A Bullish candle is formed in the 4 hour chart at the rising trend line which is extended from the daily chart. Also over sold stochastic and prices are showing some bullish Divergence.
I am shifting my stop loss to 0.9384 to lock +60 pips as presently I am observing a resistance for the rally at previous resistance which can form a Double top. Sometimes the resistance may be for short term. Even then I am making my SL to +60 pips to avoid a winning trade to become looser.:eek:
Something worked out as I expected in Post # 22. The trade stopped out at moved stop loss @ 0.9384 gaining 60 pips. The trade increased my account balance by 2.1% (Account Balance increased to $3214.00 from $3151.00)
Presently the price is at the bottom of the rising channel which is extended from the Daily Chart. Oversold Stochastic and the bullish candle formed at channel bottom in the 4 hour chart pushed me into this trade.
As you all know, I entered long on EUR/JPY @ 100.74 (With TP @ 102.54 & SL & 100.14) based on the bullish candle on the rising trend line and bullish divergence for which trade idea is given in post # 21.
My EUR/JPY Long trade(from Post # 21 & 28) was in red alert for some moments, while the price tested my SL @ 100.14. By Luck I escaped from hitting SL for 0.9 pip and now the trade is almost up by 50 pips. As I don’t want to take more risk and suffer more tension I am moving my SL to BE @ 100.74
As the stop losses of both my trades (Trade 4 long on EUR/JPY and Trade 5 Long on CAD/JPY) are moved to BE, I decided to have a Fibonacci play on EUR/AUD.
The price has just bounced from the Fibonacci 61.8 level and some nice bullish candles are also formed. This level is exactly lining up with the previous resistance. Also the oversold stochastic made me courage enough to have a long trade.
My Long trade on EUR/AUD from post #32 is now up by 80 pips. Trailing stop of 60 is triggered and is moving. Now all of my 3 trades have become BE and now looking for price to hit TP. Considering weekend, I am not looking for any new trades.
Earlier I believed that it is impossible to make money from Forex trading. I failed while trying with mechanical systems. But the moment I decided to study deeply about trading and started to make discretionary(as I am posting) set ups, It became easy and something positive for me. I will continue to keep posting all my trades with live charts and trade ideas.
Dear friends
Keep posting… So that we can teach each other and study something together.
ive noticed, in babypips no trading journal lived more than 3 pages. i hope you dont give up just cuz of lack of attention.
speaking of contribution, id like to add something, about stops and trailings. i usually open 2-5 positions per trade, lets say with stop of 30pips, i trail all of them to b/e as soon as im up 30 pips. i close 1 or more of them with 30 pip profit, and let the rest to run free.
the other way getting riskless on a trade - this i do when im not comfortable with price action - lets say your stop is 20pips and you are up 10 pips and you dont feel comfortable, id trail stops to -10pips and close half of trades with 10pips profit. and let the market decide your fate
My EUR/JPY trade from post #21,28 & 29 is now closed as the price hit trailing stop during Asian Session.
History of the trade is very interesting.
The entry was @ 100.74 with SL 100.14 and TP 102.54.
Initially the price rushed towards my stop loss and went up to 100.15 where the difference between my SL and price was only 1 pip. Then it reversed and went up above by 100 positive pips towards my TP. Finally the price retraced and closed by hitting trailing stop @ 101.21.
