Naked Trading Principles

This is my journal charting naked trading. It is purely a testbed to make demo mistakes and to challenge myself. Sources of information are from Igroks book, and with various discussions on pm and reading various journals.

this section is blank so i can update as i go along with various bits of information.

Work hard, study hard and reach for the stars. Good luck Pervaz

Date: 10/08
Time 22:20
Curr: USDCHF
TF: 4hr
Pattern: Channel downwards with 2 touches top and bottom. failed to reach 3 touch on top (blue box was my area for price to gather before falling down)
Sl: 15 pips on other side of channel line (top of box in red line)
TP: was 160 pip (daily ADR)

Today ADR is 137 for 60 day ( i will use trailing SL there and mve to BE)

Another trade is forming on cable 1hr and I am looking for the breakout as below

Thank you belekas and im going to work hard and if i can be half as good as you then i'll be happy

Remmember, for each situation there is a template. Other obvious situations requires obvious solutions, but that will come into play when your more advanced by using this method.

TP hit 160pips

Its amazing how slow the journey has been but i suppose there is no rush

Chart attached below

The price did go up but I would have only put a 20pip SL but that would have been hit (drawdown was -43pip)

I did not trade this trade.

As belekas said "each situation there is a template" so lesson for next week is to be very strict and use the templates rather than shoehorn trades !