Trading Journal

Some analysis

More analysis

Sell

Entry=142.86
Take profit=142.05
Stop Loss=143.86

I'll be looking to move the stop loss to break even if I end up being +40pips in profit. Also, just because I have a stop loss that goes outside of the 1:1 risk to reward ratio doesn't mean that I won't terminate the trade well before it gets to it. I like to put a hard stop in just to be extra safe but often I'll reverse position or exit well before it gets to the stop loss.

Turns out that I pyramid into this trade and it has bitten me in the ass a little bit. Initial trade was for 13000 units and I then opened another two positions at 3000 each. Then price moved up against me placing me in the red. Still I think price will move in my desired direction so I am still holding on to the trade.

Lost on this trade as well. Detailed explanation in the image below:

ATR of 14 periods. And then viewing on the 30min time frame, the ATR=24pips for the EUR/USD.

In these conditions my method was working pretty well as can be seen in the image below.

The only issue for me is when to get out of a losing trade. it's tough to work out with this discretionary method. Either way, these were some good profits for the day IF I was trading it with my live account.

Either way though I should probably be halving the position size that I used on these trades. The risk of ruin if I get it wrong would be devestating. I need to trial this method for a few months and see how I go.

Note that the very first trade I made with $47 profit was with my longer term strategy. The other trades were done using my extremely short term scalping strategy.

See image below.