We are around 30 pips in profit on this trade, I will move my stop loss at BEP now.
Interesting. I made almost exactly the same trade, but because I trade a daily chart and move my stop rather than using a target (unless in a well defined channel,) I am still in the same trade and about the same place you are in your Trade 7. (I’m in for 120 pips, unless there is a gap up first of the week.)
Have a great weekend.
BTW - nice journal!
Hi bobart, thank you for your comment. I have backtested this methodology on 4H charts but i believe the principle is the same on daily charts as well (since I am using Price action, Fibo Retracement and Fibo Expansion in order to set my S/L and TP levels).
If you check the image below (GBPUSD daily), pure price action (last 2-3 swings) folds with my forecasted TP so this is another level of confirmation to me. If the price drop further down, there might be strong support level on this pair. Only my modest opinion, of course, let’s see what will happen during next week.
Wish you a lot of success, especially on this pair. :60:
Trade 7. BEP :24:
Result: +10 pips
GBPUSD opened with +50 pips but immediately returned where it closed last week. As you probably guessed, I moved my SL at BEP earlier today and I am out. BTW, there is still very good probability that my target will be reached in the next few days. I am out because market doesn’t look sexy enough for my taste today. I will stay aside and wait for another moment of inspiration.
Furthermore, in case you care why am I moving my SL at BEP after 30-50 pips of profit here is the explanation:
GBPUSD backtested from 16 Nov 2011 - today here are the results: 64 WINS 34 BEP 19 LOSSES. Total of 117 trading opportunities so far, as long as losses aren’t majority, I will be very happy.
Since I am human, it is not easy to be patient in trading every single day. What I find very useful, instead of forcing the trade it is better to backtest the strategy on every single pair which I trade. Collected data will keep you more confident and emotionless on your trading journey.
Trade 8. WON :41:
Result: +10 pips
I noticed this opportunity on my mobile phone today (I was very familiar with market conditions thanks to Trade 5. and 7., otherwise I would never trade over my phone).
Mobile phone screenshots look better, don’t you think?
Interesting, Good Luck with what you do !!
Trade 10. LOST :13:
Trade 11.
Good morning, we are currently 45 pips in profit on this trade, i will move SL to BEP now.
Wish you happy trading this week.
Trade 11. WON :41:
Result: +55pips
P.S. My broker is updating the platform so I can’t upload image, nevertheless, you can check the result by yourself.
Happy trading!
[B]Trade 13.[/B]
AUDJPY
SL 96.828
ENTRY 97.450
TP 98.044
Just quick update. I was out of this trade earlier but target has been hit today. Since I have 2 trades open, I didn’t want to overtrade my account, nevertheless, it is always nice to see that market moved in desired direction. Stay well folks!
Trade 12. BEP
Result: +1 pip.
Price went south for 30 pips but reversed later on.