Ezakimak's Trading Blog

Hi everyone!

Thought I would start this thread to keep track of my trading, mindset, ideas and tests in the world of Forex. I have been trading for about three years now, for the last one with a live account trading small lots. My ultimate goal is to achieve financial freedom with this, but for the moment I am happy making some pocket money. If I make only one pip on a trade, I consider it a win. In my book, making one pip is better than making no pips or negative pips.

I have a couple of strategies that I use which I will elaborate on in a later post. I think it is always good to have a couple of plans because the market is always changing. I am normally fiddling with the different indicators I come across here and there so I may post some test trades with them from my demo account too.

My trading motto is: Little by little, bit by bit.

Anyway, thats me! Lets learn together.

Ezakimak

Here is my current set up, I call it NAKED RENKO as there are minimal indicators involved. I use a 5 digit broker, so when I talk about my pip numbers, they are with the 5 digits in mind as they are presented to me on my chart. For example, if I say 150 pips, that would be 15 pips with a 4 digit broker.

The renko blocks are 150 pips and the indicator on the bottom is a BB MACD with all the lines deleted except for the dots and set at 5, 13 and 1. Entries are simple: when two dots appear of the same colour, trade in the same direction. Once a new renko block forms, I move my stop loss to lock in 10 or 20 pips. If I am fortunate enough to have price continue in my favour, I will lock profit it in in lots of 10. The initial stop loss is around two renko blocks away from the entry.

Have a look at the attached chart, entries should be clear by looking for where there are two dots of the same colour in a row. You will be able to see that when it works, it works well, but like all strategies, does not work all the time.

Well, it is Monday already, dang the weekend flew past quickly. There is one good thing about a Monday - we can start trading again!

I just got home from work and had a scan over the charts. Looks like a Naked Renko signal has just come up on the USDCHF, so lets kick off a trade and see how we go!

Well I followed my plan: Once a new renko brick was created, I moved my stop loss to lock in 10 pips. This was just taken out with a bit of a pull back.

It's all good, happy to make a couple of pips to start the week. Some pips are better than no pips!

Naked Renko set up has appeared on EURUSD. I am a bit late on my entry, but there is a strong downtrend so I think the late entry will be okay. Let's see how we go!

Excellent, price has fallen enough for me to lock in 50 pips of profit! Whatever happens now, it is a winner in my book!

Just locked in some more profit. I love it when this happens! Got about 200 pips locked now.

Wow, this is going GREAT! Got about 320 pips locked now!

Price has just pulled back and hit my stop loss for a total profit of 332 pips. I am happy with my nights work!

A Naked Renko setup has appeared on GBPUSD. Alrighty, let's see how we go!

Okay, this had me worried for a bit as I thought maybe price was going to go the other way. Fortunately, price has now moved just enough to make a new renko block, so, as per my plan, I have moved my stop loss to lock in some profit. Whatever happens now she is a winner!

Price is moving up steadily. I have just moved my stop loss again to lock in some more profit, got about 100 pips safe and secure.

If you look at the chart I just posted, there seems to be a previous resistance point on the left hand side. Do you think price will get there and turn back, or keep going?

Well price has now reached that previous resistance area I mentioned. It will be interesting to see what happens from here. Whatever happens, I have 200 pips locked now!

Sweet as! As expected, once price hit that previous resistance point it pulled back a bit, just enough to hit my stop loss.

It's all good though, 200 pips in the bank!

I spotted a Naked Renko set up on the USDCHF this morning before work so kicked off a trade. Just got home to find the trade still open! Price has only moved a little bit during the day. Got a take profit set at a previous resistance level.

Just locked in 10 pips. Not sure if we are gonna make it up to the target, but at least we will snare a couple o' pips!

Yup, price pulled back and hit my stop loss which had been moved to break even plus 10. All good, pips in the bank!

Hmmmmm Naked Renko has appeared on the AUDUSD....let's see how we go. Not sure price will push through that resistance line, but if it does, we will be along for the ride!

Hmmm, looks like this one might not go my way........