Traderdesk journal

[TraderDesk]

Hi TraderDesk.

Tallinn? We could meet for a coffee sometime.

J.

Tere,
Sure. When I get back from the family vacation we can meet up for coffee somewhere near Viru Keskus center.

[TraderDesk]

June 19 2013:

I decided to set a sell market order even though the market is not given to a direction. Bias is to the downside but in markets like this I like to be careful as price movement is harder to gauge if at all.

Since price is below daily HA as well as 4 and 1 hour HA's then the trade is sell. I would have felt better if price was higher say 149.60-80 level just for a better R/R ratio.

In case price does go up higher than expected I set a sell limit order around 150.70 level to give me a better R/R and to potentially average out any S/L on my first market open position.

[TraderDesk]

I took some sell positions with the increase volatility after FOMC and closed them out as I need to get some sleep.

You can follow me on MyFXBook as I have all the account details open. Remember I am a discretionary trader using Heiken Ashi as my main trading component on the charts. 10.4/5 I use to supplement my trading decisions as I like the CSS indicator. Actually for me the best would be HA with CSS only indicator as I look at price movement to make trading decisions.

Also for this journal I am primarily trading GBP/JPY but in the future I will add 4 other uncorrelated currency pairs...

[rosst]

You are certainly doing something right!

[TraderDesk]

Someone asked me about correlation between currencies. Please read this as a start http://www.investopedia.com/articles/fo ... 051905.asp

and there are several sites that have updated correlation between currencies so you don't have to do your own calculations. One site is: http://www.forexticket.co.uk/en/tools/01-01-correlation

An example would be GBP/USD vs USD/JPY where there is very little correlation between them on all timeframes. You could use this when trading in your strategies especially when it comes to leveraging and risk management.

[TraderDesk]

June 20 2013:

Looking at the charts and CSS I am noticing that JPY is getting progressively weaker from it's peak of last week. USD is now showing some strength especially after the FOMC and if it continues then we will see a possible reversal on the bearish bias of GBP/JPY.

This is where I have to be careful as price movement is below the daily HA line signifying bearish movement with a possible retracement over the next few days.

Will price movement cross above the HA line soon? Is this just a move to get at a better sell level before resumption in the downtrend?

Here is where trading gets interesting. I can look at the bigger picture and wait for the answer before opening new positions or drill down into the lower timeframes and set positions for quick entries and exits playing with the intraday ebb and flow.

What to do... what to do...

[TraderDesk]

As my gut feeling was correct price movement has jumped up and is now at 151.15 from 149.50 at my earlier post. If price was above the daily HA I would have went with my gut feeling for a buy but as price is still below daily HA line I have to respect the daily trend unless I was to counter-trend trade.

Today is Thursday and GBP/JPY usually have big moves on Thursday so we might even see 152 and higher... Will next week be the new daily trend up? If so I will jump on that bandwagon but for now I am watching and might place some trades on a smaller timeframe.... Hard to trade when your on vacation

[Jeuro]

Hi TraderDesk.

Tallinn? We could meet for a coffee sometime.

J.

Tere,
Sure. When I get back from the family vacation we can meet up for coffee somewhere near Viru Keskus center.

Tere.. ( And that is about all my Eesti Keel).
Sound good .. let me know.
J.

[spillini]

Just some GP, my man. I have notice a confluence here. We may head back for another shot at 147 area. Those are: 50% Fibo right at the 240 and Wr1 right behind.

Just FYI, I took the bargain with a nice tight stop.

Jim

[TraderDesk]

June 21 2013:

Today I went against my gut feeling which was to wait. I took some buy positions and was stopped out when price movement went to far against my comfort level.

Oh well. next time I will listen to my instincts...

Monday is a new week to make up for today...