Hi, after seeing the post about the babypips trading journal competition, and everyone loves a competition, I wanted to join in as I do love reading a good ebook.
I’ve started to record my trades from wednesday the 21-8-19 and plan to share them with you guys.
About me? I’ve been trading forex for over a year now after moving over from stocks, and like everyone started off well, then started to over complicate things, started to do badly, then went back to simple ideas and have started to do well again.
Todays posts are about this weeks trades so far.
I plan to do an update on monday about trades I watching, an update on wednesday of hopefully some winning (or losing trades), and a update on friday.
The screenshots show when I entered the trade and when I exited the trade and a brief summary of why I took the trade.
My strategy? I plot support/resistance and patterns on the daily chart and look for breakouts or bounces, drill down to the 1 hour chart to look for entry points using moving averages and indicators, then drill down to the 5 minute chart to really try and catch a good entry point.
I look for a profit target 20-50 pips and set alerts so I can see if it looks like running and will just leave it and cash out at first sign of losing momentum or reversal signal.
I don’t usually set a stop loss unless I know I’m going to be busy and won’t be able to check the charts each hour but I allow a 20-50 pips loss to allow some movement with the trade.
Feel free to leave any comments as any feedback/criticism can always be helpful.
Trade screenshots to follow.
Thanks for reading.
3 Likes
GBP/USD showed a great reversal candle on an upwards trendline, indicators showing some upwards momentum, went long with 2 positions, didn’t really move much then after some news from the EU rocketed up so cashed out with 184 pip gain. Thank you Europe.
GBP/JPY showed a nice reversal candle off a moving average which previously had bounced off an upward trendline. Indicators showing upwards momentum. Took 2 long positions. Did drop lower but bounced off trendline again (should have taken another position). Cashed out as momentum slowed for 57 pips.
CAD/JPY had a breakout from resistance line, indicators still had a bit of momentum left so went long with 1 position, I went out for the evening and missed taking profit before it fell. But fortunately bounced off support and took 18 pips profit.
EUR/GBP showed some downward momentum after hitting moving average after bouncing off previous moving average, went short with 2 positions, cashed out with 48 pips profit.
NZD/JPY this cross had been playing with me for the last week after breaking a triangle pattern but not showing any momentum, however finally started to show some downwards momentum so took 1 short trade, cashed out when bounced off downwards trendline for 22 pips.
@QuadPip After watching way too many youtube videos, trying different strategies, too many indicators, believe me what I’m doing now is way simpler than the headaches I was giving myself before.
USD/CAD I already had a long position on this trade but when it broke support after a news release jumped in with a short trade and took 16 pips profit before it sprang back up. The day chart was still giving me signals that the price was going to continue rising so I kept the long position open.
USD/CAD so after the news release and price was springing back up, took 1 long position to go with the previous open position to break even, but when broke higher than previous open position closed both trades for 45 pips profit.
USD/CHF I already had 2 short positions open on this trade after previously breaking support line, day chart was showing downwards momentum so I was happy to keep them running when it broke resistance, however ad the price was rising I was looking at opportunities to end the trade for a loss but when price had bounced off a daily pivot point I took 1 short position as indicators where showing overbought signs then FED powell made his speech and sent it crashing through the floor for a 62 pip profit. Thank you powell.
EUR/GBP after a massive move down I was waiting for signs of a bounce and when downward momentum was starting to show I took 2 short positions then when momentum slowed took a total of 27 pips profit.
NZD/USD showed a great reversal candle off support line, took 1 long position, trade decided to then break support but daily chart was still showing upwards momentum so planned to wait this trade out, again powells statement worked in my favor and took 16 pip profit when price jumped then stalled.
GBP/USD after massive upwards move was waiting for a bounce, when upwards momentum showed took 2 long positions, daily chart was still showing upwards momentum so was planning to ride this one for a few days however powells statement boosted price so took 103 pips profit when price stalled. Thanks again powell.
NZD/JPY this trade is still open, entered trade in white box as showed nice reversal candle off the trendline, indicators where showing upwards momentum, but trade has now dropped and broken major support line, but daily chart is still showing signs of upwards movement, so will wait for a bounce but will probably exit this one with a loss.
CHF/JPY this trade is still open, entered trade in white box after a nice reversal candle off support line, indicators showing upwards momentum, so took 1 long position, trade has now broken support but daily chart is still showing signs of upwards movement so will wait this one out abit longer but will possibly take this one for a loss.
So for this week a nice 598 pips profit with the potential of a possible 50-100 pip loss on the 2 open trades, I imagine next week will be a bit quieter after all the news this week, but I will taking my wife out for a nice dinner this weekend so everyones happy.
Have a good bank holiday weekend everyone 
Trades from today. After the big gap down on JPY pairs they were only going to go back up and close the gap. So just waited to see momentum in the right direction.
CHF/JPY this trade was left open from last week. It had broken a support line which I thought was going to hold but then bounced back up from another support, I did jump in with another buy position at 107.885 but forgot to take a screenshot, I was waiting for price to get near to the existing trade price so I could exit with a small loss but managed to close at breakeven with the 2nd trade netting a 47 pip win.
NZD/JPY this trade was also left open from last week with same scenario and when price broke resistance took 1 long position but momentum slowed so exited previous position for a 10 pip loss but 2nd trade closed for a 25 pip win.
AUD/USD I’ve been trading this pair loads lately as its been bouncing around inside a triangle formation for several days now, this trade had reentered the triangle so only way was up so took 1 long trade and took profit when hit upper triangle line for 32 pips profit.
NZD/USD after bouncing backwards and forwards on a support line I was waiting for the price to show some positive direction and when indicators showed momentum took 1 long trade and took profit when started to slow for 14 pips.
CAD/JPY this was showing a nice 2nd upwards leg after making up the gap and retracing, I did hesitant as was going to enter this one earlier but did take 1 long position and thought it was going to continue when broke the resistance line, so took 23 pips profit when bounced back down from line.
Total 141 pips win and 10 pips loss. Not bad for a bank holiday monday drinking pimms and chillin in the garden 
So I have come to the conclusion that I’m finding it hard to keep blogging my trading journal so I’m not going to continue. If you have been reading it thank you for having a look. Good luck to those who have entered the competition.
I’m finding it time consuming also. But I would rather you continue so I can keep stealing your ideas 
