Tuesday 13 December 2011

Made my final trade today with AUD/CAD:

AUD/CAD: (SELL)
Entry: 1.0365
Exit: 1.0354
Profit/Loss: +11

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Found out why there was such a big jump in Crude Oil prices, and it looks like a oil drill in Iran is at a stop. Could that have an effect on the price jumps from the currency markets as well? I'll have to Google what happened at 7AM.

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Looks like I had another entry point in all three markets, as well as a couple others at 8AM. I didn't re-enter, mostly because I got the points I wanted, but also I've never seen such a fast re-entry point like that in the 1H timeframe. As it looks, it would have been a great re-entry point, especially the gold market (if I entered at 8AM I would have a 400 pointer, assuming I exited at the low point).  

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Made three trades this morning:

AUD/USD: (SELL)
Entry: 1.01323
Exit: 1.01144
Profit/Loss: +179

EUR/HUF: (BUY)
Entry: 304.84
Exit: 303.93
Profit/Loss: -91

GOLD: (SELL)
Entry: 1665.40
Exit: 1663.45
Profit/Loss: +170
I must be a little tired this morning, because I have no idea why I made a sell order with EUR/HUF. The market was obviously going downward on the 1H timeframe, so that was the first mistake of the week (hopefully the last).

The other two trades worked out really well though! I owe that to making a quick exit before the market price changed direction. This was one of the things I was testing the other day. The NonLag ZigZag did not turnout the way I would have liked it to be (kinda guess that aready, so I'm not too surprised). 

I tried another indicator that moves like ZigZag, but would move a little faster if set to the right settings. This indicator is called SEMAFOR_Modief (I believe it stems from the 3_Level_ZZ_Semafor indicator). The great thing about the setup of this SEMA indicator is that it presents itself at anytime during the movement of the current price bar. Unlike the ZigZag, which moves only on the close/open of price bar, making you miss out on the highs or lows of that price bar. Also, the SEMA indicator has an alarm that goes off when it thinks it is the high or low, which is very handy.

I put the SEMA indicator at a lower timeframe (I'm working on 1H timeframes, so I set the SEMA in a 30 minute timeframe), that way I can catch the low or high a little quicker. It also means that I could potentially miss out on bigger profits, but I rather get a small profit then get a potential loss.