Day trading, trends moving averages, my journal

When I first started with forex, I couldn’t get enough. Day trades were too slow, I wanted trades NOW. I did 1H and 4H charts, then tried 15-30M charts, and liked them. Had some success, then losses, because I didn’t have rules, and it turned into just gambling. Went back to 1H and 4H charts, still do a bit with them, but now have turned to daily charts. My theory is, trends are more stable then short term, so why not go with it. Also, though this may sound dumb, when you trade the minute charts, spreads effect your trading. So why not get far away from that?

I’m using OsMA at 12,26,9. I’m watching candle patterns, trends. I don’t really have any entry rule, it’s kinda just by feel, which in the end, could be the downfall. I’ve been testing for about 1 week now. Will go live in 2 weeks if I can keep on being successful. 1 week is very short time, so I have to be patient. We’ve all seen strategies that were great in the beginning, but lose it all shortly after.

I am testing on ALL pairs, including WTI(oil), GLD (though haven’t made a trade yet), EUR/TRY(Turkey)
10 pairs total to see which ones work, and some will only have a trade a few times a month.

I’m still impatient, and take profits too soon, which I need to work on. Psychologically, I see 100pips and feel I should take it.
S/L, originally was 300pips. So because of that, I’m trading .2, .3, .5 lots.
I will re-evaluate the s/l after the next two weeks of trading. I think it’s higher than it needs to be.
(demo account had around $2000 left in my demo account. Started with $3000, went up to $5000, then down to $2000, jumping in trades I shouldn’t have)
Results so far since trading like this:
1/9 - WTI - .5 lot - Win - 145pips - 725.00
1/9 - U/J - .2 lot - Win - 92pips - 206.00
1/9 - G/U - .2 lot - Loss- 53pips - -106.00 (Can’t remember what happened but remember I shouldn’t have entered it, put s/l on, hoped for best and went to bed.
1/12 -G/J- .2 lot - Win - 112pips - 248.42
1/12 -WTI .3 lot - Win - 95pips - 285.00
1/12- G/J - .3 lot - Win - 176pips - 588.56
1/9 - U/J - .3 lot - Win - 204pips - 687.02 (Originally .5 lot from the 9th, closed .2 at 92pips)
1/13- G/U- .3 lot - Win - 102pips - 306.00
1/13- G/CHF .3lot - Win - 193pips - 518.21
1/13- G/U - .2lot - Win - 190pips - 400.00
1/13- E/TRY-.5lot - Loss - 300pips - -941.80

Open right now:
Buy eur/gbp .3lot .9069 currently +13.

I was iffy abot EURTRY, but thought the volatility looks interesting, so thought I would give it a try. I was going to enter yesterday long, but didn’t, and could have potentially made 500pips. But I didn’t, and waited for it to close, and entered today. I’ll try it again, but see if I can jump in earlier next time. Gold, Oil and EURTRY are all my iffy ones. So far oil worked.

This strategy has worked a lot better than I thought. I jumped in early on many than I wanted to, but it’s just a test, so I didn’t care if it lost. This could also be my downfall. My first 5 trades which averaged about 100pips, if I was patient and hung on, could have easily averaged me around 250 pips each. My last 2 trades for 190pips, I set t/p and went to bed, so I didn’t have the chance to close out at 100. G/U is down another 80pips since then, so I could have had over 250. GB/CHF, is also down another 60 pips. I would love to set t/p for 200-300, but I don’t think 1) I could sit there and watch it aorund 150-200 and not t/p 2) If it got up to around 200, and went back down, and I lost, I dont’ think I could handle that. I’m willing to bet GB/CHF(1.6250) and GB/USD(1.4491) will still go down another 100pips in the next day, but I’m not entering them.

Besides the EURTRY, which went to -300, the lowest any other trade went was -60. Most not even to -30. I don’t expect to be that lucky in the future, which is why I started with a 300s/l. 150 may be more idea, possibly even 100. If I do that, then I will change lot sizes to .5

Anyways the original strategy was to find and enter even just one trade a week to make 100pips, so far I’ve jumped in a lot more than that.

Not a very good start to journal.
eur/gbp is currently at -44. I’ll hang onto this one for a s/l of 300. It maybe be another day or two before it climbs is my thought.

gbp/chf and gbp/us didn’t drop like I thought either.
However I just now shorted both of them. at .3 units. 300 s/l on these as well.
Try and hold these for a couple days too.

Not looking good. Though I’m gonna hold on to s/l.
If these three fail, it just shows how important it is for me to be patient, and not take the 100pip profits in earlier trades. The GBP/CHF and GBP/US trades were ones I jumped back into, which maybe I shouldn’t have done. But this is still testing so I will take note of it. Overall, I felt good about them, though compared to me winning trades earler in the week, I jumped in them a little later. So I’ll keep testing this entry point as well, and if it continues to not do well, I will test soley around the earlier entry.

I will have to adjust my s/l or unit size, because 3 losing trades at 300pips .3 lots, is just too much, with this size of an account.

So basically you are just doing what you normally did, just on a larger time frame. to go by feel in the forex is like walking blindfolded onto the highway. Good luck!:smiley:

Pretty much ,lol.
Using some signals atleast, compared to before.
I’ll keep testing, no rush right now.

Testing out long on
G/U - early entry
G/J
U/J
E/J

150 s/l
150 t/p 1/2 and let the other half go.

oy, think I’m gonna have to bail on this strategy.

Funny how you can go 10 wins and 2 lossess, then all the sudden like 5-6 losses in a row.

That’s how it is buddy but keep it, it will make sense soon.

Hint: Like everything in life, forex operates on time and once you figure out the timing based on the patterns you will laughing all the way to the bank.

Cheers!:wink:

fxelitetrader - if you are laughing all the way to the bank, I sure like to know your trading strategy. Yes, I am a newbie - and have been reading ‘studying’ TRO’s Never Lose Again thread, and the EMA Step thread - both of which have taught me lots, but I still don’t ‘see’ - and I sure would like too.

Thanks.

I’m not gonna give up on this yet.
I’m going long on E/U.
Might be a bad idea since it’s trending down, but we’ll see.
1.3235
Long on E/J.
118.18
same as above, may be bad idea.

Though I wanted to hang on to take profit at 150, I took profit at 100 for e/j.
E/U was at 90, which I left, which is now at -58.
Took a short on e/g.