Week 4 Performance Review

Yet another week with low volume where we see Friday prices positioned at the low or high for the week with the advantage going to the USD:

Ranges for the week

EUR/USD: 1.1778-1.1931 (currently 1.1788)
GBP/USD: 1.7129-1.7408 (currently 1.7189)
USD/CHF: 1.3050-1.3197 (currently 1.3182)
USD/JPY: 116.17-118.16 (currently 117.84) 

Week 4 was another losing week for me (-15 pips, -$242, 4 winning trades, 6 losing trades)

After 4 weeks of trading, I’m still up 123 pips and $1100.  If I were trading full-time, the $1100 wouldn’t be enough to cover a majority of my expenses this month and I’d probably be homeless.  That is why I’m holding on to my full-time job for now until I can see consistent returns.

This week my charts got "fatter" as I added more indicators and moving averages. 

In week 1 and 2, I was in "Raghee Horner" mode and my charts only had the wave and MACD indicators.   Weeks 1 and 2 just so happened to be my most profitable.  I wasn’t comfortable with just going through the motions of using only her strategy so in weeks 3 and 4, I’ve been experimenting more with EMA’s (8,21,50,100,200), CCI (Thanks Andrei), candlestick patterns, and other indicators like momentum, stochastics, RSI, and bollinger bands.  Weeks 3 and 4 might have been a good week to take a sabbatical to just watch the charts and train my eye to spot patterns as they emerge as Andrei mentioned in one of his helpful comments this week.

In the meantime, I’m reading a lot and trying to learn as much as possible.  I followed others advice and picked up a copy of "Trading in the Zone: Master the Market with Confidence, Discipline, and a Winning Attitude."  I’ve also been lightly reading, "The Candlestick Course" by Steve Nison and "Day Trading the Currency Market" by Kathy Lien.  Lien’s book is much better than I thought and has given me additional insight into the market that I otherwise would have missed.

Happy New Year!

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