A Noobs Journal - time to give this a shot

It’s going to be a test of patience. I’m only down about 118 Pips right now.

164 or bust!

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EURJPY longs are swap-bearing, so yeah, good deal. Unless the markets turn really bad, don’t see JPY gaining strength for extended periods of time.

I had a bunch in Dec below 160 and then another bunch like 2 weeks ago.

You know what, I should’ve looked at my actual trade history and not just my last post. I’m 60/40 on wins v losses. Slightly up over the last two full months.

I have had to hold trades open longer on this pair. Gets stressful seeing those pips go 3 digits negative.

I’m feeling you here. Got a couple GBP trades like that right now.

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Big test, EURJPY was weakest amongst all the xxxjpy yesterday.

What is your working capital?

I’ve got a little under $1600.

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No wonder. Cheers. Take care.

Yet another day where EJ lags GJ.

Keep going, bro!!

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I see a journal that has been in existence since 2022 on page 1, hopefully it can continue to exist in trading and achieve success @samewise

From several posts I read from this journal, trading in GBPJPY is indeed interesting. The movements are wide and can reach hundreds of points (4 digits), or thousands (5 digits after the dot price). I also occasionally trade GBPJPY on the FXOpen platform. Even though I trade more often on GBPUSD.

Ok, let’s continue reading the journal from firestarter, good luck.

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Plenty interesting. I’ve been watching this and GBPUSD just like you.

I’m still doing the noob thing of opening multiple trades that have a similar a base currency like GBP, and hating life when price goes against me. I need to be smarter about that.

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Still stuck in an couple GBP shorts. And GBP has been been anything but down in the last two weeks. I’ve been scaling out slowly and watching for any opportunities to get a small short trade in. Some small success. Getting there!

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GBP is finally down. GBPUSD down like 50 pips. The yen isn’t helping my GBPJPY trade, but price has come off my upper channel a bit. I need price to push down a ton. Below 189 would be a start!

Did grab almost 30 pips on a EURUSD long, right before the drop at 1.0888. Went another 40 pips. Priced dropped 25 pips from entry before continuing back up almost 100 pips higher. Not sure what I could have done differently. Higher TP range? There were two price levels above my TP where price was making new highs and then came down. I think my 30 pip target was the safe bet.

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4 open trades.

My stinking GBP trades are still in the red. GBP has just been too strong. Up up and up. Luckily I’ve made a couple counter trend trades that made me some pips, but I’m still down on my GBPUSD and GBPJPY.

Both are moving in and around some interesting levels. Maybe we get a move down tomorrow with US news. Crossing my fingers.

GBPUSD bounced of 126.80 today. Maybe we get a squeeze down as we move close to end of this descending triangle.

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I’m 5 loses in, about 5%. Losing the mojo I feel. it’s only 5 losses, but my longest streak in a while.

Back to the drawing board. I added some funds to the account since I made some on crypto. Why not!

Still have my GBP positions running. Come on JPY and USD. Help me out.

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Two 30+ pip winners last week. One on GBPUSD and one on EURUSD. Caught the moves on USD moving up on Wed and Thu.

Almost back to my account high. Still have a GBPJPY trade open. JPY is failing me on this pair. It’s crazy how you can get caught in a trade for weeks. It’s about a 3.5% move against me. I’ve been able to to take other short trades to catch some pull backs, but the original trade is still open. And JPYs move down today didn’t help! What happen to the shift?!?!

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4 trades in the red. Maybe I’m turning into a swing trader the way I’m holding these open.

  • EURUSD
  • EURJPY
  • GBPUSD
  • GBPJPY

I’ve been following a EURUSD trader on Twitter who trades on his own developed Wyckoff method. I might pay a month for access to the group to see if I can learn anything. Or just read a book. But that’s sooooo boring. Ha!

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Man it’s been a while since my last post.

So stats for March:

  • 32 trades, 12 long, 20 short
  • down 4.5%, lost $44.28
  • won 11, lost 21
  • average win 35 pips, average loss 33 pips
  • most profitable pair, GBPJPY followed by GBPUSD
  • least profitable pair, EURUSD
  • average trade length 1 day
  • traded 106K units
    *-307 pips
  • Most traded day Wednesday (59)
  • Best day of the week: Friday with 69% winners

April stats

  • 54 trades, 28 long, 26 short
  • up 4.5%, profit of $108.84
  • won 31, lost 23
  • average win 28 pips, average loss 28 pips
  • most profitable pair, GBPJPY followed by GBPUSD, and EURUSD
  • least profitable pair, USDJPY
  • average trade length 1 day
  • traded 394K units
  • +223 pips
  • Most traded day Monday(22)
  • Best day of the week: Monday and Friday with 64% winners

The biggest difference between the two months was focus. I was trading crypto a lot in March so I spent less time on the charts and was less focused on FX in general. My trading suffered. April, I decided to spend less time on crypto and less time on Twitter, more time at NY market open, and I think I was just better in tune with what was happening week in and week out.

All the yen pairs action help a lot. I was there to catch some of the big news with the monetary policy shifts and intervention, catching moves up and down. I did get caught opening a long at the market top, which is still hurting me, but that’s a trade that was purely emotional. Bad, bad, bad.

May so far isn’t going that great. 22 trades. 8 winners, 14 losers. The size of the losers is multiples bigger than my losers but that’s mostly related to trying to get out of some bad GBPJPY shorts and USDJPY longs.

Otherwise, I think I’m okay. I got a couple weeks left to turn it around.

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Man, wonder what the BOJ will do if USDJPY gets closer to 157. We’re nearing resistance in a downward sloping trend line I have marked up. Also got JPY interest rates on Thursday night. Not sure what to expect here. Time to read some more analysis.