Forex Trading Journal: Trade Update and New Trade Setup

Last Friday I ended with a trade on the Gbp/Jpy and I ended up Losing -18 pips on the trade but I am up a total of +250 pips. This was a great trade because there were some lessons to be learned and now we all get to learn. I know that it sounds crazy but yes a losing trade was a great trade. Hey, if you learn something that will help you make money that is a good thing right. I actually made the right call but once again the execution was poor so  So lets take a look at the lessons learned:

  • First was a lesson that I thought I learned earlier and that is wait for the news. I wasn’t paying attention and the news was released ans I didn’t realize that it was coming out.
  • Second I entered the trade on a bounce off of the trend line but I entered too soon. I should have waited for the one hour candle to close. I instead entered on a 5 minute candle close.
  • Third, I realize how important execution is because my target was hit and I lost money. If I would have executed properly I would have had a great trade.

Lessons learned are important to remember so you don’t repeat the same mistakes.

Here is my trading log results:

Trading Log June 14 2010

Trading Log June 14 2010

Now for the next setup and this time there is going to be patient execution so this trade should be a good one 🙂

The Gbp/Jpy has had a nice run up like I was hoping for on my last trade. Now the pair is starting to get tired and has been going down for the last 5 hours. What I am looking for is for the pair to bounce off of support around 135.00 area. However on this trade I will not enter until I get a one hour candle that closes above the high of the previous candle. I will post the trade via twitter If you want to get this trade entry you must follow me there. I also send it out via email but that is slower than Twitter.

Anyways look at the chart to give you a better idea of the trade.

June 14 gbpjpy

June 14th Gbp/Jpy Possible Entry

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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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  • Paul S

    GY=Dragon

    Support 134.75/70 Daily price action price action trending up with resistamce at 135.384. Daily chart has attempted 3 times to break that zone and failed. and has a daily R1 at 136.114. daily candle are showinh higher highs/lows.. A break of support would give an entry near 133.62/

    I entered this yesterday 133.84 . Be very wary of this pair at present. Also i find it of benefit to use the 1hr candle break and close to confirm zones and direction. Reason being most global traders veiw the same 1hr candle unlike others due to timezones. GMT+2 is the better as it coinsides with New York bankers close 5pm EST.

    Casey, That was a bad mistake not looking at news before entry. Also , do not enter 30 minutes prior London or USD opens if you are not in a trade already.

    What you opinion on the GPBNZD? I am following this at present also.

  • I think if it goes to 50% that would be a great place to buy. We will see if it gets that low.

  • Gerar,

    You are right on with that. I think you must be learning to be a good trader.

  • Gerarfx

    Good idea Casey….I will be looking…If the current one close above135.177 i think could be good signal.,,lets see

  • as the market is making highers high and higher lows. so it can bounce off of 38% or 50 %. 50% level will be more productive.