Hello traders, this trading journal is harder than I thought because I am having trouble keeping up with the trades 🙂 That is why it is critical that you follow me on Twitter because of the fast pace of the market I can’t always update on time. Anyways let me start with the recap.
I entered at 132.46 and the price moved close to my target of 131.00 but did not hit it. So I did have a trailing stop and got out at 131.27 for a profit of +119 pips. That was my first lot the second lot I opened I moved the stop to break even which made the total of that trade to be +119 pips. The first trade was -33, now we can add +119 to that we get +86 for the month. Now that I have positive pips for the month lets keep it positive for the rest of the month and build upon what we have what do you think about that idea?
Trade 1 Short Eur/Usd Price 1.2179 Target 1.2250 SL 1.2147 Risk on trade 1% Result Loss – 33 pips Total For the month -33 pips.
Trade 2 Short Gbp/Jpy price 131.46 target 1.3100 SL 131.72 Risk on trade 2% Result + 119 pips Total for month +86 pips.
This trade was fast, as soon as I entered the price shot down over 100 pips. So immediately I moved my stop loss down because once we gain our pips we don’t want to lose them. That is a lesson to be added to the trading journal don’t lose pips you have already earned. The price continued to move to my target but turned around like 3 pips from the target. That was a bummer but oh well at least I got some pips out of it.
The pair hit near 131 and rebounded rapidly back to 1.3367 the pair had near a 50% retracement on the last run up and has now started to move back down. Look at the hourly chart below to see what the new entry is. I have put the entire trade on the chart so you can see it and I did not write it in this post just look at the chart below.
I promised a reader to go into more detail about entry criteria via this strategy and I will do that soon I could not do that at this point because I am trying to put this out as quick as I can. At this point I am already at +11 pips on my current trade. So please report your own trading results below so we can see how this is working for everyone and since I am not able to keep up with the quick trades follow me on twitter and also Re Tweet this post so others can read it in a timely manner.
Thanks and I hope this helps.
Winner’s Edge Trading, as seen on: