Tuesday, March 08, 2005

Swing Trading Part I, Part II, Finish

Part I (yesterday around 2.15am EST)

Yeah I wanna be a Swing Trader.

Anti has 44 / 105 tick targets and I wanna grab some of these

Euro, Swissi, Sterling and Aussi all have bullish ZLR's on the Daily.

Take a 500T chart Euro and Go Long with the next signal
I did so around 2.15am EST, when Euro had a spike and seemed to go up afterwards

1.3240 Long

AUD is also bullish:
Long we go 0.7896

Fudge, a FAKE

Euro down at 32, AUD 93
a look at the 5000V Euro (after I made the entry) confirms, Euro is not really in an uptrend right now, but the daily said Long, and so I stay long

But YEN looks nice, there is buying in this market
Long YEN 0.9535

3h later, the drama unfolds

Euro down 30
YEN down 15
AUD down 10

around 1pm EST
Euro back to 1.3220
YEN at 0.9525
AUD 0.7900
finally it's reversing and continuing the upmove

Fudge 2, another Fake

Short target now around 1.3180 (I'm long as you all know)
AUD holding

around 8am EST
EURO down 50
YEN down 30
AUD up 6

A quick review of the FXstreet news confirms: Major tradeprograms gave sellsignals in a quiet market, so there is selling to be expected. And btw: The move on Friday was overdone according to the writer. As if I did not see that

around 11am EST
EURO down 40
YEN down 40
AUD up 10

my account is swinging (you remember I wanted to be a Swing trader) around the -1k$ mark, depending on the direction of the AUD

My deadline is looming in the future and I know, at 1pm EST (7pm my time) I have to stop. I promised my wife, that we would go to the cinema tonight.

At 1pm EST
AUD up 25, my wife is calling, STOP AUD +20, was hit while we were having Dinner
EURO down 25
YEN down 25
account near the -400 mark

I'm now a swing trader and the daily still tells me to remain long. Ok, not on the Yen, this was an impulsive fudge trade, but so what, I'm stuck with it and YEN will surely go below 105 cash again.

The first 15min in the cinema I still thought about my open position, but then I forgot and remembered again only when the film ended. At home at 10.30pm EST,
EURO down 20
YEN down 20
and YEN news overnight. What a prospect, but the 5000V Euro and the 1000V Yen both told the same story: UP we go and if in a trade from below you should just do one thing: Nothing

I rechecked at 18.00pm EST, waited for the first bunch of news, which did absolutly nothing and went to bed.

Part II
This morning at 23:45pm EST (5:45am my time)
Nothing happened overnight. A reassuring report telling me about some Stops in the 104.80 cash area on the YEN, which traders might try to target.

1.30am EST
HSI is open, I'm still swinging -500 in my account and I hate trading when I'm down on open positions. Really distracts.
So I let HSI running up 70 ticks, waited for a pullback and took a small grab of 18 ticks against resistance at 13800

Finally the account looks better now.
Actually I'm up on saldo as Euro and YEN gained a bit as well

2:30am EST
I had to leave for 30min.

coming back I see
Euro up +7
YEN down -6

Hey that's something

Euro Stop BE+1, I can't stand another round of swing trading
YEN trading around the 105 cash level. Come-on guys and gals, do your job and target 104.80

Oh fudge, Euro Stop hit
Euro swing trade out BE+1
YEN finally crosses 0.9535 upto 0.3938

Euro breaks 1.3254 and stays above. Finally going in the direction of my swing target (without me)
YEN takes a second attempt to go below 105 cash, I'm out at 0.9537, it spikes to 0.9544

All in all, I think I need to look at this Swing Trading again, revaluate my approach. But for now I'm emotionally drained. While Euro spiked up, I took a long AUD only to cover at BE+1 right before it spiked. Yes sure there was a seller, I saw him on Forex cash, and when he was gone AUD followed Euro up, as expected and actually according to my tradeplan which triggered the entry. But once in the trade I was not able to hold it. And so I took the BE+1 and was angry at me afterwards.

Forget it, leave it behind Chris. Take your dogs for a walk and reenergise your mind batteries.

Relaxed trading to all of you

Btw. Comments re Chris you need to use smaller Stops / should have reversed when you got a second short signal are futile. I know this, I trade this 95% of all days, but there remains this 5% rest, where I'm just blind dumb and deaf. These are the days, when I have a bias and am stubborn. What do you do, when you hear this voice of reasoning with you and just tell it to be quiet? I don't know yet. I know I'm acting crazy and still I do it and follow the stony path, instead of returning to the smooth road to happyness as Cheese would put it.