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[jacioux]

Hello all newbie’s and veterans,
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I am starting this journal to show the progress of a newbie to the FOREX markets. I have read a lot of posts on many websites and I thought a journal of newbie would benefit a lot of people.
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I will begin posting my idea and thought process of why I am entering trade and the technicals I am using. I know it might be painful for some to watch and say “NO, don’t do that it wont work” but sometimes we need to see failure happen to fully understand why we don’t do that.
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As for me, I was looking for a way to make extra income and the stock market was to slow for me. The FOREX offered 24 hour trading and I could see all my ideas in real time instead of waiting 24 hours to see them the following day. I am coming to this plat form with little education on technicals. Although I am not a complete newbie I do understand trendlines, MACD, etc… I am a newbie on how all this is applied and why.
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So as we go along I will try and post 3 or 4 times a week and in my post’s I will give you all the how’s and why’s I am doing something. OF COURSE I look forward to all the feedback I can get. This way everyone will see the growth of a newbie to a veteran.

[jacioux]

Well after doing a little reading and going over notes Friday morning i have decided to use the following chart to begin demo trading. I have reviewed other opinions on what time frame of chart to use and i feel more comfortable with a 1 day chart to begin with. I am sure as time goes on i will begin to break it down into different time frames. For example, going from daily to 4 hours then 2 hours etc....

I did enter AUD/USD at .7590, I am using a daily, with MACD, Stoch and a 5 crossing 10 moving average. I did notic that after i entered the trade my Stoch were looking a little over bought so i will be looking to place tight stop and limit orders. Also noting that the cross hapen about 4 days ago, i might be entering this a little late.

The one thing that made me enter this trade is the RSI was above 50 and looks to be forcing its way up higher. I wont know what it will do until the markets open back up and trading begins.

[jacioux]

Hello Everyone,
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Well I spent some time last night looking over a few charts and deciding if what I have in place is a good starting point or not. After thinking it over I feel that the 1 day maybe to long to catch a lot of the action going on. We are talking about 24 hours over movement that goes on and I am more interested in catching what is going on in that time.
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So I have changed the system a little, I am going to take down the time frame to 1 hour and use the daily to spot the trend going on. I am going to focus on the following technicals:
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Heikin Ashi (this is a different for of candles but is more geared towards the trend)
Macd
Stoch.
RSI
Move Average 10, 20
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My thought here is to have all technical’s line up and give confirmation on entering a trade. My mind set is CONFERMATION, CONFERMATION, CONFERMATION I may miss a few pips by waiting but if they line up then I stack the numbers in my favor.
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Below is a copy of a new chart that I will use, the red and green arrows you see are the MACD crossing and the reaming moving averages are the 50 and 100. I have added them to see if there was a bounce on any of them.
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I still have entered the trade for AUD/USD at .7950, my stop will be .7573 this is right below the 50 day MA and sense AUD has show that it likes to bounce off this line I will use it as my stop.
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[jacioux]

Well it looks like we hit our stop loss at 7573 with a loss of -34

It looks as if i caught this trade on the way up to the top and should have waited to enter on the down. Lesson learned is dont buy near the top wait for tech to line up and then enter. I entered late and my stop was trigered.

I will post my new trade in the afteroon.

[jacioux]

ITs 8:30 and I am looking over the market and have pick EURUSD as my pick to watch out for. If you look at the chart i have placed orders to buy and sell. They are placed where you see the dotted yello line. From the shape of things it looks as if it will head up.

The 10 has crossed the 20, MAch and Stoch are heading up plus RSI is above 50 so we are lined up for the buy to take place as soon as it breaks the topping patter. The down side just incase is protected. My stoploss is going to be -15 pips.

[jacioux]

Holy Crap!! its worked, I was stopped out at 1.2618 today but got in at 1.2580. If you read the post from yesterday you will see that i was eyeing EUR USD and all the tech lined up. Keep in mind that i did not enter the trade until it broke the double top formation.

I am aware that i had placed the limit at 12 but noticed today that the news was going to be so so so i raised it to the next pivot point. It stopped my out at 1.2618 for a gain of +38 pips. I am only trading 1 lot, breaking down means 1 dollar per pip gain.

Now i have to get back to work, something about not paying to do my journal at work.

[jacioux]

Good morning to anyone that reading this.
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Well next week looks like its full of news so it should be an awesome week to make a little money. I am limited to how many pictures I can post so I will have to keep you post on when I am entering trades and let you apply the technical’s to you charts.
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The main pairs I am going to trade next week is CHFUSD and EURUSD, I just noticed that the 2 pairs play off each other. For example if you pull up a chart form last week you will notice that when the EUR was going up the CHF was going down. I find this interesting because you can play each spot, its like a tug of war between the 2. I have looked at the pair over time and its true if one goes up the other goes down So if I apply my system I am testing to the EUR its certain that CHF will do the opposite.
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As for my pick next week, the EUR is looking over bought so I am going to look to short it. I am also going to keep tight stops on the trade as news will make the EUR push up next week. My 10 day is still well above the 20 day so I will wait till I see the RSI break the 50 and short then get back in to buy