Potato,
You have been extremely disciplined.
Wish you THE best in 2016.
Na zdrowie,
Tim
Took my first trade of 2016 and broke even. had a pending order on a 4 hour chart trigger right before I wanted to go to bed. Since I didn’t want to manage it I closed it right around break even.
Im in a short on GBP/NZD now. I was in this trade all day today and was up most of the day. I think the trend is down overall and am looking to hold this possibly for a bit. I made a stupid mistake and closed the trade by mistake when I was trying to close a pending order. I took a small loss when I closed the trade by mistake and opened a market order to get my position back. I guess taking the last few weeks off have made me a bit rusty…
This trade did as I had initially anticipated and price fell right down through the 2.2000 level but rebounded strongly at 2.1950. I could have gotten out with a good profit but I wasn’t paying extremely close attention. I felt that I mismanaged this trade again this evening by not getting out when I should have. I still think price will fall, but I am worried that my trade management practices are failing me at the moment. I manually closed the trade with a small profit that recovered my previous losses earlier in the day. At the end of the day I finish in the black which is a good thing.
I just need to get back into my routine for the new year. I think the 3 weeks off has had an effect.
I’ve had a bad week. I haven’t been journaling and I think that is part of my issues. I took a trade that was outside of my trade plan and it back fired against me. I took my biggest loss in a while because I didn’t even put a stop loss on it to begin with. I closed it manually after it got to a certain point. I also let 2 trades that were both winners when I woke up one morning turn into 2 losers by the evening. I wanted them to make up for the loss I had taken just the day prior and they instead compounded my losses. Now I am looking at being down 3% on the month which is my worst month in recent history.
I have decided to re focus my efforts in journaling because I believe it does keep me more disciplined. One thing I will change about the journal is to post all of my trade set-ups and not just my trades that get triggered. It means I won’t be allowed to enter into a trade that I haven’t recorded already in the journal, which should prevent me from taking bad trades.
Ok first post with new rules. I set a bunch of pending orders for this evening. I will likely close some if any positions open and definitely close some before I go to sleep tonight. I’ll post a bunch of charts with pending orders on them here and I’ll follow up any trade that triggers with another post.
most of these went off all within 15 minutes of each other. As they kept opening I got nervous of having too many positions open at the same time. I close all of them for a small profit with the exception of the CAD/JPY trade which was a small loss. All together I made a decent small return. I think the issue was that all the orders were related to similar currencies so they went together. I cancelled another order that was not triggered during this as well and had only one open order over night.
Here are the three trades I am watching tonight and tomorrow. Looking at long opportunities on all three.
USD/JPY was the only triggered trade of the 3. I got out with a small profit as I set a fairly conservative profit target. I left some on the table but I don’t like to hold trades longer than I have to especially over a weekend
Had the AUD/USD short trigger over night. It hovered around break even for most of the day but really started dropping as we got towards the end of the US session. I manually closed the trade around 4:00 EST when I thought it may run into resistance around the 69.500 level. I took home a modest profit from the trade.
I have three potential set-ups I am watching for the next trading day. All three involve going short the Canadian dollar.
The EUR/CAD short trade triggered and has gone against me all day…I am still holding the the positions open as it came close to my stop and has started to move in my direction. I will give this trade a bit more time to progress and will update accordingly.
Looking at 2 potential trades for tomorrow. Still holding onto EUR/CAD long at this point. Both trades involve going short the AUD
Been having a hard time keeping up with this journal lately. I still find myself wanting to go back and look at old charts now that I can’t find so i now how important it is. Message to future self: Keep journaling!
I want you on my team.
here’s a trade i took today based on an hourly chart. I have been using forex alerts to alert me of price levels. AUD/NZD hit 1.0600 today and the hourly chart bounced right off of it. I went long hoping for a larger move but it didn’t come. After holding the trade for a few hours I figured it best to get out since the momentum was lost. The trade did end up moving higher but i still managed to get out at break even.
