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My Forex Journal
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Mon Sep 27, 2004 10:26 am    Post subject: Update... Reply with quote

Exited at 1.2600 (+3 pips)

Didn't like the hammer formed at the bottom of the bollinger band.
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TimV



Joined: 24 Sep 2004
Posts: 15
Location: USA

PostPosted: Mon Sep 27, 2004 4:02 pm    Post subject: Reply with quote

Frank

Just got home and took a look at the charts. Looks like the third rejection from the 1.2646 resistence was the charm. May I ask why you got into that short trade so late.

[img]http://vso.cape.com/~tvandawa/usdchf927.gif[/img]
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TimV



Joined: 24 Sep 2004
Posts: 15
Location: USA

PostPosted: Mon Sep 27, 2004 4:05 pm    Post subject: Reply with quote

Lets try this again

[img]http://www.vso.cape.com/~tvandawa/usdchf927.gif[/img]
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TimV



Joined: 24 Sep 2004
Posts: 15
Location: USA

PostPosted: Mon Sep 27, 2004 4:11 pm    Post subject: Reply with quote



Got it this time
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Mon Sep 27, 2004 4:25 pm    Post subject: Reply with quote

Tim,

I saw the double top at 1.2646 around 8:30AM, and was a perfect place to short(according to my plan), but then realized a report(consumer confidence) was due at 10AM. So I decided to wait after the news to place any order.

And guess what? the report is due tommorrow, not today. My mistake. Well, can't do anything about it now. Crying or Very sad

Actually, the error was from the web page that I use to get the economic calendar, and they corrected the time this afternoon.
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TimV



Joined: 24 Sep 2004
Posts: 15
Location: USA

PostPosted: Mon Sep 27, 2004 5:13 pm    Post subject: Reply with quote

Frank

Tough luck but better to be safe than sorry. Last week I forgot to close a trade before news and got killed. I'll never make that one again.

Anyway, I think the chart I posted is a classic example of how well a system using candlestick analysis, R/S, chart formations, and pivots can perform. The five candle rejection pattern is nearly textbook.
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duckfu



Joined: 24 Sep 2004
Posts: 4
Location: USA

PostPosted: Mon Sep 27, 2004 6:49 pm    Post subject: Reply with quote

What parameters are people using for stochastics on 30-min charts? I just opened my live account on oanda today after ~1 year of demo accounts, lots and lots of reading, and fxgame Very Happy

Starting out with a simple system:

20,2 BOLL on 30 min and 5 min charts
10EMA crossover as signal
confirm using candles at support/resistance

Good trading all!
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Mon Sep 27, 2004 7:04 pm    Post subject: Reply with quote

duckfu,

I use the default value for stoc(14,3,3) in the 30-min chart.

Good luck with your system. Just beware of the candles...they are very tricky, but fun to play with Laughing
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Mon Sep 27, 2004 7:38 pm    Post subject: Trade idea Reply with quote

I am looking for a reversal in the short area:

It is 21:30 EST --- was planning to short now at 1.2609, but the bearish candle wasn't engulfing...will wait this trade out.

21:41 --- 3hr chart shows a hammer resting on the mid-band...the closing of this bar at mid-nite will give us a clue for the next direction...so no thinking until mid-nite, however 1.2630 is a good area to short though...only time will tell.

21:56 ---well, until mid-nite, there could be some opportunity:

Bought 1.2617 SL 1.2595 TP 1.2640

I now have to think about this trade...so I dump the "no thinking until mid-nite"'s idea.

22:22 --- Modified risk/reward levels:

SL 1.2585 TP 1.2650

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duckfu



Joined: 24 Sep 2004
Posts: 4
Location: USA

PostPosted: Mon Sep 27, 2004 9:41 pm    Post subject: Reply with quote

FrankC,

Thanks for the tip, I've been a candlestick student for some time now, I don't bother to look at western bar charts anymore (I've read all of Nison books, etc) Wink Let's hope all this studying pays off!
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Tue Sep 28, 2004 12:35 am    Post subject: Update... Reply with quote

usd/chf at 1.2618 (+1)

Moved SL 1.2607

A doji formed at the upper band (30-min chart)...sign of indecision. Better tighten the SL. Will go to bed now.
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dradli



Joined: 21 Sep 2004
Posts: 1
Location: Saudi Arabia

PostPosted: Tue Sep 28, 2004 1:35 am    Post subject: Forex market Reply with quote

Yes ,I am extremly intersted in Forex market ,I think we should encourage Mr Biglaw to get more deeply intersted in forex market,Keep in touch
Yes Mr BIglaw there is more interst in forex market than ever,since the stock market is having along nap.
Kindly we your accumlated experience to help us trading this extremly volatile market or you tell us about aweb site which uses candle stick mainly to trade the forex market.We need you heavily get involved in the process Very Happy
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Tue Sep 28, 2004 6:02 am    Post subject: Update... Reply with quote

Stopped out at 1.2607 (-10)

Yes dradli, agreed. Forex is a very volatile market, and any help/insight by Mr. Bigalow would be appreciated. But as you know he is a very busy man, and hopefully this, and other similar threads on the subject of forex trading would be of great help to him to accumulate more data. I am sure eventually he would allocate more time to us forex traders.
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Tue Sep 28, 2004 9:42 am    Post subject: usd/chf Reply with quote

Bought 1.2580 SL 1.2546 TP 1.2630

A hammer followed by a bullish engulfing line should provide a good support at 1.2557.
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candlestick1
Site Admin


Joined: 27 Jun 2004
Posts: 503
Location: Houston, Texas

PostPosted: Tue Sep 28, 2004 9:53 am    Post subject: forex Reply with quote

rest assured , I am very interested in the Forex markets. Do not let my lack of participation be a deterent in the exchange of investment thoughts on this Forum. I am watching but not adding input yet until I get some behind schedule projects completed. Then I will be able to contribute candlestick applications to the Forex trading area with quality information.
I have been trading currencies for more than two decades but in the futures area and done very well using the candlestick signals. I am in the process of applying them to Forex trading, but it may be a few more weeks before I can hit the Forex trading full steam, but I will be here.
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