Taking a break

Have decided to have a break from blogging for various reasons but sometimes it can be a bit much completing my journal as well as a blog as my journal is very detailed with pics and all as Im a visual person.
I wasnt too sure what direction to take the blog when I 1st started so used it for more of a journal so Ive decided 2 journals are a bit too much work. Call me lazy!
There are so many good blogs and sites out there these days on FX Trading but there also are so many bad ones and hacks!

Some of the ones that Ive always liked are:

www.tradingwithdeadlyaccuracy.com
www.forexleechalert.blogspot.com
www.nobrainertrades.com
www.innerfx.com
joetradingplace.wordpress.com
explorefx.tumblr.com/

All the best in your trading!

J

Charts

GBPAUD

Took about 80 pips out of this one as was clearly stalling at a strong resistance level.
This pair has been extremely good to me ;)

NZDUSD

Was looking for low to hold as support. Had target set to close out 1/3 of position at level marked but was 5 pips shy of level before going to sleep. Decided to close out 1/3 and move to BE. Got stopped on remainder of position at BE. I normally dont like fiddling with my orders i.e. closing out early as I think it can sometimes be a bad habit but sometimes as I can cut my profit a bit short sometimes but if price doesnt look good I would rather get out with some pips rather than none.

All in all has been a good week and am holding a couple new positions from Friday into the new month. Am currently sitting on EURGBP long for a long position (lots of room to the upside), NZDUSD short and GBPUSD short. All positions in profit and GBPUSD has had 1/3 scaled. Heres hoping for a good open and new start of month!

J

Charts

AUDUSD

This is my 1st trade in over a week. There was too much important data last week that I felt if you werent already positioned it wouldnt be worth playing as you could've got done by a news spike plus I couldnt find an entry that meet my rules. Seeing all the volatility and movement was good to see come back into the markets but truly I didnt feel like I was missing out on anything whereas previously I would have been itching to try and catch some of the big moves.
Got stopped on this pair this morning for -60 pips. Entered this trade looking for trend continuation. In hindsight there was a few stronger things playing against me like the level that price formed its high with those wicks is in line with a historical high so I guess a deeper retrace could be expected as there would be plenty of sell orders there from traders that play historical levels. The daily candle from Friday was also a pin so fighting that probably wasnt my best move. Another lesson learnt which Ive always been aware of but I guess sometimes overlook which is look for the bigger level to hold.

J

Charts

 AUDUSD

This is 1 of 3 trades taken in the last couple days. I wanted to post this one 1st and review it as I got stopped out on this trade but there was a great lesson in it for me.
I dont normally fade levels but it is something Im working on. I entered 2 orders on this trade fading the level. The 1st on the high of the box and 2nd on the low. I put my stop overnight way too tight as it was about 5 pips below the bottom of the box I defined. During the day got whipsawed by AUD employment figures and of course if you see where AUD is now you will see that my thinking was correct. This one stopped me out for about 35 pips for both position which Im more than happy to pay for the lesson I learnt.
Lesson learnt: Place stops in a place where price shouldnt go and if it does it completely invalidates my thinking. Of course different methods would have different stop placement but seeing as I was initially looking to build a position and capture a larger move to the upside a super tight stop just doesnt seem smart at all.

GBPAUD

Well I closed out my long where I said I was looking for a short. Because of my 1st trade I was looking for AUD strength, when I saw the H4 bar close and come smashing down I took the trade. Closed out this morning for about 80 pips.

NZDUSD

Seeing as I was bullish on AUD Im definitely going to be bullish on her little sister (Kiwi's hate being known for this but they know its true. I know cause Im married to one). There was this setup thats one of my favs as its so easy to define risk but was also a little cautious as there was a clear trend line there acting as resistance. Was monitoring it all night due to ECB and everything else happening but once she broke it was all good. Set my target at the gap and target was hit by the time I woke up this morning. Nice way to start the day.

All in all solid start to the month and am flat going into the NFP's. Gonna have the night off so hope you all enjoy your weekend and make sure you spend some time outside getting the fresh air not being stuck in front of your charts all weekend.

J

Charts

Update

Have closed out final position for 800 pips as price is approaching a level I was planning to short from.
This is the longest Ive held any trade for and most amount of pips Ive banked from 1 trade!!!!

GBPAUD

Took this trade last Thurs. Was hunting for the trade on Wed but decided to pass as there was major news on GBP. On Thurs there was another opportunity to take the trade, my entry wasnt the sharpest as price pretty much went against me from where I opened the trade but the reason I was happy to take the trade was my target was well defined.

Have scaled out of this position and will be watching closely to tighten up my stop on the remainder of the trade. 

Ideally would like to see a trend line break and price start forming support, if this happens I will be looking to build on a position. See what happens in the coming days.

J

Charts

GBPUSD

This is just a simple SR play. This is my trend continuation setup. Price acted as res so I marked the zone and once it broke the level when price came back it acted as support.
Have scaled out 1/3 pos and stops are at break. 2nd target will be most recent swing high.

J

Charts

EURJPY

So Im a little bit behind today as this was my trade from last week and I was meant to update over the weekend but decided to take it easy on the weekend and finish all loose ends today.
Took this trade as price has been making HH and res turning to support. Missed the 1st entry when price went straight into level (I think there was a FOMC meeting or something) but when we had a bullish bar the next day looked like level was holding and I was looking for continuation. Not much happened and eventually got stopped out on Friday.
Down 40 pips on this one and that was all I did last week.
Last week of the month this week and data looks quite light so will be interesting to see how this week plays out.

J