This is my biggest winner percentage wise - 6.62% gain!
January is almost over from a trading perspective, and i just closed my third position for this month in profits.
As i mentioned previously, this was a rough month for my account, since i lost 6% on 2 different positions (EUR/GBP & USD/CHF).
I don’t want to go in to the losses cause i made some mediocre mistakes such as not having an appropriate pip sharp level to base a trade on (area), and the other position was lost because i was seeing something that was not there.
Any how, loosing is a normal part of trading, life goes on.
My winner (NZD/CHF) almost made up for the 2 losses, so all in all i am happy, since for almost a year now, my winners are 99% of the time bigger then my losers.
This is important because it’s a sign of improvement, and now i can slowly focus on increasing my winning percentage by being more picky with my setups, and eventually to focus on not being too conservative, because this current win…could have easily been a 10% increase in my account. But let’s start from the beginning.
So, on January 16 i Shorted the NZD/CHF.
I spotted a trend on 4H (3SMA trading system, since i trade 2 different systems), it was the second swing of this ongoing trend.
I entered the trade automatically upon the first candle close bellow the 30 SMA (Green). The Stop Loss was located beyond the swing pullback and also beyond the 50SMA (Red).
I had a Fibbo level of 61.8% and a counter trend line on the Daily that was broken.
Here is the counter trendline that was broken on the Daily
As you can see from the chart, i could have gotten a much better entry when the pinbar retested the trendline from bellow, but it was a small pinbar, not the type i am comfortable with, so…i regret nothing
Basically, i had a confluence of resistance which was holding it’s ground, even though as you can see from the chart, it took a while before price started going my way, and actually it almost hit my stop loss. But that’s why it’s better to play conservative, because i am guessing a lot of people got stopped out. Basically price was in a channel, then it shot up, almost touched my stop loss, but it didn’t then it started going down.
Here are the details:
Stop Loss: 0.64366
Risk: 38 pips (3%)
Amount: 277 EUR
Lot Size: 0.75
Here is a screen shot of the sequential exits i took, i had 3 exits with 0.25 lots size each, or 33.33 %
.Take Profit 1
Lot Size: 0.25
Profit: 110.00 EUR
.Take Profit 2
Lot Size: 0.25
Profit: 200.48 EUR
.Take Profit 3
Lot Size: 0.25
Profit: 274.26 EUR
Profit in total 584.74 EUR
Total Gain: 6.62
As i am writing this i am waiting for MY FX Book details to load up so i can have the precise details of what happened.
But anyway, what i did not like is that this trade took 10 days, and in theory it should have been over in 2-5 days, not more than one week. But as a trader i have to adapt to current market conditions, and current market conditions are…low volatility basically and a lack of momentum.
Generally speaking i am happy since it was 1:2 R:R and even more, so i am improving.
I will post this now, and once i get the details from My FX Book about the gains in percentage i will upload those, but in general it was close to 6% gain all in all.
p.s: I trailed my Stop Loss to break even after the first TP, and then trailed to the first pullback after my second TP at 0.63750, but since i closed the position manually it’s irrelevant.
Also, i had a final TP set in place, but i was scared it’s not gonna get reached, and that’s why i closed it manually. My final Tp was set up based on the Weekly time frame, to the previous swing low, which was overstretching it a little bit.
Here is where my final TP was set approximately.