Trini trader keeps a journal

crap. the thing missed my tp and turn around on me. had 67 end up wit 12 :oops:

when the 50EMA is crossed by the 13 on the 1 min chart, close your trade!!!
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ok i just got lucky. the usually smooth GBP/JPY gave another signal. that is two days in a row.
stop loss 158.49
entry 157.87
take profit 157.53
the trade already took profit 34 pips and i'm wondering if i should have tried to have some more since the trade was one candle and a tail long. I am also wondering if i should look for entry on the five min time frame since a lot of time this pair takes of leaving doors shut to the way i trade breakouts. small quandry since i dont like straddles.
ok i just put up two trades. stop entries. if triggered i'll post them. A bit of maddness really since i never trade the news. but since i am expecting a lot of movement i set up two trades one short and one long seperate currency pairs. essentially i want to be long gbp/jpy but i also have my favoured setup there. the short is on GBP/USD using the morning breakout low as the hopeful entry point all to do now is wait!
the gbp/jpy was hit first. then crap the gbp/usd got hit. the loss has been confirmed on the first position. shocks 88 pip loss! also on the gbp/usd. :(
next time stick to your trading hours. remember this trade next time you feel to trade major news for 100 to 400 pips. total loss ended up being 128 pips. don't do this. it is just gambling!! now bask in your foolishness and no cookies for u! :|
ok entry on eur/jpy since it set before gbp/jpy. Had 40 ended with 6pips. something has got to be wrong with my tp strategy.

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ok this week testing the exit strategy based on the 1 min chart EMA's have robbed me of a lot of profit. I am going to revert to the original exit strategy which though it increases my harsh exposure to the market will give my trade the room it needs to reach my profit targets and prevent me being stopped at BE instead of profit and taking large losses when the market decides to go against me from go. I will try not to take those trades where the risk is too big to me and look for more suitable risk on another pair. Too big means risk of 80 pips or more. I am struggling not to change this strategy to enter on 1 min breaks. Remember Shik this has not worked B4 cause you're not comfortable with it. REMEMBER THIS! do not change the strategy!
initial profit target should be halved after 2 hrs since the longer it takes to reach profit the less likely it is to make an aggressive figure also it means there is less time before the session ends

also i am going to trade breakouts on 1 min chart for entry so as to appease my greediness and also so that if it isn't as profitable i would have difinitive proof so i wont think about it when i increase lot size. Also resent back tests suggest the strategy could increase profitable trades and earlier entry in terms of time could be beneficial.

write down all the added rules somewhere.
ok i this is the first trade using the 1 min. looking terrible since risk is about 80 due to a gap. Took my fav pair GBP/JPY over cable which would already have taken profit. when this closes it's off to do some back testing.
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missed original tp of 75 pips on friday. the trade was closed with 34pips. (supposed to be 50)

Please do not hesitate when the time limit on trades are up! after 12 is lunch so if trade is in profit then close and go eat.
i think i need tonic. i stared 4 4 hours at a trade setup on gbp/usd and stressed till it reached where i would take profit and i never even entered. i didn't even have a reason not to enter. i have to stop thinking so much.
Ok, i'm back now filling out this journal. The only problem is i have a new strategy thanks to my inability not to sit still and investigate theories. Thankfully though it has created a modicum of success for me and i may just be able to stick to it.

Now, part of the reason i am writing again is because i am wondering if i have been hit with a crazy stick. The strategy uses 3 ema's with the entry at the slowest of them (50 ema). it is an old strategy that i discovered thanks to that great poster BSD and his belief in buying dips and selling rips. What i am wondering is if anyone trades like this without using any confirmation other than to stay out in front of and immediately behind major FA's. My reasoning is simple, confirmation is for catholics when they are ready to confirm their faith. In trading confirmation seems to get you in sometimes but not others and after all the wait you still end up taking poor trades occasionally and missing magnificent profit opportunities.
Now my time for full time trading is almost over and i hope that at the very least i could find my "holy grail" before taking my lowly boring place among the masses and drinking to find a modicum of entertainment at the end of the week in preparation for the new week.

Before all that happens i would like to have other members thoughts on waiting on confirmation and what the support resistance traders use as their confirmation. I believe this will help me develop my resolve for using this strategy, helping me to stick to it or may potentially stop me from making a huge mistake by revealing something about confirmation signals that i had not previously considered
ok so i didnt stick to the strategy all day but i did have two good entries so a nice 40 pip positive day and only 14 pips was left on the table. the end will not see me without a fight! the pressure grows and thankfully i stopped trading after 12 or i would have had quite a few scars would only have lost 30 pips so ha ha ha market take that. 1 st round to the wimp. 60 more pips to the weekly target and i hope to have at least 12 trades this week. i can laugh today for the market failed to foil me in its disconcerting effort to lead me to financial ruin.
Shocks, i have missed the third entry of the day, price has bounced perfectly but my entry level was one pip too low. i'm starting to think that the best entries should not break the resistance level so the entry order should be one pip above resistance. oh well, too late now.
With an impending FA, price has stalled. it could have been some good gains for me as i would now have a 5 pip stop going into an unrelated FA, especially after taking that silly loser just before lunch and missing those 2 profitable trades early in the day. Depression slowly sinks in, today belongs to the market. Looking at the missed trade i see i hr resistance from the MA's lurking 40 pips above and a break could signal a strong counter move against the 4hr trend. ohh what a fantastic opportunity missed. if it isn't broken, it's gonna be trading ranges into tomorrow, i'm sure of it. oh cruel fate. i can almost see the noose tightening around my trading dreams.

price stalled in advance of the impending FA, but there was no immediate reaction to the news 5 min after its release a good time to move my stop to BE (20 min into the trade) Still no movement. The silence is defeaning and confidence rises in the system that failed you earlier today. A half hearted cheer sounds out in the mind, "go trade go" but quietly i contemplate it's failure with a wry smile on my face. Calmly the price moves to my profit target (20 pips). Would i have closed? I hope for immediately after it shot down with the venomous intent of 10 deadly snakes. Of course that created a frightening entry which i left alone and i think may also have been a mistake (mistake yes, it shot up even faster), i guess the market read my journal yesterday, but this is only 4 trades mr market.

i will deal with your matter yet. yup that trade would have taken profit, but i here writing cowering in fear at the pace of price action. Good day to you mr market.
hahahahahhahah i told you i would deal with your matter Mr Market. so i only broke even on the day after all those fantastic opportunities which would have had me hitting my weekly target. it have 3 days to go in the week and i got the MOO JOOO. ohhhhh yeah!! :LOL::LOL::LOL::LOL::devilish::devilish:
spoke too soon huh. this roller coaster profit run does real hurt. i cant believe i went against that uptrend on cable last night. i was so sure a good retracement was coming but i guess you cant be right all the time, the most agonising thing was watching price take 20 min to break through a well placed stop (above 50 EMA 4hr) may have served as a better entry point but what you go do. wow 2 in a row now. bad day bad day bad day
the 4 hour time period had been trending recently on cable. Price action had tested the 4 hour 50 EMA and retraced late in the afternoon. in addition the first half hour of the japan session pushed downward (singapore open disagreed unfortunately). also my target was 20 pips and there were no major FA's around 9:20 when i took the trade and the one minute chart showed a bit of hesitation where i entered so i was confident of a continuation.
here is my entry with some labels

one mistake on the labels 4 hr 50 EMA was also my entry
the high labeled 4hr 50 EMA is actually my stop loss
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