Arthcub's Day Trading Journal

Today we had similar trading conditions as yesterday, and we aslo had the same kind of results too. The EUR/USD has been caught in basically a 100 pip range between 1.4950 and 1.4850, forming a sideways channel. As I've mentioned before, consolidation with high volitility is the worst scenerio for my trading strategy. Hopefully we see a breakout with some momentum soon.

My first trade of the day was taken as continuation trade of the swing low initiated during the London session. Price moved down taking out some minor resistance but then reversed and stopped me out at breakeven.

The second trade was a pullback to the first trade. Price only moved down slightly before reversing and taking me out for a -15 pip loss.

Another attempt to trade the pullback. This trade yielded a -17 pip loss.

After being stopped out of my short trades, price moved upward and I entered long for a possible up trend initiation. Price moved up enough for me to move my stop to breakeven, but it then reversed and stopped me out.

The next trade was an attempt to add to my long position on the pullback, but the upward movement proved to lack enough strength to maintain its direction. I was stopped out for a -18 pip loss.

Another attempt to trade the a pullback. Trade ended with a -15 pip loss.

My final trade of the day was at a possible down trend initiation. Price tested resistance and then reversed to stop me out at breakeven.

Days like these can really test a trader's metal. The only way I know to persevere is to remain disciplined.

Today I took 7 trades with 4 losses and 3 breakeven trades.

Results:
Today -65
Week -148
Month +61

The sideways channel is still holding today, and the losses continue to mount while waiting for price to breakout and trend again.

My first trade was taken on a possible trend initiation, but price stalled and then reversed to take out my stop. A -13 pip loss was the result.

I entered a 2nd position on the pullback, but it suffered the same fate as my first trade. The result was a -9 pip loss.

My disciplined continues to be tested as I approach breakeven for the month, and my drawdown has exceeded that seen in backtesting.

Today I took 2 trades with 2 losses.

Results:
Today -22 Pips
Week -170 Pips
Month +39 Pips

Trading conditions are beginning to improve since price has broken the sideways channel moving downward, but in spite of that fact, I still suffered some loss today.

My first trade was an attempt to catch the beginning of a long move, but price formed somewhat of a double top and then reversed to continue its downward trend. The trade resulted in a -20 pip loss.

My second trade was on the initiation of a downward move for the New York session. Price broke through support and then reversed to take me out of the market at breakeven.

My last trade of the day was on the pullback of the downward movement. Price moved down to form a new low, and then double bottomed before reversing to take out my stop. I trailed my stop until exiting with a +8 pip profit.

Today I took 3 trades with 1 loss, 1 win, and 1 breakeven trade.

Results:
Today -12 Pips
Week -182 Pips
Month +27 Pips

This has been a hard week, but with any luck, next week will be better. I hope everyone has a safe and enjoyable weekend.

The EUR/USD mostly moved sideways this morning, so no trades were taken.

I'm posting later than usual today, and my descriptions may be briefer as well.

My first trade was looking for price to continue the upward movement that began in the Euro session, but it found resistance around 1.4700 and reversed to stop me out for a -20 pip loss.

After being stopped out, I looked for a pullback entry, but price continued down until I was stopped for a -16 pip loss.

Next I was looking at a possible reversal to the downside. I entered on a pullback to the downturn in price, but it double bottomed at the 1.4650 number and then stopped me out for a -17 pip loss.

The fourth trade was a possible upward trend initiation but the pullback took my stop out for a -20 pip loss.

I re-entered on the pullback and trailed the stop until exiting with a +94 pip profit.

I added to my position on a breakout to the north side. I then trailed until stopped for a +71 pip profit.

Today I took 6 trades with 4 losses and 2 winners.

With trend trading, a good number of losses can be absorbed during consolidation and then new equity highs found when a direction emerges.

Over the past month I have taken 37 trades, 22 of which were losers and 6 broke even. That means that only 30% of my trades were winners, and yet I'm still ahead for the month. That's why you always hear to cut your losses short and let your winners run.

However, I am considering reducing my leverage since the drawdown has been significantly more than was seen in backtesting. I will also be reviewing the strategy and the results in order to make any necessary changes that will aid in keeping losses small while still taking advantage of strong movements.

Results:
Today +92 Pips
Week +92 Pips
Month +122 Pips

One trade was taken on a possible up trend initiation. Price move up, but then reversed to take me out at +1 profit

Results:
Today +1 Pips
Week +92 Pips
Month + 123 Pips