger picture on the same chart.

Interesting but so far no positions.

The markets are non-linear, dynamic systems. Chaos analysis has determined that market prices are highly random with a trend component. The amount of the trend component varies from market to market and from time frame to time frame.

Manus J. Donahue III
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  #19 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received

My USD/CHF is really coming close to my long entry point.

For GBP/CHF I really cannot see anything clear. It's reaching all time lows, constantly. I might be jumping the gun, but on shorter time frame, 4h chart, it looks like it found a low, and could retrace between it's 50-100 MA's. I'll take a long position, no exact figures yet, but it will be near current market, targeting 1,5315, with a stop loss below the blue line. It's around 100 pips SL, and 300 TP.

The markets are non-linear, dynamic systems. Chaos analysis has determined that market prices are highly random with a trend component. The amount of the trend component varies from market to market and from time frame to time frame.

Manus J. Donahue III
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  #20 (permalink)
 kingich 
Zagreb, Croatia, Europe
 
Experience: Beginner
Platform: Dukascopy
Broker: Dukascopy SA
Trading: forex
 
Posts: 110 since Jan 2011
Thanks: 55 given, 71 received


I'm going to post a daily charts only.

EURJPY is showing signs of weakness. With a divergence on the MACD, and breakout of long trend on the RSI, I could try some sells targeting around 108,50 ... more sustainable trend. I'm not so sure about this one though.

On GBPUSD it looks kind of better, eventhough there is no so much space between those 2 trendlines. If the price breaks the steeper one, it will be around 1,60 - also a round number and lots of fights have been fought around that number. Breaking of 1,60 I'll be shorting the pound, targeting 1,5750.

The markets are non-linear, dynamic systems. Chaos analysis has determined that market prices are highly random with a trend component. The amount of the trend component varies from market to market and from time frame to time frame.

Manus J. Donahue III
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