[QUOTE=“mistermappy;672618”] Wow. So you were controlling really large positions huh. What trading style do you use if i may ask?[/QUOTE] as my equity grew so did my positions and it was mostly swing trading, using supports and resistances for technicals and then news for fundamental analysis
How do you use support and resistance? If its not any trouble, can i see some charts for example.
[QUOTE=“mistermappy;672712”] How do you use support and resistance? If its not any trouble, can i see some charts for example.[/QUOTE] alright one sec
this is just an example there are more support is resistances but ive only done a few because its a demo account im currently using. On my live account my charting seems to be more “extensive”
Another week. Wasn’t able to journal my last few trades. I made a lot then lost the same amount and some more this week. Looking at my Myfxbook account equity growth graph, i realized it looked a lot like my psychology towards trading and in life in general in the sense that it’s volatile and unpredictable. Still working on that one.
I’ve also been spending some time looking at the data compiled in my journal. I immediately noticed the gaps or missing information including charts and trade details. Some charts are even mislabeled on my computer folder. For next year’s journal, i will be adding more data to my records including percentage gain/loss, actual account amount, reasons for taking trade, perspective on current and upcoming weekly charts, etc.
Happy Holidays guys!
TRADE 101 12/21/14 06:49PM EST
Decided to go for a long position after getting hit last week with several losses due to my counter-trend positions. I entered at 186.74 with a TP of 187.70 and an SL of 186.28. Targeting the significant multi-point resistance area and my SL is based on recent swing low. 20:1 leverage used.
UPDATE 12/23/14
SL got hit overnight for -25 pips average. Got too greedy and didn’t exit when i was positive +50 pips.
Mistermappy, I toked it up looking for some THC at 186.787 in the Friday session with the break of a new 3-day high. So we are essentially taking the same trade.
What made you take that trade at that level? What is your exit strategy?
I took it because I am trading this pair long on breaks of 3-day highs. My stop is 1 pip below the 3-day low and I will move my stop each day as the 3-day low rises. Once my stop has reached break-even, I will wait for the 7-day low to break-even and then follow it with my stop until it is triggered. Simple DMT.
My the forex gods bless your mind with enlightenment and your account value with positive ions.
Hey Arbitrager on Acid,
I took the trade for simple reason that it’s still on a bull trend. I also anticipated a run up to at least the 187.70 area before reversing to trap eager bears who entered short within the level i entered long in. I will be closing manually if price dips back to the 186 area.
Thanks and have a great trading week ahead, man!
Not yet come back from New Year holiday?
Happy pips next year (2015)! :40::40::40
Hey man. Just got back. Took a week off from trading. It seemed like a good reward after the huge amounts of stress i went through this year. Anyways, how was the holidays for you?
Happy New Year guys! Just got back from vacation. Was able to de-stress after months of agonizing emotional pain. Anyways, will start to trade next week. There’s markets tomorrow, but it’s also Friday and liquidity is just getting back up so won’t be taking any trades. See you guys next week! Carpe Annum!
Its the first trading week of the year! Good to be back. I am currently holding short positions on GBP/JPY since last week. Sold at 184.60 and TP around 182.00. SL at 185.25.
UPDATE:
Closed all positions manually at 184.35 average. +220 pips. Not a bad start for the year.
Leverage used: 1:25
Current Capital: $3648.86
%Gain/Loss: +45
TRADE 2 01/05/15
Short position entered at 182.43 with TP eyed at 181.27 and SL around 183.00 for a 2:1 reward/risk ratio. Took the trade after a short pullback. Figured it was not the bottom yet. Betting price to break through the key support area around 181.70 area.
UPDATE
Closed the trade manually last night at 181.46. +98 pips. Figured i’d cut the overnight risk. It went lower and could have snagged 100 more pips. but it’s all good.
Leverage Used: 1:25
Current Capital: $4,149.97
%Gain/Loss: +13.7
TRADE 3 01/06/15 11:25AM EST
Short position entered at 179.93. No set TP. Targeting anywhere from 40 to 60 pips. SL set at 180.25. Was a bit impatient with my entry area. Should’ve waited for a better pullback.
UPDATE
Closed all positions manually at 179.34. +59 pips. Trade went against me up to -30 pips so reward/risk ratio isn’t really good. I think that’s 1.5:1 rr. Anyways, still doing good so far this year.
Looking at past trades, i’ve noticed that my best trades and string of wins were all trend trades, particularly bearish trend trades. Will be digging more into how i can capitalize on trend continuation patterns to maximize gains. Enough trading for the day. In fact, i should be done for the week as i’ve set my weekly goal to be $500.
Leverage used: 1:14
Current Capital: $4,450.20
%Gain/Loss: +7.2
TRADE 4 01/07/15 09:37AM EST
Long trade entered at 180.12 with TP at 181.25 and SL at 179.67. Decided to go for a counter trend trade on the basis of the first hh/hl seen on the H1 chart. RR is at 1:2.
UPDATE 10:40AM EST
Closed trade late last night before going to bed. Figured price was still at a bear trend and didn’t want to look for a too far of a peak. Closed at 180.82. +70 pips. Trade went against me by up to -35 pips so it’s a good 1:2 rr.
Leverage Used: 1:13
Current Capital: $4,813.41
%Gain/Loss: +8.2
TRADE 5 01/08/15 12:03PM EST
Short position entered at 180.69. TP around 180.10/SL at 181.00. Betting on bear trend continuation. Entered at forming triangle resistance. At least 2:1 reward/risk ratio.
Giving the chart another look. Noticed the higher lows forming. Could be signalling impending breakout to the upside. Will keep an eye out for this. Will be targeting 40-60 pips again.
UPDATE 01/09/15 12:23AM EST
Closed all positions manually at 180.05 average. +63.5 pips. I would’ve let it ride further but considering tomorrow’s Friday, i don’t really want to get caught overnight on some short-term upside reversals with not much time to move later Friday. Trade went against me by up to -27 pips, so around 2.3:1 rr/ratio.
Leverage Used: 1:12
Current Capital: $5,020.95 (withdrew some money)
%Gain/Loss: +6.4
I don’t know if you’re okay with people coming on your thread and spewing what they think, but I think this is fairly important;
there’s a major resistance level at that level, just scroll over to your left and you’ll see that resistance previously being support and whatnot years ago. I think you’re right about the bearish continuation, we just need to see a break of the current lows that we’ve made (somewhere around the 179.20 area), which could be sparked by GBP’s manufacturing production news tomorrow at 09:30 AM GMT time.
Loving this thread, keep it coming man.
Hey Nikz,
Thanks for the good feedback, man. At least i know i’m entertaining someone with my thread. Indeed, the slate of news coming out tomorrow both from GBP and USD will definitely shake the pairs a bit. I decided to close all positions and bank some gains before the week ends.
Anyways, how about you? Any trading journals here in Babypips? What sort of system do you use?
Hey,
Yeah, I’ve been following your thread the past few weeks and it’s definitely interesting to watch.
Looks like the GBP news is not going to have such a major impact on GBP/JPY. USD’s string of reports will probably be the ultimate catalyst for a lot of pairs, including some cross-currency pairs. Good call on banking some of your gains. 
I started a trading journal here, but I realized I’m generally not the most open guy about anything I do, so I just decided to switch over to an incredibly personal trading journal. I just write my trade analyses & the trades I took for the day in the trading journal along with a bunch of things on emotions, trade retrospect etc. etc.
Well, my system consists of primarly looking for chart patterns. I’ll then plot major S&R zones and key levels where I think we might see a lot of action happen. I then plot a 200- & 100-SMA and see how the MA’s move in relation to one another & whether or not price action is above or below the MA’s (I do this on 4-hour charts mostly). And at last of course, I get on bloomberg and read up on everything I can.
I’m also quite a big fan of candlestick patterns, so I definitely look out for those as well. I usually do that prior to entering a trade, looking for good entry points by spotting bearish engulfing patterns, indecision candles, dojis etc.
Nikz