In 4 Hour chart, the price is testing the short term rising trend line. Also stochastic is about to leave the oversold territory with a cross over. Also the pair is in a strong downtrend in the weekly chart and now it is in a retracement towards the trend line.
I assume that a pull back of price above 1.2630 can lead it to a new high. So I am placing my buy stop order at 1.2633.
i missed AUDUSD - the daily 50% short, me sleepy sob. bought bgpusd right around here. small risk. also due to the 50% stuff and my 1.3070 order on eurusd got triggered hopefully will get a bounce. euraud seems to be finding a bottom too. with you on this one mate.
and i’ve just noticed, you are up about 100pips on gbpusd marvelous job again.
As my 9th trade (GBP/USD short) is running risk free and 10th trade (Buy stop EUR/AUD) is not yet triggered, I decided to have my 11th trade by shorting EUR/JPY at previous resistance.
The pair is in a strong uptrend. But presently it is likely for a retracement at previous resistance. Stochastic is also tending to leave the overbought territory. Placing TP at Recent resistance and keeping stop loss very tight above the swing low.
I came across your journal yesterday and joined the forum because of it and now plan to make full use of babbypips.com.
I like the clear no nonsense way you write your journal which makes it easy to follow both the set-ups you look at, your strategies and the outcomes. Like another poster who commented earlier i would like to encourage you to continue to write this journal. I think its easier when you know that other people are following as well.
Ok i have a question. You wrote that your results for the year was +$35 on a $3000 account and were interested in finding out what you could have done better etc. I notice in your trades that when you are say 40 pips over BE you set your stop at BE. Have you looked at the 88 trades; i think you said it was; and checked how many of these BE trades would have bounced back to your TP and how many would have stopped out at the original stop. I know that statistically 88 trades isnt enough to make assumptions, you probably need tens of thousands of trades but it would be interesting to see what difference it would have made.
The point i’m getting at is if your BE trades are saving you 20 pips you would have lost if they stopped out but losing you 60 pips if they had bounced back to your TP then thats a 40 pip net loss. I’m just interested to know what your results would have looked like if you had let the trades run. I dont know what kind of records you keep or if you are interested in going over them, work is work haha but there is alot of info and learning material in those trades that migh make the difference you are looking for. On the other hand it might confirm that you are already doing the right thing.
Anyway, once again GREAT JOURNAL. Please keep writing, i will definately be reading.
Bijoymj, id love it if you could post links for threads that helped you to develop this system. i certainly plan on reading them all if available this journal is so tempting that i might switch to trend line trading again. i already appreciate you deed here a lot. ty.
Did not take that EURCAD trade as was planning on being out with family the whole day today and did not want to take further chances
. I am in there with your GBPUSD. Entered at a slightly worse level 1.6137(although it went past your entry level after that) happy about that trade. In the money thanks to you.
and my 1.3070 order on eurusd got triggered hopefully will get a bounce. euraud seems to be finding a bottom too. with you on this one mate.
this journal is so tempting that i might switch to trend line trading again. i already appreciate you deed here a lot. ty.
