Coastalfx Journal

[coastalfx]

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I was out of town over the weekend so I was unable to place trades or post to this journal. The good news is I come back to find our trades very profitable. I adjusted the trailing stops on most of them to preserve our profits and I also opened a trade on GBP/USD.

EUR/USD 50 pip trailing stop intact at 1.5936

USD/CHF 100 pip trailing stop intact at 1.0141

AUD/USD 60 trailing stop intact at 0.9677

USD/CAD 50 trailing stop intact at 1.0037

New Order:

Buy/Stop placed on GBP/USD at 2.0100 50 pip trailing stop and 1000 pip Stop/Loss only using 1 precent of account balance on 50:1 margin.
What a great day to be in the forex market. Currently we have 260 pips in profit locked in on these trades.

Have a blessed day,
Jackie

[coastalfx]

All positions were stopped out yesterday for a profit of 260 pips. That is a record for my best day gain so far. Our Buy Stop on GBP/USD was also triggered but then pulled back some so we have a small floating loss on that one trade.

New trades placed are as follows:
USD/CAD Sell Stop at 1.0000
AUD/USD Buy Stop at .9800
USD/CHF Sell Stop at 1.0075
USD/JPY Sell Stop at 104.00

Remember every trade uses one percent of account balance with 50:1 margin. 1000 pip stop/loss and 50 pip trailing stop.

Have a great day,
Jackie

[Sweet Pip]

Originally Posted by coastalfx

The simple verson of my strategy is this...

I trade mainly from dailys but do look at weekly and monthlys for further confirmation of the larger trends. I use approx. 2 percent of my account on each trade. I place buy stop or sell stop orders in the direction of the larger trends. I place trades using round numbers like 25, 50, 75, 00.

(this is the rule that I broke yesterday) I place trades only after I have seen at least one full daily bar that is complete going in the direction of the trades I am placing.

I place every trade with a 50 pip trailing stop and I use a 1000 pip stop/loss on each trade. After a trade has run over 100 pips in profit, I adjust my trailing stop to 50 precent of the gains in the trade.

Hope that helps, piphacker.

Thanks for the questions,
Jackie

HI Jackie,
Is there a more complicated version ?
Also, what lot size are you using?
Glad to see someone having fun being successful!
Thanks

[coastalfx]

LOL,

No there is not a more complicated version. Sorry to keep it simple.

Take care,
Jackie

[coastalfx]

No new trades todays and no adjustment to current trades. Our GBP/USD trade was triggered and is currently in profit. All other pairs appear to be in a countertrend at the moment. We will sit patient and see if the trend resumes. We will leave all of our Buy Stop and Sell Stop orders in place, if the countertrends reverse they may get picked up.

Have a great day,
Jackie

[coastalfx]

There are no new trades or adjustments today. The market doesn't really seem to have had any major moves since yesterday. So we will simply relax, be patient, and wait for a move.

Have a great weekend,
Jackie

[coastalfx]

There are no new trades today. The market still seems to be in a sideway movement. A quick peek at the charts last night looked as if we may be placing or adjusting our trades this am; but when I woke up and looked at the charts again they had reversed their direction maintaining their sideways movement. We remain patient.

Have a great day,
Jackie

[coastalfx]

My trades are most often 8 am to 12 pm noon.

There are no new trades or adjustments today. It's times like this
that separate winning traders from losing traders. It would be easy
to get impatient and to force a trade. However, the charts do not
show a viable trade right now. We are in one of the larger countertrends
that have been established since I we started trading. This is a good
thing since our trend has not reversed, at some point the market will
resume with it's trend and we will have room for larger gains.

Until then, we will continue to wait and watch patiently.

Have a good day,
Jackie

[coastalfx]

There are no new trades today. It's difficult to make money if we
are not in trades however, the market continues to give up ground on
this current trend. It hasn't given up tremendous ground for the most
part it's small moves in a countertrend direction. There should be
a solid break in one direction or the other once we get more economic
news releases. We will continue to wait and watch the charts.

Have a blessed day,
Jackie

[coastalfx]

No new trades were initiated yesterday or today. We are in a good
size countertrend market right now. With our two open losses our paper
losses are adding up. Thankfully we are on the sidelines with our other
4 pair. It looks like the market is shapping up nicely. Once the trend
resumes we should have plenty of room for profits, as the market
will have a long way to run it hits a resistance point.
If we try to rush trades we could make sloppy decisions that could be
costly. Right now we will just sit on the sidelines and just watch.

Jackie