Intraday FX Player

yer trading sideways slop there. Its Friday also. I usually just sit on the sidelines when it gets like this, or quit for the weekend.

Jay

 

Shorted @ 65 and seems at the time I write it, it's gonna be good.

 

Good end of the week. Squared for usual 4% profit.

 

Agree, Friday is often choppy, plus end of quarter...

Well, I'm done for this week. Wish everyone a good weekend!

 

This puppy started moving within a minute of my previous post (above).

Amazing how that works.

 

Nice journal.

What does 4% mean? 2x your initial risk of 2%?

Also, what broker/charts do you use for trading. Are you trading fx or futures?

Mind sharing what you look for when you enter/exit trade?

thx

 

Thanks for kind words.

Yes, 4% means just 2 times initial (worst case) risk. I use percentage terms, because position size and distance between entry and stop vary from trade to trade, and using direct money terms I consider wrong from psychology point of view, because one very good trader adviced me not to concentrate on $ when trade. Thats why %.

As for broker/charts I use IB and Quotetracker (Ninjatrader if want to manually backtest some bigger periods of charts, like 3 months of 1 min charts).

Currently I trade spot FX, because this account is small, so I need more flexible position size (like 150K or 220K) to adjust size and stay in a proper risk shape.

But other than that, there is no difference - can trade CME currency futures just the same way (even better actually, cause they have volume at which I often look when trade SIFs).

As for techniques - they are very simple. All widely known stuff, based on Dow theory: trendlines, formations etc.

 

good post, nice details

 

Glad to see you had a good week CFerret.

Your posts are helpful in gaining an understanding of your thoughts on each trade.

Keep up the good work and thanks for sharing.

 

How many pips is your avg profit objective? Also are you fully discretionary? Are you looking at 1min charts.. what time frames do you observe? thx