Bullish Divergence Trading on GBP/USD
Feb 23rd
Hello all,
Just now while checking out the daily chart, I found the bullish divergence forming on GU. I am going long on GU with 90 pips stop and 90 pips Take Profit. However, if this trade turn out to be positive, it can run upto 200pips+. Here is the chart.
Manual Trading restarted
I reset my manual trading chart, as recent changes in the code of trade manager EA was continuously opening up BUY trades on GU. I actually forgot to comment the code which I used for testing 
. Have a great trading day ahead and many pips to you all.
Trading idea : Long GU at CMP 1.5420 with 100pips Tp and 100 pips SL. Have a great pip fill day.
refer divergence Cheat sheet
GU and EU trade on 22nd Feb 2010
Feb 22nd
Here are the two trades which I took. I closed one trade with appprox 40 pips and other one is still live. I think I am going to close it at break even. Following are the charts
1. EUR/USD trade
61.8% retracement from High and almost 200 pips upside run from lows. Bulls are surely going to exhaust isnt it ??
2. GBP/USD trade
50% retracement from High co-incided with falling trendline. Good area to short but again its just moved sideways the whole day.
Have a great pip filled day tomorrow
Weekly Trading review 21st Feb 2009 : 565 pips and 30$ profit
Feb 21st
Hi guys,
Here I am with my another weekly review. As mentioned in my previous review, I switched to FXDD for manual trades and it did prove really good. I started on my own trading style, but I realized that trading by closing partial lots is not helping me at all. As you can see
My Manual Trading Style
Last week trading style made me learn a lot. I was trading with fixed lots of .09, with 3 take profits. I close .03 lots every time a Take Profit was hit. But here lies the problem. 99% of my trades never hit the final take profit, and also the amount of money I gain by hitting all the take profit was way less than a single trade hitting stop loss. To explain it more clearly:
I open up a trade with 40 pip stop loss and 60 pip take profit. The trade goes in my direction and hit the final take profit. But since I am closing the partial lots, I gain 20 + 40 + 60 = 120 pips ( as trade is divided into 20 pips partial take profits) on .03 lots , with a gain of 20*.3 + 40*.3 + 60*.3 = 36$.
Now if the trade has gone against me , I would have lost 40*.9= 36$.
So overall I gained pips but I made loss.
So what is the solution for this problem?
I think I have to be fair. I am planning to try this particular solution in this week.
Just like I close the profitable trade partially, I am going to do the same for loosing trades. This will give extra breathing space for the trade also and hence minimizing the losses. I will work out this week and will let you guys know the results.
Daily review ??
The week gone by was full of experiences, I wish I had chance to put it up here. It was full of struggle. The most crazy moment was the moment I opened up a buy trade on GU, the pair dropped 100pips hitting my SL. However, I opened up another counter trade and gained those lost 100 pips. But again since I was partially closing, it didn’t give me the same return.
I will try to post the daily review, if possible for me. That will give me much better way to explain the reason for taking each and every trade.
My favorite Currency pairs
- EUR/USD
- GBP/USD
- AUD/USD
I will be trying out some strategies on JPY pairs in coming weeks, but as of now I am sticking to these pairs.
Cheers and have a great trading day
Weekly blog review 15th Feb 2010 : Manual down 14% , Automated up 16%
Feb 14th
Hello everyone and here I am here again with the weekly review. As noted, it was pretty bad week in terms of manual trading. But again the more you trade, the more and more you learn. This week again saw pretty bad manual trading week. Here is what I have learnt with this :
Most of the losses I do not have any explanation as I was following the free signals given in some sites. These site are really good and will surely give you good profits, but will never let you understand why you lost. Because of this, the process to become a better trader with every trade goes off.
So this is what I have decided :
- No more free signal trading. If I need to success in long term, its better to trade your own system. Atleast you will have a clue why you took that trade and the reason for that trade failing.
No more Manual Demo Trading on Tadawul Fx
I was using Tadawul FX demo platform for trading, but no more, as it seems their price feed vary a lot. Many times the demo platform will freeze for 10s of seconds and hence there is no way you can be with the trade. Moreover, I use freestockcharts.com for charting , and as mentioned the price feed is really different.
So I have updated the Performance page of this site and manual trading is restarted with FXDD.
Trade Management EA working properly
The trade management EA is working properly and is proving a great help in managing the trades. However, there are still small issues which need to be looked on. However, for your interest these are small things which this EA automates :
- Divide the trade into partial lots, closing lots every time one single take profit is reached.
- Automatic calculate breakeven settings , and partial close pips based on Take profit.
- Automatically insert missing take profit and stop loss
- Trail stop once target is just 10 pips
- Close trade 5 pips below the take profit
- handle OCO orders
Automatic trading up 16%
It was a surprise, the EA is now out of loss and up nearly 16%. It took it just one day to jump from -8% to 12% and next day again 4%. So far the trading result have been really good. It could have gained 8% on friday, but just because of my little tight settings, it missed to open the second sell trade by just 1 pip. However, this is fine there is still nearly half a month to go. Lets hope it goes on the way it has started.
All the stuffs are set, and lets hope the coming week will be good for Manual trading too. Please remember trading is a process, and you should be in it with a long term goal. Even if you make profit, but without learning anything , it is of no use.
So open a demo account and read babypips.com and get set to trading.
Cheers to all and happy pipping.
Weekly blog review 5th Feb 2010
Feb 5th
Well so here I Am with the weekly review of the trading journal. Not a good week but not too much of trading too. I was busy trying to fix up issues with the trading. Firstly, I had to stop the manual trading due to lack of trade management software.
As of now I have developed my own trade management Expert Advisor specially for manual trading. You might ask what this EA can do , so here is the list :
- Handle OCO orders
- Partially close trades based on the Final Take profit level
- Trail stop once the Take Profit is just 10 pips away and close trade just 3 pips before take profit.
- Automatically move stop loss to break even after first take profit is hit.
- Move Stop Loss once every Pratial Take profit is hit
- Calculate take profit automatically based on value in the trade comment.
I did backtest this EA and it worked perfectly. However, today I tried trading the NFP with this EA and it failed to move Stop Loss to Breakeven , I am not sure why ? Anyways, I will let it run for a while for my manual trading and will keep posting the results.
Day by Day review
I was not able to concentrate on trading as I have a day job. I normally open trade using my Windows Mobile, as thats the best feasible way to deal with Meta Trader and let my trade management EA do the job. But my bad luck that the data package has some issue which prevented me from trading, and also coding the trade management EA created lots of delays. I hope the data package get reactivated, and I can start trading as usual.
Trading the EA : Automatic Trading
You may have noted I have setup my EA on the performance page. The account is down 6.42% as of now. Now before you raise fingers, this EA is under Optimization stage and every loosing trade it makes, is analyzed and if it is due to some bug or error, its rectified to prevent further occurrence of such incident. So lets wait for Monthly result.
Overall Summary
Manual Trading Account : Down by 5%.
Automated Trading Account : Down by 6.42%
Wish Everyone a Great Weekend. Have fun and Be many pips with you.
GU breakout trade
Feb 2nd
A Mixed Day !!!
Feb 2nd
As I mentioned regarding trading on Monday, things were a bag of mixed fruits. As you can see in performance page some trade do went in my direction( free signals from firepips ) and some didnt. However, the major problem I faced was with trade management, regarding partial closing , OCO orders etc. I thought I can make MPTM EA work as per my requirement by loading it on different charts and each one managing trades based on comments. However, that didnt work out 
. So what is the solution ?? I have a certain idea and I decided to create my own trade management EA.
I trade on .15 lots and closing .05 lots on every take profit. The EA should be able to calculate partial take profit position based on the final take profit.
Here are the requirement for the EA :
- Handle OCO orders in MT4 based on Comments
- Handle partial take profit based on final take profit.
- Modify trade to break even after first take profit.
- Tighten stop loss once there is a difference of 10 pips between price and take profit.
and some additional features based on my requirement.
I added fxdd account (for automated trading) to myfxbook, but status is still pending. I hope once the EA open up a trade the issue should be resolved.
More next time …
have a pip filled day.
Trading on Mondays
Feb 1st
Well, it has happened quite often that most of my loosing trades are always on mondays. So, I have restrained myself from trading on mondays. Well, the day market comes back from holiday, the volatility is high and the chances for market to move in a proper direction. Long term traders will remain uneffected, but for intraday traders, Mondays are always going to be volatile.
I have decided not to trade on Mondays. You can see some trade positions which I on my manual trading system , out of which only one is my own. I also follow firepips.com and forexprotectors.com and trade their signals. It always better to follow the profitable systems sugnals, but also try to match it with you analysis. It everything found good, go ahead.
I am on sidelines watching pairs the way they trade. Even my EA is on leave today, and will start trading from tuesday, if at all any opportunity is formed. Rest all is great and have a highly pip filled day.
USD/JPY Short Stopped out at 25pips.
FxAndMe.com
Jan 30th
This is the first post at FxandMe.com. This is going to be my trading journal and I will be publishing my trading stats. I will try to post weekly analysis of the trades I took. I will put up the stats pretty soon.
Trading journal will start from 1st Feburary 2010 on Demo accounts. However, I will plan to go live after couple of months.I am basically going to trade strategies which I mentioned in About page. All necessary setup is completed.
Best of luck to Everyone Trading Forex. Have a pip filled year.