I have been unable to record my last 3 trades due to personal reasons. I’ve been screwing up on the contest too but there is still 2 days of trading left so i’ll see if i can salvage at least top 2. Anyway, [B]trade 72[/B] was closed at -40 pips and [B]trade 73[/B] closed at breakeven. [B]Trade 74 [/B] was closed at +40 pips positive, did use too much leverage though which was not worth the risk.
[B]TRADE 75 11/27/14 10:34 AM EST[/B]
Took a short trade overnight at 185.36. Was stop hunted at 185.65 for -28 pips. I had a feeling my stop loss wasn’t safe at that area.
TRADE 76 11/27/14 10:40AM EST
Took a long trade at 185.18. SL at 184.95 and TP at 185.9 for 3:1 reward/risk ratio. 10:1 leverage used. Price was hitting the support area of the triangle formation at the H1 time frame. Short-term it looked more bearish, but i figured it may set a trap for traders who are expecting it to be a full bear reversal.
UPDATE 11/27/14 05:32PM EST
Closed all positions manually. Not liking bull’s chances here. Anyway, closed at 185.31 for +12 pips.
[B]TRADE 77 11/28/14 06:36PM EST[/B]
Took this trade overnight at 185.70 i think. SL at 185.42. Got stop hunted again overnight only for price to retrace back above my entry level. more like a gamble than a trade setup. Anyways, -28 pips for this trade.
Week 9 was a sloppy week for me. As you can see from the previous posts, i was unable to detail my trades.
One of the predominant reasons i was unable to was because i was distracted with trading my demo account in the ongoing FXCM contest. I slipped from rank 1 to rank 5 and lost half of my winnings. I was so eager to get the rank back and secure the prize money that i lost my trading mindset in the process. I scalped and scalped until the positions on my real account were left unchecked. Fortunately, my wins on the early start of the week was enough to offset the losses. So i still came out positive.
Mentally, i was stressed from Wednesday to Friday and, to be honest, until now. I am still ranked 3 and only have a day to regain the top ranks. Hopefully, this weekend will serve as a stress reliever for the week to follow.
Technique-wise, i really hate scalping. I’ll best leave it to computers. The triangle formation on the H1 of GBP/JPY was also a bit chaotic for me. I didn’t understand where to enter or exit. In the future, i’ll be more careful of this pattern.
TRADE 78 11/30/14 06:54PM EST
Took a long position at 185.57 with SL at 185.25 and TP at 186.50 for a 3:1 reward/risk ratio. 10:1 leverage used. Traded a long position after weekend gap was filled, hoping for it to act as a good enough support for price to finally break out of the 186.00 area.
UPDATE 12/1/14 10:53AM EST
The trade went positive by up to +24 pips but quickly made a sharp down move which compelled me to close it last night. -22 pips average.
Psych-wise, still bummed about not winning the FXCM contest. Trying to snap myself out of it by reading inspirational quotes and stories from successful people. It is kind of working, but there are still lapses.
TRADE 79 12/1/14 10:56AM EST
Decided to re-enter another long position at 185.38 average. Mental SL at 184.90 and TP around the 186.50 area for a rough 3:1 reward/risk ratio. I initially entered with 8 mini lots, but then added 2 mini lots at 185.97 to run with the same profit target.
Took trade based on subsequent same sized cs which offers good support at h1 chart. Also, still looking for a breakout at least up to 187.00 before price makes any sharp fall.
UPDATE 12/1/14 01:02PM EST
Decided to close all positions for +73 pips average. Price was heading towards the key resistance area again and i didn’t want to hold it for another few hours only for it to consolidate. will enter again once there is a clear signal of either a breakout or reversal.
TRADE 80 12/1/14 08:21PM EST
Long position entered at 186.24 with SL at 184.95 and TP at 187.15 for a rough 3:1 reward/risk ratio. 10:1 leverage used. Entered with anticipation of price finally breaking out to the 187.00 area. Risk/reward ratio is also decent. Candlesticks on H1 chart forming higher lows.
UPDATE 12/2/14 11:21AM EST
Trade went up overnight by +67 pips, unfortunately my tp was higher, at 187.15. Anyway, i decided to add 2 mini lots more at 185.39 with same TP. I will be moving my stop loss at 186.00.
UPDATE 12/3/14 08:13AM EST
Decided to close trade at 186.98 for +71 pips. I was aiming for 187.15 but was a bit impatient and instead closed it manually. From hindsight, it seems like the 187.15 target was possible, just was too impatient to stick to the plan.
Note to self: Leave trades alone and let them reach potential
TRADE 81 12/3/14 10:03AM EST
I hate it when i leave profit on the table. I know waking up early is good for many traders, but for me it has often become a detriment. Instead of letting my trades ride to their intended profit targets, i close them manually only for it to soar +70 pips more.
out of bitterness i guess, i’ve entered a short position at 187.72 with SL at 188 and TP at 187. I may close much earlier than that but for now that’s my TP. targeting at least a 2:1 reward/risk ratio. 10:1 leverage used. Still skeptic about the trade. There’s no clear signals on a trend reversal but at the same time, bulls may be overextended.
UPDATE 11:20AM EST
Still holding the short position. Mental SL hit but price has not closed at 188 yet. I am still mad about that 100 pip potential profit that was left on the table. Would’ve been enough for me to stop trading this week. Arrghghh!
UPDATE 01:07PM EST
Decided to double my total position at 188.09. If it goes down enough to break even, i’ll close all positions. I pull this desperate move rarely but it has been working.
UPDATE 01:21PM EST
Closed all positions manually for an average of -22 pips at 188.00. Could’ve gone deeper based on the forming evening star pattern.
Still up to 118!
Did your sell hit SL?
Run so crazy due to GU up
Not yet. on the next cs i’ll close.
TRADE 82 12/3/14 01:39PM EST
Decided to forget about the missed 100-pip move on GJ earlier and move on. I opened a long position at 187.94 with SL at 187.75 and TP at 188.50 for a 3:1 reward/risk ratio. 10:1 leverage used. Hoping for a continuation of the bull trend at least for a few pips more. I entered at a decent pullback cs which also happens to be forming an evening star, which could serve as a trap for eager counter-trend traders who want to short. I also like the fact that it is Wednesday, which means rollover is higher.
UPDATE 12/4/14 09:38AM EST
Closed trade manually at 187.83 for -11 pips. Didn’t like the cs formation so i pulled out. Short-term bias is bearish.
TRADE 83 12/4/14 09:46AM EST
Took a short position at 187.77 with SL at 188.00 and TP at 187.15 for a rough 3:1 reward/risk. 10:1 leverage used. I see at least 4 attempts to push higher by the bulls on the H1 time frame. The last one was at 8AM followed by a big bear cs where i entered.
UPDATE 10:44AM EST
Doubled position again at 188.09. Twice this week. Got to be more careful on entries!
UPDATE 07:42PM EST
Closed the first half of my total position at 187.50 for +28 pips. I will move my SL to breakeven at 188.09 and TP within the 187.00 area. Would push for more but considering its Friday tomorrow, don’t want to hold the position overnight and then see it consolidate.
UPDATE 12/5/14 09:04AM EST
SL was hit overnight for breakeven. Good thing i was disciplined enough to leave a stop loss. price soared past 188. have some trades open but cant record them today. using only one hand. the other one’s swollen up.might be carpal tunnel.
Hey brilliance. Equity growth is stable so far. Been able to recover around $4000 of my $10k loss. Will post a more detailed evaluation as the year ends. how’s your trading going?
Was losing a lot up and till the 2nd quarter of 2014. 3rd quarter I was a break even trader and this 4th quarter I have been consitantly making small gains in equity. So to answer your question. I’d say that thing are getting quite interesting now. first time in my 25 years on earth that I look forward to Monday mornings
Good for you man. How long have you been trading? And what strategy do you use?
Found it in 2008 through an email from fxcm about a $50 no deposit they were running. Blew the bonus in less than 4 hrs. Didn’t open that account again till late 2012 when I started reading about trading, didn’t really get serious about it till summer 2013 though. Indicators were really messy and laggy, so now I am all about the price action
I agree. What sort of price action do you trade? What setups do you participate in? Also what pairs?
Couldn’t get screenshots of [B]TRADE 84 and 85[/B]. Anway, [B]trade 84[/B] was +55 pips average and [B]trade 85[/B] was -11 pips.