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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