Shorted GBPNZD on a short term trend line break out
BIJOY
Hit SL -150 pips.
Welcome friend, welcome to the thread.
Can i ask what makes you to short GBPNZD at 1.8285, can i knw any particular factors tht you look in your chart?? Sorry, i didnt read whole thread yet…
Hello Bijoy
please update on the modifications
and am also waiting for the requst i sent u earlier on yOUR EMAIL
THANKS
I was actually looking to go long on this pair in the medium to long term, however my only guess can be that the entry point would of fallen below the trend line. But I am unsure of the trade!! But we will see that’s the great thing about trading, if it can push to new lows it will make an even better buy opportunity.
- 100000000
USDCAD short by Bijoymj
Pair: USDCAD
Time frame: Daily
(Hello Bijoy i have decided to include this one in BIJOYS trading journal because its based on the Principle
cheers :21::7:)
Trade rationale:
- Price has formed an indecision bar(Pin Bar) in the daily chart after a long rally showing indication for a retrace back to the rising trend line.
- Stochastic seriously over bought
- Keeping stop loss just above the pin bar and take profit just above fib 50 which is in line with previous resistance gives a nice RR ratio of 1:3
Entry: 1.0250 (At market)
Exits: SL at 1.0310, TP at 1.0070
HI cku, stochastic can stay OB/OS for an extended period of time. candle patterns are more effective, if used with key level of S/R. can u plz explain what other factors were considered before placing a trade.
Bijoy, can u plz explain the logic of this TL. we need two swing point to draw a TL. i don’t see any retracement. I’m little confused. TL on other side may have been more logical with same result. Don’t know just a curiosity? i’m doing this for my understanding.
This trade was taken on an anticipation of steep trend line break out. Many times it used to work for me. Yesterday the story was different. It hit SL. Result was -150 pips.
Every body is asking reasons in details for entering on a trade. So I will try to give maximum details of a trade while posting an entry.
Here is my 25th trade.
Though my 24th trade(Short GBPNZD) hit stop loss and I lost 150 pips, I again entered on another short trade on same pair in late night.
Reasons.
- Price reversed back from strong resistance at 1.8400.
- Price reversed and is moving below recent consolidation low at 1.8300
- RR is near about 1:3
BIJOY
Sorry friends,
I appologise for posting a trade after closing the same.
Normaly, I used to post trades on execution. But this was happened in early morning.
Based on the steep trend line on the AUDJPY 4 hour chart, I placed a pending order to go long at 94.00 anticipating an upward break out. Trade was triggered in late night and it hit TP in the early morning, before I was back to the system.
Here is how the trade worked out.
This trade closed as a winning trade gaining +100 pips.
BIJOY
Based on my trade idea posted earlier as above I shorted USDCAD @ 1.0235 with SL @ 1.0315 and TP @ 1.01000
BIJOY
Going out and there will be no trades further today and tomorrow. So closed all open positions.
Closed GBPNZD trade @ 1.8232 for +60 pips
This trade also I closed for a gain of +15 pips as I am going for an emergency business tour for next 4 days. There will be no more trades until 4th of March.
On beginning of this month, my balance was $3750.00 and I fixed my risk as 5% for every 50 pips on all the trades, i.e., I was loosing $187.50(5% of $3750.00) for every 50 pips lost and I was earning &187.50 for every 50 pips gained irrespective of the pair.
Here is how my trades worked out in the first half of the month.
Trade 1. Short AUDUSD: Trailing Stop hit: +23 pips : +2.3% return
Trade 2. Short USDCAD: Stop Loss hit: -30 pips: -3% return
Trade 3. Short GBPNZD: Stop Loss hit: -100 pips: -10% return
Trade 4. Sell(Stop)EURGBP: Closed manually: +20 pips: +2% return
Trade 5. Short GBPUSD: Stop Loss Hit : -50 pips: -5% return
Trade 6. Buy(Limit)AUDNZD: Trade was break even: 0 pips: 0% return
Trade 7. Buy(Stop)GBPNZD: Trade not triggered: 0 pips: 0% return
Trade 8. Short EURGBP: Moved Stop Loss hit: -40 pips: -4% return
Trade 9. Buy EURUSD: Stop Loss hit: -60 pips: -6% retrn
Trade 10. Short GBPNZD: Take Profit Hit: +300 pips: +30% return
With the above trades, my balance of $ 3750.00 was increased to $3986.00(approximatly $4000.00) which was 6.3% in return. While starting second half of the month, I refixed my risk as 3% for 50 pips. i.e., I was loosing $120.00(3% of $4000.00) for every 50 pips lost and I was earning &120.00 for every 50 pips gained.
Here is how my trades worked out in the second half of the month.
Trade 11. Short AUDUSD: Trade was break even: 0 pips: 0% return
Trade 12. Long EURNZD: Moved Stop loss hit : +100 pips : +6% return
Trade 13. Long GBPNZD: Hit SL: -100 pips : -6% return
Trade 14. Short NZDUSD: Closed manually : +125 pips : +7.5% return
Trade 15. Long GBPAUD: Stop Loss hit: -100 pips: -6% return
Trade 16. Long GBPUSD: Stop Loss hit : -150 pips: -9% return
Trade 17. Long AUDJPY: Moved Stop loss hit : +75 pips : +4.5% return
Trade 18. Long EURUSD: Closed manually : +95 pips : +5.7% return
Trade 19. Long NZDUSD: Hit SL : -35 pips : -2.1% return
Trade 20. Long EURCAD: Moved Stop loss hit : +150 pips : +9% return
Trade 21: Long EURCHF: Closed manually : +60 pips : +3.6% return
Trade 22: Long EURUSD: Closed manually : +35 pips : +2.1% return
Trade 23: Short EURUSD: Moved Stop loss hit : +25 pips : +1.5% return
Trade 24: Short GBPNZD: Stop Loss hit: -150 pips: -9% return
Trdae 25: Short GBPNZD: Closed Manually: +60 pips: +3.6% return
Trade 26: Long AUDJPY: Take Profit hit: +100 pips: +6% return
Trade 27: Short USDCAD: Closed Manually: +15 pips: +0.9% return
With the above trades, my balance of $ 3986.00 was increased to $4718.00. There was an increase of 18.6% in amount.
This month was pretty nice in return as my opening balance of [B]$ 3750.00[/B] increased to [B]$ 4718.00[/B]
Monthly gain is [B]+368[/B] pips and return is [B]+25.81%[/B]
I think the results are satisfactory and please post your comments.
Thanks to all
[B]BIJOY[/B]
Friends,
Here is a question !
From the very first post of this thread, you all are aware that this thread was started and commenced trading in October 2012 with an initial balance of [B]$3035.00[/B]
Now after 5 months initial balance of [B]$3035.00[/B] is increased to [B]$4718.00.[/B]
Increase is [B]+55.45%[/B]. This comes an average return of [B]+11%[/B] per month without compounding.
So, How you analyse my performance ?
Is it poor, average or Good ???
It’s good mate. I am glad that you changed your money management halfway through the month down to 3%, I think that it is safer to risk this amount rather than 5%, Imagine you have a bad run and lose 10 in a row, it could be hard to get back up. But I like your trades and have been following this month, unfortunately I have not copied any of them!!! But next month maybe I will!!!
I really think it’s very good man! If you make each month 5-6% compounding you will double your account every year so keep it up!
It ok that’s very ok
please i would like more updates of ur trade
but most importantly
detailed explanation of ur strategy and charts to back it up
(I have sent u several request concerning that you have not responded)