So I got out of 1 or 3 EURJPY trades. With a win! The other two, horribly down. I did reduce my position size by 25% and took the hit, so that’s helped available margin.
I still think there’s a move down on EURJPY. It’s just like do I want to stay in these two trades waiting for what?
Take 2 big losses, or maybe cap the loses now but stick to my guns and wait a bit more?
Maybe give up on EURJPY
Yen is sliding. Not good news.
Pixel tablet added to my trading tools. Way easier to read charts and make trade changes than on my phone.
I’m there with you. Maybe even longer.
Good SL discussion from the past you might find some value.
So, that means risking more than the potential profit? Risking $2 to get $1?
I don’t understand how that works. How is that a profitable formula. I guess for that to work, your focus is on a very high hit rate, right?
That sounds doable. It’s difficult, but nothing good comes easy!
I completely dodged the biggest bullet of my short trading career. I enter two huge positions on EURJPY right before the direction changed on me. The two positions where 10 pips apart, both mini lots. Price was moving so fast, my available margin went to 0 and sat there for a while, while price moved against me more. I still had enough equity in the account to cover the two losses, but the trades stayed open even with no margin. A smart thing I did was reduce the position of one trade by 25% to free up some margin. Not sure why I didn’t think to do that earlier. I know why, i was panicking that I just blew my account up.
I traded against my plan, thinking again that I knew were price was going. Plus a went too big on a second trade on the same pair within a short amount of time. I should have entered smaller and got confirmation before ending again, or just kept the original trade and nothing else.
No SL helped me here. I had two positions down about 250 pips each, but I kept the positions open for like 3 or 4 more days and price jumped back into the original trend. whew i got so lucky! I think I would have lost close to 25% on that pair.
Lessons here:
Three open trades all red.
Two trades completely reversed from the open. I think, no I know, I’m still placing buy stop orders at the wrong places. I think I know where the market is going. I don’t. Price does break through a high or low, but it’s too early. I’m getting into the trade earlier than I should be. I need to let PA move a bit more around areas of S&R. Is there a fixed “waiting period”? More confluence elsewhere? MA crosses need to considered.
I have to double-check the time-frames too. Maybe Weekly Daily 4h and 1h all need to line up or be clear that I’m not dropping in the wrong direction around those areas.
Yen is killing me too!
Forgot to post this!
EURJPY trade is down big! Man might have to trim this down. Thought the yen might resume going lower, and maybe we’re getting close now, with it coming down from some local daily highs. But weekly is showing buy. I’ll just keep watching.
EURUSD trade is finally getting back to where I thought this could be like 2 weeks ago. Nice big red candle today. Hope for a stronger dollar this week, to help this along.
AUDJPY, might have more to go down still, so watching like the EURJPY trade.
I haven’t done my year-end review on myfxbook, but I’m thinking the EURJPY pair has hurt more than helped. I need to wrap that up this week.
Crap, EURUSD trade hit my stop. By 1 pip!! And then moved 40 pips the other way. Man that burns!
Happy New Year journal! Man, it’s been a busy first week. Haven’t had a chance to review 2023. I think I’ll do that over the weekend.
But I’ve taken 5 trades this year. 3 winners, 2 losers. +95 pips. No scalps, so it’s been a bit more waiting, which is feeling a bit slow to me. But I’m in profit, so let’s keep it going right?
3 open trades, all down. The two JPY trades, both in the same direction, was dumb when I look at it now. Both going against JPY, so great if JPY was going down. It’s just now doing that.
Let’s cross our fingers we get favorable CPI numbers in the morning.
Goal this month: More reading my ichimoku books and watching Al Brooks videos. I’ve been a super slacker over the holiday.
Okay two of the three have turned around. JPY trades are moving now in my direction which is great.I added on to both, smaller size tho. Now just need the higher time frame trend to come my way I guess. I’m thinking I need to reverse my thinking, start smaller when I’m entering around resistance and support, and then when the trend is set, add on. I think that will help me reduce the losers, or at least free up margin.
I don’t know. I mean I might miss the earlier part of big moves, maybe not. I’ll have to play around with this.
EURUSD trade is down bigly. Looks bad on the 1hr, not so bad on the 4hr. I’m in the middle of a range. Near the bottom of a rising channel. We could move lower to the channel support, which is what I’m gunning for. Maybe CPI helps that today.
Reminder, ask about how to use trailing stops better.
CPI is tomorrow at 8:30, not today buddy. Use the calendar.
Woah, CPI is definitely helping my EURUSD short claw back some losses. Again, I opened that trade over a week ago and it right of the bat moved against me. Patience!
62 pip move in the last 3 hours. Opened a second short after the pullback up started to slow. Easy 10 pips so far in like 5 min. Hopefully more of the same the rest of the day.
Closed for 11 pips on the 5 min. It’s moving against me again for my other short on EURUSD, so I’ll have to sit and wait on it. I’m seeing lower highs, so that’s a good sign I think.
EURUSD has been awesome for me over the last week.
6 trades, 4 winners, 2 losers
Winners = 24.1+34.9+20.9+11.7 = 91.6
Losers = 2.2+12.0 = 14.2
Net 77.4 pips
Still have another short trade open. +15 pips at the moment. hopefully we move down another 15 pips and then maybe get a bigger move down. Let’s keep watching!
whew, 16 trades since my last journal post. A lot of the trades were adding to already running trades.
Might be my busiest week and most trades in a week. And adding to winners definitely helped overall performance.
And it went well!
11 winners
5 losers
145 pips won
66 pips lost
33 pips lost was on a single pair EURJPY. I think I might need to stay away from this one. Plenty of action, I’m just getting caught in the chop I think. Probably emotional stuff I need to get in check.
EURUSD was the big winner on the wins side. Highest RR too at over 2 for the month.
I got to dig into these myfxbook stats some more to gain more insight into my trading.
Well, EURJPY hasn’t been doing it for me, looking at my last post from 2 weeks ago, but I had some big wins on GBPJPY today.
My big point for the last two weeks:
Have enough margin to keep afloat once a trade goes against you. If you’re not too far outside of the last week’s or couple week’s high and low, you’ll get another chance with price reversing in your trade direction.
I think if I traded with tight stops like I used to trade last year, I’d be down big time. No stops or super huge stops allow me to sit and wait. If price just continues to move against me, the worst thing to happen is that my margin goes down, but I can then scale out of the trade at a loss step by step.
So far so good.
I remember your EURJPY buys were around 160. It’s not far. What happened?