Coastalfx Journal

[uptick]

Originally Posted by coastalfx

1000 pip Stop/loss with a 50 pip trailing stop. Although I have toyed around with the idea of having a 100 pip trailing stop initially. I may try this at a later time. For now I will just still with the 50 pip trailing stop.

Happy Pippin,
Jackie

why do you have a 1000 stop loss AND a 50 pip trailing stop, it kinda defeats the purpose of having both, no?

[coastalfx]

Good observation,

Uptick, the 50 pip trailing stop doesn't go into effect until we are clearly at least 50 pips in profit.

Make sense?

Thanks,
Jackie

[uptick]

Originally Posted by coastalfx

Good observation,

Uptick, the 50 pip trailing stop doesn't go into effect until we are clearly at least 50 pips in profit.

Make sense?

Thanks,
Jackie

ahhh. gotcha. ok. makes sense now.

good luck.

[coastalfx]

So far it's been a slow trading day. All trades still in red but confident trends will resume so I am not to worried about trades that are down. Eur/usd buy stop still not triggered although it's very close.

One thing that definitely has bugged me so far is how my trades have all headed south shortly after I entered orders going with the trend. I have been doing some reading online today and some studying of the charts and have come up with a proposed solution.

It's not very often that that you see daily candles that alternate bullish and bearish. More than not a bullish candle is usually followed buy another bullish candle and a bearish candle is usually followed by a bearish candle. So I have decided to enter a trade in the morning on the day after I have a daily candle going in the direction of the larger trend.

For example using this strategy I would have entered a buy stop order on the Euro at the next round number (00 25 50 75) the day after I finished with a bullish candle. I hope that makes sense.

My reason for implementing this, is very simple. Before I can get into a longer trend many times I will make 50 pips or less on quick run ups that become quick reversals that will hit my trailing stops. That is fine and it gives me a chance to re-enter on another day. I would rather that happen versus ending up in a reversal that is deep in the red but still several hundred pips from my stop. When this happens I can be in a trade for days and sometimes a couple of weeks before that trade becomes profitable again. Overall that's not a bad thing most of the time the trade will end up profitable but it keeps me out of the market on that pair.

I would prefer to get knocked out of a ranging market several times with small profits versus having to wait it out in the negative. I think this new strategy of when to enter the market will help me with that objective.

Later,
Jackie

[coastalfx]

It was triggered during the night and ran into the profit zone with momentum as I wanted. It didn't run far enough for my trailing stop to be triggered which I suspect that will happen most of the time. Now that I am on this train let's see if it eventually heads north.

USD/CAD, is barely hanging on, it's so close to the trailing stop. It will be interesting to see what happens with that. New York open is coming up let's see what effect that has on my trades.

Good day,
Jackie

[coastalfx]

No new trades were made today since I am still in all 6 trades. However, since this am the markets have all nearly resumed their daily trends meaning that I have about 3 trades that have triggered trailing stops. I am locking in pips as we speak. This may very well be my best day of trading since starting this journal.

It's exciting!

Jackie

[uptick]

jackie,

just added you to aim and yahoo!.

thx,
uptick

[coastalfx]

I just deleted a message from someone assuming it was spam. I apologize if that was you. When you IM please mention Babypips.

Jackie

[coastalfx]

I had two trades get stopped our yesterday for a total of +149 pips. I love this business! Brings my total pips since starting this journal to +183 pips.

I placed two trades today a Buy Stop order on EUR/USD at 1.5675 and Buy Stop order on AUD/USD for 0.9625.

I also I have two trailing stops that have been triggered on two different trades so there will be profits made there soon as well.

I love forex,
Jackie

[coastalfx]

Yesterday was another good day in the currency market for us. Our
GBP/USD trade was stopped out for +49 pips. That brings our monthly
pip total to +232.

Our EUR/USD Buy Stop order was triggered during the night. We have
moved about 70 pips into profit on that trade so our trailing stop
is in effect as well.

The USD/CHF trade is up nearly 140 pips. Trailing Stop on USD/CHF moved to 70 pips from 50 pips. We are looking to stay in a profitable position while giving this pair room to pull back without stopping us out.

Have a great day,
Jackie