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

Thanks for reading If you find this post useful please retweet it so others can be alerted of the trade setup.

The following two tabs change content below.
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.

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news