Another very slow sunday that turned quite big.
There were no major gaps, and to be perfectly honest, I wouldnt recommend trading on a day like that.
The fact that the trades were made on the Yen, is even more risky due to their recent monetary policy. The gaps on CAD, USD or EUR pairs are more safe, since we enter the asian session first, and the European/American session much later.
As you can see in the screenshots my exits are almost perfect, probably only a matter of experience.
Heres are some tips:
- I prefer taking small averages instead of one big large trade.
- When in a nice profit, I usually close half of my positions to cash-in a little bit
- I dont accept going negative after I was in the money by a good margin, wich explains the close of CADJ at breakeven.
Because I am new to the blog thing, many of my friends with more expertise recommended me to start collecting emails to build up a newsletter list.
Well I just decided that I want all my content, posts, and trade examples to be available at any time to any one, on the main blog, without any kind of “registration”.
So basically the only goal of this blog is for me to pay the hosting and domain name so you can enjoy my 5years+ profitable trading experiences for free, great deal ! ahah
One possible downside tho, you will have to expect more personal ramblings, and more pictures of damsels in distress who needed my help 😉
So this sunday I started to check pre-market quotes at 15.30H EST and quickly realized this wasnt going to be a big gap day.
As usual I check the forex factory calendar, and look if any important news were coming up, since I dont want to be in the middle of a fully technical trade when a surprise fundamental data is released and f*ck my trade. Sorry for that.
I saw that the Japanese market was closed for holiday, and personally I always appreciate that, as this means less liquidity, more volatility, and in english, better gaps.
Sadly tho, there was only an interesting gap on the CHF, and on all the majors, only UCHF made a clean breakout. I then readed on forexlive (a great live blog I would recommend) that there were some comments about further devaluation of the CHF, so I might have to say here that this was a more risky than usual trade, and I wanted to exit quick. ECHF also made a great movement, but there wasnt any clear resistance, and the pattern looked more like a pro gap than a novice one (the price jumped higher from the bottom, pros are the one who buy low and then sell high).
So here is my UCHF trade with a trade description, I also took a screenshot of the missed EU trade. Questions?
If you have read my other posts about “finding a strategy” in Forex, you know that im pretty straight to the point, and recommend to go technical, and to look for precise patterns in price, or even irregularities that you can profit from.
I also talked about gap trading, and even posted 2 videos about that (how to get pre-market quotes for free, and how to know what gap is good to trade )
Well I just decided to show you my own personal live trades, for every sunday, when there is a interesting gap formation.
So here are last week trades (3 february 2013). Tomorrow I will post live my trades if theres anything good!