Epilogue's Trading Journal

Hi everybody, I have decided to post a journal of my trades here. I will be posting all my trades with a fair bit of explanation as time moves on.

I trade only EUR/USD, Gold and Crude Oil. I will be trading medium to very long term.

My rules for entering a trade and exiting it are as follows:
1) Enter on 50 fib. If it fails, enter on 61.8 fib.
2) Enter on daily chart's support and resistance level.
3) Enter on trendline breaks
4) Enter on major news on a good support/resistance level
5) Exit on next support/resistance.
6) Exit on next trendline approach

For all trades, I have 50 pips stop loss. Whenever the stop loss is hit, I just take reverse position (RP) at the exact point where stop was hit. If it was buy, now i take sell, and vice versa. And when the market starts to move in the original direction, I use Jacko's AH technique to reenter the market.

Taking reverse position (RP) is a huge advantage. It allows to cover up the loss immediately, sometimes even giving more than what was lost. Also, RP has a huge advantage in news trading.

I will be using TSL manually. I will be adding lots when price exceeds the previous high/low from retracements.

I will try to be explanatory as much as I can.

Alright epilogue. I'm very much looking forward to this.

A question regarding point #1: you mention entering on 50% fib line, what time frame would that fib line be drawn on?

Good luck.

Ok. Here goes the entry for EUR/USD.

3 lots long at 1.3975
Stop loss(SL) and reverse position (RP) at 1.3925.

I always draw fibs on daily.

Damn it, I just missed that entry.

Pending order filled but kind of like catching a falling knife. In a small profit of 4 pips. Setting up a pending reverse order.

Settled gold for profit in reverse position (950 sell at 944). And now,

GOLD 944.00 LONG
SL and RP at 940.

You know I think 1.3950 would have been a much better entry.

Its the same thing anyway. But what's the logic behind 1.3950. I dont see any. Did I miss something?

The pair has been ranging the past couple days and I was just mainly looking at the support/resistance areas of the past couple days. I’ve drawn my support TL on the 4H starting at the low of 1.2964 on April 28th and the connecting the low of 1.3856 on June 9th. Price has been mainly ranging between this support line and the 1.4050 mark for the past couple days. If we had an upward bias, which your trade obviously did, 1.3950 would allow us to hide our 50-pip SL behind this support TL, which on the 4H candle we enter would be @ 1.3917 by my chart. Should price pierce this support line we could be looking at a more downward move to the weekly 50% fib and then activate our reverse trade at 1.3900.

At the same time, I realize you took the trade at almost the precise point of the 50% fib.

The trade as it stands hit a high of 1.4032 for a maximum gain of 57 pips so far. Considering the range of the last couple days and this news wasn’t major news, I moved my SL to breakeven after 50 pips in the green. I realize you’re more aggressive than I am but I really want to see this thing trade out of its current range before getting more adventurous.

I agree.

Meanwhile, my earlier entry on crude oil (as I told you in PM), is showing 125 pips profit, so I just moved SL to 25 pip profit.

I move my SL for EUR/USD to breakeven as well.

For gold, I am waiting.

I move my SL for gold to 948, locking in 4$ profit.
I also move EUR/USD at 1.4000, to lock in 25 pips profit.
I also move crude oil SL to lock in 75 pips profit.

I moved EURUSD SL to 1.4025 to lock in 50 pip profits. The 1.4025 number gives a 70-pip breathing room from our high of 1.4095. That area is offers some resistance so we might have a retrace or outright reversal. If it gets past 1.4095 it has a good chance of blowing past the resistance line that forms a near asymmetrical triangle and then go on for a while. However, I'm now going to leave my SL at 1.4025 to see where the trade takes us. I would be happy with a 50-pip gain on this trade if that's all it brings.

I closed out my trade at 1.4098 for a 118 pip profit after factoring the spread. I was getting concerned about that resistance line on the symmetrical triangle, plus the ranging nature the last couple days and, finally, the lack of news coming up. I think there might be one small news tomorrow, so I'll see if it brings it out of the triangle. I still probably should've left it to see if it could at least get back to the 1.4030 range but I'll take this win. I guess I don't yet have the confidence to let this thing run further in this situation.

Ok. I settled 2 lots for EUR/USD at 1.4100 for +125 pips. And now left 1 lot with profit locked at 1.4000 for +25 pips.

For crude oil, i settled completely at 72.50 with +175 pips. And for gold i settled partial profits at 955 and only 1 lot is left open.

You should also practice multiple lots, closing partial lots when you feel not so confident, at least try 2 lots. Just my suggestion though.

I'll consider that. I used to trade that way. I kind a wanted to get away from doing that though. We'll see...

I saw you closed out most of your positions on fiber around the same spot I did. Still pretty good profits by both of us. Congratulate yourself :-)

It looks like that upper resistance line on the triangle is holding up. I posted a chart earlier in Jacko's thread showing the symmetrical triangle. I might post an updated one here later. I have little confidence it'll do much other than range on Friday. I don't mind being wrong though.

On a long term, the lowest price can get to is 1.3950, on the worst case. If it goes beyond that, the uptrend bias is not correct at all. Looking at the trend, my remaining running trade , the long on 1.3975, should do excellent.

If the trend is really up, it must go up by quite a long pips today, so that we can see a rally on next week. At least, we need to see a bullish engulfing candle on the daily and the weekly. I am hoping a large move today, despite the fact that there are not much news factor.

OK. Stopped out on the last running position for EUR/USD on 1.4000. Stopped out on Gold as well. I will see later if I take any position.

I will be watching 1.3950 closely.

I just logged in to see that we had another bounce off the lower trendline. I'm tempted to do a LONG trade if it goes back below 1.3950, and bounces back off the TL again, except I would be keeping a tight 50-pip TSL. If this doesn't happen I'm staying out for the day.

Epilogue, prior to your trades going into profit do you trail your stop like Jacko does, pip by pip? If not, please explain whether and/or how you trail prior to going into profit. I already understand your trail after entering profit.

Thanks.