$400 to $1000 challenge ; Daily updates

[MrChaos]

USD/JPY Long
PL/ 3 pips Profit

Account Balance $398.52

This was a pullback to polarity. Good reversal formation, and once again really good symmetry. I did exit potentially prematurely for the reason that on the hourly there was strong resistance right above.

Lesson learned here: Always wait for the candle to close before entering . You may miss a few trades this way but its better because there seems to be quite a few “fake out break outs”!

Another thing is since I am coming from equities I am not used to these thick spreads. I might consider hourly and above time frames because on 15 min charts the break even is kind of high above entry.

https://www.tradingview.com/x/G1ITFwsN/

[ria_rose]

Yaaay! Happy to see another active trading journal here. Haha. Are you set on following a particular system or strategy? Anyway, good luck on this and I really hope you achieve your goal!

[JosephJoeBarren]

Liking the journal you got going here. A lot of your trades are reminding me of my early ones. keep learning new things like your doing and you’ll get a kickass strategy going someday

[MrChaos]

This trade was short USD/JPY on the hourly time frame.
It was a no brainier and an A+ setup

In this time frame this was a perfect downtrend with okay validations on the pitchfork.
Pulled back right to polarity and had decent symmetry.

I entered on the second red bar and since I left work my take profit triggered prematurely. Its okay.

P/l : $1.26
Balance: $399.78

The lesson for this trade is Forex seems to work best on bigger time frames due to the spreads eating away at the P/l
I will still trade 15 min charts but will try to stick to 1 or 2 hour charts. This would have been a 50+ pip trade if I was able to manage it. Another lesson learned!

https://www.tradingview.com/x/W2qgDeZR/

[MrChaos]

Thanks so much @ria_rose ! I’m brand new. I never even heard the term ‘full lots’ until yesterday so I plan on just learning a bunch.

My strategy is just following the trend with pitchforks and entering when price pulls back to previous support or resistance. I found out about a guy WD gann and got really interested in his theory on symmetry. Before I enter a trade I try and work out the symmetry and if something good pops up I enter.

I also have a basic understanding of candle sticks so obviously the trade needs to make sense. I am also now waiting for the reversal patterns to close because I seems there are a lot of fake outs in forex!

[MrChaos]

Thanks so much for the inspiration @JosephJoeBarren !

I just plan on learning and having fun.

[MrChaos]

Long USD/CAD
P/L= $ -3.87
Balance $395.91

This trade had the same theme as the other ones. The only difference was a 30 minute time frame. Also this was a pull back to a power bar rather then a polarity flip. Wondering if that has an effect. The other think I realized is we were at the top of a 1.618 extension of the last corrective wave on a bigger time frame. Probably needed to consolidate before going back up. I’ll keep an eye on that.

https://www.tradingview.com/x/AJl4l5hJ/

https://www.tradingview.com/x/Eio5hSDk/

[MrChaos]

Two quick updates. But before that, I decided I will be trading hourly time frames only. I cant be doing 15 min charts with spreads like this. I need to work on growing the account. This can only be done with holding longer.

First trade
Long EUR/AUD
I needed to exit this one due to work but I would have held it longer
Pl = $3.90
Balance $399.81

https://www.tradingview.com/x/ChjKpYbU/

[MrChaos]

Second trade I got wrecked.
This was a stupid trade because I never got a closed reversal pattern on hourly. I guess I entered prematurely just because I wanted too. Also I traded this one way bigger then I wanted too. I know I said I wouldn’t do that but it was actually partially because I set my stop loss so low.

P/L ; -$10.76
Balance $389.05

Lessons here. BIGGER TIME FRAMES, SMALLER STOPS, WAIT FOR CANDLE STICKS TO CLOSE

https://www.tradingview.com/x/lraWYBvP/

[momoisnyc]

Well more importantly you should’ve been aware that both USD & CAD were dropping their data today. CAD beat market expectations by a lot while USD had soft numbers (which we expected because we figure the economy is slowing down a bit though it’s expansion has been phenomenal this year.)

Have to be wary of the news reports it’s a market maker. USD/CAD was literally at the 1.34 stage before the reports and it’s currently at 1.32909. That’s a whole price level difference mate.

**This is why you can’t only rely off of technical only. Fundamentals rule the market as well my friend.

[MrChaos]

Hey, Thanks for the help. I am not really sure how to trade fundamentals. I trade purely off technicala for equities and I do fine. Maybe I should start looking it. Any clue where I should look to start learning ?

[momoisnyc]

Here’s an example because I trade both ways incorporating both in the strategy for example.

This is just my quick assessment from reading the news & just my own opinion. Remember your platform is equipped with the news & economic calendar I hope!

CAD - Excellent report - beat market expectations it brought USD down a whole price level today + also OPEC agreed to 1.2 bpd meaning a + for commodity based dollars.
USD - Bullard saying to keep rates same / Brainard saying it could do with one more rise before uncertainty in 2019 & being more data dependent. (2 FOMC giving 2 different assessments - mixed signals), (US/China Trade Deal), Economy is in fairly good shape & unemployment still at a record low.

Any who this is what happened today USD went down a whole price level. Basically what I’m saying is important news days are market movers.

[Maximus_martins]

Download “Daily FX” and keep in touch with news update (that’s what I use anyway). Just look at what USD/CAD did today like @momoisnyc pointed out. Imagine you had no stop loss and weren’t watching

Before opening any position, make it a habit of always checking the News Calender. Technicals are good but fundamentals move the market well.

Also download “Investing. com” - I like the News update notifications they give, pretty helpful.

EDIT:
Hope you know price won’t always respect those lines you draw on your chart…

I also notice you loss more when you loss and make less when you win, the reverse should be the case mate! Try calculating RR to keep in line and PATIENCE is a virtue if you trust your analysis. That does not mean you should not close if you notice you were dead wrong.

Cheers!

[jafooly]

Here’s an example because I trade both ways incorporating both in the strategy for example.

Excuse my ignorance and lazy habits - do you mean you like to go long/short on the same pair?

[jafooly]

That does not mean you should not close if you notice you were dead wrong.

What would you personally consider dead wrong? Is it purely based on pips or a certain level on the chart?

[momoisnyc]

Sorry I didn’t make that clear I was referring too both technical & fundamental analysis.

[jafooly]

No issues - now it is clear.

[Maximus_martins]

What would you personally consider dead wrong? Is it purely based on pips or a certain level on the chart?

Your analysis presented a sell for GBP/USD for example and an hour later Donald Trump Twitted something unexpectedly (LOL) which weakened the dollar and GBP/USD starts rallying, this is where you cut your losses early enough and if you are confident of it lasting you trade the opposite way.

I know it’s a bad example but just try to get the point.

[MrChaos]

This one isn’t forex so its not part of the challenge but I wanted to include it because I thought it was interesting.

Short Position
TIcker: HON
P/L + 1%

The only reason I didn’t hold this over this weekend is because December is seasonally bullish and S&P was at the bottom of the range we have been sitting at since October.

I got in when the hourly closed engulfing red right underneath polarity. Normally I know these go at least far enough to lower my stop to break even. Then its a free trade and I let them ride.

Since I am taking a break from equities to learn forex P/L, doesn’t matter but it was +1%

The only thing I would do different going forward is setting my stop to break even and letting this one ride. Its the only way I am going to grow my account.

https://www.tradingview.com/x/BZ0CApwI/

[MrChaos]

Thanks so much I will review this tonight