Don’t have time to explain took my profit and now I am long.
I got in too early and got stopped out, had I just set my limit to buy at 1.213 I would have been in a much better position and would have had a much higher risk to reward and preserved more of my gains today. Instead I placed two more losing trades with too tight of a stop loss resulting in $400 loss. My third trade I just re-entered with a reasonable stop loss and take profit but only a 1:2 risk reward. Still in profit for the day and finally the week. Stay tuned
At time of update to this post I added one more small position with a great risk to reward. EUR/JPY long with a roughly 1:4 risk reward. I’m only risking 9 pips on this trade.
Woke up this morning to see EUR/JPY got stopped out, just a little too tight of a stop for that EUR/JPY trade. Now moving on to EUR/USD. Beautiful trade, elegantly placed stop loss and I am thrilled it’s the first genuine take profit I hit all week. I took profits larger than this but I’m just glad I had chosen a good level. I’ll post my weekly trade stats in a bit.
Stay tuned!
Just in time before the weekend.
Entry: 1.21693
Take Profit: 1.22542
Stop Loss: 1.21442
Risk Reward : roughly 1:3 almost 1:4
Quick recap for the week. In my live account which mimics my 5k and 50k demo account I profited 72 pips this week. I placed 13 total trades and won a total of 4 trades!! I lost 9 trades and ended up making a 19.8% return for the week. Sick! I must be on to something. Stay tuned.
Here are the hard core stats for the week.
Demo trades for the week (5k account), starting from may 28th (last Friday) until present date…
May 28th EUR/USD Long at 1.21977, Closed Trade :1.22087 LOSS: 11 pips, -$143.00 USD
May 30th EUR/JPY Sell at 133.945, Closed Trade :133.807 WIN: 13.8 pips, $25.06 USD (non EUR/USD):
May 31st EUR/USD Long at 1.22093, Closed Trade: 1.2254 WIN: 16.1 pips, $209.30
May 31st EUR/USD Sell at 1.22480, Closed Trade: 1.22335 LOSS: 14.5 pips -$113.10
May 31st EUR/USD Long at 1.2233, Closed Trade:1.22346 WIN: 1.3 pips $16.90
June 1st EUR/USD Long at 1.22157 Stop Loss: 1.22057 LOSS: 10 pips -$130.00
June 1st EUR/GPY Long at .86342 Close Trade: .86219 LOSS 12.3 pips -$34.95 (non EUR/USD)
June 2nd EUR/USD Sell at 1.22104 Close Trade: 1.21443 WIN: 66.1 pips $859.30
June 3rd EUR/USD Long at 1.21490 Stop Loss: 1.21250 LOSS 24 pips -$312.00
June 3rd EUR/USD Long at 1.21248 Stop Loss: 1.21180 LOSS 6.8 pips -$88.40
June 3rd EUR/USD Long at 1.21221 Take Profit: 1.2174 WIN: 51.9 pips $640.90
June 3rd EUR/JPY Long at 133.689 Stop Loss: 133.608 LOSS: 8.1 pips -$24.61 (non EUR/USD)
June 4th EUR/USD Long at 1.21693 Currently Open Trade
Total Losses: 7
Total pips Lost: -86.7
Total Losses cumulative: -$845.96
Weekly avg loss: -$120.85
Total Wins: 5
Total Pips Won: 149.2
Total Wins cumulative: $1751.46
Weekly avg win: $350.292
TOTAL PROFITABLE PIPS THIS WEEK: 62.5
TOTAL PROFIT: $905.48
WINNING TRADE PERCENTAGE THIS WEEK: 5/12 = 41.66%
Week Starting balance: $5371.32
Week Ending balance: $6,266.09
Actual Return (fees, current trade financing, etc.) $894.77 OR 16.665%
Target is 25% Return
Weekly Return Deficit from target -8.341%
Comment if you like this format and wish for me to continue it each week. I can also put down the entry and exit times if anyone is interested.
What do you guys think about this?
My live 5k demo is on myfxbook as well.
Stay tuned, and let me know if you are able to see the Myfxbook results because to me it says it’s private and I need to know if I need to change that or not, thanks!
Hi, I’m enjoying your journey. Good luck.
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Thank you for your support! Hope you are having a great weekend.
Here are the 4hr levels in EUR/USD I will be focusing on for entries and exits all week. I’m still currently in a long position but I hope this helps explain why i choose my exit and what i expect to do at that level. Depending on price action my next trade will be a short around the 1.22 level.
Stay tuned!
In the past 11 trading days since 5/18/21 EUR/USD has broken above (from below) the ~1.22039 Resistance level roughly 7 times on the hourly chart (depending on how you count. After breaking the ~1.22039 resistance level, EUR/USD continued to climb to the next resistance level at ~1.22397 a total of 4 times. With that in mind my inference is that EUR/USD will hit 1.22039 in the next 24 hours and reverse back down to the 1.21313 level. I can totally be wrong here which is why I am setting a relatively fair Stop Loss to go with a relatively greedy Take profit (Can always take profit sooner and this is a limit order).
So I added this limit order to my portfolio.
Long Entry: 1.2204
Stop Loss: 1.22235
Take Profit: 1.211
Stay tuned!
Gotta be quick on your feet. After witnessing the price action I got spooked and do not feel safe in a long position. I took an -$85.80 loss. That being said I decided to go short EUR/USD. I feel much safer going to sleep on a short than a long, I believe now we are at resistance now instead of support.
Entry: 1.21628
Stop Loss: 1.21886
Take Profit: 1.2111
Risk reward roughly 1:2. Not very happy with that but I felt spooked and am more comfortable going to sleep in a short position with a reasonable stop knowing price action is currently in my direction rather than going to sleep feeling a red flag not feeling comfortable. Anyhow stay tuned!
Took a -$175 Loss just a moment ago, I think euro may climb at this point but I’m staying out for a while. I don’t like how the market is moving today, so I’ll do myself a favor and take a break.
Stay tuned!
I ended up taking a long position in EUR/USD shortly after my last post I just didn’t have enough time to post it. Will continue to do better, sometimes it’s just hard at work to post. If I keep this up maybe I’ll get to quit in a year lol. Anyhow I took roughly 20 pips putting myself back into profit for the week. I’m thrilled I can lose 2/3 trades and still profit, I hope to improve my winning avg. but if I keep profiting I’ll stay happy regardless of whether I lose more trades than I win, profit is still profit.
Definitely going to sit out for a bit, I’m going to see what this price action does. We are at/near a support/resistance level at this time but I think we can expect some sideways action for the next few hours, until later… stay tuned!
Was a little busy and I missed a much better opportunity but the risk reward is still good so I entered a short position in EU.
Entry: 1.21890
Stop Loss: 1.22085
Take Profit: 1.2131
If EUR/USD breaks above ~1.2205 I will be looking at a potential long position. Stay tuned!
Just don’t really have the energy tonight to type as much as I normally do. In short I took a tiny profit and a small loss on EU in today, made a small error in my live account today so it doesn’t mimic my demo. Sometimes it’s a chore to enter three trades on three separate accounts. I did get back in just recently with a short position. Risk to reward is not as high as I would like, but it’s okay.
Entry: 1.21751
Stop Loss: 1.21938
Take profit: 1.2131
Stay tuned!
Took my loss a little before stop loss. Got in a long position because my inference is now we are at support rather than resistance. Risk reward is roughly 1:2
Was at work and was unable to take the profit. Had I been able to watch the market that would have been a nice 20 pip trade. I ended up taking a loss.
Sentiment has changed and I see EUR/USD headed toward 1.21. I feel as if I have seen this pattern before in the past. This has a nice risk reward to it. ~1:4. Could be the home run I have been waiting for all week. Tomorrow I am off so I will be more in tune with the market.
Short entry: 1.21764
Stop loss: 1.21968
Take Profit: 1.21
Stay tuned.
What a joke, EUR is a beach. I got out just before stop loss thinking I am doing myself a favor by minimizing my losses to see euro tank. I would be in soo much profit right now. I did not revenge trade or re-enter. Clearly EUR/USD whooped me mentally this week and I am not afraid to admit it. I made a couple good calls but didn’t capture the profit which allowed me to lose control of my trading psychology. Rather than let the market win, I’m done for the week. I’ll live to trade another day. Will post some stats and maybe another recap about how I feel going forward, what I plan to change next week.
I’m glad I put my emotions on display on my last post. It really shows how difficult it is to trade successfully. After reflecting for several hours and doing some mental recaps on moments in the past week when I placed good trades, how I handled the wins and my overall strategy for entry… I’m back
Practically the same trade I have made over and over again this week. I feel like each time now I’m casting a line out into the lake waiting for the fish to bite.
Entry: 1.21736
Stop loss: 1.21968
Take profit 1.21
Today’s loss and my new trade
Feels like I’m getting kilt out here. Another loss a little over 200 again.
I’m now long euro. Buyers are back it seems.
Entry: 1.21893
Stop loss: 1.21684
Take profit: 1.2249
I hope Euro breaks out of this range soon.
Still with you.
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