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Another stab at a journal

  • #21
  • Oct 27, 2008 3:17pm Oct 27, 2008 3:17pm
A change I'll be making, beginning tonight with the overnight trades, is reducing the pairs I trade via the overnight strategy to three. My reasoning behind this is, in theory at least, I would still be able to have a situation where I get a "day off" from live trading if all three of the overnight trades win (at 1% "reward" per trade). While having all seven winners puts me well above that, and helps put a bigger dent in the overall monthly target, there is also a much greater chance of a significant loss if all seven trades lose (and some maybe twice). Three is the minimum I could trade and still get the potential to hit all my daily targets if they're all winners. So, when I'm on target (or ahead), I will only trade three pairs overnight. If I start to fall behind the monthly target, I will add pairs to this strategy as needed.

For the remainder of this month, considering I'm right on my monthly target, beginning tonight, I will only trade EUR/USD, USD/JPY and GBP/USD using the overnight strategy.
  • #22
  • Oct 27, 2008 7:11pm Oct 27, 2008 7:11pm
EUR/USD
Sell Stop at 1.2401. TP: 1.2336. SL: 1.2531
Buy Stop at 1.2531. TP: 1.2596. SL: 1.2401

USD/JPY
Sell Stop at 92.65. TP: 92.10. SL: 93.75
Buy Stop at 93.75. TP: 94.30. SL: 92.65

GBP/USD
Sell Stop at 1.5435. TP: 1.5334. SL: 1.5634
Buy Stop at 1.5634. TP: 1.5734. SL: 1.5434
  • #23
  • Oct 27, 2008 8:43pm Oct 27, 2008 8:43pm
Before I get to bed:

EUR/USD
Sell Stop at 1.2401. TP: 1.2336. SL: 1.2531 - TP Hit, +65 pips
Buy Stop at 1.2531. TP: 1.2596. SL: 1.2401 - Canceled

USD/JPY
Sell Stop at 92.65. TP: 92.10. SL: 93.75 - Canceled
Buy Stop at 93.75. TP: 94.30. SL: 92.65 - SL Hit, -110 pips

GBP/USD
Sell Stop at 1.5435. TP: 1.5334. SL: 1.5634 - Currently +7 pips
Buy Stop at 1.5634. TP: 1.5734. SL: 1.5434 - Canceled
  • #24
  • Oct 28, 2008 6:18am Oct 28, 2008 6:18am
EUR/USD
Sell Stop at 1.2401. TP: 1.2336. SL: 1.2531 - TP Hit, +65 pips
Buy Stop at 1.2531. TP: 1.2596. SL: 1.2401 - Canceled

USD/JPY
Sell Stop at 92.65. TP: 92.10. SL: 93.75 - Canceled
Buy Stop at 93.75. TP: 94.30. SL: 92.65 - SL Hit, -110 pips

GBP/USD
Sell Stop at 1.5435. TP: 1.5334. SL: 1.5634 - SL Hit, -201 pips.
Buy Stop at 1.5634. TP: 1.5734. SL: 1.5434 - Canceled
  • #25
  • Oct 28, 2008 7:13am Oct 28, 2008 7:13am
EUR/USD Long at 1.2569. TP: 1.2579. Mental stop around 1.2545.
  • #26
  • Oct 28, 2008 7:26am Oct 28, 2008 7:26am
EUR/USD Long at 1.2569. TP: 1.2579. Mental stop around 1.2545.

Manually closed at 1.2543. -26 pips.

Always disappointing when price moves to 1-pip away from the target and then reverses.

Well, we move on...
  • #27
  • Oct 28, 2008 8:01am Oct 28, 2008 8:01am
EUR/USD Long at 1.2549. TP: 1.2559. Mental stop around 1.2500
  • #28
  • Oct 28, 2008 8:29am Oct 28, 2008 8:29am
EUR/USD Long at 1.2549. TP: 1.2559. Mental stop around 1.2500

Closed this one manually at 1.2550 for +1 pip.

After price dropped like a rock and tested my mental stop, it came back up. I didn't feel it had the momentum to take out my TP, so I closed it.
  • #29
  • Oct 28, 2008 9:16am Oct 28, 2008 9:16am
EUR/USD Short at 1.2524. TP: 1.2514. Mental SL around 1.2565
  • #30
  • Oct 28, 2008 9:17am Oct 28, 2008 9:17am
EUR/USD Short at 1.2524. TP: 1.2514. Mental SL around 1.2565

In and out before I could blink. TP hit for +10 pips.
  • #31
  • Oct 28, 2008 11:11am Oct 28, 2008 11:11am
EUR/USD Long at 1.2503. TP: 1.2513. Mental SL around 1.2465
  • #32
  • Oct 28, 2008 11:12am Oct 28, 2008 11:12am
EUR/USD Long at 1.2503. TP: 1.2513. Mental SL around 1.2465

Another very fast in-and-out for +10 pips.
  • #33
  • Oct 28, 2008 12:26pm Oct 28, 2008 12:26pm
EUR/USD Long at 1.2494. TP: 1.2504. Mental SL around 1.2450
  • #34
  • Oct 28, 2008 1:12pm Oct 28, 2008 1:12pm
EUR/USD Long at 1.2494. TP: 1.2504. Mental SL around 1.2450

Closed manually at 1.2497. +3 pips.

Another case of price reversing and going against me not long after entering. Tested my mental stop, and came back. I'm not sure it has the momentum to take out my original TP, so closed for a small gain.
  • #35
  • Oct 28, 2008 2:20pm Oct 28, 2008 2:20pm
EUR/USD Long at 1.2631. No TP or SL entered - will manage manually.
  • #36
  • Oct 28, 2008 2:22pm Oct 28, 2008 2:22pm
EUR/USD Long at 1.2631. No TP or SL entered - will manage manually.

Closed at 1.2647. +16 pips in about 15-seconds. Closed here because this hits all of the daily targets I had set. I am now finished trading for the day.
  • #37
  • Oct 28, 2008 7:36pm Oct 28, 2008 7:36pm
EUR/USD
Sell Stop at 1.2736. TP: 1.2666. SL: 1.2876
Buy Stop at 1.2876. TP: 1.2946. SL: 1.2736

USD/JPY
Sell Stop at 97.50. TP: 96.80. SL: 98.90
Buy Stop at 98.90. TP: 99.60. SL: 97.50

GBP/USD
Sell Stop at 1.5971. TP: 1.5856. SL: 1.6201
Buy Stop at 1.6201. TP: 1.6316. SL: 1.5971
  • #38
  • Oct 28, 2008 7:54pm Oct 28, 2008 7:54pm
thanks for it, great info on how you run your business - good luck!
  • #39
  • Oct 28, 2008 8:31pm Oct 28, 2008 8:31pm
Quoting PhilipK
thanks for it, great info on how you run your business - good luck!
Thanks Philip. Yep, you absolutely need to treat this as a business to be successful in my opinion. Ive actually been spending some time the past couple of days completely re-vamping my spreadsheet. I wanted to automate it a little more, tweak it so that it doesn't always "assume" 20 trading days every month (and adjust my "targets" accordingly, etc), and just make it a little more "user friendly" in general.

Once I have it ready, I will probably post it in the journal as well. I think the "back end" stuff like this is just as important as having some sort of strategy for the trades themselves.

Thanks again for the kind words. Happy pipping!
  • #40
  • Oct 28, 2008 8:34pm Oct 28, 2008 8:34pm
Final check-in for the night. Results in the morning...

EUR/USD
Sell Stop at 1.2736. TP: 1.2666. SL: 1.2876 - Currently +4 pips.
Buy Stop at 1.2876. TP: 1.2946. SL: 1.2736 - Canceled: Sell order entered

USD/JPY
Sell Stop at 97.50. TP: 96.80. SL: 98.90 - Currently +18 pips.
Buy Stop at 98.90. TP: 99.60. SL: 97.50 - Canceled: Sell order entered

GBP/USD
Sell Stop at 1.5971. TP: 1.5856. SL: 1.6201
Buy Stop at 1.6201. TP: 1.6316. SL: 1.5971
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