Bijoy's Trading Set ups

Trading Discussion Trade Journals
1

Hay Guys and Gals,

I was just setting up to write down an online journal and found the right forum at this point.

Before commencing the journal, let me put something about me in the picture.

I was informed about forex trading in middle of 2010 and started researching and studying about it. I went all the way through the babypips school and practiced a lot, in a variety of demo accounts. Practiced a lot of strategies found in babypips forums and even from some other forex educational websites for around one year. Finally I came to the track of live trading with a $3K account in August 2011 aiming financial freedom. Now I have completed a full year of trading and my account balance after executing 88 trades in an year is $3035.00.

A profit of $35.00 lol.

1 % return per annum !!!

Yes, [B]I lost or earned nothing. But took a lot of tension and shattered plenty of time[/B].

I strictly followed my trading plan and that accessed me the crown of a break even trader.

Now I am searching answer for following two questions.

  1. What were the mistakes which kept me away from nice returns ?

  2. What were the positive things which avoided losses ?

I dishonored some lessons from the School of pipsology and never kept a trading journal. [B]If there was an appropriate trading journal, I could have been found answer for the above questions.[/B]

I apologize…

So, now I realize the importance of a trading journal.

Here my journal starts… Today on wards, I will be posting my trading set ups in this thread with all details and updates in a live mode.

[B]I request you guys and gals to adapt the positive things in my trading style and advice me on my mistakes.

[/B]Major rules that drives my trading.

  1. Executes trades on bounce or break out of price from trend lines, channels, support and resistance levels.
  2. Trend lines, channels, support and resistance levels are drawn in monthly, weekly, daily and in 4 Hour charts.
  3. Trades are executed from price action at above levels in 1 hour and 4 hour charts.
  4. Risk is always limited to a maximum of 2 to 5% per trade. (Earlier it was 3%. Recently changed to 5%)
  5. Trades offering RR ratio below 1:1.5 will not be considered.
  6. Maximum numbers of open trades are limited to 2 at a time. An additional trade will be opened after getting any of the previous trades SL is moved to BE.
  7. Pairs traded are all 28 pairs formed from combinations of 8 major currencies.
  8. No Indicators other than fibonacci tool is used for analysis. Fibonacci tool is used to fix TP levels and exit points. (Earlier I was using Stochastic, But removed from my tool kit since January 2013)

Sometimes 2 or 3 trading set ups are generated on a single day and sometimes several days are consumed for the formation of a nice setup. I will post my trades with charts as soon as a setup is considered.

The purpose of this journal is to double my account (i.e., to turn $ 3035 to $ 6070) with utmost discipline and money management rules.

Finally I here by mark a word of thanks to Dr. Pipslow for giving this chance to publish individual trading journal.

[B]I will be back…

[/B]Sorry for my bad English…

[B]BIJOY[/B]

Below is an index of main posts to go directly into the heart of this thread for new viewers easily.

Review of Oct 2012 trades which earned 29.89% return in post # 249
How to draw trend lines. Post # 129, 130, 131, 132, 133, 134 & 135.
How watching more pairs helps me in Post # 48
Setting trailing stop and moving stop loss to BE in post # 184
Importance of protecting capital and tips to get success in post # 167

2

Here is my first trade after creating this thread.

See the 4 Hour chart of EURUSD

trade journal 1.jpg700×256 23.9 KB

The Bearish bar formed at the Down ward trendline and previous high on the 4 Hour chart triggered a short trade @ 1. 2927. Stochastic is also overbought.

Stop loss is placed @ 1.3007 and TP is @ 1.2807 above the upward trend line which gives me an RR ratio of 1:1.5

I will bring the SL to BE, after once the trade is + ve by 60 pips.

I am risking 2% for this trade.

Any modifications will be updated.

BIJOY

3

Now the Trade is already up by 60 pips within one hour. Moved SL to BE @ 1.2927

trade journal 2.jpg700×300 28.7 KB

4

Good call there Bijoy…

But Today is last day of the month and last day of quarterly. So, This weekend is very risky one. Next week will open with a Gap in my opinion. So, I think it’s good to close the trade before market closing if it not reach the TP. The decision up to you.

Take care, Good luck.

5

I am also thinking the same. Thanks for your advice and care. Thanks Salimvp.

6

Nice thread bijoy, at the end if the day profit is profit, especially over a year which means you are doing something right!
Like you say all you need to do is make a detailed journal of every trade and over time when you review your journal you may spot a trend or something common in your losing trades, which will enable you to adjust your plan to accommodate this.
We have to expect losing trades as I would say its impossible to win every trade, but hopefully in creating a journal you can maximise on your winners and cut down on the losers!

Good luck bijoy I will be following with interest!

7

Hai Juicypips,

Exactly what you said is expected by me from this journal. You are absolutely right.

Anyhow, I ended up the day in profit and closed the trade @ 1.2947. I decided to exit early, considering week, month and Quarter close, though the trade doesn’t touch TP.

trade journal 3.jpg700×300 26.8 KB

Also suggestions from my friends and from SalimVP in this thread were negative towards keeping trade open for the next quarter.

Sometimes, price may further go down and hit my TP on Monday. But I am not worried and happy in having a profitable quarter end.

This trade earned me 80 pips and 2% return on my account balance. My account balance increased to $3091.00 from $ 3035.00

I am watching my watch list of currency pairs closely. I will be back as soon as I spot a new set up and enter on a new trade.

So my friends, What you think about my closed trade ?

Did the decision to close the trade was right ?

                      or

Did I closed the position too early ?

Thanks in advance for any opinions and advices.

8

IMO it’s a good decision. Who know what will happen in the weekend. Like you said it may gap down or gap up (but not sure)

It’s always good to close trades for weekend. Anyway you added 2% to your account.

There is a well know Cliche “Better safe than Sorry”.

9

Hi bijoy good decision to close the trade with profit I would say given the reasons you stated plus price is resting on a support level there that has been respected a few times (12th,13th,26th sept).

10

Hai Friends,

I am back with my new trade on GBPUSD. This time I am going long on GBPUSD.

See the 4 Hour Chart

trade journal 4.10.12.jpg700×286 24.8 KB

Some Bullish candles are formed at the rising trend line on the 4 Hour chart. Also Stochastic is just leaving the oversold territory.

I am buying the pair @ 1.6107. SL is placed @ 1.6047 and TP @ 1.6227.

I am risking 2% for this trade.

The trade gives me an RR ratio of 1 : 2.

If Stop Loss hit, then I will consider for a break out trade.

Also I will move SL to BE, when the trade is up by 60 pips.

Hai friends, Please wish me Luck.

Also, how are you feeling about this trade ?

11

Good Luck Bijoy,

May all pips with you… :slight_smile:

12

Thank you, Salim.

13

Now the trade (from post # 10) is up by 60 pips. So SL is moved to BE @ 1.6107.

trade 1 .jpg700×287 23.9 KB

14

Same thing happens on every first Friday. Price consolidates on a narrow bridge. We can see the price of GBPUSD ranging between 1.6170 and 1.6200 since yesterday.

[I]It may be a calm wind before the twister which can be expected after the release of NFP.[/I]

Whether the NFP will ride price to North ?..or to the South ?

We don’t know !!!

So I think it is important to make some adjustments to the open trade, before getting NFP released.

[B]As you all know, my GBPUSD long trade is presently up by 80 pips and TP is @ 1.6227 for 120 pips. Considering the release of NFP, I am planning to make the stop loss very tight and to extend TP by another 60 pips. So I will shift my SL to 1.6167 locking 60 pips in profit and SL will be moved to 1.6287 aiming 180 pips. This adjustments will be made just 5 minutes before the release of the NFP.
[/B]
The idea behind the adjustments is mainly to get out of the trade with 60 pips, if the price moves down against the trade. In another scenario, I can aim for some more pips.

I am crossing my hands. Please wish me luck, Guys…

15

Whooooooooo…

The NFP didn’t show any favour towards me. (But I am happy in gaining 60 pips and 2% return)

Initially the price went up to 1.6216 and found resistance on a short term falling trend line. Then it reversed all the way down to 1.6121 closing my position @ 1.6167, where my SL was set to lock 60 pips.

Here I think, my decision as in post # 14 to make SL tighter before NFP release was a nice decision. That helped me to exit trade with a 2% return.

If I could have placed my TP at the falling trend line, the return might have been more better.

trade 3 .jpg700×287 23.7 KB

This trade gained me 60 pips and 2% return.

This was my second trade after initiating this journal. First trade increased my Account balance to $3091 from $3035 and this trade increased my balance to $3151.00.

I am watching my favorite pairs for nice set ups and will be back after spotting a new trading signal.

Thank you
BIJOY

16

Well done Bijoy. Be patient to next set up. Don’t rush.

Happy Pipping…and Happy Weekend…

17

Yes. I am back.

This is my 3rd trade after commencing this thread. This time the cute baby is USDCHF

See the 4 Hour chart

trade 4 .jpg700×286 24.3 KB

Now the price is bounced from the rising trend line extended from the daily chart. Some bullish pattern like three White soldiers are formed in the 4 hour Chart. Also the Stochastic just left the oversold territory. Considering all these I decided to go long on USD/CHF

Entry @ 0.9325

SL @ 0.9265

TP @ 0.9565

RR Ratio: 1 : 4

Risk Percentage 2.2%

I will move stop loss to BE after getting the trade up by 60 pips.

Thank you guys. Please wish me Luck…

BIJOY

18

Good Luck Bijoy… Have a pipastic Day… :slight_smile:

19

Hai Friends,

Now my Long trade on USD/CHF is up by almost 80 pips. So the stop Loss is moved to BE at entry rate.

trade 5 .jpg700×286 22.4 KB

BIJOY

20

I am attaching a 60 pip trailing stop to the trade to manage some positive pips in an unexpected reversal.