YouAreNotFree's £1k-£1,000,000 Journal

[YouAreNotFree]

Welcome.

I intend to keep this journal until my account reaches the heady sum of £1,000,000. Pipe dream? Maybe, probably. Who knows.

I became interested in trading at the tail end of last year. Started studying in the new year and have been trading my £1k account for 7 weeks. Never bothered paper trading, didn't see the point. It doesn't matter to me if I blow a few thousand learning. Anyways, that £1000 is now £1229.63 as of this morning. I trade Fx only.

Here is how I trade....


MM
Risk 2% per trade.
Max 6% loss in any one week
Max 12% loss in any one month.


Trading Methodology
I trade using technical analysis. I believe that everything I need to know about is on the chart.
4hr, Daily and Weekly timeframe's

Tools I use......
Support/ resistance
Trend-lines
Price patterns ( H&S, double tops etc etc)
Fibonacci retracements
50 and 200 ema's
Signal bars, ie outside bars, pin bars, DBHLC, DBLHC etc etc
Multiple timeframe analysis. Before entering a trade I will check one tf higher and lower. Eg, if I see a trade on the 4hr I'll have a look at the daily and 1hr charts.

I'm looking for a confluence of the above factors as a signal to enter high probability trades. It's all about the numbers for me, if a trade has a positive expected value I'll take it . By keeping it strictly to probabilities I can remain unemotional (this is something I had came across playing online poker).

That should do. Onto some trades

 

[YouAreNotFree]

First trade of the week.

EUR/CHF
4hr timeframe
2% risked

Enter- 1.20947
Stop loss- 1.21540
Target- 1.19150

Bearish outside bar off a ppz and 50 ema. The Euro is in a strong downtrend and there is a LL, LH, LL, LH pattern. Entry was on the current bar.

Price hasn't managed to close below 1.20 so we will have to see how it goes. Maybe a close below that level at the end of the day can result in a little bit of a run as the longs bail.

 

[Kazem]

love your ambition. Subscribed

 

[YouAreNotFree]

love your ambition. Subscribed

Cool, welcome.

Stopped out of the EUR/CHF trade for breakeven. If it wasn't for the 1.20 round number which has strong support, I may have left it alone and I would still be in the trade now. I almost took profits at 1:1 RR, which was right at the support. Every time I go against my intuition it ends up costing me, something to consider for next time.

Heres what the chart looks like now...

 

[YouAreNotFree]

I've not been able to trade for a few days, missed some nice action I see.

Gold is at a long term channel line. Possible trade either short or long. I'll wait and see.

Normally its just fx I trade but I have been watching some commodities for a while and there is no reason I can't trade them too.

 

[1only]

Welcome.


MM
Risk 2% per trade.
Max 6% loss in any one week
Max 12% loss in any one month.

Great money management. You just need to produce 5% weekly compound return consistently for 110 weeks to reach your goal. Good luck!

 

[Doomberg]

Good luck with this mate! Will be watching

 

[YouAreNotFree]

Great money management. You just need to produce 5% weekly compound return consistently for 110 weeks to reach your goal. Good luck!

Wow, that's interesting. I guess if I shot for a more realistic 5% per month it would be just over 9 years. Im in my early 20's so I got the time

 

[YouAreNotFree]

Good luck with this mate! Will be watching

Thanks man!

I got in on the Eur/Chf again last week. Got 4.5% out of it. Chart below is a screenshot of my entry, I had a take profit just above the lows. The arrow is a bang on entry I would have taken, but on the day it presented I wasn't trading, which sucks.

Last week was a poor one for trading as I was busy with all sorts of stuff. I will be all over the market this week though.

 

[YouAreNotFree]

First trade of this week.

GBP/CHF
Short
4hr timeframe
2% risked

Enter- 1.33481
Stop loss- 1.33901
Target- Looking for new lows


We have some retracement to a bunch of prior lows in a strong downtrend. An inside bar followed by a pin bar through S/R. This may even be one of those Martin Pring Pinocchio set-ups, I will have to check, can't quite remember. I like to get as good an entry as I can so placed a limit order just below that group of bar lows as price will usually test them again. All in all seemed like a high probability trade to me even though we have had a large move last week.

 

[YouAreNotFree]

The GBP/CHF made an abrupt turnaround and I was stopped out at breakeven. The other CHF pairs were all doing the same at time, and by the speed of it I thought it would blast right through my initial stop. However price never quite got there and so it looks as if I have been beaten by the game.

 

[YouAreNotFree]

I was just about to place a trade on the EUR/NZD last night, but while waiting the last 5 mins or so for the bar to finish I wandered over to the general chat section. Some of the more experienced members were talking of how it was better to be flat anything Euro etc etc because of the Greek vote today.

Unfortunately I made the mistake of following that advice and in the process also broke my own trading rules which state 'trade what I see on the chart and nothing else' I do keep myself up-to-date with news items so I know to expect volatility however.

The chart below shows price has since ran off as the chart suggested it would. Had a ppz, t/l, 50 ema placed very nicely too. Maybe I would have taken a quick 2x risk profit given the imminent result of the vote.

Chalk this one down to experience and stick to the plan next time.

 

[pb8856]

Great thread so far, will be following along. Good luck !

 

[Greenlight]

Wishing you every success and looking forward to your posts.

 

[YouAreNotFree]

Great thread so far, will be following along. Good luck !

Wishing you every success and looking forward to your posts.

Thanks guys. Welcome to my journal.





Finally, another trade. Its been a week!

EUR/AUD
Short
4hr timeframe
2% risked

Enter- 1.34653
Stop loss- 1.35171
Target- 1.3300


This was just a simple break of a rising trend-line. In the short time I have been trading I have noticed that these breaks of 3+ touch 4 hr trend-lines are absolutely killer. I wish I had taken all of the ones I had seen.

The Euro is getting hammered across the board, maybe because of the debt downgrade of Portugal. I was kind of expecting that, and also a flight to the Dollar which seems to be happening too, but I'm trading the charts and nothing else.

 

[Splitlink]

Wow, that's interesting. I guess if I shot for a more realistic 5% per month it would be just over 9 years. Im in my early 20's so I got the time

Yeah, but I haven't, so don't go all conservative on me!

 

[YouAreNotFree]

Yeah, but I haven't, so don't go all conservative on me!

Ha, well i'll try my best for you m8.




1.5%, or thereabouts is now locked in on the EUR/AUD trade. Stop to 1.34240.

There is some employment data coming out of Oz early in the morning. If I'm still in the trade by then I might be lucky and get strong numbers to give it a better chance of running off towards my target.

 

[YouAreNotFree]

EUR/AUD moved down some more last night after employment figures came in significantly above expectations. Stop moved to 1.3408. I've removed the take profit target, I want to keep it open until I get a good signal to close it. I do expect more downside and those overnight swaps can be picked up too.

Swap was +£2.60, more than 10% of my position size. Sweet.

And leave those interest rates alone Europe, I gots me some pips to earn.

 

[YouAreNotFree]

EUR/AUD stopped out. I trail a 30 pt stop on the latest large move down towards the recent lows. Price is currently 60 pips above my exit so it may turn out to be a decent area to bail. The yellow line was my exit.

Ended up with +£95.58/ 7.75% of the account.







Another trade.....

EUR/JPY
Long
4hr timeframe
2% risked

Enter- 116.379
Stop loss- 115.85
Target- 117.50+

The chart shows a large bullish outside bar off a 50% fib retrace. It penetrated a s/r zone and moved above the 200 period ma. I will be looking to get my stop to b/e ( or maybe reducing risk) pretty quickly on this one given that there has been so much rubbish news out of Europe just recently.

 

[ledgy]

Good thread mate and best of luck.

If you don't mind a suggestion,

take a note of when your trailing stop knocks you out, and what happens to the market in the hours after. You may generate greater profits by leaving your stop alone.

Only your records will tell you this.