Hello fellow traders. I am creating this thread to hold myself accountable. I am trading the 3 Majik Duck$ system. I plan to post my trades on here to hopefully gain some insight into why i have struggled so much with Forex trading. So for the 1st day i have 3 trades i have identified and my orders are set.
USD/JPY SHORT
DR 138 SL 49.7 TP 70.3 - R:R ratio1.414486922 Sl AS % of DR 36.01%
H4 - Trending with a good slope
H1 - Trending with a good slope
M5 - Entry below the swing low and the duck
Level taken explanation - Pair is bearish as seen by H4 JPY slopes. Pair is under the falling trend line. Entry is set at the swing low to sell on a push lower in direction of the overall trend
SL - Is above the falling TL
TP - Is set at support level
Account balance 449.22
Amount risked 4.5 = 1%
CHF/JPY SHORT
DR 88 SL 59.4 TP 85.1 - R:R ratio 1.43 SL as % of DR 67.5%
H4 - Trending with a good slope
H1 - Trending with a good slope
M5 - Entry below the swing low and the duck
Level taken explanation - Pair is bearish as seen by H4 JPY slopes. Pair is under the falling trend line. Entry is set at the swing low to sell on a push lower in direction of the overall trend
SL - sl is above the falling TL and the resistance level
TP - TP is set at support level
Account balance 449.22
Amount risked 4.5 = 1%
EUR/CHF SHORT
DR 32 SL 36.3 TP 37.7 - R:R ratio 1.03 - SL as % of DR 113.44%
H4 - Trending with a good slope
H1 - Trending with a good slope
M5 - Entry above the swing high and the duck
Level taken explanation - Pair is bullish as seen by H4 slope. Pair is inside the rising channel. Entry is set at the swing high break to buy on a continuation of the overall trend
SL - sl is below the rising TL
TP - TP is at resistance
Account balance 449.22
Amount risked 4.5 = 1%
Okay so an update. My EURCHF trade was triggered and i am currently long. Going to stay in it for now, trend is still up. The USDJPY and CHFJPY were not triggered and i have cancelled them. I will try to go long JPY again if an opportunity presents itself. I identified 8 or so setups tonight and have taken limits on 2 of them because im trying really hard to prevent over trading this time and with one open trade I will take only orders on 2 more.
Trade # 4
GBP/AUD LONG
DR 173 SL 57.1 TP 67.3 - R:R ratio 1.18 SL as % of DR 33.01%
H4 - Trending with a good slope. Entry above duck
H1 - Sideways duck. Entry above duck
M5 - Entry above the swing high and the duck
Level taken explanation - Pair is bullish as seen by H4 slope. Pair is above the rising TL. Entry is set at the swing high of the Asian session break to buy on a continuation of the overall trend.
SL - sl is below the rising TL and below the swing low
TP - TP is at resistance
Account balance 449.22
Trade # 5
NZD/CAD LONG
DR 78 SL 39.7 TP 63 - R:R ratio 1.59 SL as % of DR 50.90%
H4 - Trending with a new slope. Entry above duck
H1 - Trending with a good slope. Entry above duck
M5 - Entry above the swing high and the duck
Level taken explanation - Pair is overall bullish as seen by H4 duck slope. Pair is set to buy on the break of the Asian session in a continuation of the overall trend
SL - sl is below the Asian session low, the days opening low and the rising TL
TP - TP is set at resistance
Account balance 449.22
Amount risked 4.5 = 1%
Last night trade 5 was triggered. Now i am in two trades. The EUR CHF trade came close to hitting TP by 8 or so pips… Hate it when that happened. Looks like trade 4 went the wrong way and was never triggered. Set a new order this morning.
Trade # 6
GBP/CHF LONG
DR 119 SL 31.3 TP 54.6 - R:R ratio 1.74 SL as % of DR 26.30%
H4 - Trending with a good slope. Entry above duck
H1 - Beginning to move higher again, entry above duck
M5 - Entry above duck and swing resistance
Level taken explanation - Pair is being bought ona break of the last swing resistance. Pair is bullish as seen by the H4 trend and upwards channel. Pair has bounced off a new rising TL. Price is being bought at a level of pullback and a break of the resistance in direction of the overall trend
SL - sl is below the swing support and the rising TL
TP - TP is at the swing resistance on the H4
Account balance 449.22
Amount risked 4.5 = 1%
Well today it looks like the EUR/CHF long i had came close to touching the TP in the EURO Session but has since fallen. The new day opened lower during the no session and ASIA has seen it move even lower. Now that the pair is under H1 duck and also under the rising channel with a failed move back in i am reducing the SL to 1.14314. Because I need to not over trade i can only take 1 more today to keep my trades at risk totalling 3. I am keeping my other GBP/CHF and NZD/CAD longs because they both still look bullish.
I saw setups which i though were viable on EUR/GBP. EUR/JPY, EUR/CAD and GBP/CAD but i think it is EUR/GBP that looks the best so I have added a short on EUR/GBP
Trade # 7
EUR/GBP SHORT
DR 79 SL 43.83 TP 44.5 - R:R ratio 1,28 SL as % of DR 50.90%
H4 - Trending with a good slope. Entry below duck
H1 - Trending with a good slope. Entry below duck
M5 - Entry below the duck and Asian session low
Level taken explanation - Pair is being sold on the move to new lows on Asian session. Both ducks are sliding lower and the m5 is below and on break of Support.
SL - Sl is above the swing high and the FTL
TP - TP is set at support level
Account balance 449.22
Amount risked 4.5 = 1%
Well today i am met with two losses. basically trade 3 EURCHF was stopped at the ADJ SL. Also the trade 6 GBPCHF was stopped. Check out my review on them. Also i have set two more orders trade 8 & 9 can be seen below.
END
|Trade # 3||
|EUR/CHF|LONG|
|Gain/Loss|-$2.84|
|Gain/Loss|-0.63%|
|What happened|Pair initially hit the entry in EURO move. Then it fell and ran higher. Made two attempts at TP and did come close but then fell. Price found its way under the rising channel and I reduced risk. Pair then hit the ADJ SL before making a failed attempt to move back into channel. Then fell to the SL.|
|Lessons learned|I cant see anything wrong with my logic here. The pair was in a strong uptrend and a upwards channel. I guess a smaller TP would have been hit but it would have been difficult to maintain the 1:1 or > ratio on this pair. It was certainly good I noticed the market shift and reduce my risk. I saved pips from that.|
END
|Trade # 6||
|GBP/CHF|LONG|
|Gain/Loss|-$4.50|
|Gain/Loss|-1.00%|
|What happened|Pair initially hit the entry in EURO move. Then it fell and ran higher. Made two attempts at TP and did come close but then fell. Price found its way under the rising channel and I reduced risk. Pair then hit the ADJ SL before making a failed attempt to move back into channel. Then fell to the SL.|
|Lessons learned|I cant see anything wrong with my logic here. The pair was in a strong uptrend and a upwards channel. I guess a smaller TP would have been hit but it would have been difficult to maintain the 1:1 or > ratio on this pair. It was certainly good I noticed the market shift and reduce my risk. I saved pips from that.|
Start
Trade # 8
CHF/JPY SHORT
DR 88 SL 33.2 TP 50.2 - R:R ratio 1.51 SL as % of DR 37.73%
H4 - Strong downtrend Entry below duck
H1 - Resuming a downtrend lower
M5 - Entry below the duck and Asian session low
Level taken explanation - Pair is in a big downtrend which I think will resume lower. Entry is set to sell at the break of Asian low in direction of trend. All ducks aligned
SL -Sl is above the resisitance and the Asian session
TP - TP is at support
Account balance 441.81
Amount risked 4.5 = 1%
Start
Trade # 9
AUD/CAD LONG
DR 76 SL 27.9 TP 29.5 - R:R ratio 1.06 SL as % of DR 36.71%
H4 - Trending with a good slope. Entry above duck
H1 - Trending with a good slope. Entry above duck
M5 - Entry above the duck and Asian session high
Level taken explanation - Pair is set to buy at the break of Asian high in direction of the trend. Pair is above duck on all time frames and trending higher
SL - sl Is below asian low and RTL
TP -TP Is at reisistance
Account balance 441.81
Amount risked 4.5 = 1%
As a continuation from your posts on the 3 Ducks thread, I have to ask:
Are you applying the 3 Ducks method or are you using some other one?
If you are following the 3 Ducks method, then I have to say that you are not complying with it and going against several of its key points.
Also, I would like to strongly suggest that you add much more detail to your journal, otherwise you are going to have greater difficulty analyzing it in the future.
Always, write down the exact date and time of when orders are placed, triggered and closed (stops hit).
Always write down the exact price for the Open, S/L, T/P, etc. Don’t just say write “x pips”.
When mentioning, swing points, write down the exact time and price of the swing point so that you can look it up on the chart later.
When referencing support or resistance, write down the price levels so that you can check on it later
When referencing trend-lines, write down its endpoints (date/time and price, for both the start and end of the line), so that you can reconstruct it later.
If using the 3 Ducks, write down the price of the MA (prior bar) on each of the 3 Time-frames at the Open and the Close of the trade, so that you can check if you carried out the steps correctly.
There are quite a few other points I want to add, but I will let you first address these before suggesting more.
Okay well I think I am going to change the way I post the trades. I think it is more efficient to only post the trade once. So I will make the trade and then write in my journal. Then I will post it once the trade has concluded with the pictures. Each trade will have one post in total. I have also found a way to make my posts here just be a reflection of what is in my journal, I just copy it from the spreadsheet rather than set it up like I have been doing. It will take a lot less time. Still feeling my way through this as this is the first time I have tried this.
Trade #
5
Session Set
TOYOKO
Date Set
2018-10-16
Session Triggered
TOYOKO
Date Taken
2018-10-16
Session End
EUROPEAN
End Date
2018-10-19
Taken AM
N
Days Active
3.00
Pair
NZD/CAD
Daily Range
78
Pip SL
39.7
PIP TP
63
R/R Ratio
1.59
SL % DR
50.90%
Entry Price
TP Price
SL Price
H4 Duck
Trending with a new slope. Entry above duck
H1 Duck
Trending with a good slope. Entry above duck
M5 Duck
Entry above the swing high and the duck
Level taken explanation
Pair is overall bullish as seen by H4 duck slope. Pair is set to buy on the break of the Asian session in a continuation of the overall trend
Sl Placement
sl is below the Asian session low, the days opening low and the rising TL
TP Placement
TP is set at resistance
Fundamental
Risks
Updates
Account Balance
449.22
Amount Risked $
4.50
Risked %
1.00%
$ Gained/Lost
7.14
% Gained/Lost of trade
158.67%
Gained/Lost %
1.59%
Happened
Pair fell after the entry but did manage to stay above the rising trendline. Pair then gradually moved higher although it touched the trendline several times. Eventually pair hit the TP overnight before spiking way higher on bad CAD news
Improvements
I think my analysis was good on this. The pair did remain the the channel I had identified. It is unfortunate I did not get more of the spike higher but I was sleeping when the trade hit the TP. Overall good job with the placement of the TP and SL.
Pair is being sold on the move to new lows on Asian session. Both ducks are sliding lower and the m5 is below and on break of Support.
Sl Placement
Sl is above the swing high and the FTL
TP Placement
TP is set at support level
Fundamental
Risks
Updates
Account Balance
449.22
Amount Risked $
4.50
Risked %
1.00%
$ Gained/Lost
-4.47
% Gained/Lost of trade
-99.33%
Gained/Lost %
-1.00%
Happened
Pair was sold on the move lower during the EURO session. Then the pair made it above the falling trendline and stayed above. A failed attempt was made to get below the falling trendline and then the pair ran to the SL
Improvements
There was a strong downtrend on the H4 and the H1. I don’t think the entry was bad but the thing I think I could have done better on this was closing it once the pair was above the falling trendline I think that if I had moved the TP to the falling trendline this pair would have been a smaller loss. Once the pair was above the trendline the probability of success on the trade diminished greatly.
Pair is in a big downtrend which I think will resume lower. Entry is set to sell at the break of Asian low in direction of trend. All ducks aligned
Sl Placement
Sl is above the resistance and the Asian session
TP Placement
TP is at support
Fundamental
Risks
Updates
Account Balance
441.81
Amount Risked $
4.42
Risked %
1.00%
$ Gained/Lost
-4.51
% Gained/Lost of trade
-102.04%
Gained/Lost %
-1.02%
Happened
I adjusted the entry point to sell at the break of a low created from the EURO session. The pair did not move lower because there was a fair bit of Risk taking from a stock market rally. The pair ran higher and then hit the SL
Improvements
Well it was Friday so that was a bit risky. Very strong downtrend was seen on h4 and the h1 was bearish also so this was in line with the trend. Looking aback at it though the SL should have been above the EURO session high. The SL placement was not high enough, had it been above EURO high it might not have been stopped at all. Also another issue is thee short SL on it was iffy, the end of the US session would have seen wider spreads which would have really pushed this pair close to the SL. In summary the entry was okay but I think but the Friday and the ending of the US Session combined with the short daily range was too much risk.
Pair is set to buy at the break of Asian high in direction of the trend. Pair is above duck on all time frames and trending higher
Sl Placement
sl Is below Asian low and RTL
TP Placement
TP Is at resistance
Fundamental
Risks
Updates
Account Balance
441.81
Amount Risked $
4.42
Risked %
1.00%
$ Gained/Lost
7.75
% Gained/Lost of trade
175.34%
Gained/Lost %
1.75%
Happened
Pair broke the high in Asia and trade was triggered. Then in EURO session the pair moved up. Finally at 530 AM the CAD news came out which was bad for CAD. At 529 AM I moved my SL to lock in some gains and also moved the TP higher in case of the move higher on bad CAD news. Pair spiked into my ADJ TP and i grabbed a bunch of extra pips.
Improvements
I think that getting triggered in ASIA was bad. None the less the trend was up on both the H4 and the H1. SL was placed below the swing low which was good. This was really good that I was awake and ready to lock in the gains and also move the TP higher. the CAD news move was lucky but i was able to manage the open trade effectively.
Pair was taken at market. Pair has become very bearish, the trend is lower and the pair broke the support made at the middle of the EURO session. Thinking the pair will make another move during US session. Trend line is being followed lower
Sl Placement
sl is above the minor swing and the FTL
TP Placement
tp is set much lower
Fundamental
Risks
Updates
Account Balance
444.46
Amount Risked $
4.42
Risked %
0.99%
$ Gained/Lost
-4.44
% Gained/Lost
-100.45%
% Gained/Lost of trade
-1.00%
Gained/Lost %
Sold this at market, pair had broken the consolidation zone on the M5 and ran lower. Pair then moved higher over the trendline and hit the SL
Improvements
I sold this at market which is a bit risky, The ducks were all pointing lower with slopes though which is good. I think that the pair might have been pretty oversold when I sold and so the US session was potentially profit taking. I think this trade was too risky. For the pair to run lower after such a strong sell off in the ASIAN and EURO Session is unlikely. This might have been more of an emotional trade. In hindsight i should not have taken it since it was Friday and the pair not really likely to move much lower.
Entry below the duck and on the EURO session swing break.
Level taken explanation
Pair is being sold at market, the pair has broken some swing support and is trying to move in direction of the trend. Pair overall is bearish and I am thinking a move during the US Session will take this to its yesterday low
Sl Placement
sl is above the EURO Session resistance
TP Placement
TP is at the Support from previous day
Fundamental
Risks
Updates
Account Balance
452.20
Amount Risked $
4.42
Risked %
0.98%
$ Gained/Lost
-4.41
% Gained/Lost of trade
-99.77%
Gained/Lost %
-0.98%
Happened
Pair hit the entry and then ran higher when the stock market opened. There was a risk rally that caused the JPY to be sold off. Pair hit the SL rather quickly
Improvements
Well I figured that the stock market would fall not rise. It was the move higher in stocks that did this trade in. Maybe what I could have done better is to sell at the break of the EURO session low. IT wouldn’t have been triggered and would not have resulted in a loss. As for the ducks the H4 and H1 were both pointing lower
Well week 1 has ended. This is my weekly review.
|Week|1|
|Start |449.22|
|End|438.84|
|Change|-$10.38 |
|Change %|-2.31%|
|Trades set |11|
|Trades Taken|8|
It was a difficult week. Started off the USDJPY and CHFJPY shorts which never got triggered. I ended up cancelling them. Then the EURCHF trade which I reduced risk on. Good thing also because it would have been a bigger loss. Next was GBPAUD which was cancelled and not triggered. NZDCAD was a good success, I had to hold it for 3 days though. GBPCHF was a loss although I do this it was a good trade, it came sort of close to hitting the TP. EURGBP I still see as a good trade, surprised that the price was able to break the FTL but I should have modified my risk when it happened because the probability of success was diminished. CHF JPY got me on the reversal Friday morning. AUD CAD was a gain and I was able to grab extra pips on it because I reduced the risk and moved the TP higher before the news event. This was a great move on my part. Next up was EURNZD and GBPJPY which were both taken at market Friday morning. They were strong trends but the Friday reversal did me in.
Before the Friday trades I was actually up .5% or so. Then it broke down on Friday and I had 3 losses which has taken me down 2.31%. Not that good. I should have sat on my hands but I attribute the losses due to the stock market rally. I had figured that the stock market would fall and thus there would be risk aversion Friday. I was wrong. My goal was to not over trade which I feel I did a pretty good job of since I only had 11 set trades and 8 that were taken. I am going to try to do better this week and see if I can get back to breakeven.
Okay thanks for your comment on this. I am following the 3 duck method. At least I am trying. It is not possible for me to close the trade on a M5 reversal. I am asleep all of Europe session and at work for most of the US session. It is just not possible for me to do that so I need to turn it into a longer term sort of strategy. I know you’re going to say “that’s not the 3 duck method” but you were the one who told me that it is more of a frame work than a trading system. I still think I am attempting to accomplish what the 3 ducks method teaches, that is identifying strong trends and buying/selling breakouts in continuation of the trend. It is not going to be possible for me to follow it 100% due to where I live (west coast of Canada). It’s something I just have to deal with.
I know you mentioned the longer version of the3 ducks strategy which is basically what I am trying to do due to my location in the world. I did some research online and people say that it isn’t much different than the “free” one on babypips. I saw some trade pictures from it and it is basically what I am doing. The SL will be above swing resistance on the H1 for example. The idea is you do not close the trade when price crossed back from M5, it stays open. So yes I am using the 3 ducks method. I am just using a longer version of it. I don’t have a choice due to my location in the world. I have to adapt it to be able to work for me.
As for your comments. Always, write down the exact date and time of when orders are placed, triggered and closed (stops hit).
I already do write down the session set, triggered and closed. It was just not in my original journal. The later trades incorporate it and it will be incorporated going forward also. I do this for the date also. I do not do the exact time though… Perhaps I can add that. I also sort of do the time triggered with the little check mark on the pictures. I do this for when it closes also. Always write down the exact price for the Open, S/L, T/P, etc. Don’t just say write “x pips”.
Okay, I have added these fields to my journal. When mentioning, swing points, write down the exact time and price of the swing point so that you can look it up on the chart later.
What is the purpose of this? I already have before and after pictures. If I want to see the trade again I can just look at the pictures. When referencing support or resistance, write down the price levels so that you can check on it later
I sort of do this already on the chart. I use white horizontal lines for support/resistance and I use white trendlines also. When referencing trend-lines, write down its endpoints (date/time and price, for both the start and end of the line), so that you can reconstruct it later.
Why? I already have before and after pictures. As with the above, if I want to see the trade again I can just look at the pictures. If using the 3 Ducks, write down the price of the MA (prior bar) on each of the 3 Time-frames at the Open and the Close of the trade, so that you can check if you carried out the steps correctly.
Okay, I will start to do this. But this sort of already exists with the before and after pictures on all 3 time frames. Each trade has a total of 6 pictures, H4 before and after, H1 before and after, M5 before and after.
Hello @NScrilla I’m also doing the 3 Ducks System. Been having a hard time looking for trades but I’m glad you have this at least I can see what other trades people are doing that I may not be seeing.
Well i don’t exactly follow the 3 ducks strategy as some have pointed out. I live in west cost Canada and so i am asleep for all EURO session and at work for most of US. There is no way i can close my trades when the M5 price moved past the duck as indicated in the 3 ducks handbook.
@NScrilla Have you considered doing a table format?
Date
Open
SL
TP
10/18/2018
0.00600
0.00610
0.00500
10/19/2018
0.00620
0.00630
0.00550
Actually, with me trying that format out, it’s already pretty tedious. Maybe a spreadsheet on Google Sheets? That’s what I’m currently doing so – maybe a screenshot of that? At least for the numbers section. Just throwing ideas!
Yes, it is discretionary, but in this case, I was not referring to M5 exit. In one of your trades (I think it was an EUR/CHF trade), your H4 and H1 were on opposite sides of the SMA, and H1 was ranging, yet you still considered it a valid 3 Ducks trade, when it was not.
Because, when you build up your spreadsheet of trades (which you should be doing), you don’t have all those screen-shots in it nor is it practical to have them. It is much more useful and quicker to analyse the data if you keep track of it in detailed numerical format. It also allows you to add metrics and statistical analysis to those values that you track, in your spreadsheet.
You want to able to quickly glance through your spreadsheet journal and spot repeated trading patterns that might be hindering your trading or in fact helping it.
Going through hundreds of pages of a journal with multiple screenshots and vague statistics is just going to confuse the issue and obfuscate what is important. The point of the journal is to help you improve by focusing on what works and correcting what does not.
Then don’t focus on the EUR/USD, focus on the other currency pairs that are more fitting such as the USD/CAD or USD/JPY (and others). However, if you remember, one of the points of the 3 Ducks, is not to concentrate on just a few symbols, but to actually look for pairs of stronger vs weaker currency. So search for strong/weak pairs that fit your timezone while you are in “training”.
Yes, exactly! I totally agree, but @NScrilla does not seem to be too keen on using tabulated numerical format and prefers the visual chart screenshots method.
@NScrilla, visual can be useful, but it is not practical when dealing with so much data that you must process and analyse in order to monitor your progress.
Okay so for today’s results 2018-Oct-22. Took a sweet trade # 12 on GBPNZD which worked out absolutely beautifully. Then I Took Trade 14 EUR/CAD & 16 NZD/CAD. Got cooked on both of these. The CAD was strong and it moved counter trend and they both hit the SL. I am in a # 15 USDCAD trade still. Also I closed a CHFJPY # 13 since it was not hit and the H1 duck has leveled off. Check out how it all went down.
Trade #
12
Session Set
TOYOKO
Date Set
2018-10-21
Time Set
7:31:00 PM
Session Triggered
EUROPEAN
Date Taken
2018-10-22
Time Taken
2:36:00 AM
Session End
NEW YORK
End Date
2018-10-22
Time End
6:01:00 AM
Taken At Market
N
Days Active
0.00
Pair
GBP/NZD
Daily Range
187
Pip SL
58.4
PIP TP
71.4
R/R Ratio
1.22
SL % DR
31.23%
Entry Price
1.97962
TP Price
1.97248
SL Price
1.98546
H4 duck price
2.01292
H1 duck price
1.98997
M5 duck price
1.98094
H4 Duck
Strong slope lower
H1 Duck
Strong slope lower
M5 Duck
Not sloping lower, entry is below the duck though.
Level taken explanation
Entry is set to trigger a sell when the price falls lower and breaks the low of the Asian session. All ducks will be aligned and the pair will be moving in direction of the trend. Strong slope on H4 and H1 duck.
Sl Placement
sl is above the FTL and the Resistance level
TP Placement
TP is set at the low
Fundamental
Risks
Updates
Account Balance
438.84
Amount Risked $
4.40
Risked %
1.00%
$ Gained/Lost
5.34
% Gained/Lost of trade
121.36%
Gained/Lost % of account
1.22%
Happened
The pair hit the entry spot during the EURO session. Pair continued to move lower and ran hard into the TP before reversing.
Improvements
I think this was a fantastic trade. There was a good slope on both the H1 and the H4 charts. My order was set to entry at the break of the Asian session which it did. I was not greedy with the SL and the TP was placed perfectly. This is the type of trade i need to reproduce.
Trade # 13
Session Set TOYOKO
Date Set 2018-10-21
Time Set 7:48:00 PM
Session Triggered
Date Taken
Time Taken
Session End
End Date
Time End
Taken At Market N
Days Active 0.00
Pair CHF/JPY
Daily Range 88
Pip SL 45.2
PIP TP 61.3
R/R Ratio 1.36
SL % DR 51.36%
Entry Price 112.66200
TP Price 112.04900
SL Price 113.14400
H4 duck price 113.36500
H1 duck price 112.92500
M5 duck price 112.84700
H4 Duck Strong slope lower
H1 Duck Slope lower
M5 Duck Sloping lower, entry below the duck
Level taken explanation Entry is below the duck and the swing lower. Pair is very bearish. All ducks aligned and the trend is lower. This is set to be sold on a break of the Asian session low in direction of the overall trend. SL is set above the consolidation, the FTL and the resistance level
Sl Placement SL is set above the consolidation, the FTL and the resistance level
TP Placement TP is set at the support
Fundamental
Risks
Updates
Account Balance 438.84
Amount Risked $ 4.40
Risked % 1.00%
$ Gained/Lost
% Gained/Lost of trade 0.00%
Gained/Lost % of account 0.00%
Happened Cancelled, did not hit and the H1 duck is horizontal. Following advice (or trying to, and especially not trying to overtrade) this trade is cancelled due to the H1 duck no longer trending.
Improvements
Entry is set to rigger at a Asian session breakout in direction of the trend. Both H4 and the H1 are pointing upwards and the M5 entry is above the duck
Sl Placement
sl is below no session and Asian Low
TP Placement
TP is set at the Channel top
Fundamental
Risks
Updates
Account Balance
438.84
Amount Risked $
4.40
Risked %
1.00%
$ Gained/Lost
-4.42
% Gained/Lost of trade
-100.45%
Gained/Lost % of account
-1.01%
Happened
Pair rallied over the end of the ASIAN and into the EURO session. Pair hit the entry on the break of the highs of the resistance from ASIA. Then it fell once the ASIAN session ended and price ran back lower into the SL.
Improvements
Look at the H4 and the H1 there was a trend on both of them. Baby pips says the CAD rally on was pre-emptive positions ahead of the rate decision on Wednesday. It’s a tough one because I feel it could have easily moved the other way. Technically I think this trade wasn’t bad. Maybe I just need to be more mindful of the upcoming news events. I didn’t think two days ahead pre-emptive positioning would be occurring though…
Pair is being bought on a break of the consolidation zone in the EURO session. Pair has consolidated for several hours and a break of .86147 would be a move back in direction of the overall trend, H1 and H4 are both sloping nicely and this pair has made a good pullback which i want to buy
Sl Placement
sl is below the support level at .85971
TP Placement
TP is set at the resistance at .86580
Fundamental
Risks
Updates
Account Balance
439.75
Amount Risked $
4.40
Risked %
1.00%
$ Gained/Lost
-4.46
% Gained/Lost of trade
-101.36%
Gained/Lost % of account
-1.01%
Happened
Pair hit the entry a bit before I thought it would. But then price hesitated before cratering lower to the SL.
Improvements
My goal was to take on the break of the consolidation but I think my entry was too close to the top of the consolidation zone and volatility hit it before I had really wanted it to. This can be seen in the order set and order taken time. Other than that the H4 and the H1 were both trending very nicely. The pair was in a channel upwards and it looked like a very bullish setup. Baby pips says the CAD rally on was pre-emptive positions ahead of the rate decision on Wednesday. It’s a tough one because I feel it could have easily moved the other way. Technically I think this trade wasn’t bad. Maybe I just need to be more mindful of the upcoming news events. I didn’t think two days ahead pre-emptive positioning would be occurring though…
I see. Okay on the EURCHF the pair was set to buy at the break of the resistance but the H1 was going sideways yes you are right. I will add this to my lessons learned area and work on preventing this. No more ranging H1.
Yes i do end up with 200 trades on a spreadsheet. I lack the ability to properly analyze them though. What you are saying here sounds good with the statistical analysis. However in order to do this i need to add fields to my journal, like i did with the entry price, SL price, duck price. I added 6 of these fields based on your suggestion. It cannot be embedded into the trade logic area in order for me to do statistical analysis on it. Should i add a “Swing high/low” and a “Swing high/low time” field? I don’t mind collecting data, i just need help with what data to collect and also how i go about analyzing it. I really appreciate the “why” on everything also.
In your previous post you mentioned keeping certain data in case i need to recreate the trade. I cant see why i would ever recreate trades on the chart if i have pictures of them. I understand the statistical analysis part but i am having a hard time with some of the reasons such as " When referencing trend-lines, write down its endpoints (date/time and price, for both the start and end of the line), so that you can reconstruct it later." I have a picture of the entire trade why reconstruct it? I feel that is less efficient than looking at the picture.
However i have added many of your suggestions to my journal since you think they will help. The time, has been added to session and date area. The price of the duck on 3 time frames and also the entry, sl and tp in price.
Best of luck to you 
