Watch the rise (or fall) of a trader gone naked

It might break below soon. I'm there... Patiently waiting...

beam

A minute ago I placed my orders. The market has broken below the MA's (= trend is down on 1H), has retraced during Sydney and Tokyo sessions and has now resumed the trend down.

Sell stop entry at 1.2722 with initial SL at 1.2802.

beam

My sell stop @ 1.2722 got hit at 0:08 am EST.

SL @ 1.2802

A lower low is likely below 1.27. If a lower high appears later (below 1.2802), I will lower my SL to it.

Anyway, I'm out there fishing, just in case a big fish is hungry today...
Beam

SL is scheduled for cange after 5:00 am EST if the market continue lower from here.

Beam

SL moved down to 1.2758 at the previous high.

beam

I didn't move the stop down to 1.2746 earlier today. Figured it was going into a consolidation and the risk was less than 0.5% (1% when the trade started). So... the trade is still on, but was only 9 pips from getting stopped out 1-2 hours ago.

If I get kicked out by only a few pips, my plan is to establish a new sell stop at the previous low.

beam

Moved SL to 1.2749 (previous high).

beam

SL moved to 1.2663 (previous high). 59 pips profit locked in.

This is the best part of trading. Profit locked in, but the trade is still active. I come to think of the last minute of the movie "The Perfect Storm" when you can hear Billy Tynes voice in the background praising his profession. It goes something like:

Weather is fine. Light winds. Sun is shining. It can't get any better than this, you're the captain of a swordfish boat.

If you happen to know the whole "speech", please post it!

beam

Wasn't even near... But here it is! Thanks to Google...

Stopped out at 1.2663. Profit 59 pips.

Well, a lot of things have happened since trade 16. Mainly that I now have a system that I can trust. My try-this-try-that days are over, at least for now.

Trade 17 was executed with patience and accuracy totally according to the rules. I feel very proud about that! In the end it produced a small profit despite the fact that market movements were fairly small. The rules protected the trade perfectly and closed it with good timing.

I now start to feel very optimistic about the future. My mind state is that I feel calm and focused at executing entries and position management. For the future to be good, I have to focus NOW. And tomorrow, and the day after tomorrow, and next week....

beam

Red and italics is new/changed stuff.

Pair and timeframe: EURUSD. Daily, 1H.

The Strategy Rev. 12

General Rules
- Always trade with the trend.
- Keep the number of indicators to a minimum.
- No day trading. Aim towards Investing rather than Trading.
- Always use Stop Loss orders. If not, they wouldn't be rules...
- Always follow the rules.
- Maximum risk of 2 % in any one trade.

Trend Rules
- Price above the 24MA and 48MA on the 1H chart defines an uptrend. Trading is only allowed when price is above the 22 and 44 MA's on the Daily chart.
- Price above the 24MA and 48MA on the 1H chart defines a downtrend. Trading is only allowed when price is below the 22 and 44 MA's on the Daily chart.

Entry Rules
- Uptrend: When price moves through and above the 1H MA's and then makes a higher high and a higher low, place long order at that new high, with Stop Loss at that new low.
- Downtrend: When price moves through and below the 1H MA's and then makes a lower low and a lower high, place long order at that new low, with Stop Loss at that new high.

Position Management and Exit Rules
- Uptrend: When the market makes a higher low on the 1H chart, move SL to it. If the trade gets stopped out only by a few pips, place a new buy stop at the earlier high with initial SL at previous SL. But be aware of where price is compared to the 1H MA's.
- Downtrend: When the market makes a lower high on the 1H chart, move SL to it. If the trade gets stopped out only by a few pips, place a new sell stop at the earlier low with initial SL at previous SL. But be aware of where price is compared to the 1H MA's.

Notes on Indicators
1H 24 Moving Average: 1 day.
1H 48 Moving Average: 2 days.
Daily 22 Moving Average: 1 month, approximately. 365 / 12 = 30.42 days per month. 5 / 7 = 0.71 word days. 30.42 * 0.71 = 21.59 work days per month ~ 22 days.
Daily 44 Moving Average: 2 months.

Believe it or not, the trading log is now up to date again... Finally...

Isn't it funny how easier it is to update it after a profit...

By the way, I seem to have numbered the trades in this journal incorrectly. Previous trade was no. 18, not 17. Sorry.

It will be a long night since it is likely that trade 19 will be started soon.

beam

No. The market turned around.

Later
beam

Sell stop @ 1.2561. Initial SL @ 1.2606

Initial SL moved to new high of this retrace @ 1.2609.

Sell stop got hit @ 1.2561. Initial SL @ 1.2609 (previous high).

SL moved to 1.2596 (previous high).

SL moved to break even @ 1.2561. We're near the major resistance @ 1.25 and the possibility of a significant bounce can't be ignored.

beam