MW's trading journal

The Usd/Jpy came to Exactly my take profit earlier for a profit of 50 pips. I'm glad that I lowered the take profit level, which showed me that I had willpower over greed. I was going to try and let it push for just that 5 more pips of profit. That trade, for my future references, showed me what willpower over greed, among other things, can do. With that kind of power on your side, you can't lose! I've been reading into some psychological things today and I think I will post tomorrow, here, what I found and hold to be true. Have a good night everyone.

I believe we have a solid selling setup on the USD/CHF. This is based off of the 4 hour charts, which are in a solid downtrend, as well as the daily charts. On the 4 hour, price was unable to get exactly to the resistance area of 1.1620, and so I will short here as I think the bears are still very dominant. On the dailies, this looks as if it were just a small retracement, and so the next move down should be rather large. I entered in at 1.1593 (yes a little low, and I couldve gotten a better price I know- I will try to add to the position as price moves a little higher, IF it does move a little higher before dropping). My take profit is unannounced as of yet, becuase I think this trade could end up as a longer term trade than what I usually take. Once I identify with Elliot Wave theory, I will post back and show what I think of the chart overall.

Once I am around 40 to 50 pips in profit on the USD/CHF trade, I am going to set my stoploss to +10. I think this trade could ride out for quite some time by looking at the daily and 4 hour charts.

The USD/CHF trade is moving along nicely now. The daily bar closed as a pin indicating more downwards momentum and so I will add to this position if price moves higher again. If not, then I may wait for hourly confirmation to enter again later. I'll post more trades as they come.

Here is a trade I am taking on the USD/JPY based on the daily timeframe. The price moved up to the resistance area, but couldn't break through. Instead, it moved lower to create a bearish engulfing: a reversal signal which gave us a solid entry. I entered a little low at 114.44, but I will add to the position if the price moves up a little more. I feel it will inevitably drop within the coming days. My stop loss on this trade is going to be rather large as there has been a fairly large daily range on this pair lately. My profit target will be larger than the stop loss, however, creating a great risk to reward ratio.

I'll post in a bit some weekly trades I'll be taking. I have to take care of some stuff first, then I'll be back with charts.

On the weekly charts, for the most part, I am only seeing continuations of the trend. Last week was the time to get the serious trades. The only thing that I am seeing as being tradable is the USD/JPY, which I am already in. The week ended as a fairly bearish bar in the middle of a strong downtrend. This, along with the methodology that I am currently implementing, makes me think that we should see more downwards movement for this week and longer. With that out of the way, I'm going to move to the dailies.

Just posting the additions to my USD/CHF short. One at 1.1535 and the other is fairly low (I know I know) at 1.1520. Right now we are in a tight range on the hourlies, but I think this is just consolidation before the trend continuation. Anyways, I'll post with more trades as they come, it just seems that nothing is coming out as an A+ trade other than these two; the USD/CHF and the USD/JPY.

The USD/ CHF trades are all in heavy profit now, and I plan on just riding the trend the rest of the way down; selling as we move further south. If we dont move further south, I have all of my protective stops firmly into profit. I closed out the USD/JPY trades earlier today for a good profit. Im not on my trading computer at the moment, so I will post the profit when I get home and see them.

The Usd/Jpy trades were closed out for 14 pips profit. I ended up not adding to the position when price moved higher than my initial order. My Usd/Chf trades are all going fantastic at the moment and I have locked in a substantial profit on these. I think we will see a little movement upwards from this area, but I am still bearish indefinitely. We will see how they are going tomorrow when I wake up. Good luck to everyone and have a good night.

Ok, instead of holding these positions, I decided to close out all of them at 1.1375. I'm going to get some sleep. I will post tomorrow with the outcome of each trade. They were all over a hefty 100 pips profit so now I can sleep easy. I am very comfortable with taking this trade off the table at that large of a gain. One of the most important aspects of trading is knowing when to take your profits after all.

Ok, so the 3 Usd/Chf trades that were closed for a profit of 284 pips (I think), 141 pips, and 156 pips. I'll be looking for more opportunities at the day's close.

Definitely should not have closed out the Usd/Jpy trades. lol. I'm writing this now so that in the future when I've long forgotten this post and I'm reading through. Mike Whiting, your an idiot. Let your profits run. Don't trade when you have other things on your mind. Emotional distractions are the mindkill. Fear is the kill all. When your afraid man, step down, instead of trying to conquer the world on your own. I try so hard to carry everything on my back, so that other people don't have to; my downfall is not knowing when to take a step back, not give up, but just take a step back. I can't wait till I read this about 4 or 5 years down the road.

The Aud/Usd is closing as a bearish pin bar in a solid uptrend. I will NOT sell this pair, but rather wait for it to move down closer to the support area of .9075. Then I will look to buy again as I don't think this uptrend is exhausted one bit. Australia is only going to keep getting stronger as it is a comdoll (commodity dollar). I will wait until a reversal presents itself back towards the upside once we move down to the area of support. I will post about other posts as I see them.

The same goes for the NZD/USD. Bearish pin bar in an uptrend, so I'll wait for it to drop to support to buy again. Don't ever sell in an uptrend. Your setting yourself up for failure if you do this. When you sell in an uptrend, your take profit gets smaller as every bar goes by. This, in turn, will end up creating a terrible R:R ratio if it takes longer to move than expected.

We have a solid buying opportunity on the Aus/Nzd. There is a bullish engulfment pattern right off of the support area. I will have my first take profit area at 1.2075. I will post with more take profit areas in a bit, as I will probably be adding to this position throughout the course of this and next week.

I forgot to mention where I bought in at just now. I bought in at 1.1979, and I will be adding to this as time goes on.

How lucky am I? Honestly? I changed my take profit level on the Aus/Nzd trade from last night to 1.2020 and I ended with, I do believe, 41 pips. I'll post more trades later in the day as they come by.

This would have become a negative trade and was pure luck. I think that I was seducted by a higher price take profit, while not taking into effect the resistance on the way up to that higher level. It was lucky that I changed it to the lower resistance level for my take profit. This would have been a loser. I'm saying this for one reason, Do Not Get Greedy. I repeat, Do not get greedy. I think I just wanted to be Mr. Big Shot and call the higher level, while I really knew that there was a slim chance for it getting there.

I'm taking a trade on the Eur/Jpy based on the 4 hour charts. We are in a rising channel, and close to the bottom of it on the daily and 4 hour charts. I saw a reversal on the dailies for the upside as well as the 4 hour just now. I'll be opening a position at 165.50 and will be looking to hold this for awhile. Hopefully I could see a take profit at the 167.00 area. After that, there is resistance which couldn't be broken yet so I may take profit there.

The Eur/Jpy trade has gone almost immediately in my favor. I'll be looking to add to the position as time moves on and I see more ideal setups along the way.

This is my reasoning for the Eur/Jpy trade. We saw a reversal sign based on price action right on top of a support level and we were close to the bottom of a rising trendline. A+ setup in my eyes.