Trade Recap

Decent week. But as I've said before and how this chart makes painfully obvious, these many small positive days and no losing days are good for morale, but they lack real effect on bottom line.

I need some +1k days now. I will get those by increasing size to 3-4 lots or holding onto winners longer.

This weeks trades:

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Five trade ideas; 12 trades

99 pips profit (based on 1 lot, but 2x I traded with 2 lots...)

- 1.5 pips roll cost

If I increase to 3-4 lots I'll need 6-8 lots total on "stand-by" to continue with my averaging.

Keep in mind

what I just found at forexproject.com :

It takes years to become a trader and I can’t even say that for certain. I’m still not there but I’m still around and giving myself at least 5 years. If it doesn’t work out for me or you after 5 years, just think of the countless people who have gone to college and have never entered into the field of their degree.

EURCHF - 15067-94 | + 27 pips || More On Intuition & Gut-Feel in Trading

Duration:
15.5 hours (had trouble doing the math)
7 of which sleep.

Idea: If SNB intervened around 1.5030-60 less than 24 hours before - why not again today?
But no intervention seems to be going on really... so I thought I'd close the trade.

P&L: 27 pips

[Edit: After reading the above I really must question my logic - if SNB intervened below 1.5060, why would I buy above? Goes to show that mostly my impatience gets in the way!]

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Follow up on intuition I found at forexbirds blog:

"Back in 2007, although I had allready 2 and half years of forex trading experience on my back, I was still hooked on indicators, "systems" and methodologies found on technical books and the internet. It took me another two years to emancipate myself from all this stuff and to evolve towards simplicity : all I need now is to feel the price movement. Nothing more, nothing less. No indicators, no systems, no trading teachers or gurus. I still have indicators on my charts but I don't pay much attention to them anymore. Trading, scalping especially, is pure geometry."

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This is an extract from an article on marketwatch.com:

"Last Friday, furthermore, Richard Russell, editor of Dow Theory Letters, who just a few days previously had declared that the intermediate and primary trends were now bullish, changed his mind. "I had no specific reason to do so," Russell explained to his clients, "except for my gut-feeling." "

Interesting no?!

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Spike No2 | +10pips

Chillin' in bed watchin a french news programme (antenne 2). My notebook close by. Watching 1.5094 level. Suddenly it broke out and went completely loco. Didn't know why. Still don't. But 1.5140 was my sell level. Then less than 20 seconds later it was 10 pips lower. Thank you market.

Squeeze To 1.5090 | +13.5 pips (x 2 lots)

That downward correction of US GDP figs changed market sentiment yesterday I reckon. So even though I had felt good being short 1.4980 yesterday and day before, today after reading reports from banks about it, I felt as though this weak dollar might just have some room to run short term. I had 1.5060 in mind. But when it got to 1.5053 I couldn't resist and sold some. Not best idea. Especially as I picked my entry just before a 30 pips squeeze. But I just couldn't believe we wouldn't linger around big figure 1.5000 bit longer?! I guess everyone did.

Doubling up saved the day.

+13.5 pips (x2) = 27 pips the reward for the risk

Once again the position was showing me -50pips (on 1 lot - 25pips on 2lots :P) though at worst point. So again I've been lucky. How much longer can this last....

In The Black - Reflection

In the black again for the first time since summer.

Maybe an early x-mas gift from the market gods...? Or maybe just teasing me so that I risk more...

As you can see here from my gainers and losers over the past 6 months I'm someone who is right 4/5 of time. Only problem: As I don't use stops and tend to get overconfident the losses in the 1/5 explode and eat up the 4/5. It's like a cancer taking over.

As long as I don't have winners that "explode" I'm not on the right path to success.

Luck And Stuff | +17.2pips

This trade went ideally. Had my level (1.4980) I'm comfortable being short EURUSD. Then went out, come home and find 17.2 pips smiling at me. ;)

18hour wait for wanted outcome | +7.5 pips on 2lots

1st lot EURUSD I sold @ 1.4933, 2nd @ 1.4987

average 1.4960

Then I waited and waited... and then waited some more. Until finally after

18 (eight-teen) hours they showed me 7.5 pips ....

Had been down close to 30 pips (on average price) - so once again I've been lucky to get away.