Target TP is always 1% with this account, so if it picks it up at .66680 then TP is .6638, or 30 Pips.
gotcha!
tx,
kc
I need to be careful with my terminology.
A retracement should net me my 30 pips. Since my rule is no manual interference, then it could go to 29 and turn around on me and there’s nothing I can do about it. Seems silly I know, but rules are rules 
A reversal could see a much more significant, longer term drop.
That is True. True.
Friday Afternoon update.
Jun 26/19 EURJPY: Long 24442 units @ 122.600. TP: 123.44. SL: 121.76.
This has gone up slightly. Currently hovering around the break even mark 0.0 Pips
Jun 26/19 EURCAD: Short 57075 units @ 1.49151. TP: 1.48711. SL: 1.49591.
BOOM! TP triggered overnight for a nice $254.09. How sweet it is!
Jun 27/19 AUDUSD: Short 60,485 units @ 1.49151. TP: 0.6969. SL: 0.7031.
This one’s getting away from me -19.6 Pips currently. I’m still hoping for a reversal before the 50 Fib or I’ll get stopped out. RSI has been hovering in the overbought area on the 4hr chart.
Also, still have a short order pending for NZDUSD, which has gone up about 18 Pips since yesterday. I’ll wait for it to bounce back down then adjust my order.
Long weekend here in Canada. Have fun and be safe!
A quick Monday update.
I mentioned on Friday that AUDUSD was getting away from me, well it did, it was my first stop-out of the week which dinged me for -$262.23. Can’t be right every time.
On a positive note, NZDUSD turned around and picked up my short before I even got a chance to move it up for more Pips. Let’s hope this one continues down as I suspect it will.
Enjoying the Holiday today. I’ll be back at it tomorrow with more updates.
EURJPY decided to take a little detour on me and triggered my SL for a -$250.78 loss.
That’s 2 SL’s in a row after 4 TP’s, so overall we’re not doing too bad and still $485 in the green.
As I mentioned yesterday, NZDUSD came back and picked up my short order:
Jul. 01/19 NZDUSD: Short 63,884 units @ 0.66680. TP: 0.6638. SL: 0.6698.
As per BP’s email today, I wanted to check out CADJPY to confirm. Continuation of this downtrend looks quite promising, so I went ahead and placed a short order, but you might want to wait until it passes through that recent resistance level at 82.293:
Jul. 02/19 CADJPY: Short 63,649 units @ 82.323. TP: 82.003. SL: 82.643.
This is also forming a Falling Wedge, and if you’ve been paying attention to this thread you’ll have noticed I’m a big fan of wedges! So, I’ll be watching for this one to make a big move up sometime in the not so near future.
Well my CADJPY position is doing well, it came within 7 Pips of hitting my TP, then retraced slightly. Currently it’s sitting at 21 Pips, or $165.
NZDUSD not so much, -12.7 Pips or -$106. We’ll see what the morning brings.
Turning my attention back to USDJPY:
It just broke out of the Falling Wedge pattern and retraced back to the resistance-turned-support line. I’m expecting it to bounce and head back up to where my 2 trend lines meet, around the 109.78 area, so I put a long entry order in at 107.85.
GBPUSD - Could I be seeing a Reverse Head & Shoulders forming?
It’s hit 2 support areas (yellow & blue) so I put in a long entry order at 1.2620, so I’ll catch it on the way back up. RSI on the 4 hr chart is also approaching oversold, which is a good sign to think about buying.
Another late night, so off to bed. I’m hoping to see both orders triggered in the morning.
Update…It’s been a while.
I decided that after these last 3 trade were done I would move on to a live account. I’m also considering stocks.
NZDUSD - This one never panned out and triggered my SL. -$251.27
CADJPY - Again, stop loss was triggered after some up’s and down’s. -269.34
USDJPY - I finally closed this on out manually after 10 days. Profit $133.63.
Total for 9 trades was 4 SL’s and 5 TP’s, giving me about $130 profit. After a very strong, promising start winning my first 4 trades and making about a grand in profits, things kinda fizzled out in the second half. But hey, that’s the nature of the beast.
What have I learned from this? 2 or 3 of these failed trades at one point or another were profitable. However, since my rule was ‘no manual intervention’, I had to let them ride their course. Moving forward I will definitely be intervening either by moving my SL or using a TS to lock in profits.
Had I used .5% for my TP instead of 1% then my winning percentage would have been higher. Had I manually closed out winning positions then it would have been even higher still.
Either way, I feel very confident in my ability to analyze and determine direction of price using simple chart patterns, and will adopt some of the methods I have learned throughout this thread into my current strategy.
Matty
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