Following Nisar’s lead, I’m shorting EURNZD for 70 pips. As soon as things start to move in my direction, I’ll increase the TP.
fingers crossed!
EDIT:
trade met a stop loss 
my balance is now down to -5.46%
Here is my trade 10, long on AUDUSD.
EDIT:
here is a zoomed-out view at 4hr time frame
EDIT:
trade – stop loss!
oh dear, another blow to my account. hit the stop loss, and it seems it is proceeding the upward trend
It managed to pass at least 3 resistance levels, I guess. here is the screen shot.
my account is down to -4.85%.
Garuhh ur audusd trade, I can see that u took the trade because of support. remember only support is not enough. there should be other reasons as well. candle pattern, MA’s etc. also check the daily Tf. don’t go against the daily S/R. I’m publishing a daily chart for educational purpose only. i’m not saying that ur trade will not be successful rather i want u to put more weight behind ur entry. i dont use stochastic but I put it for u.
also do u mind to put white back ground with no grid on ur charts. that way its easy to see whats going on. its ur choice, bit curious.
Thanks Nisar!
I guess, this journal is fulfilling my other purpose: to receive feedbacks. 
Just to make it clear, I’d like to ask again some questions:
[ol]
[li]when I’m looking at the 4-hour time frame, should I also look at the daily time frame? Like with this trade (AUDUSD), the 4-hour is saying that the trade has been overbought for quite a while. But like what you’ve said, in the daily time frame, it’s not showing overbought yet.
[/li][li]I have set my stop loss below the “small” resistance I saw (i think it’s also showing in the daily), but it still blew past that level. So I guess I should be looking at more “bigger” resistances? like the one immediately below the resistance I have chosen? – well assuming that prices will continue upwards.
[/li][/ol]
One thing that was also going on my mind when I was setting this trade was that my balance was down by almost 5%, so I was trying to minimize my losses by being tight with my stop losses. But it seems I really need to spend more on my stop losses sometimes.
I’m sorry about the colors, but it seems I won’t be able to change the background color, it cannot be changed on the application I’m using. I can only change the candle colors. It’s a java application (provided by my broker), so very helpful when I’m jumping from one PC to another, coz I don’t have to install anything.
EDIT:
Oh yeah, just to update again the thread,[B] trade 10 AUDUSD met a stop loss[/B]. my balance is now down to [B]-4.85%[/B].
I was supposed to update my trade summary here, but I could not edit it anymore. I guess I’ll just be creating a google document to house all my summary of trades.
My [B]trade 8 (AUDUSD) got stopped[/B]. I forgot to update it.
I have updated my first post, and put a link for the summary of my trades in google doc.
currently, my trade 4 GBPCHF is +10pips. I’m thinking the trend is changing. shall I close it or not?
although I am most biased with just keeping it, and see how things go. currently, my balance is -4.85%, so I’m a bit worried about losing some more
EDIT:
oh yeah, the red horizontal line is my Stop Loss, and the green horizontal line is my Take Profit.
EDIT:
I foundthis postfrom Bijoy’s thread, a post from kwonkicker, and it’s a confirmation to stick with GBPCHF trade.
Here is my trade 11 GBPUSD sell. TP/SL 120/60. risk is still 3%.
fingers crossed!
Here is the 4-hour time frame:
Here is the weekly time frame:
EDIT:
update, Dec 21, 2012: I have gained +80 pips with this trade, so I put a trailing stop of 60 to keep some of the earned pips, and change the TP to 200. I will be waking up early Monday morning, to change this trailing stop to maybe 75?
EDIT:
update, Dec 24, 2012: Prices seems to be going my way, although prices retraced back, so I still have +76pips as of this time, 11am.
EDIT:
Dec 24, 2012, 7pm: The trade hit the 60pip Trailing Stop. I earned 37pips on this trade. It went against my trade for a while to hit my trailing stop, then went back again to downtrend! I think I should one time just consider putting the Stop Loss at Entry next time rather than putting a trailing stop. Though I’m thinking I’m not that confident yet to do that! I’m always afraid of loosing too much pips
when I say look at higher TF like daily, I mean that if u trade on lower TF, don,t go against the trend on bigger TF. trade in the direction of bigger TF, u will have more chances to succeed. more importantly devise a trading plan, without that its very difficult to stay in this game. trading plan is when u enter, when u exit, when u stay away.
if u trade in conjucntion with bigger TF, the market will respect ur SL.
well I just got stopped out in eurnzd trade. u see here we went against the big TF, but that was my trading plan and it didn’t work. in i deviated a little from my TF. I should have moved my SL at 1;1 but I didn’t and paid the price. when we go against the trend we should move SL qas soon as trade goes in our favour.
well another lesson learnt. we need to learn from our mistakes.
Thanks for the clarification!
We both lost in the EurNzd trade 
So what are your plans for EURNZD? Will you still wait for it to go down? Looking at the daily time frame, it seems it will start to go down after reaching a bit higher. I didn’t see that before you told me to look at the higher time frame
Now it will seem to go down after a while. so we wait?
Now my finances are down to [B]-5.46%[/B].
next level to look at is 1.6050. but now I wait for signal on daily TF. I may not jump on intraday chart.
however I’m short on gbpusd. we have an IB set up at resistance level. usually these signals are very profitable.
Hi!
Prices moved down for GBPCHF. But My SL is a bit tight at 60pips. 6 more pips, and my SL will be hit. Should I move it to beyond the next resistance level?
Right now, I am more biased to moving the SL beyond the resistance level. I’m recalling why I put 60pips as my SL! I think that 60pips SL was baseless. I moved it to 60 for the fear of loosing more since my funds are becoming lesser and lesser. So I might move the SL before Monday comes.
what do you think?
Garuhhh, look at ur chart trend.if u hope that prices will turn to north, then u can move ur SL, if not then u can’t do anything because market will do what it has to do.
u must have a trading plan and stick to it. and u must be mentaly strong. if u are having a lot of losses best thing is stop real account trading and move to demo untill u get more experienced or u have developed a profitable strategy. I would suggest don’t do random entries.
decision is yours anyway.
update on my trades,
I did not change my SL for GBPCHF, so that means prices moved up since the start of the week. I’m on -37pips on this trade, and I’m still a bit hopeful for this trade.
on my GBPUSDtrade, I’m up by 76 pips.
trade 15 AUDCAD
the prices seems ranging a certain channel. So I’m trying it out.
EDIT:
Dec 24, 2012, 9pm: It hit my Stop loss. Odd, it suddenly moved down! i got -29 pips on this trade. I was confident I will get some pips from this one, so I guess there’s nothing really definite in forex trading, the market will do whatever it wants, and will not respect my opinion.
I have updated my previous trades, and it’s not good news. Most of them met a stop loss.
GBPCHF, stop loss, [B]-60 pips[/B].
GBPUSD, trailing stop at 60 pips, [B]+37 pips [/B]on this trade.
AUDCAD, stop loss, [B]-29 pips[/B]. This was an unexpected result as the the prices made a breakout.
Now my funds are at a low [B]-6.86%[/B]. The lowest I have been.
I really need to stick more to my trading rules, and need to add (or edit) some more. I am loosing, but I’m certainly gaining some experience to one day make me a better trader. :50:
I want to buy on NZDUSD.
Here is the chart:
I need as much confirmation as possible that prices will reverse. I’m hoping it will start reversing on the white horizontal line (or at least somewhere around there).
Here are some of the signs I’m waiting for:
[ul]
[li]I should wait for candle signs of reversal.
[/li][li]I should wait for the MACD to crossover.
[/li][li]Stochastics should be showing overbought (which is currently the case)
[/li][/ul]
Can you suggest of any more?
why u always think of going against the trend? learn to trade with the trend, then go for reversal trades.I marked ur chart. it may help u?
Here is my trade 22, buy on NZDUSD. I’m thinking this is a reversal, so I’m going for it.
Here is a 4H chart showing a takeoff from the overbought, and a crossover in the MACD:
Here is a 1d chart showing the same SL and TP. But I’m a bit worried about the MACD in this daily chart, it is still not showing a crossover. But anyway, i was looking at the 4H chart when I went for this trade.
I might still move the TP when the initial TP will be hit.
Thank you for the comments, especially to nisar. i think I know now what you mean with “go with the trend”. At least I have an idea what you mean now, not unlike before: I was clueless oh, and sorry for the marked entry point earlier, I think I messed up with that one… You were correct, I should look for a “real” resistance (or support).
EDIT:
update, Dec 28, 2012, 3am: This trade went down to -50pips, and now it’s up to -44pips.
EDIT:
update, Jan 2, 2013, 12:20am: this trade is now up by +35pips, so I’m a bit hopeful about this trade.
EDIT:
Jan 2, 2013, 10am: this trade hit its Target Profit. I was supposed to move it higher as soon as the profit is near, but I slept soundly this morning, and as soon as I woke up, it got hit by that spike in prices. The market is craaaazy!
I got +112 pips from this one, and increased my money by 1.76%, so my total earnings is -8.21%, from a previous balance of -9.97%.
I’m going for a sell on GBPAUD for my trade 31.
i have made a LOT of failing trades!!
I have been trying out a few strategies which did not really work out. So, life goes on! I’m keeping my spirits up!
EDIT:
Dec 31, 2012, 10pm: this trade met a stop loss. My account is now -9.97%.
The market is crazy! its not respecting previous resistances… Now I’m looking at the resistance (in yellow) in the image above.
garuhh, a little word of advice, u take it or not up to u.
do one thing, clean ur chart from all the indicators, u may have seen mine, hardly u see any indicator.
2ndly, don’t trade a currency pair lower than daily chart. spend 20 min at 10gmt to look at the chart.
3rdly trade only one signal,
u may have a one or two trades in a week. persist on quality not quantity.
I’m placing one chart as an example.
strategy is simple.
use 20 ema moving average to guage for the trend. trade only pin bars in the directon of trend or on support/resistance line. draw S/R on weekly and daily chart. and trade from those lines.
google for the pin bar definition as well as on you tube. u will learn a lot.
then u see how it goes.
see my chart. how many winners are there… only 1 looser.
would u like winner lie those.
keep R:R 1:2 untill u are more comfortable. hopefully it will help eliminate a bit of ur desperation.
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