3 Ducks Demo journal

mentormeplease

Active member
111 0
Yes, I see your point. I appreciate your input here. We have a holiday tomorrow so I'll post the loss from the last trade on Monday. Also won't be at my pc where the demo account is loadeded so will get back to trading on Monday.
 

bangkoker

Well-known member
314 17
Yes, I see your point. I appreciate your input here. We have a holiday tomorrow so I'll post the loss from the last trade on Monday. Also won't be at my pc where the demo account is loadeded so will get back to trading on Monday.
Have a good break and keep posting, will watch with interest
 

mentormeplease

Active member
111 0
Some money management I want to add. I started with around $5000. There are many suggestions that we should only risk between 1 and 5 % of capital per trade. I'm going to risk 5% per trade which is $250. So the maximum loss that I should incur per trade will be $250. I will apply this for all my trades from now on.
 

mentormeplease

Active member
111 0
GBPCHF shows a decent setup. Waiting for break of the low at 1.4504 and confirmation only on close of candle below this level. Daily also showed a good bearish engulfing pattern 2 days ago. Problem is the daily support shown at 1.4467 which would not give us the required RR. So giving this setup a miss.
 

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mentormeplease

Active member
111 0
Good opportunity missed on the GBPCHF. As shown in the previous post, price bounced of the daily support and all ducks were lined up for this trade with entry at 1.4555. Anyway, will just monitor and look for a retracement to enter.

Further confirmation of the trade would have been yesterdays pin bar formed on the daily tf.
 

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mentormeplease

Active member
111 0
Same with EURGBP.
Price broke below the range its been trading at for the last 3 days with all ducks lined up and short entry at 0.83783. Too bad I missed them. Lets wait for the next setup.
 

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mentormeplease

Active member
111 0
Good opportunity missed on the GBPCHF. As shown in the previous post, price bounced of the daily support and all ducks were lined up for this trade with entry at 1.4555. Anyway, will just monitor and look for a retracement to enter.

Further confirmation of the trade would have been yesterdays pin bar formed on the daily tf.
Target for 2:1 RR would have been hit now with tp 1.4595 and sl 1.4535.
 

mentormeplease

Active member
111 0
Same with EURGBP.
Price broke below the range its been trading at for the last 3 days with all ducks lined up and short entry at 0.83783. Too bad I missed them. Lets wait for the next setup.
Would have taken profit here at 0.8360 for almost 2:1 RR with sl at 0.8390. Reason is the low in Feb may offer some support and don't want to be too greedy.
 

mentormeplease

Active member
111 0
These were two good trades and even though I just didn't get in on time, the reasoning behind getting in was perfect and we would have been in and out in a matter of an hour.
Two great trades in my opinion :clap:
 

mentormeplease

Active member
111 0
Another setup in GBPCHF. Although the 4 hr chart looks borderline. If price hits my order level then it will be above the sma.
Order to buy 0.7 lots (Remember my money management) at 1.4574
sl 1.4537
tp 1.4646
 

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mentormeplease

Active member
111 0
Order filled as I finished the last post. Lets wait and see.

Order filled because I didn't factor in the spread so price hasn't broken the high as yet. Anyway lets see since I'm in the trade already.
 
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mentormeplease

Active member
111 0
Two important lessons to learn from yesterdays trade.
1. By not factoring the spread, I got in the trade too early and was stopped before the proper entry target had been reached. Viewing the chart now, I see that I could have at least hit BE when the trade should have actually triggered.
2. My disappointment at not getting in the trades earlier probably prompted me to get into the next trade without proper analysis. In hindsight, one could see that the daily high would have offered resistance and my RR would not have been met and I would have to monitor the trade closely. This should not have been a "set and forget" trade.
 

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