NeverQuit's Trading Journal - page 10
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My long on U/J was stopped out for a -2% loss. My account balance $80.21.
I'm currently not in any trades.
My long U/J trade is not doing very well but this was a test trade and I'm learning from this test. In my point of view U/J was declining on the weekly chart so I took a counter trend trade by going long. I believe that with trading on the higher time frames now it will be best for me to take trades that are in agreement with the weekly chart. Lesson learned here! The long has not been stopped out yet but it is getting close.
Yes, it shames me to admit this but my girlfriend knows best...in some situations! She and I had a talk last night about how my trading was going. I told her I was not doing well and she told me to just refocus and go back to the basics.
I asked her what she meant and she told me that I was trying to do to much with my trading.
So here is the conclusion I reached after thinking about what she was saying to me.
So I will be trading just EUR/USD and USD/CHF on the 1min chart. My main issue was not blocking the time I spend with my family but that will not be a problem as I will trade only the London open up until 8am PST, which is the time I get my kids ready for school.
I will be plotting the hourly support and resistance levels on the 1min chart. This type of trading will allow for me to keep a small stop loss since I will be trading off the 1min chart. It will also allow me to wait for the trades to come to me as I will have predetermined levels where I'm looking for price to make a move.
I will begin trading this way tonight at the London open.
I was able to make 2% profit last night on my trading. I also logged into my PayPal account and saw I had a few bucks so I made a deposit to my trading account also.
My trade took my account from $80.21 to $81.81. My deposit then took my trading account to $91.18.
I also did not get any trades on USD/CHF but I did realize that trying to trade two pairs right now will just be to much for me so it's back to EUR/USD only and it will stay that way.
Trading the 1min was just like I thought it would be...very hectic but with very small stop losses. I'm still up in the air if the small stop loss is worth such the hectic pace. At least for today, it paid off.
I wish everybody a great weekend and spend as much time as possible with your loved ones!
Starting tomorrow I will be trading off the 5min chart only in the direction of the higher time frames.
I'm starting fresh with my journal and my trading approach. This will be my last time having to start fresh. I'm going to stick to what I'm doing now...no more games.
I just took a short on EUR/USD at 1.3220 with my stop loss at 1.3236. This trade was taken with 568 units risking 1% since it's against the daily trend in my opinion.
I will post again as the trade plays out.
Here is a screenshot of the trade I just took with an explanation of my thinking.
Here is an updated screenshot of my short trade that I entered.
Here is another updated screenshot of my short EUR/USD trade. My floating profit exceeded 2% so I have now moved my stop loss to lock in 1% profit if I was to get stopped out.
I'm keeping my eye on the 1.3168 area as I consider that to be a heavy support level.
Here is a screenshot of my short trade getting stopped out.
I just took a long on EUR/USD at 1.3180 with my stop loss at 1.3169. This trade was taken with 1,690 units risking 2% since it's going in the direction of the daily trend in my opinion.
I've attached a screenshot to further explain and give a visual example.