Garu's journal

Hi all!

I’m very new to trading, I just started my demo account a few months back (couldn’t remember :D). After a few weeks of trying, I decided to go live with a 100sgd balance account. Until the time I earn confidence that I can really increase this amount with the proper knowledge and guidance, then I will decide on increasing my balance.

So far I’m loosing roughly around 1% of my account.

Then I found this thread of [B]Bijoy[/B]. I have decided to follow his technique by making monthly, weekly, daily, and 4-hourly trend lines. Based on those trend lines, I will decide whether I will enter or pass the trade. With a few days of testing, sometimes trades can go up to a day or a few days before it being closed for profit (hopefully not for loss).

Later on, I found out that this strategy is called Multiple Time Frame Anaysis. It was discussed afterall in the babypips pipsology school. Though not as detailed as Bijoy’s discussion :slight_smile:

I have also learned from [B]Bijoy [/B]to start a journal of my trades, so here it is! My own journal!

i’m asking for everybody’s suggestion and comments on all my trades.

I also need to put in my [B]rules of trading[/B], so here they are (i’ll keep on updating them as I continue to learn):
[ul]
[li]Do not trade unless the profit to loss ratio is greater than 1, ideally it should be greater than 2, though 1.5 is still acceptable.
[/li][li]Do not risk more than 1% of capital in every trade.
[/li][li]Buy only if the Stochastics is indicating oversold, and Sell only if Stochastics is indicating overbought (or should it be the other way?)
[/li][li]Wait for as much rising indications before buying, and wait for as much falling indications before selling (e.g. wait for Stochastics to leave overbought area before selling, or wait for Stochastics to leave oversold area before buying, make sure candles are showing signs of rise or fall)
[/li][li]Take note of resistances and supports. Resistances can also become support, and support can also become resistances.
[/li][li]Look for trends in upper time frames (usually daily), then look in 4H or 1H time frame to verify entries to trades.
[/li][/ul]

EDIT:
Here is the [B]summary of my trades[/B] (and please take note months are separated into tabs, so for previous months, you need to check other tabs of the spreadsheet):
view google document
Here is myfxbook stats.

So… here goes my journey to learning! …and hopefully [B]earning[/B]! :smiley:

Notes:
All the while, I had a different concept with the risk % one can take in every trade. I thought if you say 2% risk, you will only be using 2usd to trade, assuming you have 100usd. It is supposed to mean you are willing to loose 2% in every trade, if you were stopped, you will loose 2% <-- that’s what you’re willing to risk/loose. That will mean at any trade, you can use more than 2usd (assuming you only have 100usd) as long as the lost will not exceed 2% of the capital. This post made it clearer.

Here is my first trade.

Well, technically, it’s not my first. But it’s the first trade I will be putting in this journal.

I have made a few more (maybe 3 or 4?) but forgot to document them. Well anyway, I just gained (and lost) a few percentage of my balance (should I even call it that way? --sorry, i’m really a newbie). From a 1.8% loss, now I’m down to 1.25% loss :smiley:

I’m very much hopeful I will be able to go away from this “lossy world”.

So here is my first trade:


I bought it November 30, and currently, it’s December 6! and still … no go. As soon as I earn a at least 10 or 20 pips from it, I’ll definitely closing it, as weekends is nearing.

Twice, it rose to around 20+ pips, but I did not close it thinking it will still go higher :frowning:

I tried putting a take profit at that level, since I saw a resistance somewhere at that point.

So let’s see and wait until friday, if it rises, then I’ll just close it.

My plan is that if it reaches anywhere near the take profit, i’ll move the stop loss near the entry point, and increase my take profit. But it seems that’s not happening from how things are.

thanks for any comment or suggestion :smiley:

There was a big movement in the USD/CHF, so I hurriedly moved my stop loss up!

I wanted to take home some pips so badly, that I raised it so much. up to around 0.9305 (4 hour timeframe; red line is stop loss):


Here is how it looks in 15min time frame (the red line is the stop loss):


At the same time, I moved up my take profit, I think it’s around 0.9440:


This is I think my biggest win so far! 35 pips! hahaha
So you can imagine me panic if I don’t take hold of these 35pips. Although I’m hoping it will continue rising! :frowning:

Myfirst trade went up to 58pips. So I just added a 25pip trailing stop. I’ll watch it closely, if it reaches 70pips, I’ll be increasing the trailing stop to 30pips or 35 pips.

Hello!

I have set a limit buy order in GBP/USD with the following details (see picture):


I risked 3% of my trade.

By the way, since I have a low capital, initially I have been trading 5%. But I decided to make things realistic (since when my funds are a lot higher, I won’t probably taking more than 3% risk – my initial fund is just 100sgd), I have set the risk at 3%.

So, here it goes.

edit: oh, the limit order is set to expire after around 12 hours. Should I make it 1 week? to make sure I’ll be catching the up trend?

I think I should put a placeholder in here for my summary of trades.

December 2012 trades:

Trade No.
Post #
Pair
Action
Pips gained
% gained
remarks



1
[2](http://forums.babypips.com/trade-journals/49276-garus-journal.html#post428673), [3](http://forums.babypips.com/trade-journals/49276-garus-journal.html#post428875), [4](http://forums.babypips.com/trade-journals/49276-garus-journal.html#post428882), [12](http://forums.babypips.com/trade-journals/49276-garus-journal-2.html#post429396), [21](http://forums.babypips.com/trade-journals/49276-garus-journal-3.html#post430746)
USD/CHF
Buy
81.5 pips
0.76%
hit trailing stop



2
[5](http://forums.babypips.com/trade-journals/49276-garus-journal.html#post429110), [10](http://forums.babypips.com/trade-journals/49276-garus-journal.html#post429380)
GBP/USD
Limit Sell Order 


Cancelled



3
    [7](http://forums.babypips.com/trade-journals/49276-garus-journal.html#post429230), [16](http://forums.babypips.com/trade-journals/49276-garus-journal-2.html#post430419)
USD/JPY
Limit Sell Order - triggered
-60 pips
-0.45%
stop loss got triggered :(




 - trade no.
     - post no.
 - pair
 - action
 - pips gained
 - % gained
 - remarks

Hi! here is an update with myfirst tradefor December.

(though I updated it also last night here)

I gained 73.6 pips, so I increased the trailing stop to 30 pips.


I think it’s just right that the trailing stop is 30pips, since the biggest movement in this section is right around 10pips. Is that ok?

edit: I read from Mr. Bijoy’s thread that he uses (ATR x 1.5) or (ATR x 2) to get his trailing stop. the current ATR in my case is 20, so I guess 30 pips is still ok as trailing stop.

If prices continue to increase, I’ll be increasing the trailing stop to 40.

Hi all!

I have also noticed a pattern in USD/JPY, so I have set a limit sell order (see screenshot):


I’m risking 3% here, with a risk ratio of 80:60 (so that’s 1:1.33?).

Though I’m a bit worried at the resistance level highlighted in yellow :frowning:

I’m guessing i’ll be moving my stop loss to entry as soon as I have +30pips. Then from there I might start using trailing stop as well.

I have a problem with my GBP/USD trade, it’s moving the other way!


should I quickly change my order? and follow the opposite movement?

Hi all, due to the indication that prices are moving down for GBP/USD (see this post), I have decided to [B]cancel[/B] my [B]Limit Buy Order[/B].

I’m thinking of going for the GBP/USD again, but I will need to wait for the Stochastics to go overbought first before I sell.


anybody have a better suggestion with this?

yeaaaah!!

USD/CHF took a fall, and it hit my trailing stop! I got 81 pips! :smiley:

this is my largest earning in my history of trading! whoooohooo!! from a loss of 1.3%, I now gained 0.76%! hahaha! that may seem not much but I’m very happy with this result! I’m not negative anymore! hahaha

Well done Garuhhh… keep up the good work.

BIJOY

If the price bounce down from 1. 6060 on a pull back, then I will consider it as a break out and will consider as a fakeout if price close above 1.6070. It’s just my thoughts.


Thank you very much for the comments Bijoy!

If you read my first post, your technique are my basis for my trading. Thank you for sharing your methods! :smiley:

Oh dear, my sell limit order for USD/JPY was triggered by the sudden drop in the chart highlighted in yellow :frowning:


Now, I need to hope that prices will still go down.
Risk ratio = 4:3
risk = 2%

Good thing I didn’t short this! it went flying away up until 1.6090! haha

What can you say about this? I’m planning on shorting EURAUD…


If u enter @ this level, it means that u are entering right @ the support level. u need to wait either for BPC or go for the rebound.
my little analysis is here, it may help.


Oh wow! thank you Nisar! I think you’re right, prices didn’t go down from the past 10hours or so. Good thing I didn’t do the trade!

I noticed you put in Elliot wave, I have never heard of it. I’ll do some reading about it :smiley: