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My Forex Journal
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Thu Sep 23, 2004 5:39 pm    Post subject: My Forex Journal Reply with quote

I am coming from the Oanda/MoneyTec community. I've found this site while searching the web for information about candlestick trading, and very interested to contribute to this new, and exciting forum. I am a forex trader who trade mainly usd/chf, during US session.

I'd like to place my usd/chf trades in this thread as a way to keep a trading journal. The main purpose of openning this thread is to:

1) Aid me to become a better, and desciplined trader,
2) help others to learn from my errors/gains,
3) help the hyper-forex clients to monitor my trade activities.


Last edited by FrankC on Tue Nov 02, 2004 5:41 pm; edited 12 times in total
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candlestick1
Site Admin


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

PostPosted: Thu Sep 23, 2004 5:45 pm    Post subject: Forex trading Reply with quote

Yes, please do, there are many traders interested in the Forex market and how to use candlesticks with the Forex trading. I will be coming out with a video in the near future to describe the high probability set ups for successful trading in the Forex. However, it is behind a long list of other projects. Any contributions in the mean time will be very helpful
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Thu Sep 23, 2004 6:15 pm    Post subject: Reply with quote

Thanks for the quick reply.

My system is very simple:

1) Identify trend (prices touching upper/lower bollinger bands) in 30min/3hr. chart

2) Identify reversal patterns: my favorites: shooting stars, hammer, morning star, evening star, dark cloud cover, piercing line

3) Reversal patterns must occur at support/resistance levels

3) use macd in 5min. to time my exact entry

To exit:

1) initial StopLoss is 35 pips,
2) trail the SL as trades gain a minimum of 50 pips,
3) or exit at the market when the next reversal pattern occurs,
4) or set a target profit.


Last edited by FrankC on Mon Oct 18, 2004 12:19 pm; edited 6 times in total
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candlestick1
Site Admin


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

PostPosted: Thu Sep 23, 2004 6:25 pm    Post subject: forex trading Reply with quote

Thank you for offering your information. Anytime somebody has cultivated specific parameters and rules for creating successful trades, that information, being passed on to other investors, helps keep everybody from duplicating efforts. The main purpose for this forum is to be able to share what works successfully, allowing investors to keep tweaking each others formulas until everybody gets a trading program that is well researched. If you would like to add your information to permanent pages on the site, please email us at the sales desk. Will be more than glad to put any information on the site that enhances each others trading results.
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Thu Sep 23, 2004 9:51 pm    Post subject: Reply with quote

Hi Candlestick1,

How do I attach a chart (.jpg format) to this thread?

I'd certainly will contact the sales desk.

Thanks,

Frank
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Thu Sep 23, 2004 10:03 pm    Post subject: Reply with quote

I ususally like to trade during US session, but if I see some opportunity before, or after that timezone, I will take it.

I just sold usd/chf at 1.2602 SL 1.2640 (target open)
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Thu Sep 23, 2004 10:18 pm    Post subject: Reply with quote

Target is set at 1.2560 (42 pips for 38 pips risk)

How is that for a risk?
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Thu Sep 23, 2004 10:42 pm    Post subject: Reply with quote

candlestick1,

Can we have a flag of our resident country attached to our names? Would be a good idea. Don't you think so?
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candlestick1
Site Admin


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

PostPosted: Thu Sep 23, 2004 10:45 pm    Post subject: forex Reply with quote

will have to check with my webmaster to see if the flag idea can be implimented
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Thu Sep 23, 2004 11:25 pm    Post subject: Reply with quote

[quote="FrankC"]Hi Candlestick1,

How do I attach a chart (.jpg format) to this thread?

Thanks,

Frank[/quote]
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FrankC



Joined: 23 Sep 2004
Posts: 269
Location: Chile

PostPosted: Fri Sep 24, 2004 5:57 am    Post subject: Update... Reply with quote

Exited at 1.2570 (+32 pips)

Looks like 1.2565 is a strong support. I am finish for this week. Made four trades: -3, -38, +90, +32

Total: +81 pips
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candlestick1
Site Admin


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

PostPosted: Fri Sep 24, 2004 8:37 am    Post subject: charts Reply with quote

will check out how to add charts on here
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TimV



Joined: 24 Sep 2004
Posts: 15
Location: USA

PostPosted: Fri Sep 24, 2004 1:57 pm    Post subject: Reply with quote

FrankC

Saw your message on oanda and followed the link. I also trade forex using candlesticks although I haven't been trading much lately because a summer job is taking all my time. I only get to trade when it rains. This winter I will get back to full-time trading.

My methods are very similar to your above post except that I use the 15-min chart as my main chart and a stocastic for confirmation. I will explain more later.

I place stops at 10 pips below the 3 candle pivot for a long and 10 pips above for a short as long as that doesn't exceed 2% of my NAV, if it does I either don't make the trade or decrease the lot size.

9/24/04 Trades
4:01AM EDT short chf @1.2598, out at 6:01 @1.2580 +19
this trade could have got a little more but I had a trailing stop set a little too tight and it got hit by 1 pip.

9:52AM EDT long chf @1.2581, out at 10:30 @1.2593 +12
this rtade actually went alot further but I closed it because I had to leave.

I'm looking forward to some good candlestick discussions and methods here....
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duckfu



Joined: 24 Sep 2004
Posts: 4
Location: USA

PostPosted: Fri Sep 24, 2004 5:49 pm    Post subject: Candles and Forex Reply with quote

Hello,

I also followed you here form the oanda forums Very Happy

You said that you look for patterns such as morning and evening stars, Both of these pattern require a gap. How do you modify this in order to apply it to the (nearly) gapless forex market?
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TimV



Joined: 24 Sep 2004
Posts: 15
Location: USA

PostPosted: Sat Sep 25, 2004 6:59 am    Post subject: Reply with quote

From the info I have read regarding using candlesticks in the forex market some patterns allow for "poetic license" such as morning and evening star type formations with no gaps rather than the textbook definitions of these patterns.

So in other words, take a textbook drawing of a morning or evening star and redraw it without the gaps and you have a forex morning or evening star.
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