Maya's Trading Journal
GBP/USD trade taken on 9 March 2009
Attached are my trades taken this month with GBP/USD.
Green arrow was my entry point. The white line is the point when I start looking at the chart, which is 3.05 pm (GMT+8) . More often than not, even if there was already a move being established, it takes a breather right at this time. I jump in when things get moving again. I set a parent & contingencies trade to say when to enter, where my stop loss is and where my take profit is.
I usually trade 3 minilots.
First mini lot - TP 100 pips.
Second mini lot - TP 200 pips.
Third mini lot - To let run.
Breakeven at 50 pips, stop loss at 27 pips.
I don't use any indicators at all, for they confuse me.
23 March 2009
Pending trade on GBPUSD
First minilot:
Stop buy order: 1.4580
Stop loss: 1.4553
Limit: 1.4653
Second minilot:
Stop buy order: 1.4580
Stop loss: 1.4553
Limit: 1.4753
Third minilot:
Stop buy order: 1.4580
Stop loss: 1.4553
Limit: -
Stopped out today
Today was a stop out. Didn't reenter today. Will try tomorrow.
Trades
2 Stop outs before today.
First one was sell 1.4642 on 24 March, set after 3.05 pm. Stopped out at 27 pips.
Second one was sell at 1.4647, set after 3.05 25 March. Stopped out at 27 pips.
26 March 2009
It's now 3.07 GMT+8 time, and I've set to buy at 1.4627, or sell at 1.4568. SL at 27 pips. TP at 100 pips and 200 pips.
Thanks, very interesting.
I found that breakout is one of best strategies. I use an EA to apply it with EURUSD. it seems to work best than on GBPUSD. See attached file.
Stopped out
Buy opened, stopped out today.
Do you trade the reversal breakout?
I always use the US open because you want directional movement.
Have you done any analysis if this scaling in is helping your profitability? I would look at the past 30 days and study the scaling in money management vs. a normal 1 time bet.
I would also look at the reversal breakout.
Reversal
I'd take the reverse breakout if it happens. If the second attempt is stopped out, I'd stop and trade the next day.
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Good day all. I'll be using this forum to keep track of my trades, an attempt to keep my discipline 100% in check.
Strategy is based on simple breakout of high/low on GBP/USD. I've been live with this for the past 9 months. Had to do some adjustments after the financial crash in September and adjust some parameters. Now things have settled back down and the strategy has been treating me well, especially for the past week. I'll start off of the trades I've taken this past month, and will continue posting my trades as I take them.
Thanks in advance for your support and advice.