Atomic's Journal

Trading Style: Discretionary

Disclaimer: I hope it goes without saying that I don't wish to anyone to trade what I trade just because that is what I am doing, because I am trading a demo account for a reason.

Decided to start a journal. I am currently trading with a practice account. I personally like to trade the 1H timeframe and trade one or two times a day depending on what the market does, but generally speaking I prefer to have my positions closed by the time I go to bed.

Made one entry on the EUR/USD today @ 1.5520 with a stop loss of 1.5514 (Risk 2%). Very tight stop loss but it had enough technicals backing it up. The one thing that I am really unsure about is exits. I can never tell where I want to exit. Optimally obviously I would like to have it move 1000 pips in my direction directly after I enter but thats never going to happen. Fore the first time today I've tried to analyse where price is likely to go and am sitting tight watching what eventuates.

How do you guys guage where you exit? Based on fibs and the equidistant channel the blue area is where I think price is heading where I would be happy to take my profits but theres obviously another area of resistance at 1.5568 that hasnt been broken for approximately two days now so hopefully it breaks.

Closed out at 1.5522. In hind sight I should have exited the trade near the resistance that I was talking about, but I've been trying to "let my profits run" recently, but I guess when it comes to short term trading, taking profits at the first opportunity should be a priortiy especially since I went long on a day that started off with a down move. Looks like its probably going to finish pretty flat today and hopefully there will be another opportunity to enter long within the next few hours because I think price is near support, just need to see what price action does.

Long 1.5515, due to perfect pin bar which bounced off a 62 fib retrace level. Probably should have had a larger stop loss but lets see what happens.

Update; well there you stopped out already. Thats its for today!

I suppose the fact that the longer move indicated by the yellow spotted fib level was indicating that the market was bearish because it didnt even retrace to the 23 level of 1.5597. So from that perspective maybe the longer term market is still bearish.

Lesson learned: Don't trade something you don't usually trade, in this case being the 15 min time frame! Overtrading!

By now it has already reached 1.5500 now, I was stupid to buy a weakness... If it breaks through the 1.5500 support, then I will stop my LONG position.

Cheers,


Fadetobla

Hope you didn't lose any money trading live . I'm pretty inexperienced so I hope you are not blindly following me (unless you are paper trading in which case go nuts ).

Well I entered another trade yesturday which turned out to be another flop but at least I was somewhat right about the direction of the trend and the fact that the market were going to close flat.

Entry 1.5515 and almost immediate stop out at 1.5490.

Screen speaks for itself. Took the trade based on pin bar. Wasn't following the market the whole day, came home saw the pin entered immediately went to watch tv came back in the next commercial break and closed it at 66 pip profit. So all in all lucky trade more than anything. The worst feeling is knowing that the price went 155 pips! Not entirely sure how to mentally explain to myself that it's ok to leave pips on the table. Risk wise I guesstimated it because I wanted to enter ASAP as close to the top of the channel as possible, turned out I risked less than 2% around 1.8%? So essentially I risked more on the other 2 trades which were losses and less on the winner... martingale I think this is called, then again I'm not that familliar with it so its purely a guess. Any ideas as to why the huge sell off happened? Just a purely technical based move or was there some news?

Entered another longEUR/USD @ 1.5450 @ 13:50 but decided to exit it at break even because I felt that there was no reason for the down move not to continue and I was right .