Forex Trading Journal: Recap and New Trade

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 Recap:

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.

Re-entry status;

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.

Gbp/Jpy June 7

Gbp/Jpy June 7

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.

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 hear ya there Dave. I do appreciate the comments and the visits. Feel free to interject your analysis at any time as well.

    Casey

  • Dave_Campbell

    Yep Casey! Now you know why I stopped posting so much. It's hard to do all that and stay on top of the markets too. When you are a talker, it's easy but when you are a doer, not so easy. Anyway, keep up the good work and many pips!

  • Hi I am new here…I started into Forex last summer and never looked back. Earned 80% since Oct. with real money. Still I am trying to make it simpler instead of studying too many indicators. I feel I am doing well….however there is much room to improve. Looking forward to casey 's journal/twitter. Mike

  • I use previous support and resistance levels I will give more detail in the next post.

  • Gary,
    The reason is because I just don't have time to do more than one trade on the trading journal per day. Not because of the rules. I am going to attempt to do one trade per day.

  • my time is all est I forgot to update the time I will work on doing that.

  • EP

    Hi how do you determine youur TP1 and TP2 ?

  • GaryK

    Casey…do you have a daily goal, and stop trading if you hit that goal, or are you not trading anymore today for other business matters…..in other words….if that was a losing trade, would you still be trading?

  • Jasvinder

    I am still a novice at this. Since many of us are scattered over the globe can you please tell me whether the clock time in your posts is GMT or EST. I can then adjust my own trade times. Thanks again.

  • This trade just closed at +22 pips I will update later on. No more trades until tomorrow.

  • Tyler,

    I do watch correlations but they don't have a huge impact on my trades because it is hard for me to worry about more than the pair I am currently looking at.

    There is enough signals for me just looking at one chart

  • Tyler Durden

    Hey Casey, this indeed worked out very well. I was shorting yen crosses this morning too, but I decided to short EUR/JPY instead of GBP/JPY, because EUR/GBP was headed down, giving the pound too much strength for my taste (I trade with 20 pip stops and I don't like things bouncing against me). I wanted to ask if you watch correlations among the instruments you trade?