Something’s happening with US30. Price keeps hitting that ceiling and looks like it could drop:
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Wishing you and your wife a speedy and full recovery 
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I’m impressed that you’re keeping up with the journal while dealing with covid, Covid gave me such brain fog that I amazed that you’re analyzing while recovering. You’re a true chart warrior 
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Thank you so much for your well wishes.
Charting is one thing that keeps me sane, especially right no when I’m off work.
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GBPCAD took a nose dive and stopped out:
Soybeans are doing well:
Silver pulled back again and closed at a small profit. I did open another position last night though as I feel there is a lot more upside. If price hits new lows then I will close both positions. This decision is based more on fundamentals than on PA:
EURJPY is ranging but slowly moving in the right direction:
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Starting to feel human again. Opened a couple of new positions:
NZDCHF - This pair is moving fast:
WTOil - Back in this one, a bit wild but the structure is still good:
Added to EURJPY and moved SL up to protect original position:
Took a hit on the Silver dump yesterday, but the account is back on track today:
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Back at work this week after being off for a week, so not too much happening in the trading department. Closed a couple positions Friday, late afternoon to take some profits.
Haven’t had much time (or energy) for charting, completely exhausted. But I did open a couple of new positions:
GBPUSD half position - some sideways action, I’ll open the other half if/when momentum picks up:
Corn - Nice setup, and commodities are starting to do well (I also have a futures position open on another account):
Update on other open positions…
Soybeans - looking to open a 3rd position soon:
NZDCHF - Nail-biter:
Silver - moving slow:
Not too concerned about the account. Just have to play the long game.
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Well, I am conflicted today. On the 4H chart I have a NZDCHF position open, giving me a buy signal:
But, I have CADCHF giving me a sell signal:
What to do.
The daily charts are both bearish long-term:
But NZDCHF has broken out of the descending channel, started a new uptrend and also breached the bearish B&R a few days ago, so I think there’s still a stronger case to hold onto this one.
So, that’s what I’ll do.
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I opened a long position on US30. I will likely close it later as I don’t really want to hold it over the wknd:
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2 weeks down. I’d be lying if I didn’t say I’m just a little disappointed in the results so far, especially considering the momentum I had going coming into this. I grew this account from $3,000 to $7,000 last year, then withdrew $2,000 to start this journal. But, despite this being all profits, it’s still not money I intend to lose:
Realized P/L is -$169.13. Running P/L is -$187.31. Open (unrealized) P/L is sitting at $68.60.
Most of the damage was done in precious metals. That -$183.69 should never happen since my risk is $100. There are some trades that I could have closed at 70% and are still running. But alas, I’m only human and that’s all in hindsight now, so I’ll keep looking forward.
I will also note that financing fees on commodities are high, running at about 10%, so I need to consider that when letting positions run for long periods of time.
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This was a choppy week for metals, I found that out on Monday and switched to NQ mostly for the rest of the week.
I’m confident you’ll recover the drawdown and run the account up again.
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Looking at the week ahead, Monday is a holiday so the stock markets will be closed. FX markets are open, but there likely won’t be much volume due to most financial institutions having the day off. Also, there will be plenty of news events towards the EOW to shake things up, including FOMC.
My plan for the following positions…
Soybeans - Looking for another push up to a HH. If this happens then I will close all 3 positions:
Silver - Once again, doesn’t look too good as it’s making LL’s & LH’s, and looks ready to drop again. This was probably not the smartest entry, my brain is still locked in on the bull run and even current price action can’t seem to convince it otherwise. Funny how that works:
Corn - Like Soybeans I’m looking to close this at a HH. I can always get back in after a pullback:
NZDCHF - This is one I could have closed twice now. 3rd time’s a charm? Let’s hope so:
Good luck, and happy trading!
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These choppy markets can certainly test one’s psyche. The secret is not to sit there and watch them, if you don’t have to. Just check you positions once and a while.
My account was looking like a roller coaster yesterday, up one minute, down the next. At one point I notice it was in a $300 draw-down. Everything’s stabilized now and I came out pretty well unscathed so far, except for a small loss on GBPUSD.
Only 2 new positions this week, both on CADJPY:
Update on all open positions:
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GBPUSD - Price is at a crucial spot now on the daily TF:
I want to go long, but I was burned once so I’ll wait for some bullish action such as price leaving this descending channel on the 4H TF:
If it doesn’t bounce back soon then my guess is it will continue down and create another LL.
If I’m reading the order book right, it looks pretty heavy on short orders up there, which should push price up. I could be reading that wrong though.
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EURAUD - Opened a half, short position. I’ll open the other half if/when price moves down a bit:
CADJPY - Opened a 3rd, half position and moved the SL for the first position up into profit. Risk is still under $100 for the 3 positions combined:
Looks like the recent LL has confirmed a downtrend. Price is currently rising so I’m hoping to close this one at BE:
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Week 3, gained a bit of ground. Details are on the left side, summary on the right. I’ve colour-coded each day based on closed profits (Green) or losses (Red):
Closed my Soybean positions today for a nice gain, but tariff news stopped out my US30 positions, just to retrace back up. Got a bit back in the afternoon.
Current open positions:
Realized P/L is -$48.06. Open (unrealized) P/L is sitting at $40.34.
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A quick question. For EUR/AUD open position, for example, I see Qty=5,486. So, this is 5.486K units, correct? If so, then is there any reason why you chose a specific quantity number like 5,486 instead of 5,500 or 5,000?
Thank you.
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@TraderJaws I don’t choose my position size, it is calculated automatically, based on my risk and where I want my SL.
Correct. This is actually 2 positions, 3,060 + 2,426 = 5,486 (0.05486 lot size)
Let’s say I wanted to open a 3rd short position:
- I choose what price I want my SL at. Here it is 1.685, like the other 2 positions.
- I choose how much I want to risk ($50 is a half position for me since my risk tolerance for this account is 2%, or $100). Then, as you can see, it automatically calculates my position size:
Keep in mind, some brokers and platforms won’t let you trade anything under 1000 units. But the one I use will let you trade a single unit if you wanted to.
BC Oil has made a new HH on the 4H chart, which has allowed me to adjust my channel:
Possible Break and Retest zone; I’ll see if this holds next week. If not, there might be a better opportunity at the bottom of the channel.
The weekly chart is hinting at a breakout above this long-term descending channel, along with a solid support level:
Would like to see another leg up to confirm this.
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