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Hopefully my last..

  • #1
  • First Post: Jan 30, 2008 10:14pm Jan 30, 2008 10:14pm
I am starting a journal to keep track of my trades. I seem to lose focus when I try to do this on paper, so maybe, just maybe this will help. Ohhh yeah unlike my last journal this will actual be for live trades and not just a “new system” I am working out.

To keep it short I will be trading EURUSD and GBPUSD only.
All my signals are based on the 4H timeframe, with the possibility for 2 additional entries into the position for a grand total of no more then 3 per move.

I won’t be giving away my system for the plain fact that I have no recorded track record for it. I have been trading it for a little while now, but needless to say I have blown up my account more then once, primarily because I try and trade GBPJPY. This is due to greed and I lose focus of the long run and try to trade the GBPJPY. So for now I have totally eliminated all pairs except for the two listed above. Hopefully this journal will help keep my mindset fresh and always think of the larger picture and get rid of the “lets try to become rich by Friday” mentality.

If within my journal at some point I do feel as though my strategy is worthy of sharing (being somewhat consistent and profitable) then by all means I will do so. Until then I will try and work out any kinks that should arrive.
  • #2
  • Edited Jan 31, 2008 8:26am Jan 30, 2008 10:17pm | Edited Jan 31, 2008 8:26am
OK enough is enough already, lets get down to business...

Short GBPUSD
Entry @ 1.9861
Re-Entry @ 1.9856
Re-Entry @ 1.9843

Total 3 positions short.

Almost forgot SL is at 1.9959
Normally I would trade all signals regardless, but I feel the GBP is weakening. Time shall tell..
  • #3
  • Edited 1:46pm Feb 1, 2008 9:17am | Edited 1:46pm
Still currently in the GBPUSD short. That was a tough one to ride out. Thought about exiting many times. I guess thats the pyschological games that I throw upon myself when trading the 4H. Where to take profits and or when to cut the loss....


Short EURUSD
Entry @ 1.4836
Re-Entry @ 1.4829
Re-Entry @ 1.4804

Total 3 positions short.
SL is at 1.4878
  • #4
  • Edited 4:54pm Feb 4, 2008 4:05am | Edited 4:54pm
Exited all three positions of GBPUSD at 1.9674

Position 1= +183 pips
Position 2 = +178 pips
Position 3 = +165 pips
  • #5
  • Feb 4, 2008 5:16pm Feb 4, 2008 5:16pm
Exited all 3 EUR position's. Don't have a valid signal one way or the other so I will sit and wait.

Exit @ 1.4825
Position 1 = +10
Position 2 = +3
Position 3 = -21


Lets wait for the next set-up.
  • #6
  • Feb 4, 2008 5:24pm Feb 4, 2008 5:24pm
Thinking about adding a 30M GBPJPY concept to this journal as well. Its the same principle as the 4H EURUSD & GBPUSD just on a 30M scale. It will have re-entries as well.

Maybe going to paper test to get a feel for it before I go live with it. I think the begining of March should be an ideal time.

Yeah, March 3rd will be make or break for the 30M GBPJPY
  • #7
  • Feb 5, 2008 7:26am Feb 5, 2008 7:26am
Quoting Bam Bam
Exited all 3 EUR position's. Don't have a valid signal one way or the other so I will sit and wait.

Exit @ 1.4825
Position 1 = +10
Position 2 = +3
Position 3 = -21


Lets wait for the next set-up.

Yep its official I am a moron. In retrospect I shouldnt of exited if i didnt have a valid signal. Well this one came to bite me. Price is now at 1.4681. Ughhh....

*Mental note- Stay in the trade to you get your signals, your trading a plan not what you think might happen- if only it was that easy....
  • #8
  • Feb 5, 2008 7:57am Feb 5, 2008 7:57am
Hey, what kind of strategy are you using?
  • #9
  • Feb 5, 2008 8:37am Feb 5, 2008 8:37am
Quoting tunera
Hey, what kind of strategy are you using?

Tunera, Its a variation of this method with price action. Sorry but Im not going to go into the details of it.

http://forexfactory.com/showthread.php?t=44759
  • #10
  • Feb 5, 2008 9:29am Feb 5, 2008 9:29am
No probl, i was just curious
  • #11
  • Feb 6, 2008 3:43pm Feb 6, 2008 3:43pm
I had no trades today only because I exited out of my position too early. Now I am waiting.

Which made me start thinking today….

Say I do this again at some point, exit early. Do I sit out for the next set-up or do I try to re-enter into the position. If I re-enter what will the criteria be for that.
Hopefully its not just when ever I feel like it. Do I take my rules and apply them to a lower TF say the 1H or do I try to observe PA and interpret it at my best.

Im going to really have to think this over and see what makes logical sense. The last thing I want to do is over trade my account.


Ideally I dont want to be in this situation, technically I should ride the plan as long as it lets me. But its always good to have a Plan B should Plan A take you on a detour.
  • #12
  • Last Post: Feb 7, 2008 6:51pm Feb 7, 2008 6:51pm
I must say that this is really testing my patience.... I exited trades early now all I am doing is watching the prices fall. Had I only stayed in hot damn that would be nice... (actually being sarcastic)

But in all seriousness I think I am being tested. The old me would be trying to jump in on pullbacks- trying to pick turning points- only to watch my account slowly whittle into big fat 0$.

For the very first time in my brief trading history I am not doing the aforementioned but actually trading a plan… I must say that I am actually content sitting on the sidelines until the next signal should appear. Im not sure what to make of this feeling.

Till then
Bam Bam
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