CHF pegged to the Euro

Well, SNB decided to peg their currency to the euro somehow...not really sure what that means, but it caused a huge spike in CHF pairs (and USD as well for some reason).  CHF pairs will not behave as usual due to this intervention so I will not be trading them for a long while, if at all.  USD reaction caused my USDCAD trade to hit stoploss.  Thats two losers in a row for me, account balance is:  $2,951.82.  I don't see anything good on the charts for trading, this is just one of those times where you shouldn't trade, and wait for the charts to show you something good.  So, I will practice my patience and wait.

GBPUSD hit stoploss, new trade USDCAD sell

GBPUSD hit my stoploss, just not a good signal I guess as it didn't work out to anything.  Decided to go short on USDCAD because the price bounced off of a downtrend line, and is at the top of the channel it's been trending in, and it displayed an indecision candle.

Happy Sunday night to you!

The forex markets start back up Sunday nights at 4pm for my time zone (Asia open), so I like Sunday nights :)  Not seeing much in the way of trades at the moment to be honest...most trends seem to be about to retrace (against their trend) - not an ideal place to get in a trade.  I did decide to go long on GBPUSD, mostly because there is a good pin bar there, and even though it is against trend, I think there is enough room in that retracement for a profitable trade...then I'll switch sides and try to ride it down.  Ok, that's what would happen in a perfect world.  We'll see what actually happens!

Great quotes about conviction, determination, belief...

People may doubt what you say, but they will believe what you do. (I don't know who said it)

Another good one:
Watch your thoughts - they become your words...
Watch your words - they become your actions...
Watch your actions - they become your habits...
Watch your habits - they become your character...
Watch your character - it becomes your destiny.

And another:
Stand up for what you believe in, even if you are the only one standing.

Confucius said:
Wherever you go, go with all of your heart...

NFP Friday

All of my trades (USDCAD buy, USDJPY sell, EURCHF sell, and USDCHF sell) are currently doing well and in the positive...however, I am not very happy with them.  Every single trade was quite a bit further along overnight until the NFP data was released and now pinbars are forming indicating the they may turn around on me!  Well, I moved my stoploss to BE on EURCHF and USDCHF, so at least those two are no risk trades...the question is do I let them ride over the weekend...or close out now with a profit...what to do...?

Update:  decided to close out USDCAD for a small profit because a IB fakey combo is setting up in the opposite direction from my trade...account balance now $2939.78

Update:  decided to close out all trades for the weekend...looks like they are continuing to lose value...but still got profit on all three...current balance = $2963.30

Review of my current trading method

So, here is what I am doing so far:

I am a price-action trader (95% technical, 5% fundamental).  I am looking for cues in the charts to tell me what is LIKELY to happen next.  I manage my risk (no more than 5% of account risked at any given time), seeking at least 2x profits on my risk.  I only trade off of the daily and H4 charts.  I use the weekly time frame to get perspective on trends and S/R levels.  I am first and foremost looking for pin-bars, inside-bar fakeys, and indecision-bars.  If I see these I look for other signals to validate the trade (support and resistance, trendlines, bias, confluence with the same currency bases, perhaps fundamentals, and currently - I am testing out this supply and demand aspect).  I watch all the major pairs.  That in short, is my system.  I don't use any indicators at all.

jumped the gun...

Well, the three trades I closed out yesterday (EURCHF, USDCHF, and GBPUSD) all went on to drop further so I could have made more if I had held on to them...but oh well.  At least I traded them profitably...I decided to reopen EURCHF and USDCHF on the basis of this supply and demand system that I mentioned a post or two ago...I want to try that out.  USDCAD trade is going well atm, so that is good too.  Oh, and whoops!  As I said before, I have been watching USDJPY (thinking it may have hit a bottom).  However, it developed a pinbar on the daily today, which indicates that it may drop further, so I meant to put a sell limit order on it and clicked sell (as in immediate) on accident, so I didn't get the best entry position...as soon as it went positive (by $.46), I closed it out (account banance now $2936.69).  Will redo as a sell-limit order as I originally intended.