Great trading mate well done 
Very good Entry and good Risk Reward Ratio…!
You’re rading great again!
Friends…,
As the Stop Losses of existing trades (Trade 5 long on CAD/JPY and Trade 6 Long on EUR/AUD) are moved to BE and trailing stops are triggered, i decided to make a new trade.
My decision is to Short the lovely pair USD/JPY.
See the 4 Hour Chart
I think that the price is testing the recent high near to the falling trend line. Also the stochastic is overbought.
Trade Details
Entry : 78.76
SL: 79.26 (Above previous high)
TP: 77.76 (Above rising trendline)
Risk : 2%
RR : 1:2
I will move SL to BE, after getting trade up by 30 pips.
Please Please Please wish me luck.
BIJOY
Friends,
Even though my trade 5 (Long on CAD/JPY) from post # 27 & 30 didn’t hit TP, I decided to close the trade manually @ 80.26 because of formation of a symmetric triangle. I think, that the price may range for some time !!!
This trade gained me 76 pips and an increase of 3.2% on my account Balance. My Balance is increased to $3372 from $ 3274.
Thank you Guys.
My Long EUR/AUD and Short USD/JPY are still open
BIJOY
I might have set the target at the upper trendline for the CADJPY…
I beleive that you are trying to trade two many pairs. One or two pairs is enough to learn thier personalities. If you are trading as many pairs as you have listed your mind must be faster than a speeding bullet. I love your enthusiasim but would advise you to not take on too many pairs. I have been trading equities and forex for 12 years and still only trade eur.usd and usd.jpy. However I am a day trading scalper. I do wish you luck.
You are right Mr. Saifan. It is very difficult to watch more pairs and take decision while scalping.
Even though, I am watching so many(12) pairs, I never had more than 3 open positions at a time. My trading rules won’t allow me to risk on more than 2 trades at a time. A 3rd position is opened only after moving stop losses of other trades to break even. I also limit my risk by 2 to 3 percentage per trade. I also prefer trades that offer good RR ratio.
Watching 12 pairs at a time helps me to understand the common characteristic between price action of various pairs at a given time and to find out the correlation between them. The common action in various pairs helps me to confirm my decision to enter on a trade in a particular pair.
I always stick to my plan and never enter on more trades on view of signals from so many pairs at a time.
Also, it is not necessary to move my mind as a speeding bullet as I won’t like to make any analysis on charts less than 4 Hour. Also I never scalps. Some times my trades may be open for many days or even for weeks.
Anyhow, the point raised by you is valuable and thanks a lot for your care.
Hello Bijoy,
Came across this thread yesterday and must say that I like your simple way of doing things. I was also looking for a simple way of doing things. Tried a lot of systems on the demos and also on real accounts. But the more complex ones are not really more profitable. At least in my hands. Maybe I do not understand the more complex ones.
I will follow your system and see if I can understand your entry logic and exit rules etc
Best of luck
DD
Hai dubadat.
I may humbly inform you that my system is not mechanical and it is always discretionary. A matter of common sense and an application of knowledge earned from the School of Pipsology.
Welcome to the thread. Let all of us go together.
Friends,
Already I am having 2 open positions in which my long EUR/AUD trade has already locked 60 positive pips by the trailing stop. My short USD/JPY trade is still ranging at the entry area.
Here I decided to have a short trade on USD/CAD
See the 4 Hour Chart.
Now the price is testing the falling trend line which is extended from the daily chart. Also overbought stochastic and price are are in a bearish divergence.
Trade Details
Entry: 0.9866, SL : 0.9916, TP : 0.9766, Risk: 2% and RR: 1:2
I will move SL to BE, after getting trade up by 40 pips.
Please wish me success guys.
BIJOY
Hello Bijoy,
All the best on the USDCAD trade mate. I was out and just came back. Missed your entry level. now wondering if I should chase it? Not a good idea to chase price. Will wait and see if I get another chance to enter at the rate you mentioned.
By the way the Stochastic what parameters do you use. 8,3,3? 5,3,3 . Very difficult to make out on the screen
Best of luck again mate.
DD
Good Luck mate. My Stochastic parameters are 14,3,3
im short usdcad too tho our reasons are different it makes me feel safer to be on the same side as you lol)
All the best lol
Hai friends,
I decided to close my 6th trade (Long on EUR/AUD) from post # 32 & 35 due to following reasons.
- Price is consolidating in a narrow range for the last 24 hours.
- As today is Wednesday, the negative swap to be deducted will be more.
- After all, the trade is open since 1 week and gaining more negative swap.
- Presently the trade is up by 110 pips.
This trade earned me 110 pips and increased my account balance by 3.7% after deducting the swap.
Now my account balance is increased to $3478.00 from $3372.00
Thank you guys.
My USD/JPY and USD/CAD trades are still open.
BIJOY
What a co incidence. I just went short on EURAUD. 1.2685. Looking for 20-25 pips
DD
Mate…
WOW. Thanks mate.
DD:35:
good luck bijoy