Nothing

Nothing goin on last couple of days. I'll update when I see something.

GAPPED UP

Ah! Forex rarely gaps! Today it gapped up hard.. Unfortunately, I got filled on my order and stopped out at the same time...

-27 points..

Never going to setup a position in market close again. Lesson learned.

Sunday October 5th

At 2:00 pm today the foreign exchange market opens up. If no gap is present, I will be shorting USD/CHF again. I am loving this pair. The technicals on it are playing out well.

Reasons for this short.

1.) 15 min elliot 5th wave is coming.
2.) Bulls are letting go of this pair, the resistance top is tough to break.
3.) Overbought on 15 min.
4.) Overbought on daily
5.) Weekly pivot is at 1.1174 (making this my target)

I am putting a stop of 20 points on it. My target is 95 points.
On Friday I told myself I am only choosing setups that are low risk and this is
nice. The 5 min chart is perfect on it also.


Here is what this looks like on a 15 min chart.

GOAL!!!!!!!!!!!!!!!

My target of 112 points was hit! My third day into my trading year (my trading yr starts with my school yr) and I had my first fully successful trade. The reason I say fully successful is because I risked 35 points for 112 which is around 1/3 risk reward and it hit my limit target point exactly on the dot and pulled itself back.

I really don't need to trade at all for the rest of the day.. Honestly, with the last couple of days I've had, I don't NEED to for the next month.. So, I am going to preserve my capital and wait for the same type of trades I have had success with. That means a double top or triple top pattern off of heavy support or resistance in long term trending markets. I was lucky my trading year started when the dollar has been rallying to new highs.

Friday October 3rd,

+112 points.

5 min later

So literaaly, 5 min after my last post it has already dropped 50 points. Im excited yes, but I am trying to control it and am even thinking about taking my dogs for a walk just to get my mind off of it. Its hard though! As soon as you're in good profits, any pullback you see makes your hear drop and you want to take the profit.

But you have to stay professional regardless of what your inner child tells you.

Overnight pull back usd/chf

Yesterday usd/chf drop 112 points and overnight it has pulled back up to resistance. I shorted the bounce. This is the third time it is testing that level. It has become a significant resistance level.

I have a 35 point stop. And looking for the same type of drop that happened yesterday at least.

stopped out

My original idea of usd/chf held true. I got stopped out of my position. This helps reinforce my discipline to stick to your guns. I spoke with people who continued to say "stay dollar long" which I KNEW was wrong, but they got to me and I changed my position.

Total profit for October 2nd.

+4 Points.