My FX Journey... From Dream To Reality

[dpaterso]

Hello.

Yeh. Few words because I’m not into all of this stuff. But as long as it works for you then that’s all that counts. And you seem to have your act together as it pertains to your methodology so good on you. Takes a lot of time and effort to do your analysis and charts and update the thread which is presented really well.

Trading my end alright. Very quiet week and then yesterday “boom”!!! LOL!!! If there’s any follow through today then it could very well end up being an alright week i.e. nothing spectacular. If not: then next week should be great week.

[macilme]

LOL!.. whatever works for us all right?

Nice to hear about your week so far. Hopefully you’ll have an alright week or better too.

[macilme]

DAY 67 UPDATE (MONDAY 27TH MAY 2019)

Well hello Journal…

Late post it is today but we’re still getting it in before close of day. I’ve been working on some stuff lately (Forex Related, so not to worry as I’m not sabotaging myself or anything already )

Stats as usual:

No of Trades so far: 24

No of Active Trades: 1

Profitable Trades: 11

Losing Trades: 8

Break Even Trades: 4

Really red Friday was what we eventually ended the week with. Unlucky as well as you’ll soon find out in the updates below. First off is:

USDCAD 2BAR REVERSAL SHORT UPDATE

USD/CAD H4

So as earlier presumed, last week, price did hit our adjusted stop level and kicked out the trade at BE, this was well before price came within just a couple of pips to first target that would have secured some profits.

Eventually though price did head back down and below the line. It’s part of the whole package and I’m still waiting on having enough trade data to see what I can do to improve on future similar situations.

GBPUSD PIN BAR SHORT

GBP/USD H1

Trade bias was correct, Stop level wasn’t. Again, price failed to reach first PT level and we weren’t able to secure some profits or move stop to BE before price turned against… Got out for a full loss on this one. Better luck with the stop next time eh?

CAD/CHF PIN BAR SHORT

CAD/CHF H1

Second losing trade on Friday, again by a very small margin. Shorted the pin bar as shown on the chart. Price cam real close by just a couple of pips, and then reversed right back to hit out stop. One thing I could have done better here was to move the trade stop to BE right after it just about kissed the first TP. However, I didn’t want to mess with the plan and preferred to see how the trade would pan out. Guess I got my answer in the end on this one.

NZDCAD PIN BAR SHORT

NZD/CAD H4

Price makes a pull back and fired off a valid bearish pin bar pattern at a key price level… We are currently short on the trade and watching how it pans out.

So it turns out quite a lot did happen between the last update here on Friday and Monday, that’s what we like to see. Hopefully with more green results on subsequent instances.

Alright… that’s it for today Journal… Tomorrow will be another day.

[macilme]

DAY 68 UPDATE (TUESDAY 28TH MAY 2019)

Hello Journal…

Nothing new happening today. We however got a continuation of the losses experienced last week friday on our latest trade. Aarrgh!!

Stats first:

No of Trades so far: 24

No of Active Trades: 0

Profitable Trades: 11

Losing Trades: 9

Break Even Trades: 4

.

So what’s happened again:

NZDCAD PIN BAR SHORT Update

NZD/CAD H4

Son on price moving down to the first trouble area, I decided to minimize risk by moving the stop a little lower to keep my risk to half the initial risk on the trade.

Turns out that price couldn’t overcome the minor support and turned right back to hit our stop. And then we got our third stop out in two days …

Now is usually the time when a good turn around in results for the week would be a good thing to experience . Are gonna see that gong forward? Hopefully yes.

And that’s the usual for today again Journal, let’s hope tomorrow’s gonna be less sour .

How’s trading go for you guys on the road today?

[macilme]

DAY 69 UPDATE (WEDNESDAY 29TH MAY 2019)

Hey again Journal…

So a green day in quite some time, about time we saw that right .

Stats roll call:

No of Trades so far: 25

No of Active Trades: 1

Profitable Trades: 11

Losing Trades: 9

Break Even Trades: 4

So how did we fare today:

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US30 INDEX INSIDE BAR SHORT

US30 INDEX H4

Price makes a strong breakdown of the lower key daily level as marked on the chart. Subsequently we find an inside bar pattern right at the point of breakdown. Limit entry placed according to plan and price has since been triggered and reached TP1.

Here’s the daily for a bit of context:

US30 INDEX D1

We are out on half position and have moved the other half to BE. Will we see more downside on this instrument. I am short biased for the moment, however a retrace back to break even is not unlikely so we will have to wait and see.

Just one trade today but it was a good short, and we are already playing with house money. So it’s been a good day overall.

How did trading fare for you guys today too?

[dpaterso]

Nice trade. Nicely thought out, executed, and managed.

And nice to see the Dow in there.

Looks like there’s a fair amount of buying into the close though. Also: that 200-day SMA is being well defended on the S&P and the NASDAQ.

[macilme]

thanks @dpaterso, I try to have as objective a view of my trades as much as possible. It helps understand the profits and bear the losses too.

Unfortunately my broker allows only the US Indexes on MT4 so I really don’t follow the S & P and NASDAQ.

Are you currently in any of these?

[dpaterso]

All of them.

[macilme]

DAY 70 UPDATE (THURSDAY 30TH MAY 2019)

Hello Journal…

Working day today but we still managed to get in a new baby trade for the day.

Stats before the rant:

No of Trades so far: 26

No of Active Trades: 2

Profitable Trades: 11

Losing Trades: 9

Break Even Trades: 4

So how did trading go today on this end:

.

US30 INDEX INSIDE BAR SHORT Update

@macilme

US30 INDEX INSIDE BAR SHORT

USD30 INDEX H4

So it looks like we might be seeing another move down south after price retrace was shallow enough to keep this trade active still.

We are now watching price action and will likely add to the position if price manages to break the now minor support with an appropriate accompanying bearish price action.

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USDJPY PINBAR SHORT

USD/JPY H4

New trade for the day. Price makes it back to the 110.000 key level on a bullish retrace and has fired off a Bearish pin right at the key level. Would have loved the pin bar to have it’s tail protruding up above the zone.

However it is still valid and we are now actively short on the pair. Price is currently still looking bearish and we are watching for a move down to TP 1 and subsequent move to BE.

[macilme]

hahaha… nice

Hope it all works for you buddy.

[GilasTrading]

Good job on the USDJPY short. Remember to thank that ass Donald Trump for threatening Mexico with tariffs.

[justshell]

perfect entry to the downside…pinbar was right at a major level for the sell

[macilme]

Lol! Thanks @GilasTrading, I guess I gotta haha . I do however rely mainly on technicals for my trading. I rarely ever look at the news these days (unless it’s really big!, NFP big or close).

I gotta say I’ve been a steady follower of your thread, you sure are killing it and doing a pretty good job of staying on the green side with your style of trading.

The fact that you do understand your system and are always setting aside “Insurance Profits” for when things go south (hopefully not anytime soon lol) is the one single most important factor I love about your system. Keep on racking in the green bills lol.

[macilme]

haha!!.. Thanks @justshell… I try to find (and trade) these kinds of setups as best as I can, and stay on the sidelines when things are a bit foggy on the charts. Slow and steady wins the race right ?

[justshell]

that’s what its all about! looking for those high quality setups. Trade what you see, not what you think. When my mentor told me that, it improved my trading a lot lol

[macilme]

DAY 71 UPDATE (THURSDAY 31ST MAY 2019)

Hey again Journal…

So yesterday went pretty well. How did we fare so far today just a few hours to New York close.

Stats before the rant:

No of Trades so far: 27

No of Active Trades: 3

Profitable Trades: 11

Losing Trades: 9

Break Even Trades: 4

A minor change from yesterday (one more trade but just a bit of an addition really as you’ll soon find out).

@macilme

US30 INDEX INSIDE BAR SHORT Update

US30 INDEX H4

Earlier on this trade price smoothly slid lower and hit our first TP. We have since closed half position and booked some profit on this trade. Stop on second running half position is now adjusted to BE. All that’s left is to wait and let the market decide what more it wants to give on Monday.

@macilme

USDJPY PINBAR SHORT

USD/JPY H4

Price has also did move down south on this pair as well. I reckon that is because both pairs have a positive correlation with each other.

We closed half position earlier on this trade as well after price made it down to first TP. However as I suggested yesterday on the US30 Index Short. I decided to add another short position (half the usual risk) on a new Inside Bar formation right after price broke down the next support formerly below price.

The stop for this second trade is placed right at the former TP1 level. This way I have covered the effect of a possible loss on the second short by the already banked profits on the still active position. Here’s how it looks on the hourly chart:

USD/JPY H1

A bit of retrace is not impossible has price momentum down south has been pretty strong lately, so we got our fingers crossed on this trade as well.

And that’s pretty much how Friday is looking likely to wrap up. We started the week a bit on shaky grounds but ended pretty strongly. I’ll take it .

How’d the week go for you guys as well, would love to hear.

See you Monday Journal.

[macilme]

DAY 74 UPDATE (MONDAY 3RD JUNE 2019)

Hello Journal…

It’s another trading Monday already… Ramadan festivities are ramping so I ended up having less free time than usual .

Stats before the rant:

No of Trades so far: 28

No of Active Trades: 1

Profitable Trades: 14

Losing Trades: 9

Break Even Trades: 4

So how did our trades carried over from Friday fare on Market Open today?

@macilme

US30 INDEX H4

US30 INDEX H4

We adjusted the stop loss on this trade… to just above the broken minor resistance. Price gapped down below this level as seen on Monday, however price retraced and and took us out of the trade for a little above 1:1 R:R.

.

@macilme

USD/JPY H4

USD/JPY H4

We added a small position onto the short trade risk free last week and it did pay off, last TP got hit and trade has since been exited at 1:2.5 R:R.
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So that’s the update on last week’s trade, both finally exited for some profits.

TODAY’S TRADE:

USDCHF INSIDE BAR SHORT

USD/CHF H4

Price broke down a key price level (1.0000) which has served as support a couple of times in the past and formed an Inside bar pattern right below the key level. Wear and price is just a pip or two above first TP, we have rolled stop down to BE and will be watching how this trade plays out.

[macilme]

DAY 75 UPDATE (TUESDAY 4TH JUNE 2019)

Well hey there Journal…

So it turns out today’s check in is right on New York close! Wanted to see if I could get in a trade set up today but no luck (doesn’t mean there wasn’t enough market movement though).

So in the absence of new trades, how did our lone trade yesterday fare today. Well:

@macilme

USDCHF INSIDE BAR SHORT

USD/CHF H4

Price made it to first take profit target and headed straight back up much later in the day to take out the second position at break even. A little profit on this trade but 100% capital preservation is the most important so it’s a win still.

So it’s End of Ramadan (Islamic month of fasting) festivities today, and it was quite a fun day (I ended up consuming too much drinks for an average day lol).’

Did I manage to have some chart time?

Yep, and below are just some of the trades I’m looking at against tomorrow:

It’s looking tomorrow’s going to very likely end with some new baby trades in the bag. I’m keeping my fingers crossed on that one.

And that sums up how boring my MT4 trade Terminal has looked for the most part of today.

See you around tomorrow Journal.

[macilme]

DAY 76 UPDATE (WEDNESDAY 5TH JUNE 2019)

Hello Journal…

Turns out today was less active than anticipated for me. Just one trade out of the many possible trade setups posted up here yesterday.

Here’s how our stats are looking like so far before we get into which of them gave us something to trade:

No of Trades so far: 29

No of Active Trades: 1

Profitable Trades: 15

Losing Trades: 9

Break Even Trades: 4

Right, now that that’s out of the way, which of the pairs on the watch list posted up yesterday got traded you might ask?

Well… Cable it is:

GBUSD BEARISH ENGULFING BAR SHORT

GBP/USD H4

We had this on our radar yesterday as price had been approaching this former support level on a retrace following the bearish momentum generated after that huge pin bar just above the lower level shown on the charts.

Price then forms up a bearish engulfing bar right at the resistance level on this pair. We did set a limit entry order and are already in the trade. Trade got activate right around the rollover period so it cost an extra 7 pips in spread just because of that
We are watching how this turns out though in any case.

Current trade got triggered right on New York close, that basically was how quiet the day turned out to be.

Tomorrow will be another day of trading and we’ll catch up again at the end of it all again Journal.

[hikaru259]

Thank you for your analysis. I love the way you use price actions,it’s very clean and easy to understand. I have learned so much. Please keep it’s good work. Thank you.