Saki's Forex Reversal Journal

Emerging from the blogosphere I take back the reins of my forgotten favorite journal.

I will post weekly chart trades on my forex positions for now. Have been dabbling in futures as well as stocks (cfds) and like what my results have been the past few weeks.

The setup uses different indicators than the past but the principle is still the same, seek value, leave enough room for negative excursion, and take profits at median levels between two extremes.

I appreciate any feedback regarding the trades.


As an aside, local markets here are dealing with the US turmoil fairly well. Local speculators are still sitting on enormous gains in the local property market. In fact, prices haven't even tailed off yet in some areas of HCM. Condo prices are up about 30% since last summer. Watching in full anticipation of a frighteningly swift correction. But as the locals often remind me," real estate doesn't go down in value in Vietnam." I'm all eyes and ears learning from the new masters of safe investing =)
 
GBPJPY presents an interesting opportunity here. Although very far off the bottom, still showing postive divergence. Would like to buy a single unit here and hope for lower prices in the coming days.

Buy 1 unit GBP/JPY 211.93 Stop 204.10 open target
 

Attachments

Quote from sakimonohito:

GBPJPY presents an interesting opportunity here. Although very far off the bottom, still showing postive divergence. Would like to buy a single unit here and hope for lower prices in the coming days.

Buy 1 unit GBP/JPY 211.93 Stop 204.10 open target
More...

Second unit bought at 209.10
 
Not liking this EUR/GBP trade much after the way it closed on Friday. Will probably look for BE exit this coming week and reasses again.

GBP/JPY behaving very nice off the bottom. Still need a daily close above 213 to feel like we can make any substantial retrace from the 2007 highs.

XAU made a huge reversal candle on Friday and I was short for the nice ride down. +20 points!

In the short term I am trading my 5 minute chart setups using some very basic stuff. Stuff so basic it took me 5 years just to figure it out. I think it takes a very smart trader to find a method and be happy with it from the very beginning. Admittedly I must be one of the dumber traders out there as my method has changed and reverted more times I can count.

I will do my very best to stick with the current method as it puts everything on the chart and nothing can be fudged with concern for stops or exits.

This is what I am looking at for the intra-day trades(usually on a 1-5 minute chart).

Heiken Ashi candles

Keltner Bands

Multi-time frame Trend Channels. I am super-imposing weekly, daily and 4 hour based channels so the levels should (statisically speaking) hold on the first touch.

I'm buying and selling the trends as they come up in patterns with the Heiken candles and the Keltners. I like it more than previous SR equations I have dealt with. Because the channels are plotted at the angle of the trend, they have a built-in time component. If markets are trending upward, the next time price touches the SR level, it ought to be higher and therefore I will be adding positions into strength.

I like the heiken ashi candles because I am never getting in before the short term trend has paused or changed and so I can clearly set a stop.

I like the keltners because they give me a nice median target to aim for when the trend channels are too wide for the intraday swings--which is about 90% of the time.

Its not uncommon to feel confident about a method and then have it fall apart when trades become uncertain. I think however this method gives all the necessary elements to execute mindlessly when the trades come up.

Take a look at todays trade.
 

Attachments

Quote from sakimonohito:

First weekly trade

2 units short EUR/GBP .7469 stop .7620 floating target
More...

Cover 1 unit .7455 +14

Will short higher later this week on an hourly timeframe if seen.
 
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