Joining the “New Year, New Me” bandwagon with this journal. Last year was a negative trading year for me. This year i hope to turn things around. I see it as being necessary(turning 24 y/o…not much time for my big ambitions in life) to succeed this year or at least build a foundation that i can use to succeed for the following years to come. Anyways, enough of the sentimental crap.
Trade#3
I was unable to record the first 2 trades, one was a gain of +72, the other a loss of -27. Trade#3 is a short-term trade NZD/USD long position. Took a long in the pair after seeing a sharp drop yesterday without any immediate apparent fundamental forces driving it. I’m aware of the fact that the Chinese has been releasing worse-than-expected results, yet from a weekly standpoint i see it as too much of a drop esp. as the week only just began. Its a short term play with a 40pip TP and a 20pip SL.
Update: just got back. SL was hit for -20 pips. Planning to re-enter long position. Will wait for a cheaper entry point.
Trade#4
Leaving trade overnight with 25pip SL/55pip TP. Long position nzd/usd. Still can’t see fundamental driver for a further drop down so still think its a valid long.
Getting too excited. Should slow down. sl hit for -25 pips. Should be waiting for an actual extreme to occur before trading rather than expecting it to bounce while in consolidation. Dang it
Trade#5
Being too stubborn? Im long again nzd/usd at 0.6626. 50pip TP/20pip SL.
SL was hit during weekend gap. -18 pips
01/10/16 Closed long position for +49 pips. Opened Sunday at 7pm EST at 0.6511. Left TP at 0.6560/SL at 0.6485.
01/11 Trade entered. Long NZD/USD 0.6547/ TP 0.6594/SL 0.6520. Expecting a short-term spike up first to 0.66 levels before continuing downward trend.
Mentally-wise, i feel calm. still have conflicting thoughts. working on my confidence not just in trading but in life as well.
Closed the trade yesterday before going to sleep. Figured I’d wake up better knowing i didn’t risk money. Anyway, was able to pull +5 pips on the trade. But what’s even better is that i was able to follow my risk management rules(i told myself i would close the position within the day if it did not move to where i expected it to move)
01/12 Trade entered. NZD/USD short at 0.6527/TP 0.6495/SL 0.6542. With-trend entry. not much reason going into the trade. looking to snag some pips at the end of the day. see risk/reward ideal.
Trade closed for -22 pips.
Trade entered. Trying another short NU at 0.6568. SL @ 0.6590/TP @ 0.6525.
Trade closed at 0.6519 for +48 pips. Did not want to incur rollover so decided to close before 5pm EST.
Trade entered. NU long at 0.6488. SL @ 0.6465/TP @ 0.6520. Short-term trade. Expecting to close before the day ends. If not, will close manually.
Week closed at +53 pips. Not bad, but was only lucky. Had several moments of greed and not following my plan. Will work more on it next week.
01/17 Starting week with short on NU @ 0.6443/SL @ 0.6475/TP @ 0.6383. Price gap over the weekend, first 2 hours trying to fill gap, betting it will fail.
-30 pips. SL hit overnight
Hey Mappy,
Do you mind adding a bit of analysis to your charts? I’ve been watching your thread just because it seems you’re trading with pure price action and I’d love to hear what you’re thinking in more detail around each trade.
Will do, donnyboy. What sort of strat do you use?
1/19 Trade entered on NU earlier this morning after my other short trade got stopped out over night. Placed a short at 0.6491/SL @ 0.6516/TP @0.6394. Entered the trade after seeing a dark cloud cover on the H1 chart that formed overnight. Long-term bias remains bearish. On the Daily chart it also looks like a range with the bottom portion hovering around 0.6250. I also based my short bias on CNY data yesterday. Reports said it was the slowest in years. Though price action did not convey it immediately, i anticipated it would eventually manifest itself in price action.
Trade was closed for +96 pips. TP hit
thank you for this information.
01/20 Trade entered early this morning. Long NU @ 0.6385/SL @ 0.6360/TP @ 0.6430s. I entered against trend after seeing 2 sets of bullish engulfing candlesticks on the 1-hr chart. Fundamentals remain bearish for the pair. Will not be holding the trade overnight. Too risky. 30 to 40 pips should be enough for the day.
Closed position at 0.6423 for +38 pips. ATR was around 85 pips per day since late Dec. And the daily range was already hovering around 85 pips. In addition, downward trend line on H4 seems pretty strong and I dont think price is about to break upwards just yet. Price is currently bumping on that trend line so I prefer to just grab the pips for now.
01/21 Trade entered last night. Long NU @ 0.6440. Left SL @ 0.6408/TP @ 0.6485. Entered long position because i anticipate another break to the upside before price eventually continues its descent, which is the long-term trend currently. On my 1-hour chart, the downward trendline wasn’t getting hit by price yet, so i assumed it would go further up top and possibly even break the trendline. I’ve seen one of these formations before so i decided to take the risk.
TP hit for +45 pips.
0/21 Trade entered. NU short on 0.6396. TP @ 0.6325/SL @0.6326. Opened position as i was expecting price to continue its long-term trend and go downwards. Turns out i was wrong. SL got hit in a matter of hours. Hmm still doesn’t look like its going to go up though. Still short term bias.
SL hit for -30 pips.
01/22 Trade entered and closed. Shorted NU yesterday at 0.6543. Left SL overnight at 0.6570. TP was at 0.6475. I took the trade as i mentioned in my previous trade post that i was still biased to the prevailing downtrend. The spike up to the 0.65 level gave me a better entry point.
Decided to use the price chart from TS instead of MT4 just to compare. Anyways, closed manually for +63 pips today. Will be my last trade for the week. Enjoy the weekends fellas.
01/24 Starting the week with a long NU position @ 0.6500/SL @ 0.6466/TP @ 0.6551. The SL is higher than what im prepared to risk so i had to cut my position by -3 lots. Short term still looks bearish, but i decided to go long after seeing weekend gap get closed quickly by 2 bullish candlesticks on h1 chart. I also see on the daily chart that it’s forming sort of a three wick pattern with each wick before shorter than the previous day. If it does go upwards, i may rethink my bearish bias as this may signal an actual trend reversal to the upside.
SL got hit early this morning for -34 pips. I did adjust lot size so the gross amt lost is smaller.
