GBP/CHF Short

Tonight I entered a short position in GBP/CHF, after the pair dropped sharply today from an area of overhead resistance and a slight down trendline.  The drop today was similar to prior recent drops that kicked off strong down moves (circled in yellow below):  GBPCHF_20151105

I entered short at 1.51386 with a stoploss above the overhead support at 1.53909.  I’ll likely exit the first half of my position at 1R and the second half at 2R.  We’ll see how this trade plays out in the coming days.

Administrative note:  Since I typically put on two equal legs of a trade and close out the first around 1R, I’ll be tracking my total pips per leg going forward.

UPDATE 2015.11.11 6:23 AM CST:

I went ahead and closed out this position for a loss this morning at 1.52756 for a loss of 137 pips per leg.  The trade was clearly not going in my direction, and it was probably a mistake to enter the trade the night before non-farm payroll data was released.

Welcome.

Hello and welcome!  I’m glad you’re here.  Allow me to introduce you to TradingGroove.com…

What Is This?

TradingGroove.com is essentially an experiment in publicizing my personal trading.  I’ve traded Forex (as well as other markets), on and off for the past 10 years with mixed results.  Like most other folks who have stepped into this arena, my goals are consistency and profitability.  I plan to post here the details of my personal swing trading activities, including potential setups I see, orders I place, trades I take, and my personal trading ideas.  Why am I doing this?  I have a few reasons:

Accountability

By subjecting my trading activities to public scrutiny, I will be forced to have a reasonable justification for every action I make and position I take.  If I can’t articulate the case for taking a particular trade, I shouldn’t take it.  I will explain the reasons for taking actions that I post on this site, and “just ‘cuz” won’t cut it!

Education

Through this site I hope to crowd-source my continuing (and never-ending) trading education.  That is, I hope that through the posting of my trading activities, some of you will comment, offer constructive criticism, share different perspectives, and provide helpful advice that will help me grow as a trader.  In turn, I hope that I will be able to further your trading education, even if it is by providing you a lesson in what *not* to do!  I believe that engaging in open dialog about a person’s trading activities can be beneficial to all parties involved.  I know that there’s a lot that I can learn from some of you that have walked this road ahead of me.

Results

Ultimately, I hope that posting my trading activities here will translate to improved trading results.  After all, isn’t that what we all want?

Who Am I?

I’ve been interested in the markets and trading since I started earning a full-time paycheck after entering the workforce more than a decade ago.  My trading activity has ebbed and flowed during that time as I’ve gone through periods of diligent study, experimentation, and testing of strategies followed by periods of complete inactivity while pursuing other interests.  Inevitably, I always return.

Over the years I’ve experimented with many different techniques, indicators and strategies in many different markets.  I’m a technician at heart, having little interest in fundamental analysis.  Through trial and error, I’ve found that what makes the most sense to me and best fits my personality and circumstances is swing-trading the Forex market using pure price action.  I plan to elaborate on how I currently trade in future posts.

I want to be clear, though, that I *don’t* have it all figured out.  I’m *not* consistently profitable (though I believe I’m slowly getting there).  I’m just a guy trying to solve the puzzle and avoid being one of the 95%.

On a more personal level, I am a…

  • Follower of Christ
  • Loving Husband
  • Devoted Father
  • Full-time Software Developer

Stay Tuned!

I plan to start posting my trades this week.  I usually take one or two trades a week, and I’ll hold my trades for a few days up to a few weeks.  I try to be selective, and I will most certainly miss many trades that may be obvious to others.  I work a full-time job, so I do my trading in the evenings.  Thanks for visiting, and stay tuned!