Saki's Forex Reversal Journal

I want to learn the mechanics of currency trading. Also, i'd like to know about the landscape and participants.

Is it best to start with a single currency set or is it best to learn about all the majors?

Any suggestions would be highly appreciated.

Thanks.
 
Quote from Cluseau:

I want to learn the mechanics of currency trading. Also, i'd like to know about the landscape and participants.

Is it best to start with a single currency set or is it best to learn about all the majors?

Any suggestions would be highly appreciated.

Thanks.
More...

Best advice. Stick with one currency until you actually "feel" its movements as if it were a living breathing organisim. This will make you understand the market with very pwoerful glasses. Most people start with EUR/USD. You could try AUD/USD since it has slower trends and doesn't ignore levels of support and resistance too often.

By referring to the landscape of the market I assume you mean the interrelationship between pairs. Well, I can assure you it is one of the most complicated matricies in finance and even if you were by chance to figure it our before you learned how to trade off of support and resistance levels, you would need millions to profit from this hidden knowledge. Stick with a single pair and try not to lose more than than win =)
 
Open Trades:

20k Short EUR/USD 1.2540
20k Short GBP/USD 1.8400

Stops on Monday...
Closed Trades:
10k Short AUD/USD .7735 Limit .7675 +60
10k Short EUR/USD 1.2435 Exit 1.2370+65
10k Long USD/CHF 1.2500 Exit 1.2540+40
10k Short AUD/USD .7735 Exit .7685 +45
20k Long USD/JPY Limit 110 +90
10k Short AUD/USD .7735 Exit .7565+170
10k Long USD/CHF 1.2505 Exit 1.2710 +205
10k Short EUR/USD 1.2435 Exit 1.2170 +265
10k Long EUR/USD 1.2193 Limit 1.2270+77
10k AUD/USD .7533 Exit .7570+37
10k Long AUD/USD .7533 Exit .7580+47
10k Long USD/CAD 1.1893 Exit 1.1975+82
10k Long EUR/USD 1.2193 Exit 1.2291+98
10k Long USD/CAD 1.1893 Exit 1.1899+6
10k Long USD/CHF 1.2578 Stop 1.2509 -69
10k Short EUR/USD 1.2293 Exit 1.2350 +43
Model Account Balance: 3201
 
Quote from sakimonohito:

Best advice. Stick with one currency until you actually "feel" its movements as if it were a living breathing organisim. This will make you understand the market with very pwoerful glasses. Most people start with EUR/USD. You could try AUD/USD since it has slower trends and doesn't ignore levels of support and resistance too often.

By referring to the landscape of the market I assume you mean the interrelationship between pairs. Well, I can assure you it is one of the most complicated matricies in finance and even if you were by chance to figure it our before you learned how to trade off of support and resistance levels, you would need millions to profit from this hidden knowledge. Stick with a single pair and try not to lose more than than win =)
More...


Thank you for sharing this. My intent is to start with EUR/USD but i will follow your suggestion of AUD/USD. I don't plan to make a trade until i learn about the business unlike how i started trading equities. I've heard a lot about how one must invest in currency b/c the short-end dollars are rare to only but a few individuals and institutions can you confirm this?

Can you talk about the process of attaining success trading currency for a brief while?

How much capital would one need to make a living trading currency?

Who are the major players and how can i learn about them?

Thank you Sir. This thread is great. :)
 
Open Trades:

20k Short EUR/USD 1.2540
10k Short EUR/USD 1.2577
20k Short GBP/USD 1.8400*
10k Short GBP/USD 1.8468*

Stops on Monday...
Closed Trades:
10k Short AUD/USD .7735 Limit .7675 +60
10k Short EUR/USD 1.2435 Exit 1.2370+65
10k Long USD/CHF 1.2500 Exit 1.2540+40
10k Short AUD/USD .7735 Exit .7685 +45
20k Long USD/JPY Limit 110 +90
10k Short AUD/USD .7735 Exit .7565+170
10k Long USD/CHF 1.2505 Exit 1.2710 +205
10k Short EUR/USD 1.2435 Exit 1.2170 +265
10k Long EUR/USD 1.2193 Limit 1.2270+77
10k AUD/USD .7533 Exit .7570+37
10k Long AUD/USD .7533 Exit .7580+47
10k Long USD/CAD 1.1893 Exit 1.1975+82
10k Long EUR/USD 1.2193 Exit 1.2291+98
10k Long USD/CAD 1.1893 Exit 1.1899+6
10k Long USD/CHF 1.2578 Stop 1.2509 -69
10k Short EUR/USD 1.2293 Exit 1.2350 +43
Model Account Balance: 3201

*Signal was not full blown on Friday. I expected prices to have more in them too. Let's see what happens by the close today.
 
Open Trades:

20k Short EUR/USD 1.2540 Stop 1.2600
20k Short GBP/USD 1.8400 Stop 1.8500
*Now that I have my average price higher, I'm swingin for the fences with minimal losses locked in =)

Watch the Dollar shorts scramble for liquidity on tommorrow's open. Oil is flowing, the greenback will be bought in a panic. Even if I'm wrong, I'm just following my system anyways. It's just fun to sound like my opinion counts for something =)

Closed Trades:
10k Short AUD/USD .7735 Limit .7675 +60
10k Short EUR/USD 1.2435 Exit 1.2370+65
10k Long USD/CHF 1.2500 Exit 1.2540+40
10k Short AUD/USD .7735 Exit .7685 +45
20k Long USD/JPY Limit 110 +90
10k Short AUD/USD .7735 Exit .7565+170
10k Long USD/CHF 1.2505 Exit 1.2710 +205
10k Short EUR/USD 1.2435 Exit 1.2170 +265
10k Long EUR/USD 1.2193 Limit 1.2270+77
10k AUD/USD .7533 Exit .7570+37
10k Long AUD/USD .7533 Exit .7580+47
10k Long USD/CAD 1.1893 Exit 1.1975+82
10k Long EUR/USD 1.2193 Exit 1.2291+98
10k Long USD/CAD 1.1893 Exit 1.1899+6
10k Long USD/CHF 1.2578 Stop 1.2509 -69
10k Short EUR/USD 1.2293 Exit 1.2350 +43
10k Short EUR/USD 1.2577 Exit 1.2518+59
10k Short GBP/USD 1.8468 Exit 1.8420+48
Model Account Balance: 3308
 
take a look at this indicator. it seems to be a constant adjusting pivot point indicator. i haven't had a chance to look too deeply into it, but i think its pretty accurate. could be an excellent scalping tool for forex. sell resistance, buy support and take profits at the pivot. its for metatrader4 in case you're not familiar.

by strange coincidence there is a vendor who uses a system with an indicator called dynamic pivots. curious indeed =)
 

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