My forex trading Journal

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Laurel
111
Laurel  

Today i have opened an account in FBS and deposited $200 in it.

I have decided to publish my trading journal with this broker.

If there is any problem with this broker, I will let you know. I will also inform you how my trades are going, I hope you will like my trades.

Day: 30-03-2011

I have deposited money. I got $50 as bonus (25% bonus)

AUD/USD has broken all time high and today trading at 1.0309. I have sold 0.01 lot of this pair.

USD/JPY has overcome 83 level. I have also sold 0.01 lot of this pair.

Update:

I have attached my account.

Now, you all can see my trading performance.

Laurel
111
Laurel  

1 April 2011

I sold EUR/JPY today of 0.01 lot. This pair is rising quickly without any correction, so a correction is must and it is near.

I got an opportunity to close the AUD/USD trade at break even, but my analysis tells me AUD/USD will fall soon, so I will keep this trade open for longer period.

There is an important economic news today which is NFP. Once, the news will be published, it will be easy to predict the market movement. This news will be published at 12:30 GMT time.

FBS execution speed is very quick till now, I will check the spread and execution speed at news time.

Laurel
111
Laurel  

3 April 2011

My current thoughts

This week was not good for me. I am in floating loss in my 2 trades and my account is experiencing a 9% drawdown.

I am not worried with such drawdown, drawdown is a part of trades and next time I have to be more choosy while opening trades.

I am waiting for the Tuesday, there are many economical news in that day and I will try to manage 50 pips in Tuesday.

Lets have a look on what news will come out in Tuesday, 5 April 2011:

GMT Time 12.15 am Fed Chairman Bernanke Speaks

GMT Time 05.30 am Australia Cash Rate and RBA Rate Statement

GMT Time 03.00 pm USA ISM Non-Manufacturing PMI

GMT Time 07.00 pm FOMC Meeting Minutes

Best wishes for a new trading week.

Laurel
111
Laurel  

Since , there were not any major economic events today, market was silent and most pairs traded in a short range. I expect market will be volatile from tomorrow.

AUD/USD has created an all time high today. I believe "What goes up will must go down". The sentiment for AUD/USD is very bullish and when this sentiment will be hurt, there will be a quick fall in AUD/USD pair.

Thats why my AUD/USD trade is still open, its my bad luck/bad analysis, I didn't got the accurate entry.

Where we can get an accurate entry for selling AUD/USD?

Its RBA Rate Statement which will say it tomorrow. Lets wait for the news. I don't think there will be any announcement of interest rate change, but it will create 70-80 pips or more movement in AUD/USD

I didn't open any trade today and now very sleepy, good bye!

(One thing need to be mentioned, my 9% draw down has reduced to 6.5% . An angel, please come in my dream and make it 0% ....)

Laurel
111
Laurel  

7 April 2011

Bearish sentiment is growing in the market for USD. Therefore, USD is weakening.

This week, the best performer is AUD/USD till now, the weakest currency is Yen.

AUD/USD is creating new daily high every day and new high lies at 1.0503 . Retraced 80 pips after that and now trading at 1.0450

In the other side, JPY is weakening everyday against USD, approaching to 87. Currently trading at 85.

Due to my losing floating trades, I am still in sideline. I want to enter in some trades with fixed sl but I am not getting any clear signal.

So, better to wait.

FBS terminal loads very quickly, its a positive side of this broker. Hope fully their withdrawals will be fast too.

Laurel
111
Laurel  

There is dividend in forexlike the stock market.

Its hike of interest rate. ECB did that yesterday, I think that was an unofficial hike cause it was not scheduled and the movement in market tell us what is the impact of interest rate hike.

If you are the one who buy euro by selling usd, from now you will get more swap than before. It can't generate big $$ with a $100 trade but when the trade volume is $10 billion, it can.

Its why billionaires always search the country with highest interest rate and buy the currency of those countries.

According to demand and supply strategies, it increases demand for the currency, here for the euro. Since, supply is limited, the price of euro is bound to rise, its happening too.

But why others are increasing? Its like your salary has increased in your office, so others will also expect growth. Thats it, the correlation.

Laurel
111
Laurel  

ECB increased interest rate last week which was a prime reason of the euro rally last week. Euro/usd went below 1.4250 and after the interest rate hike, its succeed to break above 1.44 and at the end of the week, ran another rally to 1.4483.

Next resistance lies at 1.4500 (psychological resistance).

There are talks about debt crisis of some European countries, next week that will be an important factor. If not, euro/usd will continue rally to next major resistance 1.5154.

Since, the change of trend is confirmed, next week I will enter in couple of new trades in favor of the trend. Happy weekend.

Laurel
111
Laurel  

First sign of reversal.

EURO/USD failed to run another rally, GBP/USD bounced back from 1.6425

Commodities are falling, AUD/USD went below 1.05 and now trading at 1.0493.

USD/JPY is also shy, going to fall for the 3rd day today.

I grabbed some pips today when AUD/USD went below 1.05, bought AU and after taking 8 pips, closed it. Quick in, quick out.

Dollar is on the track in the first day of this week. Lets watch if it can hold the gain it made today for the rest of the week.

Laurel
111
Laurel  

Thanks to USD/CAD for its up move. I took 66 pips in this trade and said the trade TA TA!

2 more trades are still running. Actually I don't like to pay swap for AUD/USD trade every day (although its 1 cent daily but simply I don't like it). Yen again starts becoming stronger against USD, so I hope euro/jpy will fall as well. Don't know why, but FBS is not charging any swap for this trade.

Next plan is to sell euro/usd. Its pretty interesting to see euro rising when other currencies starts falling against USD. I will allow euro/usd to reach next resistance level first before order a sell trade.

Laurel
111
Laurel  

The rally started at 7 January 2011. And from that day, Eur/USD was always above the trend line. Few times it broke the trend line but the daily close was above the trend line.

This suggests the bullish strength of Euro/USD in the first quarter of the year. The bullish sentiment is intact and we can only consider the change of bullish sentiment below 1.4280.

Today EUR/USD is the subject of the journal because it has created another new high today in last 16 months.

1.50 seems very possible from this view.

There was no new trade today. Tomorrow I will scalp with the market.

Laurel
111
Laurel  

Today I am doing scalping.

I just took 4 pips with AUD/USD. I find it close to a strong resistance, so sold it and took4 pips. The execution was very fast.

EUR/JPY is falling as well, so my loss in EUR/JPY has minimized. I expect profit in this trade soon.

This week is going to end. Happy weekend.

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