Trade Journal and Analysis

[neo1599]

Hi,

I am going to be posting all the positions that I take along with my reasons for taking the same.

I will also be posting my analysis of particular pairs on mondays.


Neo

 

[neo1599]

Positions on 12-04-07:

Instrument Buy/Sell Entry Stop-loss Target

GBP/USD BUY 1.9781 1.9727 1.9874

USD/CAD SELL 1.1458 1.445 OPEN

EUR/USD BUY 1.3424 1.3452 1.3541


Analysis for trades:

GBP/USD:

Weekly chart:

Uptrend
RSI above 50 and below 70.

Daily chart:

Same as above

4-hr Chart:

MA8 above MA55. MA8 giving good support at 1.9768.

USD/CAD:

Weekly Chart:

Various fib levels broken.
The MA's have crossed to signal start of Down Trend.
RSI below 50.

Daily Chart:

Same as above.

4hr Chart:

MA55 above MA8. Confirmation of DT.
RSI below 30 and to be watched.

EUR/USD:

Weekly Chart:

Strong uptrend.
RSI between 50 and 70

Daily Chart:

Same as above.

4hr Chart:

RSI between 50 and 70.
MA's are signalling a strong Uptrend with immideate support being 1.3448


Positions Closed:

EUR/USD closed.

Cause: SL hit. 1.3454

Pips: +30

 

[RSI]

Hello Neo,
From which place are you trading in forex? Is it allowed in India?

 

[PANCHAL_UMESH]

thanks neo

 

[neo1599]

Hello Neo,
From which place are you trading in forex? Is it allowed in India?

I am operating from Delhi.

The law in case of forex trading is a bit like a sieve if one is determined there's a way to trade.

As long as you are nto trading in big amounts you should be safe.
---------------------------------------------------------------------

12-04-07

New Position:

Instrument Buy/Sell Entry Stop-Loss Target Time of entry(IST

EUR/USD Buy 1.3480 1.3434 1.3577 7:30pm


EUR/USD:

Larger reasons stated in preious post.

1hr Chart:

Broke resistance at 1.3476

 

[neo1599]

13-04-07


Closed: USD/CAD at 1.1360

Pips: +98

 

[RSI]

I am operating from Delhi.

The law in case of forex trading is a bit like a sieve if one is determined there's a way to trade.

As long as you are nto trading in big amounts you should be safe.

I am unable to follow what you are saying. Can you explain a little bit about it?

 

[neo1599]

I am unable to follow what you are saying. Can you explain a little bit about it?

Let me try to help with the help of an example. Suppose 'A' wants to trade in the forex market.
The first question A must ask himself is with how much capital does he want to start a 3 figure start, 4 figures, 5 figures so on.

To keep it simple lets assume he starts with three figures. Now if he is new to trading then chances are he will simply loose all the money after a particular period of time. Indeed 90% traders do. Assuming that he went about funding his account through egold he can simply forget about it.

Now a practiced trader will have money coming in at regular intervals or after sometime. According to the RBI getting 500$ per transaction is a no questions transaction. After that a clever CA will work through their arcane language and hopefully show it as income but never reveal the origin. So you are paying tax on it making the money white.

The third way is something which is a bit more complicated and is useful for professional traders when they have to get major money out.


What i meant by the remark before this was this:

The Indian Government etc does not have time to come after people because they are making an extra say 10,000Rs. a month. So unless you are making crores of rupees per day and then getting the same back to India you are safe.

Who am I kidding, if you are making crores then there's no trouble from law that you cannot sort out.

Hope that clarifies it. If you want me to clarify the third way of doing it then leave me a message.

Neo

 

[neo1599]

14-04-07


Positions Closed

Instrument Exit Pips Cause

GBP/USD 1.9828 +47 SL
EUR/USD 1.3509 +29 SL

Week's Journal:

Pips +204.
No of positions: 4
Average pips per position: 51

That was a good week.
---------------------------------------------

For the week starting 16-04-07.

Will be posting on Sunday night my technical analysis and various trades I am going to look for.

Have a great weekend.

Neo

 

[neo1599]

Strategy for the Week Ahead:

Below is the analysis of the weekly chart:

Buy dips on GBP/USD

Buy dips on EUR/USD

Sell dips on USD/CAD

Neo