Vini Journal - 20 pips a day!

[vinicius]

Hi folks...

I want to start a challenge to myself.. I`ve been trading for six months or so now and I`m far from consistent..

What is saving me is that I`m letting the few winner run more than the loser ones. I want to improve my trades and catch fewer, really fewer loser ones.

I`m transferring £200 quid from my main account and I will make 20pips a day until 09/07 July, it will be 62 trading days where I will trade with £1 per pip, increasing the amount gradually, nothing else.

My strategy is just to use Support and resistance, no brainer trades, just play the major levels where the price has high probability of reaction, up or down, with a small stop loss.

I`ll be watching the major pair, GBP/USD, USD/JPY, EUR/USD, EUR/GBP and keep an eye in few more pairs.. Also Dow, my strategy does not work in it as good as it does in FX, but I love Dow, so I probably will do some trades on it.

As I have my full time work I`m going to post my set-ups every day or two at night time and make my live calls here.

The journal is just to keep a “track” to myself and I would appreciate any kind of comments that can help and improve myself as a trade, as most of people here I`m learning and as I did before, for the new guys starting to trade, don’t follow my trades.. Let’s try and learn together.

Late in the evening I`m going to post some charts with the set-ups which I will be looking at.

Cheers!

Vini

 

[vinicius]

Hong Kong and Dax at good level of resistance..

It does not matter if the price is going higher, if the fundamentas is going to push the indices for one more week up, what I`m looking for is the reaction at this level, trying to get within the sell orders that may have.. Hit and run.. That is all..

I`m not playing Hong Kong anyway, too expensive produt for my small account, actually Dax too, but I`m going to risk this 22 pips on it..

So.. There we go..

First Trade, Dax:

Risk = 22 pips
Target = 40 pips


Ps.: I have a gut feeling that we`ll see a week down for the indices..

 

[vinicius]

Dax has opened with a gap lower.. R:R does not look as good as before..

I`ll wait..

 

[vinicius]

USD/CHF

Short at 1.1696 ..
Stop just above the line at 1.1718

 

[vinicius]

USD/CAD

Keep an eye.. Will be short again, just watching a litte longer..

GBP/USD -- Seems good for a Long.. Very strong level of support and trade with the trend..

 

[vinicius]

USD/CHF

Short at 1.1696 ..
Stop just above the line at 1.1718

Out -4.. USD seems very bullish..

 

[vinicius]

Short EUR/CAD at 1.59124
Short EUR/AUD at 1.83583

Euro is very bullish today, I`ll grab what I can and get out.. Hit and run..

 

[vinicius]

Don’t need to say that I have been stopped in both trades.

Lesson to be followed on the next trades.. WATCH THE MOMENTUM AND DO NOT GET GREED!

EUR/AUD was not that bad, got a nice entry and the price bounced back for 20/25pips just after the entry, which was my target, I knew that EUR was very strong and I couldn’t stay long, it was suppose to be HIT AND RUN was I thought so, but... I need to learn much more about self controlling and trading psychology!

Frustrating, very frustrating to be honesty, DAX and Hong Kong went down just as I was planned and I left it go.. Anyway, tomorrow is another day and opportunities are always going to be there.

Going to scam my charts now and I`ll post the set-ups that I will be looking for..!

 

[vinicius]

EUR/CAD

Short at 1.6000
Stop at 1.6039 (minimum for this pair)
Target 1 at 1.5935

 

[vinicius]

GBP/JPY

Price at strong Trend line and support at 4hr TF..

Watching closely price action now.. Let`s see if price wants to pull back!

 

[vinicius]

Long at 141.69