constitution

My FX CONSTITUTIONS
I am a PROFICIENT, DISCIPLINED and PROFITABLE TRADER. I enjoy trading to make a profit. I honour the responsibility I have to myself and to those who are watching and depending on me to be such a trader. I continue to educate myself on how the markets work and I also continue to educate myself on how the mind works so that I incur the necessary discipline to execute the right actions for my success. I know how to determine market direction and I have a simple trading methodology that has an entry and two exit strategies, one for profit, one for loss. My trading methodology feels comfortable to me, is easy to understand, obey and execute. I have a set of trading rules that make sense to me and I obey those trading rules. I always trade with a protective stop. When I find a trade, I create that trade and trade my plan. If my currency of choice does not fit my trading methodology, I look for another trade in another currency. If I cannot find a trade, I am patient until the market meets my criteria. Each trade either wins me pips or lesson or experience.

Monday, February 14, 2011

USDJPY bounce off 61% 1H


- price bounce off 61% fib 1H
- blue candle close at 61%, red pin bar appeared below 61%
- SL is quite low <40pip
- R:R min 1:1

==
- SL hit at 83.73
- should avoid trade against the main trend
==
EOW Review:
- entry should have been off the price bounce 55ema (the blue candle PB few hours earlier)
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USDCHF bounce of 61% daily






- price bounce off 61% fib daily
- still doesnt hv confirmation frm 4H - price has not breakout from triangle or Inside Bar
- TP target at 38% fib Daily / 61%-74% fib 4H

===
- closed at +30pip before maghrib time due to lack of confident price will go lower. also been in this trade more than 24hrs period.
- shall look into re-entry after retracement
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My 1st ever journal... :-)

This is my 1st ever attempt to have a daily journal of my live forex trading...

I've procrastinating in this endeavor for so long a time against the advise of so many successful and professional traders. "Keep a journal of your trades, bad or good ones" they said. "Capture why, when, emotion involved, whatever, when your pull the trigger" added others. "Re-evaluate and analyze all your trades, and you shall be on your path of a successful trader" remark added. 
...and finally you can have a pat at your back and proudly say to yourself .. "yes, im a now trader for a living"

... many thanks and greatest appreciation to my partner Master KeigaAcura for his unrelenting trust and help in my journey thus far and beyond hereon...


... to my 'lil SiS, for somehow has helped improve my trading success, without her knowing anything about forex and neither does she realizing it either (",)... 

... but most of all, to HIM, for all the blessings and favors showers upon me all my life....
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