My first post on Fxfactory and first journal | Forex Factory

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Attachments: My first post on Fxfactory and first journal
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My first post on Fxfactory and first journal

  • #1
  • First Post: Jan 7, 2007 3:58pm Jan 7, 2007 3:58pm
I will be using Trend Manager, mouteki, custom angle indicator and entrex for entry and exit strategies. Also using fundamentals with trend/support/resistance lines. This will all be used on the 4 hour and daily charts of GBP/USD.

Im makin a journal to try to devote more time into my trading and become more consistent.. also to stay on track.
  • #2
  • Jan 7, 2007 6:32pm Jan 7, 2007 6:32pm
Hi brxxt
Welcome to the factory<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o></o>

I have been demo trading using the trend manager for sometimes and I find it works better on the 1H chart. What is your opinion?<o></o>

<o></o>

Good luck with your journal.

Adam141
  • #3
  • Jan 7, 2007 6:50pm Jan 7, 2007 6:50pm
Welcome to the Factory.

Many pips to ya


trubo
  • #4
  • Jan 7, 2007 8:00pm Jan 7, 2007 8:00pm
Welcome aboard Brxxt. Forex Factory is a Fantastic site to Learn/Improve your trading skills. What ever level you are at you will find someone willing to help you. Good luck in your journey here.

ChucksIn
  • #5
  • Jan 8, 2007 3:16am Jan 8, 2007 3:16am
Thx guys, i feel very welcome here

Adam, ive had more success on the 4hr chart w/ trendmanager just because i find it to be a little to jumpy on the 1hr.

Ive spent a couple weeks setting up my "system" (i put it in quotes because i dont believe specifically in systems.. the word system has a "get rich quick" ring to i that i dont like). I prefer the word strategy because i feel that every trader is given the same tools to work with but not everyone enters and exits at the same times or chooses to buy or sell at a specific time- this is their personal strategic thinking followed by action)

I may seem a lil too passionate about what i just wrote but i have just seen so many posts that consist of "rare loss system" or "100 pip a week system" that i just dont agree with.

If i show successful trading in this journal i will gladly tell u guys what my strategy consisted of, but this will not always garontee equal results for everyone due to psychology
  • #6
  • Jan 8, 2007 10:47am Jan 8, 2007 10:47am
Quoting brxxt
I will be using Trend Manager, mouteki, custom angle indicator and entrex for entry and exit strategies. Also using fundamentals with trend/support/resistance lines. This will all be used on the 4 hour and daily charts of GBP/USD.

Im makin a journal to try to devote more time into my trading and become more consistent.. also to stay on track.
welcome to the forex factory and wish you all the best in your future trading
Pip Goes The Weasel
  • #7
  • Edited 6:19pm Jan 8, 2007 1:01pm | Edited 6:19pm
Buy GBP/USD @ 1.9376
SL: 1.9295
Target: 1.9456
  • #8
  • Jan 9, 2007 1:55am Jan 9, 2007 1:55am
moved stop loss to break even
  • #9
  • Jan 9, 2007 4:41pm Jan 9, 2007 4:41pm
came within 2 pips of my target (+78 pips from my entry) .. now retraced back down
still in the trade

reason why im still in: TRYING MY HARDEST NOT TO DEVIATE FROM MY EXIT STRATEGY! lol
  • #10
  • Jan 9, 2007 6:10pm Jan 9, 2007 6:10pm
just got stopped out at break even so thats +0

that hasnt happened to me in a while where it goes within 2 pips of my target.. oh well thats trading for you. At least i didnt lose pips

Not gonna dwell over it, on to the next trade!
  • #11
  • Jan 10, 2007 7:37am Jan 10, 2007 7:37am
Sell GBP/USD @ 1.9362
SL: 1.9431
Target: TBA
  • #12
  • Edited Jan 11, 2007 12:17am Jan 10, 2007 11:59pm | Edited Jan 11, 2007 12:17am
Moved stop to break even

Theres strong support from the trendline which started at the beggining of october.

News will be coming out at 4:30am

I will stay in the trade, up a lil over 30 pips right now
  • #13
  • Edited 6:51am Jan 11, 2007 12:16am | Edited 6:51am
decided to come out @ 1.9328
so i made +34 pips

i realized the support was really strong and price had been bouncing off it all day.. plus 2 major news reports are coming out for GBP and USD that will have a strong effect on price so id rather play it safe and get out before 4:30
Also, price has been playing around the 61.8 fib retracement line for a while

Just to keep track:
+34 pips so far
  • #14
  • Jan 11, 2007 6:57am Jan 11, 2007 6:57am
wow, just woke up to see the two major piece of news for the GBP were very positive and damm did it show on the charts

interest rate went up to 5.25%!! for anyone that trades the news this must of been like xmas all over again for them.

looks like i closed my trade at the PERFECT time last night, it bounced right off the strong support trendline after fighting it all day yesterday which made it even more significant

this will be a good reminder to me to always remember that PRICE ACTION IS KING!
  • #15
  • Jan 11, 2007 10:44am Jan 11, 2007 10:44am
Quoting brxxt
Thx guys, i feel very welcome here

Adam, ive had more success on the 4hr chart w/ trendmanager just because i find it to be a little to jumpy on the 1hr.

Ive spent a couple weeks setting up my "system" (i put it in quotes because i dont believe specifically in systems.. the word system has a "get rich quick" ring to i that i dont like). I prefer the word strategy because i feel that every trader is given the same tools to work with but not everyone enters and exits at the same times or chooses to buy or sell at a specific time- this is their personal strategic thinking followed by action)

I may seem a lil too passionate about what i just wrote but i have just seen so many posts that consist of "rare loss system" or "100 pip a week system" that i just dont agree with.

If i show successful trading in this journal i will gladly tell u guys what my strategy consisted of, but this will not always garontee equal results for everyone due to psychology
I can see you have the makings of a professional trader mentality even if you're new at trading. welcome aboard and may you have your cut in forex
  • #16
  • Jan 11, 2007 6:06pm Jan 11, 2007 6:06pm
thx hilmy

although i have been trading for almost 2 years now, been thru a 500 dollar live account (i call this my learning account lol)

I have learnt tons over my time trading.. one thing being never go live w/ insufficient funding due to the rules of money management mixed with high leverage in forex... unfortunately i learnt this after my 500 dollar loss

I spent most my time learning on www.moneytec.com but i prefer fxfactory and now i pay attention to the news also so its all here on one site... plus the people are more positive here so it helps out
  • #17
  • Jan 16, 2007 1:07pm Jan 16, 2007 1:07pm
Sell GBP/USD @ 1.9606
SL: 1.9710
Target: TBA
  • #18
  • Jan 17, 2007 10:31am Jan 17, 2007 10:31am
sold @ 1.9697
-91 pips

So far: -57 pips

I think I just proved "the trend is your friend" philosophy... going against it can be ur worst enemy sometimes, oh well, on to the next trade
  • #19
  • Edited 3:16pm Jan 17, 2007 10:33am | Edited 3:16pm
Buy GBP/USD @ 1.9702
SL: 1.9607
Target: 1.9799
  • #20
  • Edited 5:31am Jan 19, 2007 5:04am | Edited 5:31am
sold @ 1.9720
+18 pips

(my exit strategy may need some fine tuning, i think the market has changed since its been working.. been missing out on some big pips here)

Total: -39 pips
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