Yep still trading. I made a long position just to get a piece of the action. this is definitely a revenge trade. entered at 171.07. stop at 170.85. TP at 171.50. 10:1 leverage used.
Another trade that would have ended a disaster. This trade and the one before it almost erased my profits for the week! Dang! Anyway, i left this one open overnight. when i woke up and checked, it was -83 pips. The stress level blasted through the roof immediately.
I became agitated and regretful that i closed my short position for a large loss only to open a long position and have it turn against me too. Twas like the market was countering my every move.
Fortunately, it managed to get back up, enough for me to close at profit +49 pips. Although the trade turned to be profitable and i manage to turn positive for 3 straight weeks, it does not absolve me from breaking almost all my rules. This kind of scrappy approach will eventually catch up to me.
Took a short position at 171.57. There is a good inverted H&S that formed on the 1hr chart. Instead of taking a long position at the neckline, i decided to trade it as a fake breakout. The 1hr pinbar also convinced me to take the trade. Eyeing the 171.00 area for the TP and SL at 171.83. 10:1 leverage with a 2:1 reward/risk ratio.
Well another trade gone wrong to end the week. -42 pips. Nearly lost all my weekly gains. :46: Was going to leave it over the weekend in hopes of it gapping down but figured it’s way too risky. Anyway, was able to grow my account by 12% for the week so still okay. More tweaking to be done for my strategy this weekend. Cheers guys!
I do use support and resistance lines but they are on another chart. I use the clean chart for posting here. My strategy is identifying the main trend, entering on either S or R level, and keeping risk reward ratio at least 2:1. i want to keep it as simple as possible.
I think it would be quite nice to see your analysis - with the support and resistance lines and whatever other analysis you may have conducted! Just a little suggestion I thought I’d mention. Keep at it!
Good point Nikz. I’ll try and do that next week. By obliging myself to provide detailed analysis, i’ll be less tempted to take trades solely out of gut feeling.
Taking another shot on bear trend continuation and end of bullish correction. Shorted at 172.34 with TP at 171.50 and SL at 172.65. 10:1 leverage used.
Psych-wise, well-prepared for this week. Cleared my head and did some analysis and practice on charts during the weekend.
Psych-wise, no stress yet. but have to be very careful about picking trades. it’s only Monday morning and it’s my 2nd trade already for the week.
UPDATE 10/21/2014 04:32PM EST
Wow. after holding this for 39 hours, i decided to finally close the trade. I’ve held it for almost 2 days as it moved up and down within the 172.2 - 172.9 area.
Took the trade without any real signals, just a firm belief that price was still in a major down trend. Pretty disappointing start of the week in fact. I don’t know what I would have done if this trade also lost, probably would’ve sent me on a rampage, taking all setups without regards to my account. Whew. Anyway, this trade made me +60 pips.
Lost control again and decided to trade a long position. Entered at 172.36 with SL at 172.15 and TP at 172.85; 10:1 leverage. I convinced myself that the last 2 dojis on the 1hr chart were a good signal for a long position.
Took a short early in the morning while i was still in bed. No indicators, no knowledge of what news to be released at the time, nothing. Just shorted. Got to +55 pips. I should have called it quits and closed the position but i held onto it until it went -24 pips. Then i decided to close.
To say that my mindset as a trader still has a long way to go seems an understatement right now. I have committed all old sins that i thought weeks ago were already flushed down from my system. Trading too much, trading too large position sizes, taking trades without any basis, changing bias every hour, etc.
The only thing i have done good so far is keep losses at minimum, except for two trades, which has kept my balance still at positive after 3 weeks. I am afraid however that it will not be enough to compensate for my poor trade setups and slowly increasing position sizes over the long haul.
Hmm trying to consistently record my trades. If i can’t consistently adhere to my trading rules, let this consistent record management be a consolation. But even here my performance is lackluster with some trades not having pictures of the actual trade and others lacking any technical or fundamental details.
Anyways, i took a long trade after closing trade 27 which came out as a loss. The long trade i took after seeing a small pinbar which i commonly see fail and be broken to the upside. call it gut instinct or gambler’s luck, but i think it was more of experience from chart time.
Entered a long position around 171.85 and TP hit at 172.47. I used 15:1 leverage. Stop loss at the time was still undetermined. I was just really out to grind my way back to profits. :16:
Yep! i am still at it. already on my 5th trade and its just Wednesday. wow! by now the commissions i’ve paid to my broker have chipped a significant chunk of my bottom line.
Trade 29 was just a continuation of the long position i took out earlier. Decided to re-enter at 172.40 with a mental stop loss at 172.30 and TP at 172.8. 15:1 leverage again.
I closed the trade manually early this morning, around 4am for -23pips. It did go up to the position’s original direction but the move was because of better-than-expected US data, which if worse would have took my positions further down, so i will just chalk it down as capital preservation.
Got out at 173.55 for +54 pips. Figured i’d take some profits for the day. It’s been a scrappy week for me but at least i got my weekly gains to a positive again. The GBP/JPY pair seems to be turning into a bullish trend, what do you guys think?
I feel okay right now mentally, but i guess its normal when you win. I’d like to change how i react when i lose. despite getting away with a few wins, there is much to be done about how i perceive trading and the risks involved. have been reading several trading mindset articles on the web and have taken a few golden nuggets of wisdom, particularly about how trading should be defensive, kind of like defensive driving.
Took a long position last night for a scalp trade. Closed it for -2 pips. I did not want to leave it overnight since UK GDP was coming out early morning today.
Entered a short position after seeing a failed breakout a few hours earlier on the h1 chart. Figured there’s still some trapped longs. My entry was a bit late though, could have entered around 173.5 if i was already awake. SL at 173.5 and TP at 172.88; 10:1 leverage.
Well all hell broke loose this last trading day of the week. Closed the trade for -60 pips and then traded again hoping to scalp and regain the losses. Result? ended in another -20 pips for my TRADE 35. Right now still holding a short position because im too freaking dumb to just call it quits. Ending the week with a negative!
Long position at 174.144; changed trend bias to bull after 2 weeks of price gap up; entered at pullback with a stop loss at 173.90; my profit target is 174.75 for 2.5:1 reward to risk ratio. 12:1 leverage.
Lol. what a week. fell behind my recording because of some crazy trades. Went from day trading to scalping and then back. I’m actually on my 40th trade now. will update the journal. anyway, i closed this one for -24 pips. Was unable to get a screenshot. :24:
Short position with 1:1 reward/risk ratio and 10:1 leverage. Was supposed to be a scalp trade but held on for longer-term. It originally went up +30 pips. But then declined later on in the evening for -15 pips. Then decided to close.
Another scalped trade. went short and made +16 pips. No pics again. Dang it. My journal’s falling apart. Am able to keep up with my trading record spreadsheet so i am able to post these updates.
Decided to close the position because of US consumer confidence data coming at 10. Did not want to catch any whipsaws there and then have to wait hours for price to get back up to the original level i could have closed at.
