I had a long trade trigger on the EUR/USD this morning. I made a play off the 2 bars in the blue box. Blended together they make a pretty decent pin bar reversal signal.
There was a big news release this morning for the US dollar so I didn’t want to stay in the trade while that was going on. I got out of the trade around the top of the green box and you can see I left a lot of pips on the table. I could have held on longer leading up to the release but got nervous and closed the trade with my small profits in hand. This goes back to my new philosophy that if I am nervous about losing any profits I have made in the trade than I shouldn’t be in the trade at all. So while I missed a good opportunity for gains I am glad I got out with something rather than nothing.
Had a pending order set and the Australian unemployment news really set things off. I went long AUD/USD with the pin bar in blue. I entered at the top of the box and got out at the top of the green box. I decided it was enough volatility for me and was close enough to my profit target to manually close. A nice quick winner for the evening.
The volatility also got me into trouble on the EUR/NZD. I had a short based off the pin bar in blue. My entry was just at the bottom of the box and you can see price made it low enough just to enter the trade and turn around. I manually closed the trade not wanting to give any more back to the market. The red box shows how much I lost. This is why trading around news releases is dangerous of course.
This trade I am still hanging on to for the moment. It is a long on the NZD/JPY. Price initially made a move in my direction and retreated against me. I have decided to hold because I believe the trade will move back in the direction of the initial move.
I decided to manually close the trade with a small gain. I did not want to let the trade sit over night again where I could not watch it’s progress. I was right in the fact that it turned around even though it did not shoot off as I expected. Either way I’m happy to have this small gain that the small loss I considered closing out for yesterday.
Had a Long on the EUR/JPY trigger over night last night. There is a pin bar in blue there that closed right above the 133 level that appears to be a good S/R level. Over night the trade made some small progress, but price was against me in the morning when I woke up and most of the day. I am still holding the trade because I have not seen a 4 hr bar close below the 133 level. If I see a bar close below that level I will look to close out, or if the trade gets back above break even I will look to close out.
Here is how my EUR/JPY trade ended out. I ended with a small gainer. I held it throughout the day today up until the FED decision. I thought the impact would be low because the USD wasnt involved in the pair. I was quite wrong on that one. The volatility leading up to the decision was enough to carry me to my profit target. I got lucky on this one.
I also failed to see a longer downward trend on this pair when I opened the trade and in hindsight I don’t think I should have ever entered it. Sometimes it’s better to be lucky than good they say.
I made a big mistake on this trade. I had a pending order set to go short on the NZD/USD from last night. I failed to cancel the order leading up to the fed decision. It was no where near close to being triggered all day so I just forgot about while watching the EUR/JPY trade I was already in. Well the fed decision created a lot of volatility of course and price dropped low enough to trigger my entry and raised high enough to stop me out at a full percent loss all within the hour. I never even really had a chance to see what was going on.
I knew the decision was coming today but I figured that since it wasn’t until 2 I had time to get in before the announcement. I need to make sure I cancel all my orders ahead of news events especially when they relate to the USD because it so clearly effected all the pairs on my watch list. I have to stop these stupid mistake if I want to be profitable long term.
All respect, ditch the pinbar…please. Go to weekly, daily and 4hour charts and you will see a clear picture of what is happening NOW. I am rooting for you.
I took a short on the GBP/USD the other day. I havn’t had much time to update this journal or really trade in general. I don’t have a chart to post but the GBP/USD short worked well in my favor and I took a small gain. I got out right before a major news announcement about retail sales for the USD. The announcement launched the trade further in my direction so I could have made more money, but I thought it was better to be out and safe than in and worried. I think it was my last trade of the year as I plan to avoid the markets for the next few days. I’ll do some reflecting on my journal over the long weekend and look forward to a profitable 2016.
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.
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.
