EUR/AUD 15min
Entered on Bullish Harami. Exited at target (a resistance on the 4-hourly chart - see chart near the end of this post).
Total: +95 pipsNot accustomed to a 5 pip spread, and was staring hard at Oanda's platform, wondering if bid was ever going to hit my target as it hovered around 2 to 3 pips below. Was about to close my trade at market when price shot up to hit my target. As always, I'm happy I got what I wanted, and am not going to return to look at EUR/AUD for the rest of the day. Looking back always (well, not always, just LATELY) makes me feel like an idiot for getting out too soon.
Target was based on EUR/AUD's 4-hourly chart (not a timeframe that I can trade for now):
This is my 2nd day back on Oanda's platform.I was in there yesterday and had put on 8 positions simultaneously (1k each, non-leveraged).
Basically, I was buying EUR, CHF and JPY, and selling GBP, AUD and CAD. That was early in the morning before I put on my 6E and 6B trades.
About an hour into my FX trades, I realized that yen was going to PLUNGE. I had 3 pairs of yen longs and yen looked like it was going to nose-dive! Just perfect. I was going crazy managing 9 trades (8 forex plus 6E), and decided to close all my FX positions at a combined loss of under 30 bucks (my EUR/GBP and EUR/CAD covered part of my loss from buying yen).
So, no more trading more than ONE pair at one go for me. I forgot I have a mind that can only focus on ONE THING AT A TIME.
FX trade today was opened a few hours after I closed my 6B trade from earlier this morning.
I was checking out reviews on Oanda and kept seeing the word "SCAM". On that list with a few dozen brokers, more than 50% are rated as "SCAMS". I'm paranoid now, and am visiting NFA's site for FACTS.
6 comments:
The 4 hour charts seems to be a common chart used by FX traders. I've noticed this as I've scanned the blogs. I wonder why?
I know someone else who trades like that (but with less success!)... buy the up-trend cheaply to maximise profit and minimise cost if you are wrong.
But EUR/AUD are you mad? :-)
DT :-) You just said it - coz everyone's using it! LOL! I've been watching Gav and Lonely and then FXMadness. They use 4-hours. And my TOS chart with its limited choice of time-frame has 4hours as the highest intraday timeframe. So, no reason to ignore it :-)
But really, who started watching 4hours, I wonder too. I'm guessing it has something to do with the FX market being divided into 3 sessions - Asia, Europe and US. Something for googling tmrw! LOL!
:-) UF, you make me sound a lot smarter and way more profound than I really am.
By the way, my favorite is actually USD/NOK. I just don't like the 35-pip spread. LOL!
Jules congratz on your trades. Really enjoyed reading your bio. In full disclosure I work for OANDA, and wanted to welcome you to the platform.
You have nothing to worry in regards of OANDA and regulation. That being said you should always perform due diligence before entrusting funds to a broker.
OANDA is registered under the NFA under NFA ID: 0325821 a quick search on their site will give you the details
The Retail Forex market has changed dramatically in the last year. Regulation really toughened up in major financial centers around the world to protect investor's interest.
wow really long comment. Best of luck and great blog.
Thank you, Poncho :-)
I've actually had the account for over a year and had traded on the platform a number of times. I stopped only to concentrate on futures. It hasn't given me any problem so far, which is why I'm surprised to see the bad reviews.
Thanks again for your note :-)
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