Week 2 – Update 1

There was a huge spike this morning across the board against JPY. I checked my account at 7 am and I was down $40. I come back 10 minutes later and I’m down $400! Good 30 pip jump on the JPY pairs… I’m still not sure what caused it.

I closed my trades on USDJPY (@104.90… $85) and USDCHF (@1.0177… $93) tonight, and I also sold EURUSD @ 1.5916 and bought USDCAD @ 1.0008.

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~ by yarcofin on July 21, 2008.

7 Responses to “Week 2 – Update 1”

  1. so did u end up making any money? didn’t the euro/jpy drop too

  2. If you mean last week, my results were here:
    https://yarcofin.wordpress.com/2008/07/18/week-1-results-live-trading-quick/

    I don’t like to make any conclusions about this week when it’s only 2 days in. It’s also hard to say because it’s always fluctuating. In the course of the last 2 minutes literally since I started typing this, my account fluctuated from -$40 to $80 to $40 and it’s back to $90 now….. now $100 since I typed that… now $109….$129… now back to $50… so yeah. EUR/JPY is currently +$45 ahead, but it’s only at 169.11… my T/P is way down at 167.55

  3. good job, I don’t even take 1/10th the risks u take, how do u sleep at night lol

  4. btw I’ve been meaning to ask u, how did u learn how to use these charts, I’m on babypips too, but that is pretty much a basic overall lesson on forex, I read the fibonacci section I’m still not even close to understanding how that chart works

  5. I don’t think I’m taking outlandish risks or anything… I only have 12% of my total account value invested in ALL my positions at any given time. I still have 800%+ margin free. Having taken finance courses, I understand the “risk-return tradeoff”. You need to take risks if you want to reap the rewards.

    I learned the charts entirely from babypips and former stock market knowledge just through experience, but 95% I learned froM babypips.com. I’m not sure what you mean though… the idea is pretty basic:

    The chart by itself means nothing… it is patterns in the graph or indicators that you look for. Google “chart patterns” or things like “head and shoulders pattern” for information on the chart itself. For indicators, you have to know what each indicator means and how to read it. Personally for RSI and Stochastic, if the line is over the 80% mark I consider the market overbought (too many people have bought, time to sell.) and under 20% oversold (too many people have sold, time to buy.)

    Again on the risk issue, it doesn’t really seem that risky once you have traded for 6 months and consistently made a profit.

  6. can u recommend a resource for learning the rsi and stochastic? is there any charts out there that provide that information? thanks again

  7. You obviously didn’t read the Babypips school as well as you think you did 😛

    Stochastic:
    http://www.babypips.com/school/stochastics.html

    RSI:
    http://www.babypips.com/school/relative_strength_index.html

    Any “charts” that provide – Charts don’t provide anything, a chart is just a generic graph that you put stuff on. I have never seen any stock or forex service that doesn’t offer RSI or Stochastic.

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