Daley Journal

[robertdaley]

Hi all,

I'm going to try to keep a journal of my trades and a running account. I am starting with £5000. I will risk no more than 5% of my account on a trade. I have been even keeling for a year or so now, having started trading 3 years ago. Now it's about time I started making money.

I am currently long on the gbpusd @ 1.5770 and the nzdusd @ .8340. (2.5% each)
Targets 1.6014 and .8542. Reward is twice my risk.

[/IMG]

Cheers,

Rob

 

[counter_violent]

Charts are always a good feature in a journal...perhaps with entry, stop and targets highlighted.

 

[robertdaley]

Charts are always a good feature in a journal...perhaps with entry, stop and targets highlighted.

I've added them in now. Thanks.

 

[counter_violent]

I'm going to try to keep a journal of my trades and a running account. I am starting with £5000. I will risk no more than 5% of my account on a trade. I have been even keeling for a year or so now, having started trading 3 years ago. Now it's about time I started making money.

Ok so what have you done differently in the last 12 months that you were not doing previously and how do you indend to progress from a break even year to a profitable year ?

 

[robertdaley]

Ok so what have you done differently in the last 12 months that you were not doing previously and how do you indend to progress from a break even year to a profitable year ?

I have fine-tuned my trading plan, whereby I am trading less pairs enabling me to get to know my markets better, I have narrowed down my target signals to just three, where before I was trading all manner of signals including inside bars, which I no longer trade. My money management is getting better, I am taking profits where they appear, setting a 1:2RR take profit target. My problem has been and continues to be consistency. I should be setting and forgetting but often I interfere with trades. I am starting this journal to make myself more accountable for my trades in a bid to become more consistent.

Cheers,

Rob

 

[robertdaley]

Both my gbpusd and nzdusd trades have benefitted from a gap up at the open.

 

[Tradernopoly]

Hi all,

I'm going to try to keep a journal of my trades and a running account. I am starting with £5000. I will risk no more than 5% of my account on a trade. I have been even keeling for a year or so now, having started trading 3 years ago. Now it's about time I started making money.

I am currently long on the gbpusd @ 1.5770 and the nzdusd @ .8340. (2.5% each)
Targets 1.6014 and .8542. Reward is twice my risk.

[/IMG]


Cheers,

Rob

Hi rob, just looking at your entry on the gbp...Im not sure if i have got my days correct based on the day you posted the chart however, just a thought, your entry is (i feel) a little too soon, especially if you risk 5% each time on a trade...You should ideally be looking for a return to the previous high of 1.59275 because if cable returns passed this point, then it would..assuming that the momentum is strong enough, go on to make more ground and your profit target then would be 1.60910... which was the previous attempt for cable to make a return to test its lower swing high of 1.61270...If it shows strength at the 1.59275, then you can risk less because you will be able to determine whether the strength of this return to that high is valid by candlestick confirmation...Plus the general psychology at that point will be reactivated and triggered to either influence the following questions by trader: 1) do we feel we can influence this level (support) 2) hmmm not really liking this level there was not enough supply demand here, lets get rid of the weak traders to free up supply (resistance)...

the key to my strategy is to test the retest...Test the first test with technical factors, then test the retest with technical and psychological indicators....

i hope you take what i have said with just some insight...i just hate seeing traders risking alot on thier capital...you may be correct on this occasion but if you make the same mistake 10 times at 5% thats half your account gone?

Just a thought

Happy trading

 

[robertdaley]

Tradernopoly,

It was an aggressive and early entry, I was eyeing the weekly chart where a set-up had triggered perviously and price was retesting that point. I saw the daily signal and jumped in as it was being triggered.

As far as confluence goes, I felt there was enough horizontal support at 1.5710 and the emas were being rejected too.

But I take your point, it was perhaps overly risky. Maybe you could explain it more with a diagram, your test the retest philosophy, it would be helpful.

Cheers, Rob

 

[robertdaley]

I moved my stops and take profit target a bit after I posted originally, just a tweak to give a better risk reward scenario according to resistance levels. My gbpusd trade went 1 x risk, then returned to breakeven, where I exited. The nzdusd trade was a similar story, so I am out of both trades.

 

[Tradernopoly]

Tradernopoly,

It was an aggressive and early entry, I was eyeing the weekly chart where a set-up had triggered perviously and price was retesting that point. I saw the daily signal and jumped in as it was being triggered.

As far as confluence goes, I felt there was enough horizontal support at 1.5710 and the emas were being rejected too.

But I take your point, it was perhaps overly risky. Maybe you could explain it more with a diagram, your test the retest philosophy, it would be helpful.

Cheers, Rob

hey rob, ;leave it with me, ill have a diagram to show you very soon. probably later on during the day...

thanks for the reply though

Tradernopoly

 

[jjim88]

By producing a chart with R:R ratio before trade helps reduce impulsive / not considered trades.
I will follow your progress

 

[robertdaley]

This is the gold trade I just entered. Gold is headed towards next major resistance at 1800 so I am targeting that level in this case.

Edit: Price has now moved 1 X risk, so I have moved to breakeven.

 

[robertdaley]

I decided to exit gold at 1785, a little short of resistance, but I achieved over 1:2 risk reward. I had bought £8 a point, risking £72 for the trade. My account now stands precisely at £5,162.80.

 

[robertdaley]

I'm eyeing this USDCAD daily pin trade with 2 hours till close.

Edit: It has closed unchanged, so I have placed my sell order at 1.0010, my stop a little above the tail and my target at .9913. I'm risking 4% of my capital, £212.

 

[robertdaley]

The USDCAD trade came off, but left without me! Today I'm looking at selling the gbpusd on a countertrend pin. I'm risking £148, aiming for 1:2 RR.

 

[deebee1]

nice... good luck with it all buddy

 

[robertdaley]

The USDCAD trade came off, but left without me! Today I'm looking at selling the gbpusd on a countertrend pin. I'm risking £148, aiming for 1:2 RR.

I actually risked £120 in the end, selling the break of the nose. I have nearly achieved 1:1RR, whereupon I will move my stop to breakeven. I am targeting the bottom of the range, which is 1:4 RR. I realise I need to make more than 1:2RR on countertrend trades in order to be profitable over a number of trades.