Trade Journal #2

[mistermappy]

[B]TRADE 59 11/16/14 07:15PM EST[/B]

Shorted at 182.67 with SL at 182.95. TP at 181.85 for a rough 3:1 reward/risk ratio. 10:1 leverage used. Took the trade due to stretched pinbar on H1 chart. Bulls are trying to gain momentum but failed.

[B]UPDATE 10:16PM EST[/B]

Closed all positions manually. The spike up to 183.30s was unexpected but did not stop my positions since i didn’t set a hard SL and placed a price alert instead. Anyway, +108 pips to start the week. The trade could have easily went south though, in fact it went -60 pips fast and if it didn’t reverse, i could have held onto it up to -100 pips.

[mistermappy]

[B]TRADE 60 11/17/14 09:25AM EST[/B]

Long positions at average of 183.09 with SL at 182.65 and TP at 183.70 for a rough 2:1 reward/risk ratio. 10:1 leverage used. Bias is neutral since price has been in range since last week. Reason/s for taking trade include a bounce off a significant support level + bullish pinbar and current newly formed highs.

[B]UPDATE 10:27PM EST[/B]

Closed manually. Did not like cs formation. Seems like bulls are having a difficult time climbing. Didn’t want to leave profits overnight and have price reverse back to hit my stop loss. Anyway, +40 pips average.

[mistermappy]

[B]TRADE 61 11/18/14 09:28AM EST[/B]

Took a short position at average price of 182.61. price alert/sl set at 182.95. tp at 181.16. 10:1 leverage used. reward/risk ratio is set at 3:1 but maybe too ambitious from a day trading perspective. Let’s see what happens.

Took the trade after price failed to breakout from last swing high on H1 tf. Entered after price made a decent pullback. Figured the large bull cs forming right now will also trap eager longs.

[B]UPDATE 11/19/14 6:17AM EST[/B]

Trade poorly managed. Had 5 opportunities to breakeven but did not take it. Took bigger loss than planned. Was stopped out at 183.50 for -91 pips. From hindsight, i entered on middle of range again. [B]Should really look at where i am at in a range next time. [/B]

[mistermappy]

[B]TRADE 62 11/19/14 06:20AM EST[/B]

Took a long trade at 184.35 with a stop at 184.00 and TP at 185.05 for 2:1 reward/risk. 10:1 leverage used. Took the trade after a small pullback. The two most recent cs were large bullish cs so i am assuming there’s power to the move that’ll extend a bit further to the 185 area.

[B]UPDATE 11/19/14 03:58PM EST[/B]

I added 0.5 lot positions twice during small pullbacks on the 5min chart. First addition was at 184.62 and another at 184.79. This increased my usual lot size by 1/4. Trade went against me for a maximum of -30 pips. Got an average +56.9 pips for a rough 2:1 reward/risk ratio.

Holding onto this trade was stressful for me mainly because of the loss i incurred. I wanted to recover the entire -90 pip loss i suffered yesterday but i did not want to commit to this position just to reach that goal. If i aimed for too much and got greedy, price would’ve taken back my profits and then i’d have to leave it overnight, and i’d have no chance to actively monitor the candlesticks forming.

[mistermappy]

[B]TRADE 63 11/19/14 06:16PM EST[/B]

Took another long position at 185.17. SL at 185.00 and TP around 185.60 for a rough 3:1 reward/risk ratio. 10:1 leverage used. Took the trade hoping for bull trend continuation. New highs have been formed and the candlesticks that formed it look strong to me.

[B]UPDATE 11/19/14 11:38PM EST[/B]

Thought i’d close all my positions and prevent overnight risk. Closed manually at 185.71 for +54 pips. Good ol trend trade.

Right now, no stress. Trying to keep humble and neutral. Slowly starting to realize how cutting losses quick can definitely grow accounts.

[mistermappy]

[B]TRADE 64 11/20/14 08:41AM EST[/B]

Took short position at 185.59 with mental SL at 185.85 and TP at 184.85 for 3:1 reward/risk ratio. 10:1 leverage used. Viewing the market as a short-term bear trend. Entered at 2nd attempt of bulls to push prices higher. First attempt failed and made a lower low.

[B]UPDATE 09:30AM EST[/B]

Added 0.5 lots on 5min chart pullback. Entered at 185.31

[B]UPDATE 11/20/14 08:57PM EST[/B]

Closed all positions manually at 184.56 average. It still has some room to move further down, but i don’t want to be too greedy and leave it overnight even if stop losses are tightened. I said it before, i have to stick to my plan and if day trading is to be my approach, i must be good with taking day trading targets.

To be honest, i had a very stressful time watching the trade as it whipsawed through my entry price. I am aware that this indicates i still don’t have 100 percent confidence and faith in my calls and trade setups. Have to still practice on picking entry areas so i can be more confident and at peace when i leave trades open without having to glue my face to the screen all day. Anyway, +100 pips. So its a good day.

[mistermappy]

[B]TRADE 65 11/20/14 10:18PM EST[/B]

Couldn’t resist the setup. After large bearish candlestick, i waited for some decent pullback to the upside before going short. I entered at 184.91 with SL at 185.16 and TP at 184.38 for a 2:1 reward/risk ratio. 10:1 leverage used. In my experience, this setup has high probability.

This will probably be my last trade for the week, given its Friday tomorrow. I hate day trading on Fridays. Not much time for market to move.

[B]UPDATE 11/21/14 08:39AM EST[/B]

TP was hit overnight at 184.05. I adjusted it from 184.38 since i also adjusted SL to 185.25. Trade went south by -21 pips before turning positive. Anyways, +81 pips.

Mentally, am still neutral. not really happy that i made lot of money this week. am looking at it as business. I am gaining more confidence on my trade setups, but don’t want to cross that line between confident and c-o-c-k-y.

[mistermappy]

[B]TRADE 66 11/21/14 10:54AM EST[/B]

Couldn’t resist it. Took another trade on Friday! And so far, it is as crappy as expected. I entered a long position at 184.29 average. Quickly turned south -20 pips. Mental SL at 184.10 with TP at 184.6 for a 2:1 reward/risk ratio. 7.5:1 leverage used.

Darn it. I knew it was a low quality setup since its in a middle of short-term range. It’s 50/50 to the upside/downside but i still took it. Lost self control there.

[B]UPDATE 01:28PM EST[/B]

Well as expected, Friday trading was a stressful one. Still, got away with a +26 pip gain. Considering that it went south by -23 pips, this position was a rough 1:1 reward/risk ratio which is poor.

[B]NOTE TO SELF: AVOID THIS SETUP IN THE FUTURE[/B]

[mistermappy]

[B]TRADE 67 11/23/14 07:15PM EST[/B]

Took a long position at 184.18 with mental stop loss at 183.85. Eyeing 185.00 for take profit, giving a rough 2.5:1 reward/risk ratio. 10:1 leverage used.

Based trade off key support level at H1 chart, which used to be recent highs/resistance. Good R:R too.

[B]UPDATE 11/24/14 08:21AM EST[/B]

TP hit early morning. Was still asleep. +80 pips to start the week.

Lately i’ve been lucky enough to align my positions with keynote speakers’ comments and insights regarding the economy. Hope that luck doesn’t run out soon.

[moneyrain]

Good set up, now 184.74 already, +60 pips.
Well done

[mistermappy]

[B]TRADE 68 11/24/14 08:48AM EST[/B]

Took another long trade at 185.39. Mental SL at close below 185.10 and TP at 186.00 for a rough 2:1 reward/risk. 10:1 leverage used. Anticipating the bear candles to be a short-term pullback. Bull cs prior the pullback looks healthy enough to break a new high plus a good area to trap bears.

[B]UPDATE 10:36AM EST[/B]

Got a little impatient and closed all positions before it can hit 186.00 tp. Possible double top forming and getting more nervous as it nears the 186.00 area to complete the formation. Anyway, closed at 185.81 for +41 pips.

Assuming most of my losses are -30 to -40 pips, this trade only merits a 1:1 reward/risk ratio, which is decent but not a good trade overall.

[moneyrain]

Just my oppinion!
GJ already go up 155 pips today is quite much for a usually sluggish Monday.
I think price will consolidate at this level 18.3 to 185.6 or retrace back down.

[mistermappy]

Yes. good point. I am actually looking for it to consolidate a little higher, around 185.6 to 186.3 and form a double top.

How about you? Any open trades or setups you’re looking at right now?

[moneyrain]

You damn right!
185.935 already.
Today I totally trade on wrong side of market, fortunately is just on demo, not real acc :8:! Still need a lot of practice!
Glad to see now you back to 1st place at FXCM contest! Good job!
By the way I think you still quite risky at the moment with 1000.00 lots of orders! Why not think about a smart strategy to hold your top position, I mean you just need to be a little more profit than your competitors then wait for their mistake. Only if they passed you on ranking table then you should take more risk to pass them again. But if 2K or 3K is not much to you or you want to play fair then just go ahead with your risk!
For your reference, your runner up competitor malchish is now 1st place at Alpari Virtual Reality contest:
Virtual Reality: Real Money from Trading on a Demo Account
Take care to a really professional contest competitor ( I think he using EA with very scalping strategy)!

[mistermappy]

You’ll get the hang of it. How long have you been trading?

For now i think 1000 lots is okay. I want to distance myself as much as possible from 2nd and 3rd while there is still time left. I don’t want to be placing bad orders and setups in the last few days just to reclaim top. Too much pressure by that time.

Wow. He earns a lot from contests. Good for him.

[mistermappy]

[B]TRADE 69 11/24/14 06:58[/B]

Yikes!! Was kind of itchy to trade some more. Entered a short position at 185.84 with mental SL at 186.15 and TP at 185.25 for a rough 2:1 reward/risk ratio. 10:1 leverage used.

As i’ve mentioned earlier, price is potentially forming a double top pattern. Candlesticks, imo, are looking weak for the bulls. However, my entry price and timing for this trade are very poor. Was a bit impatient. Anyway, the last cs on the 1-hr chart looks like a bull exhaustion cs, may be reversing right now to the bearish side.

[B]UPDATE 11/24/14 08:10PM EST[/B]

TP hit on all positions at an average of 185.22. Trade went against me by -21 pips so 3:1 reward/risk ratio. Another lucky trade that was pushed by JPY news. If it had been the other way around, i’d be looking at -100-pip loss. Anyway, +60 pips for me.

That’s me for today. Will be more picky for the rest of the week. 3 trades closed already and its only Monday. Got to mind the volume.

[moneyrain]

Nice pips!
xxxJ run too wildly this morning!
You may take a rest now!
For me is just a begin of work day

[mistermappy]

[B]TRADE 70 11/25/14 07:50AM EST[/B]

Left an entry order at 185.25. It was around 4am. Mental SL at 185.52 and TP at 184.25 for a rought 4:1 reward/risk ratio. 8:1 leverage used.

Mentally, no stress yet so far. I’ve been in positive for 2 weeks now. Trying to keep neutral and not be overconfident with my trades. By now my trading mindset may not be used to seeing losses on screen. Thus i may have a hard time closing losing positions. By saying it here in my journal, it may help a bit.

[B]UPDATE 11/25/14 11:15AM EST[/B]

Closed all positions manually at 185.37 for -12 pips. Did not like the cs formation. The bulls are pushing higher highs and lows starting with the 7am push on the H1 chart.

[mistermappy]

[B]TRADE 71 11/25/14 11:26AM EST[/B]

Entered long on 185.35 with SL at 185.05 and TP at 186.00 for 2:1 reward/risk ratio. 10:1 leverage used. I am skeptic about entering on middle of ranges but this has good bull support that i think will retest the 186.00 area. Bears were rejected first on 184.50 area then the 184.85 area, which created a higher higher and higher low.

[B]UPDATE 11/25/14 11:52PM EST[/B]

Sad day for me. Much stress and no profit. What’s aggravating is the fact that i closed my short positions earlier and decided to reverse bias. My short positions were only negative by -12 pips. I did not even give them space. Anyway, -41 pips for me. I also got kicked fro the 1st rank on the contest, which is another bummer.

The only thing that’s going my way is the fact that i’ve been promoted to junior member here in Babypips. Nice.

[moneyrain]

I think problem with your trading these 2 days is that GJ trapped in so narrow price then it’s impossible for you to archive 50 pips or more per day.
As you more try to archive this target, you got more stress and even got more wrong set up!
Relax on these days, do not trade and wait price gain momentum and join in, I think the best for you now!
For your FXCM competition, as my suggest to you before. You already pass malchish with more than 10.000% profit, why not stay here and wait for his mistake. Even he do not made any mistake, maybe he can not passed you.
I think smart trader do not need to trade every day!