Forex Trading Journal:Eur/Usd and Gbp/Jpy

Hello traders once again for another addition of the Forex Trading Journal. It was great to have you on board posting your trades and following along. I don’t have any idea how many people are following along. Your comments let me know that people are interested. Would you like me to continue with the forex trading journal?

 Remember to follow me on twitter so that you can get the trade updates as they happen. I have one question to all of the readers here? Are you following by updating your journals or are you just following me. It is critical that you have your own journals and your own entries.

Lets review: the trade worked out with probably the best execution I have had since the journal has started. This trading journal has improved my trading already. Yay!  I entered at 131.77 with 2 positions and I exited  both of those at 130.87 for a total of 90 pips.

See the Journal below for the entire month.

trade log jun 9

trade log jun 9

Thanks to some dedicated members we learned two valuable lessons I want to mention here. I want to once again thank you all for the comments because this training is so valuable.

Lessons Learned from the last trade:

  • Do not enter a trade unless you know why you are entering
  • Never “Chase a trade”

When entering your trades make sure that you know why you are doing it and not guessing or hoping. There must be solid confidence in your entry point. That is why I don’t like signals because traders do not know why they are entering. With time and hard work, every trader can get an understanding of solid entries.

Never Chase a trade: At times we will miss the entry and the trade takes off in the way we thought but we didn’t get in. If you attempt to follow that trade most times it will snap back and stop you out. If I miss a trade I am ok with that because I know that

a) It will give me another opportunity to get back into the trade

b) Another trade is right around the corner.

Lessons learned from this trading journal is that execution is critical and that we can be taking the same trade and you can get +100 and I can lose -100. Timing and execution is critical in trading. That is why i recommend using a trading journal because you can review each trade and determine how was your timing? How did you execute this trade? Self analysis is very important in Forex Trading.

I am so excited it seems as if we are learning everyday about new things to look out for. If we keep learning together I think we will have many traders getting the hang of making lots of pips each day 🙂

Next Trade:As I write this post the Eur/Usd and the Gbp/Jpy are moving upwards and are testing resistance so this could be a great opportunity to get short on both of these pairs once again. The Eur/Usd has been moving up with some strength and that indicates that this rebound could be a bit stronger so any short trades must be made with a clear signal. I am watching both of these pairs on the one hour chart. I think I may trade the Eur/Usd this time because the Gbp/Jpy is  bit whippy that is a good thing because large price moves can produce lots of pips but it can be hard for newer traders that have not mastered execution yet. The Eur/Usd is an easier pair to learn on.

I am watching both pairs so I will show both charts. Here is the Gbpy/Jpy 1 hr

June 9 Gbpjpy

June 9 Gbpjpy

One important thing to note is this is not a trade but rather a setup I will announce the trade on Twitter when I make it. One other key point is that the 200 period moving average is also acting as resistance so that adds as additional confirmation on this trade.

Eur/Usd:

june 9 eur usd

june 9 eur usd

This is also not a trade but a setup. This one is moving up and it broke the downward trendline so it could have some momentum to the upside. The pair is still bearish but even in a bearish trend there are pops to the upside.

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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  • Ogonorahs

    i hope to start making my journal soon. Thanks a lot for sharing

  • Dkoster77

    Hi Casey, I look forward to reading your insightful journal entries. Please continue. I am definitely learning and am inspired to keep my own journal which some day I too will share, somewhere (maybe a blog.)

    Thank you again.

    Daryl

  • Caffepets

    I follow you, and I thank you for posting you journal !

  • Graham

    Hi Casey, just a quick note to say what a benefit it is for myself and i'm sure many others aswell having your guidance through your trading journal on an ongoing basis. Where i appreciate the trades might not allways work out in your favour but probably just as important inexperianced traders like myself are all learning from even the ones that don't work. Keep up the good work Casey!

  • This Is trading software that comes with our premium service. I only spend a couple minutes on Journaling because the software is so easy to use.

    I will be doing some more information on the actual journal in the next post.

  • yes 133.84

  • Charles N

    So far I am just watching how you do things on your trading journal. What program did you use to setup the journal? Do you have a template we can use? What you are doing is great. Thank you for sharing. How much time do you spend on journalling?

  • Helen

    Casey – on twitter your stop loss is down as 132.84 – I am presuming you mean 133.84?

  • Thanks for joining us and for letting us know how you found us. I am always wondering how people run into us. If you share your twitter Id I will follow you back.

  • Helen,

    I actually don't know anything about mobile tweets. I have not figured it out yet. But it is of course a possibility.

  • Alun

    Just picked up on your blog from twitter, great info and yes please continue, great to have a good quality opinion on tap!

  • i entered short because of the 1 hr candle closed below the previous low on the gbp/jpy and on the eur/usd is was just a red candle but not below the low.

  • Thanks Roberto

  • Thank you Maria

  • Jaro,

    it is good to hear from you as always. Since you have been with us for a long time that proves to me we must be providing some value. I hope your trading is going well.

  • Thanks Steve I appreciate the positive feedback. There are a lot of scammers out there but there is some good ones as well. I will post some of the better ones soon.

  • You are welcome

  • Loren,

    thanks for the comment, I would like to see you do a journal, unless you are already and accomplished trader. The reason I say this is because it is proving to be valuable for learning and evaluation.

  • Helen,

    That makes me feel great that you survived an awful day. But as traders we have to survive. I have had many bad days and will again but the key is not to get rattled. That is another lesson that i forgot to mention in the post. Don't move your stop. Keep it there and when it hits, it hits. there will always be another trade.

    Thanks for the feedback.

  • Helen

    Casey – do you do tweets to mobile phones? Twitter has been overcapacity for ages so not possible to see the tweet on your latest entry. I am thinking of changing my phone to one with twitter facility.

  • Helen

    Hi Casey – I was stopped out on the gbp/jpy yesterday at the stop level you suggested, but it was only to be expected, so overall on the day I was down about 96 pips. I learnt some very valuable lessons! Firstly, not to chase the trade lilke you say above. Secondly, I grabbed profits too soon, so had to keep re-entering. Thirdly, I failed to notice the 3rd entry was actually at your tp1 level, and finally, and most important I cancelled my stop “while I thought about it”! So its hardly surprising yesterday was not a good one! BUT today I listened to Sophia in London this morning on the live trade, followed her advice, and today I have made yesterdays losses back, and about an extra 20 pips profit. I like the journal, please keep it up!

  • Casey just saw your tweet that you had opened your short. What made you go short at that particular time?
    I was watching the 1 hour chart and was waiting for the next candle to close. I am a newbie and would like to hear your call on it.

  • Roberto Osorio

    Dont stope for us newbies these is a usefull tool thank you Casey you rock

  • Maria

    Great work Casey thanks –

  • Jaroslav Spilar

    dear casey, please keep on posting your journal entries, it helps us a lot! thank you for that!
    take care
    jaroslav

  • Steve Hicks

    Hi Casey,
    Just to give you confirmation of my interest in your Journal, been following it and starting to feel more confident with actually trading live again after loosing half my margin a while back.
    You're being very modest and truthful in your work which is a rarity in this industry – well done and keep it up. I'm also following another excellent teacher who trades on mostly fibonacci lines mixed with probability and risk/return ratios.
    Keep up the good work

  • leonhard

    Please keep on with this.. Thank you

  • I am following your journal but as yet not making a journal myself. Thanks for sharing your journal