Forex Trade Journal Long Eur/Usd

Ok Every one I just made my first trade for my trading journal. I waited for the proper entry signal and I feel like I have a chance to catch a bounce here. I opened on a 1 hr candle close off of a downward move on the Eur/Usd. If you are interested in how this trading journal works read post one and post two to get an idea for how we are managing these trades and what we are trying to accomplish.

Here is the trade as follows.

Entry: 1.2179
Stop loss: 1.2147

Take Profit 1.2250

Here is the chart I am basing the trade on:

june 3 trade journal

june 3 trade journal 1 hr chart eur usd

My Risk is a total of 1% of the account and if this trade stops out I will look at a possible re-entry.
I will move the stop loss to break even around a 50 pip increase.

I feel like this could be a good trade based on the possibility of a bounce off of the support area. I will be watching closely.

Please give any feedback you may have about this trade. Thanks Casey

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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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  • I entered the trade at 3 pm est time. I will from now on be posting the times when the trades are made.

    Thanks

    Casey

  • philip

    Hi casey
    I am following your journal with interest Could you tell me what time you entered the trade I am in uk

  • philip

    Hi Casey
    I am following this journal with interest Could you tell me what time you entered i am in UK so uk time if you can please.

  • Yes, at this point the NFP doesnt matter because we got stopped out of the trade 🙂

  • I will do as you ask.

    Thanks DR

  • The trade was slowly moving until it hit 1.2200 I should have move my stop loss to break even but I didn't because I was asleep. Anyways this will be a learning experience so we can be better traders.

  • That is a good questions I will be writing a report later on to go over all the details

  • Well the trade is now over I will be writing a detailed review soon. It was a loser I lost -33 pips and I will be looking at ways that I could have improved this trade it will be a learning experience for everyone.

    Casey

  • Elmer

    Hi Casey, how do you think the NFP announcement will affect this trade?
    This is good stuff, great job and keep it up!

  • Dr. Magdee

    Hi, Casey
    Good work that you started your journal, but can you put the time of placint your orders, and the time when you place any note or meme (eastern time ) new york time, so we can follow and update every thing. congratulation.
    together with you. wish you a successful trading

  • Malcolm Wolfgram

    Casey,
    I got into this trade at 1.2164 and although it is not breaking any records it is moving in the right direction. I recall that you called a long on the EUR/USD on May 2 which went well. Should we be in it when the NFP comes out?

  • nisar

    hi cassey, you bought right at the resistance level how do you justify that. your trade may be successful but what about S/R as you talk about them a lot. though it is BE patterns but what about other factors can you explain the logic behind this entry.
    Nisar

  • Roshan

    Hi Casey

    Thanks for starting this, having been following you lately and am glad to know that you've started the journal. To tell you honestly have been struggling to get started in writing journal myself, yours should be an impression. Have already devised my rules and have put them on paper.

    I too spotted this trade and got more confident on reading your views. Entered it but with a slightly bigger stop-loss @ 1.21905 (around 60 pips). The target is same @ 1.2250 (around 80 pips). Some key questions I have in mind:

    – what do you think of the stop-loss, is it too far? My thinking is to prevent any whipsawed stop-loss hit at this level.

    – Instead of 1.2250 can there be a possibility of target @ 1.265? Though I'm not taking this as target but you can see this is the level from which price has been struggling to break free.

    – Should I keep this position open for a longer time frame for bigger target or do you think we might get back to make lower lows.

    Thanks again and all the best!

  • Janet,

    Thanks for the comment. I hope that trading doesnt make you lose sleep?? If it is too stressful perhaps there are some other things you could change to help reduce the stress levels. If you have any questions don't hesitate to contact me.

    Thanks for visiting please come back again.

    Casey

  • Thank you for the comment. As I mentioned in my previous comment I could have possibly been more patient on this entry but the trade isn't over yet it could still work in my favor.

  • I agree next entry I want to find in line with the trend however I couldnt go short at the moment because of how far it had gone down in the last several hours. We will see how this trade works perhaps I need to practice more patience.

  • Janet Sacher

    Hi Casey, There does seem to be a lot of resistance a few pips lower than our entry – so I have added to the position on a few dips. Then, I am going to change my target price to 1.2242 so I can sleep a bit better. I think you are right about your target price but, I am probably being a little too cautious – just want to keep making sure gains over and over.

  • glippmann

    I fail to see the set-up for a long trade. At a minimum, would you not wait for a second bar with a higher close to confirm the direction before entering the trade, or at least move down to a 15-min chart to look for your entry?

    Thanks for your good work

  • No I don't believe it is an uptrend just a long trade.

    Thanks for the comment.

  • DarkNoid

    Definatley solid resistance at right about 1.2150 – could go sideways but showing a hammer and possible bullish harami on the hour; momentum is picking up on the hour chart negating the half hour downturn
    Wouldn't look for an uptrend but could test resistance at 1.2250 and above that 1.2324
    Think there is to much negative on the fundamentals to see a big uptrend on the Euro currently

  • imran

    1.2147? would this price indicate an uptrend?