Hi,
I completed my trading plan and will first be doing some demo trades to get used to the strategy before going live with £1000.
I will explain how the strategy works if i’m in profit and people become interested.
Happy trading!
21st Sep
GBPUSD
Setup 1 hr
Entry 15 min
Ideal trade would have been…
As shown on 1hr chart
NOTES
I should have not taken 100% profits at first sign of resistance. There was plenty ATR left for the day and price went on to reach support. Could have got more out of this trade.
I take sequential profits. My rules state I take 15-20% 3 pips before round numbers and then ATR -20% as final TP unless major resistance is there which will be final TP instead.
Following my rules I could have got more out of this trade.
21st Sep
CHFJPY
setup 1hr
Entry 15 min
Price end movement
NOTES
Trade went well. Took 100% profits at round number as I didn’t expect price to reach previous support. The ATR was already reached for the day
21st Sep
EURJPY
Setup 1hr
entry 15 min
NOTES
Exited the trade at round number for higher probability.
Would have went further but saw bigger TF trend line so was not worth it.
Sep 21
AUDCAD
FAIL
Saw magic dot but price turned.
I should not have traded this setup as the breakthrough was too small. I should be seeing a decent size break and pull back. This was weak.
This is the 1hr. Price had been ranging. Not good time to trade.
Don’t do this again!
21 Sep summary
First day properly trading demo.
on 50,000 account trading 3% per trade. I am only up £250 today as the failed trade took away all winnings.
NOTE
The struggle seems to be exiting winning trades to early and leaving losing trade to hit SL.
Results being that a losing trade hits me for the full £1500 (3%) while winning trade are giving me less.
Need to capitalize on winning trades and exit losing ones quicker.
No MACD was used today. I have just added it for identifying the trend.
I have set it up so that when price crosses the 0 line the trend has changed. Using 55 EMA. When above I will only look for longs. When below I will only look for shorts.
22nd Sep
Fake break… Nothign I could have done about it. This sell signal was on three EUR pairs. Waited for the break pullback and went short but after this is shot straight back up.
23rd Sep
AUD JPY
However now I see why its struggling to move
EUR AUD moved first and already hit res which caused AUD JPY to stop. Lets see if it pushes through…
this is tricky. EUR AUD already hit ATR for the day at 8am … For the rest of the day will it move further or drop…
I liked this AUD JPY setup but now im not so sure it can move due to this
AUD JPY 5min doesn’t look good.
Gone short on EURUSD. EUR AUD and AUD JPY already hit ATR and doesn’t look like it continue the trend further today. EURUSD only reached 49.2 ATR for the day with ADR of 109. Gone short.
Will see if this works out. If it does I need to remember not to trade in the direction of the trend when the ATR has already been hit. Best not to trade at all. What is the chance another up move will come just after a major one a few hours earlier… This I think is why the AUD JPY trade failed.
