MJ12 Trade Log

*All trades will be posted live if poss* this is because i'm not using myfxbook for all my trades and i hope this will make me think twice before taking any impulsive trades.

I am going to start another trade log as my trading has changed considerably since I started my last journal. I am not consistently profitable yet but i know i could be if i stopped making needless mistakes.

Mainly i trade TT's (touch trades) off significant levels, retraces of PA bars and Breakout pullback TT's.

I'm logging my trades so i can reflect, see where I'm going wrong and improve my performance (same old reasons - still the best).

I would like to send thanks to the following traders who have had a massive influence on my trading and i would suggest checking them out if you haven't already.

James16
Raczekfx
Lovejoy80
WMD
Darkstar
Trader_dante (trade2win)
Mbqb11
Sam Seiden
Jarroo
Trade Price
Chris Lori (excellent trading videos)
Limey16
Nasir_khan
BBmac (trade2win)

I'm sure I've left loads out.

Anyway on with the trading. (which will start on Monday).

I'm exiting the first position at my first target which is usually around 1R and the second position i am shooting for a daily level.

March Trades

1st position Results = 3.75R
2nd position Results = 2.65R (i was not playing a second position the first 4 trades)

CL +0.7R ""
UC +1R ""
EP +0.15R ""
UC +0.05R ""
EU +1R... BE
EA -0.15R... -0.15R
EU -1R... -1R
GO +1.1R... BE
EU +1R... BE
GJ +0.1R... +0.1R
CL +1R... +3R
EH -0.2R... -0.2R
GO -1R... -1R

April Trades

Will be watching

Cheers Sam .

Well here goes with my first trade and it was a winner. Not been trading all week as i had some unexpected problems to deal with. Seems like some pretty crazy volatility around at the moment so i will have to be carefull. Still seen some great opportunities though. I took full profit here for a 0.7R win. I saw a better setup on gold at the same time but i wasn't prepared to enter so i had to leave it (according to my rules).

I am taking quick profits at the moment as i don't consider myself good enough to manage or pick the large swings. I just want to make sure that i pick setups that have a high probability of moving in my direction so i can get my stop to BE and take profits quite quickly. Just watching ECHF which is looking interesting atm. This trade was along by the way and was over in a few minutes.

I'm liking the Oil setup...the clear weekly PPZ makes it very appealing

Hey LJ, thanks for dropping by.

Entered EP here a little early, realise now that the better level was a bit higher, i'm still struggling a little with the most decent area to enter on these TT's but i guess it will come more naturally with experience. My plan was to shoot for the 87.2 area and take most of my profit and run the rest down to 83.1 but i came out early as the trade was going nowhere and i didn't want to leave it over night - small profit here of 0.15R. Not sure if i managed it effectively which probably means i didn't. Price did not react in the way i had hoped so i think this justified adjusting my plan. Price is now making its way down to my first target.

PA trade on CAD. I like these trades where price is trending down heavily then leaves some nice PA after breaking out of a range/level. I used to trade these a lot and i'm working on only taking the a+ ones. I don't think this is a+ though because although the PA is nice it hasn't come right up to a decent TL which would have been much better.

I took the retrace with a stop above the breakout level then came out of the trade as i thought my broker had made a mistake and given me a much better price so i came out thinking i had made some free money but it turns out it was something to do with the switchover at 8.00pm so they recalcualte all p&l which ended up making it look like i was in profit - never had this before. Anyway trade went on for a nice win after i had closed / :

EU trade off daily high and fib confluence. 1R winner with a 15 pip stop. Took full profit at the whole number but i had another smaller position (20%) which i was leaving on for a bigger target which was stopped out at BE.

From now on i will be entering 1 position which i will exit mostly at the FTA and 1 position that i will either trail or at least have a bigger fixed target. That way i will have 2 sets of results for my trading which i will have to organise in a table somewhere so i can see what the difference is. That way i am always shooting for runners and at the same time banking some profit.

Good luck with the trade management analysis Majestic, will drive you nuts optimizing definitely keep hard data on your trades, would also date/time all of it as well as you may discover there maybe better methods for TM than your currently looking at, I presume your at least 1:1 before taking profit or moving stops ?

Hope things are good

All the best

Limey

Hi Limey. Thanks for the well wishes. Yes i'm sure it will be a challenge. One thing i would like to have more confidence in is the average drawdown for these TT's so i'm going to keep a log of that including all the trades i've missed as well as the ones i take.

My aim is always for at least 1/1 though though there maybe some exceptions to this and sometimes i move my stop to BE if price has come back to BE after the initial bounce and then taken off again in my direction by some distance.

I take it recommended trading at a minimum of 1/1 before interfering with the trade?

Hope your well and the charity account is still thriving all be in a different format.

Nice to know i have some class traders looking in on the thread who are where i want to be one day!

So here's a mistake. I second guessed this trade after entering and i guess i talked myself out of it. I decided it was a much better idea to wait for the next level below where i entered and i was not happy that EU was not trading at a better level where i would be more bullish. I came out for a 0.15R loss as i knew i would be more angry with myself if it went on to lose than i would be if i exited and it went on to win. So i didn't follow the plan here.

I was also very close to entering AU last night before i went to sleep but i decided against it. In future if i see setup as nice as that i'm going to prepare my laptop with an alert system so i can manage it from my bed!

Good trade with good level, double fib, dx confluence, TL, simple target for great R return.

Was trying to enter GU here when the numlock frooze on my keyboard and nothing would work properly, really weird. Anyway price did not hang around for me
by the time i loaded up my broker on my laptop. From now on i will have my broker on two computers. This goes down as another missed trade which i am having far to many of. Now i've got to try and work out why my keyboard suddenly stopped working.

Currently in EU short but market is not really bouncing yet

First 1R loser after missing some really nice trades. I guess even though this trade had a lot of confluence something didn't really feel right about it. Looking on the daily price is in a huge uptrend so maybe thats it. Anyway - daily level 61% fib and TL roped me in.

Hey Majestic, I am glad you started your own thread. I have enjoyed following LoveJoy's thread, and I bet your own trading will be an off shoot of his trading.

Did you look at the USDX last night? It appeared to have closed on the daily right at resistence. So I was expecting at least some USDX weakness today (which we have seen). I just didn't have the confidence to trade on this alone.

Also this morning I saw a nice 4H BUOB on the EURUSD, with the USDX at resistence it looked like a good chance to go long on the EUR v. the USD. But I didn't have the guts to take the trade.

It would have worked out nicely. Damn.

Just wondering if you looked at the USDX chart or not.

In between 50 - 60, daily level, and strong uptrend. Stop below RN. 1.1R on this and another position left on to catch the highs if poss.

edit - stopped for BE on the other position.

Hey unlv, I do look at the usdx for confluence, something i learned from lovejoys postings. I did look at the usdx chart as well, i would have entered EU and GU but i missed both trades for reasons stated above.

I noticed PA worked quite well on the EU as well and also there was a 30 min pin that looked very nice on the GU. However i was so annoyed i missed the GU (it would have been my best trade yet as price went right to my target) at the time that i though it best not to trade the PA i saw.

I would say a lot of the trading i do is a mixture off all the posters i listed in the opening post, but yeah, lovejoys thread has had the most influence over the way i am trading right now and the cause of how i am trying to change the way i interact with and process the market. saying that - i hav'nt even finished reading it all yet!!! i'm a pretty slow reader.

3 trades this week so far all winners. Possibly made a mistake coming out of the GJ trade but i followed my plan and thats all that matters. It was a bit unfortunate as it was a BE trade despite having next to no drawdown and hit my target. The CL trade is my first real runner of the journal so far. The EU trade is gap trade i learned from a trading room i am member of.

I'm going to publish a table at the end of each month with two columns - one with results where i come out of the trade for around the 1r mark and one where i come out at the next daily level after moving to BE at the FTA (which is usually at least around 1r). Certain trades where i will not be shooting for a daily level will be the same R in both columns.