My Sniper Forex Journal

This is a discussion on My Sniper Forex Journal within the Trading Journals forums, part of the Reception category; Good start to the journey with eur/gbh at +150 and eur/usd up about 60pips. Also missed a few other signals ...

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Old Apr 22, 2009, 11:23pm   #8
 
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Vaco started this thread Good start to the journey with eur/gbh at +150 and eur/usd up about 60pips. Also missed a few other signals that would have gone my way. Still getting used to looking at so many different charts as i've always only raded one instrument at a time in the past.

Very tempted to close out my positions now but the idea is to let the winners run so i'm going to stick to the plan and exit half when one of the sniper trend bars turns red and the other half when the stop hits.
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Old Apr 23, 2009, 8:04am   #9
 
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Vaco started this thread closed half on euro/gbp for 132 pips and opened a few new trades

short on usdcad
long on eurjpy
short usdsgd

charts below
Attached Thumbnails
eurjpy.gif   usdcad.gif   usdsgd.gif  

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Old Apr 23, 2009, 3:09pm   #10
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Keep it up Elefteros, this journal is a great idea. Are you still waiting for any form of retrace after the initial signal or just going for it regardless? Are you using the sniper stops too- I've found them to be quite large on 4h but they are good at keeping you well in the move if you can sit on your hands!
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Old Apr 23, 2009, 4:09pm   #11
 
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Vaco started this thread
Quote:
Originally Posted by tau View Post
Keep it up Elefteros, this journal is a great idea. Are you still waiting for any form of retrace after the initial signal or just going for it regardless? Are you using the sniper stops too- I've found them to be quite large on 4h but they are good at keeping you well in the move if you can sit on your hands!
Thanks for dropping by Tau,

I'm very much using my own judgement when it comes to entry. I flip to the daily charts to see what the next big move is likely to be and if I think that is is in the same direction as the signal and theres a safe place for my stop then i go for it. If the sniper stops have already switched position eg you get a long signal and the stop has moved below then i will wait for a retracement.

Because of this its important never to put your stop on the parabolic sar/sniper stop this is true of the 1 hour timeframe as well.

If you trade this software exclusively waiting for a retracement back to the stop and then entering you will have a very nice risk/reward system that is profitable imho but you will miss out on the ones that just run away.

The important thing is to manage your exits and stops and look at the time frame above when deciding to take a signal or not.
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Old Apr 23, 2009, 9:17pm   #12
 
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Vaco started this thread No new trades to report this evening and i have not closed out any positions either.

All 5 trades are going my way at the moment to the tune of 550 pips but thats the floating p&l and means nothing until I close them.

Still a good start to the campaign.
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Old Apr 23, 2009, 9:31pm   #13
 
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Vaco started this thread Couldn't resist as i'm on a roll, Ive gone long usdjpy but i've done it based on what I saw on the daily chart rather then the 4h so i've posted both below. The signal was given on the 4h chart so still a valid trade.
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usdjpy-4h.gif   usdjpy-daily.gif  
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Old Apr 24, 2009, 7:39am   #14
 
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Vaco started this thread last nights trade isn't working out and because i placed my stop using the daily chart loss is currently running higher then i would normally allow for. Maybe I should only place trades in the morning when i'm fresh.

EURJPY has been closed for scratch(1 point profit)
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