Thread: hurvinek trading

On Monday the market was in a sort of hibernation, at least at the time I woke up. Funny occurred during the Asian hours. Then from the European and American session there was not much happening. I only made one commerce, a very simple breakout commerce in the first European session, and could shut it with profit luckily from the Asian session while I was asleep.
I am quite unsure about the management of this market, so I am being very careful with entries. I will stick to range trading until some leadership grows.

EURUSD short @ 1.2624 TP 1.2614 10 pips
There has been a breakout in the Asian range, but no follow-up. We soon came back to the range, and I watched an uneventful day pass with me being in a 20 pip loss the majority of the time. In the upcoming Asian session we tested the previous lows, and it was enough for my limit order to get executed.

Total for the day: $50

Finished the day , got a healthy snack in the huge move after the news releases (Existing Home Sales, Consumer Confidence). They came as a surprise for your dollar, you could see it instantly when they were published. It took two minutes for me to evaluate, and then I entered. Took app. Half of the transfer, which I consider decent. Another commerce of the afternoon was a reduction, but I can not complain.

USDJPY long @ 116.70 SL 116.60 -10 pips
Entered in the early European semester on a rebound in the Asian session bottom expecting range trading before the news releases. Went up nearly to my predefined exit, but turned just missing it. I waited until the last 5 minutes prior to the news releases, and then exited with a 10 pip loss. Went up right after the news. No real mistake , things like this occur.

EURUSD brief @ 1.2644 TP 1.2594 50 pips
A perfectly executed news commerce. Both numbers have been in favor of the dollar, took the market by surprise. I take this as a dollar bullish sign until the next news, and will enter my next trades so. Closed with 50 pips profit, making it another profitable day.

Total for the day: $164

Originally Posted by ;

Yardie, thanks to your comment. Hope you'll enjoy coming back and reading about my daily transactions. Although I'm Hungarian, my avatar is a Czech puppet figure.

What occurred to Speibl? Is he still alive?

A nice second trade for 50 pips...

Thanks. I guess the old guy, Speibl is all right. These days do not see him much. Grew up you know.

What a rollercoaster day!

I was incorrect about the dollar, and it cost me quite a lot of money. Started out as a boring day. Nothing occurred until late afternoon (GMT 2), the dollar was dring , but it wasn't really convincing. And out of nowhere, it started to collapse. I needed to alter my prejudice during the day again. Did it just in time to recoup my losses.

EURUSD short @ 1.2580 TP 1.2570 10 pips
I anticipated some further dollar strength, as I said, so I entered short towards the very top of the narrow Asian range. Could still take 10 pips on it.

USDJPY long @ 116.80 TP 116.90 10 pips
The yen was quite weak during the majority of the day, even weaker than the dollar, as EURJPY bull was among the hot subjects. Comparatively weak dollar versus heavily weak yen led to painfully slow 10 pips profit. I didn't want to wait for a breakout, I place my limit order on peak of the range. It broke through for a spike over 117 before going south.

EURUSD short @ 1.2576 SL 1.2630 -54 pips
The large loss of the day. I reentered after the first powerful 10-pip trade, still expecting further dollar strength. I gave up when we obviously broke through the dual fib level around 1.2615. There was nothing wrong with the transaction, I entered a sound belief that the dollar will strengthen further, and I exited once I made sure of the new leadership. Dared to pull the trigger once the trade became a clear loser.

EURUSD short @ 1.2610 SL 1.2630 -20 pips
A suspicious trade. I had a position in this way, but I believed we'll bounce back from the dual fibo level. I entered too early without making sure what the market wanted to do, and I added some more to my own losses. Lessons learnt: Don't add to a losing position. Wait for a trend reversal verifiion before entering.
My departure was fine, did it with the former transaction.

EURUSD long @ 1.2630 TP 1.2697 67 pips
After a bit of jealousy that the price took out the dual fibo in 1.2615, and I considered it a short-term trend change. Acted on it properly, and shortly after shutting both short transactions, I instantly entered long. I watched it go up till 1.2660, then I needed to leave, so I specify a TP just below 1.2700, another fibo flat and a prior high. I anticipated the Beige Book would raise the pair, since it had a higher chance to repeat the rhetoric of Bernanke. From the time I came back from a nice dinner with my wife, my limit was hit, and the day has been saved. Hollywood ending.

Total for the day: $66

Seemingly I had a fantastic day. However, I am in two trades which look painfully bad. More about these when they're closed. Probably on Friday.

EURUSD long @ 1.2710 TP 1.2740 30 pips
The sole closed trade now. I expected the euro rise further, so before going to bed on Wednesday, I put an order to put in on pullback into the fibo level around 1.2710. Could grab it well, and exited an hour before the news (Durable Goods).

Total for the day: $150

A good day for remaining humble and keeping on studying. I went to some significant reduction with the transactions I started on Thursday, even added to them. I had been trying to force my will on the market, and that never works. Luckily again, I caught the GDP movement, and additional to the trade gradually, so I could recover my losses. Technically this was a losing day, but that's only since I left two transactions open for the weekend in the hope that the euro will go even higher next week.

EURUSD long @ 1.2750 SL 1.2689 -61 pips
EURUSD long @ 1.2719 SL 1.2669 -50 pips
I handle both of these trades together, because the narrative is the same. I entered on Thursday, after the unusual reaction to the dollar favorable Durable Goods Orders report. The euro shot , and the divergence between data and market reaction pointed to the direction of furher euro strength. My evaluation was completely wrong, I have to admit. Dollar longs were only waiting for the New Home Sales data one and a half hours later before entering. Since there was no dollar buying on the favorable Durable Goods news, there was a false breakout upward. But after New Home Sales everything was back in order, real money entered the market, and went on the dollar after assessing both news. This is precisely what I should have done.
To double the errors I made that day, I added to a losing trade after viewing a short pullback.
With the departure I was trying to wait for a reversal, but all in all they had been losing transactions. I gave up next day as the GDP data was expected.

USDJPY short @ 115.46 SL 115.76 -30 pips
The error again was to go against the dollar when it was obviously risky. The price came back from the 50% fibo line, but only to pull back a little, then turned from me. I put my stop above the range, and it had been struck soon afterwards.

EURUSD short @ 1.2669 TP 1.2664 5 pips
I didn't have much time to proceed ahead of the GDP, but I flipped my rankings at precisely the same time I exited with the next EURUSD loss.
With the departure I did the right thing: shut my position ahead of the GDP release.

EURUSD long @ 1.2685 TP 1.2760 75 pips
EURUSD long @ 1.2708 TP 1.2760 52 pips
Again two transactions that belong together. First I put an OCO order 1 second ahead of the news to input if we split the short term range in any direction. My broker was quick and dependable this time, I got filled almost immediately. Additionally, I added to the place under a minute later, after seeing how unsatisfactory the data is for the dollar. Again, I had been filled immediately.
I allow the transactions run, and added another two on pullbacks, so I had been heavily invested at the end of the day. I stopped those places around 10 pm (CET), to money in some profit, but left another half for the weekend. That is why the day is a reduction only in a technical sense (just like Thursday was a triumph only technically).

Total for the day: -$50

Evaluation of week 2:
Had some fairly tough moments, but I am still satisfied. I made some errors, even replied some of my old mistakes, but if I keep telling myself in this journal I should be careful, sooner or later I will handle hopefully.
The fantastic thing is that there was only one afternoon (Friday) that I ended with a loss. The terrible thing is that I had moments when I had really big losses. This I want to avoid, since it hurts me emotionally, and I will easily forget about discipline when I am upset. On the other hand it is a fantastic practice to overcome these feelings and attempt to act peacefully.
My egy to move for bigger gains seems to work out, particularly in volatile markets. I must be careful though when market is slow.
The next task is to decrease losses. I'm fine with the current ratio of wins/losses, but I'd like to find a means to exit losing trades sooner. The problem has two sides: one is the entrance, and the other is the exit. With breakout transactions the risk is generally greater, since the bottom of the range is farther off, and that is where I want to place my ceases. So I should typically favor transactions on a pullback, or at the far edge of this range. This may help to decrease my ceases. When it comes to exits, the problem is that I would like to leave enough space for the transaction to breathe, and don't want to get out of a trade in a loss, when it has an opportunity to earn profit. False breakouts in a slow market makes me increase my baldness, so that I don't get whipsawed. I must work on balancing this, but at the moment I feel that I somehow have to take into account the speed of this market. More about that after a few experiments.

Results of week #2
Trades: 15
Winning transactions: 9
Slimming trades: 6
Breakeven transactions: 0
Winning ratio: 60%

P/L: $380
Initial account balance increase/decrease: 10.86%

Cumulated results because 17/07/2006 (two weeks)
Trades: 34
Winning transactions: 23
Losing transactions: 9
Breakeven transactions: two
Winning ratio: 67.6%

P/L: $1165
First account balance increase/decrease: 33.29percent

Good job man thats a nice return

EURUSD brief @ 1.2643 TP 1.2633 10 pips
It is a classical 10-pip commerce I normally do. It is not carved in stone, but that is what I go for the majority of the time. I'm experimenting with extending this to 20-30 pips, although I have (or would have, when I followed my own rules blindly) success the majority of the time with it, I tend to fail whenever I go to get more. Merely to give you an example: I had 11 transactions in two days. 10 would have been profitable, if I had gotten out in 10 pips. I missed 3 of those 10 due to attempting to go for longer (stopped out at breakeven). True, I had 20-50 pips on a number of those others. So this is sort of work in advance.

EURUSD brief @ 1.2552 SL 1.2552 0 pip
This is among those zero games. Stopped out in BE.

USDJPY long @ 116.91 TP 117.1 19 pips
This has been an effort to choose 20 instead of 10. Worked out well. Now I just have to determine how I did it.

USDJPY long @ 117.18 SL 116.79 -39 pips
Another problem of my optional system. When it goes down, it goes down big time. But when I've smaller ceases, I have stopped out. As I'm working on making gains bigger gradually, I'm also attempting to create potential declines smaller. Later I'll explain how.

Impact for the day: -36$