Ferrowolf's Den of Trading

I AM MOVING HOUSE!!

ferrowolf — Mon, 26 Oct 2009 18:11:40 +0000

That webbie isn’t totally done up yet, however it has every post and page which is currently on this webbie right now.
I will update all my posts there with immediate effect, so please do visit www.ferrowolf.com for latest updates!

View my latest post about today’s forex adventure at www.ferrowolf.com
One good winner averted disaster from -123pips to +1 pip!

GBPJPY trades taken 23rd Oct

ferrowolf — Fri, 23 Oct 2009 17:35:28 +0000

Yesterday was pretty lousy, kept trying to short the GBPJPY persistently.. lol
No real clear setups or anything even.
Anyway, today’s much better.

First trade I took was by chance I logged in just in time to see the news release for the UK GDP numbers.
very quick +20pips, 1R trade with half position size (adjusted to 0.5R for full position size)

Second trade was taken on the retracement, price came up against the 15min20ema, so I took it short with half a position size and 30pips stoploss.
+60pips, 2R trade. (adjusted to 1R for full position size)

So total for today would be +80pips with 1.5R gain

+350 pips and up +11.64R for the week.

GBPJPY overtrading on 22nd Oct!

ferrowolf — Thu, 22 Oct 2009 17:57:23 +0000

Zzz
After a nice start to the day, I took 3 other short trades on the GBPJPY.
This was somewhat later in the day, when price was ridiculously whippy.
entry 151.12, exited 151.27 for -15 pips
entry 151.11, exited 151.35 for -24pips
entry 151.20 exited 151.40 for -20pips(half position size, so equivalent to -10pips)
The good thing is I used the same position size and risked less capital for each trade.
So basically I gave back 49pips out of the 60 I made in the first trade, still positive for the day.
Got to watch my emotions, the 3 trades I took earlier weren’t particularly high quality setups.
I guess I just wanted to position myself for a potentially huge drop below 150.50..guess it’s not today.
Currently in a position short at 151.71
Tempted to put the stops at 151.90, just above the 151.80 resistance.
However, since the recent high is pretty close, I decided to go for a 39pips stoploss instead.
But price doesn’t look like it’s gonna work out easily..irritating.
I’ll leave it overnight, all stops in place already, will take half profit at 40pips profit.
Looking for a final target of 100 pips at 150.71 just above the support area of 150.50

Wish me luck!

GBPJPY trade taken 22nd Oct

ferrowolf — Thu, 22 Oct 2009 08:48:20 +0000

Traded into the news, something I usually try not to do.
But 2 main factors kept me in the trade.
Firstly, there was a break of a major resistance level, but it couldn’t hold. Big players were selling it down. They probably know something about the results later and were taking out the short stops?
Whatever the case be, there were big sellers involved, so I want to be sitting in their camp when the news comes out.
Secondly, I had a 30pips profit buffer, meaning I probably could survive any spikes comfortably.
So I decided to stay in the trade with a limit order to get out at +60pips.
When price started moving, the move was HUGE.
I wasn’t able to cancel my limit order in time.
So that’s +60pips, 2R trade.
Explainations on the charts.

GBPJPY 2nd trade taken 21st Oct

ferrowolf — Thu, 22 Oct 2009 03:05:54 +0000

Another overnight trade, but the confluence of events struck me as strong enough to be right.
Since this trade was against the strong upward momentum, I should have been more conservative with my money management and take 50% off at 40pips instead of just moving the stoploss.
Basically, out at breakeven. zero pips, zero R trade.

Explainations on the charts.

GBPJPY trade taken 21st Oct

ferrowolf — Wed, 21 Oct 2009 15:10:41 +0000

Analysed this trade correctly, but managed it horribly.
I had already set my stops and the EA to move the stoploss at the right levels.
However, I started 2nd guessing myself and decided to meddle with the trade.
I got out much too early, totally messing up a big winner.
Got to watch my emotions.
Explainations on the chart.

GBPJPY 2nd trade 20th Oct

ferrowolf — Tue, 20 Oct 2009 16:15:09 +0000

My patience tends to wane thin at night it seems. Prob too eager to go to bed or something. lol
Anyway, I definitely got out of this trade waayy too soon.
Price just hit my initial target. So instead of a 2R trade, I got just a 1R trade.
Think sometimes it’s better to just leave a trade running, especially when the stop was moved to breakeven already.
+28 pips, 1R trade.
That makes today’s total
+78pips, 4.125R

I realise there’s a slight problem with the results, I risk between 1-2% of my capital, so as hard as I try to be consistent, the best the R multiples can show are the risk/rewards of a trade.
For example, today’s gains were 4.125R in total, however, the actual increase in my capital is 4.82%
My risk/reward ratios have been improving in the past few weeks.

Explainations on the charts.

GBPJPY trade taken 20th Oct

ferrowolf — Tue, 20 Oct 2009 05:21:51 +0000

Explainations on the charts.
Price struggled to get moving downwards initially.
So decided to get out real quick.
+50pips, 3.125R trade

EURUSD trade taken 19th Oct

ferrowolf — Tue, 20 Oct 2009 02:29:11 +0000

Took this trade some time after midnight.
got stopped out for -25pips.
It was a half position size trade, so -0.5R
Explainations on the chart.

GBPJPY 2nd trade taken 19th Oct

ferrowolf — Mon, 19 Oct 2009 07:32:31 +0000

Gotta admit, today I might have been too eager to take profits.
I’m supposed to be trying to build a slightly longer term position to the short side, but it appears I might have given up a couple of good entries in favour of short term profit.
Should have been more patient.
Price shot down again from where I got out of everything, nearing my 2nd target of 147.00
zzz
Anyway, explainations on the chart.