Theyogender Journal

Trading Discussion Trade Journals
1

I am new to trading and have tried trading by using knowledge I have picked from here and there.

By using bits and pieces of knowledge and undisciplined nature I Have gained mastery in blowing my accounts. :fearful: Thankfully Demo Accounts :new_moon_with_face:.

Anyway I have put some rules for myself to get my trading style and system.

Active participation and guidance of fourm members will be appreciated as third person view of my activities.

Lower timeframe : <1H
Higher timeframe : >1H

Rules:

  1. Use lower timeframe for entry (not necessary).
  2. Trade with Trend only.
  3. Max risk 2%.
  4. No indicators untill everything starts to fall in place.
  5. Max 3 trades per day.

I may add or remove rules as journey progress
Note to self: never forget to journal your trade.

Thank you
theyogender

1 Like
2

I will be using MT5 amd Metaquotes demo account with balance of 5000 USD with leverage of 1:200.

3

from my first day of trading i have been using MT5, still going good everything

4

Good luck. What specifically are you looking for in a setup?

5

As I am trying to develop setup I only have some basic rules. I will try to refine the setup
So rules are

  1. Identify clear trend in W1 timeframe.
  2. Identify support and resistance in D1 timeframe.
  3. In the direction of trend : candle stick patterns.
  4. TP: 5 pips difference with pattern
    SL: 5 pips difference with pattern
6

Trade #1:

Instrument: USDJPY
Type: Long
Lot Size: 0.01
Entry Price: 119.015
Stop Loss: 117 119.05 120.405
Take Profit: 123

Why Entry:

  1. Overall trend upward in both W1 and D1 timeframe
  2. Broke downward trend in H1 timeframe.
  3. Broke minor resistance at 118.000 of D1 timeframe.

Update: price hit our StopLoss entry closed at profit of $11.54.

7

Update:
Stoploss moved from 117 to 119.05

8

Trade #2:

Instrument : EURGBP
Type: Short
Lot Size : 0.01
Entry Price : 0.83879
Stop Loss : 0.84780 0.83670
Take Profit : 0.82025

Why Entry:
W1: Downtrend.
D1: Downtrend.
StopLoss: slightly above Previous Lower High.
Take Profit: Lower end of Downtrend Channel.
Price has been moving in downtrend channel and I expect it to stay in downtrend.
Price is slightly below previous Lower High and has been moving there in a zone.
I believe it will be formation of new Lower High.

9

When reviewing my trade, U found that I have broken some of rules when opening second trade, I believe that I was influenced by someone else analysis.

Would need seniors guidance regarding how to handle such situations.

Would appreciate feedback also criticism, upgrade or fine tune of my setup.

Regards
theyogender

10

Order Type: Sell Limit
Instrument: EUR CHF
Lot Size:0.01
Entry Price: 1.02940
Stop Loss: 1.03230
Take Profit 1: 0.99711
Take Profit 2:0.97786

Why Entry:
W1: Downtrend
D1: Downtrend
H1: Downtrend
StopLoss: slightly above previous lower high of H1
Take Profit: tp1: previous low in W1,
Tp2: resistance in MN chart
I believe price is in Retracement and should move up little more for entry.
I believe price had broken resistance around 1.0593 zone should remain in downtrend.

PS: If execution happens this trade will going to be position trading style

11

UPDATE
Sell Limit got executed. Becoming Trade #3.
Trade #1 and Trade #2 Stop Loss updated to 120.405 & 0.83670 respectively.

Regards
theyogender

12

I will be exiting from forex market. Maybe we wil see eachother some other day.

Thank you for your support.

PS: I opened total of 15 trades using above mentioned system, all of them closed in profit with max profit from GBPJPY. Total profit $110.13.

13

Good luck and all the best. :slight_smile:

14

I am back to the allure of forex trading again. Cheers Everyone and Wish me luck.

PS: Man, this platform sure has grown