Starting with a €21,86 account

Starting with a small account. Let us see how far I get.

Update 27-10-21:

  1. Account has been blown.
  2. Will start with a new 30,01 EUR account 29-10-21
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Starting this London with a EURJPY sell. Based on the perception that the JPY pairs are overbought. They have been rising almost vertically. This is not the optimal entry I wanted, so I entered with an even smaller size. Two of my four entries have been put on BE. Taking profits at support levels.

Update:

  1. Hit BE.
  2. €0,70 loss
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GBPCHF Sell from resistance to support.

GBPJPY sell from resistance to support.

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Update GBPCHF: Put on BE.

CADCHF sell from resistance to support

Using Overbought and Oversold indicators is not something I do but even so I can see an issue with your EUR/JPY H1 short trade.

This price does not appear to have been overbought - at least not since last Thursday. On Friday price fell even further. Price does often re-bound away from extremes of price and something like RSI might suggest where these are, but in this case that reaction had already occurred.

I talk about overbought in price action. I do not use the indicators, though they can be of extra help. I still see it going down to be fair. As the market might reverse. Look at all the JPY pairs at the moment on the w1 and d1 timeframes.

True, the markets might reverse. From the D1 and W1 charts I have the EUR as the next weakest currency to the JPY, so this is the one where the JPY might make most progress. The CHF is the EUR’s little brother so this could also do well.

If the JPY does gain strength, my NZD/JPY buy order will not be triggered, and I will probably see buy signal lights on AUD, CAD and USD fading off my dashboard.

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Do you only use limit entry orders, or do you use market orders as well?

No, I only use buy stop and sell stop orders. Aim is to get (back) into a trend as it resumes so my buys will always be above current price after a fall, sells always below after a rally.

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UPDATE GBPCHF sell:
1: Hit BE
2. Reentry

For now I see USD being weaker than EUR -> Watch the DXY. It might also be in an overbought condition. Does not have to mean it will go to hell though XP

When I look at EURGBP, it is going lower yet very choppy. It might retrace to higher levels again. This would make GBP weaker than EUR, IF it will play out like this.

I always prefer to enter live in the market. Good to have someone from the ‘‘other side’’ here. :v:

I trade off D1 so no great time pressure on entries. I miss all reversals, break-outs and most short trends, but on the longer trends I add and add.

Update GBPJPY sell: Put on BE

Update CADCHF SELL & GBPJPY SELL

  1. CADCHF hit SL
  2. GBPJPY earlier TP
  3. Account status: - €1,53

GBPJPY sell from resistance to support

GBPCHF sell from resistance to support