Thursday, November 13, 2008

So Much To Learn, So Little Time!!!

My brain is about to explode.

I am now:

  • Monitoring my FX trades (went long after the long bearish candle right below the BB Centreline; entry price represented by pink dotted line)
(Click on charts to enlarge)
3 Trades (Long) : CAD/JPY, AUD/JPY, GBP/JPY



Reason for entering long: JPY looks way overbought and pairs have bounced off their lows in years.

All the above hourly charts show a HAMMER from 14 hours ago before price extended downwards.

BB seemed to be squeezing price from BB -2 into the area between BB -2 and BB Centreline, as price bounced off its low with strong bullish candle and is now consolidating above what seems like a support provided by the hammer (for all 3 charts).

Pairs did a 38.2% correction and I entered after the retracement...

Perhaps a little too early...


If subsequent candles don't pierce through BB Centreline and fall below green solid line, I'm bailing.

Plan is to enter again on confirmation that there's support by BB Centreline.

Post-Trade Review (For Nov 12's Trades):

Entered SHORT on all the above 3 pairs (2k units each) yesterday (Nov 12) and made $90...not impressive, but shows the BB method works

Grey dotted line on charts shows my entry point and grey solid line shows where I covered.

It's clear that it was stupid of me to exit at precisely the point that support was breached and the pairs were diving towards their lows.

I had to close my trades coz I needed to focus on TF when the US market opened, and mainly coz I knew I was pushing my luck with the pairs (very near their 5-10-year low)

Most importantly, I haven't really worked out an exit strategy, and the best exit for me then was to simply grab whatever's on the table.

Stupid! Stupid! STUPID!!!


  • Studying the movement of TF in the past 20 days, and figuring out what it's likely to do today.

If my FX is making money, it should help a little ie. if yen is going down, I'll be more comfortable taking the bull's side.

I'm not expecting TF to bounce off its low with vigor, but I'll be cautious with my short entries should TF show any sign that it's not going to plunge right through support (its low at 438.5).

TF Hourly


  • Going through my TF trades from yesterday to figure out why and how I made all those stupid mistakes
TF 5 min (Nov 12)


  • Studying a tapereading book called "No BS Daytrading"

  • Tapereading 10-year Treasury and struggling to identify setups that show big players at work to move the market

  • Keeping a very close watch on Alberto, who's licking his skin off the place where the clinic gave him his drip.
Can't bear bandaging him again after causing his paw to swell to twice its normal size after I decided to tie it really tightly to prevent him from licking it off.

My heart bleed when I saw him approaching me with a limp yesterday.

Took me half a day to massage him before he could walk again.

I'M SO SO SO SO SO SO SO SORRY, AL!


Moyo, thousand apologies for late response.

I want to say something smart, so give me a little time please?

And my apologies for not having been able to call you.

Life's been crazy!!

  • Deciding what to order from Pizza Hut for lunch (looks more like for dinner now)

1 comment:

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