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Boophaty's trading journal

  • #1
  • First Post: May 6, 2011 11:32am May 6, 2011 11:32am
Hello everyone

This is my trading journal..Just a place where I can post my trades and discuss why I take them..
  • #2
  • May 6, 2011 1:47pm May 6, 2011 1:47pm
Hi. I look forward!
  • #3
  • May 6, 2011 5:10pm May 6, 2011 5:10pm
I still don't know how you trail, how do you put a 20 pips trialling stop when you're 20 pips in profit and you have those pips locked.

maybe a live example with share some light.
  • #4
  • May 6, 2011 6:32pm May 6, 2011 6:32pm
my bad spike... I was looking at that today.. It doesn't trail I move my stop to +20.. So if I'm up +25 +30 Once my target is hit I quickly move my stop.. I'm always at my charts so 90% of the time I don't place a stop.. If I think the trade can carry into the next session I put a stop at +20 or I'll move it to BE +1. I never let a winning trade go bad... Sorry for the confusion.

Yes I could show a live example.. alot of the time the market is ranging so I take my 20 pips and I'm done.. There will be some nights that nothing is going on and I'll scalp for 5-10 pips I'll let ya get a feel of how I trade.. I
don't like staying in trades more than a few hours.. If I cant get my 20 then I'll switch my strategy and scalp most the time it's between 2-8 pips.. I'm a humble trader and take what I can get.. even if it's just 1 pip.... Hope that helps..
  • #5
  • May 6, 2011 9:57pm May 6, 2011 9:57pm
hello

what I'm going to do is work with the EUR/USD 15m time frame.. I'm going to Add 60sma along with the breakout box to my chart that will be traded during the U.S session
  • #6
  • May 7, 2011 2:20am May 7, 2011 2:20am
Quoting boophaty
my bad spike... I was looking at that today.. It doesn't trail I move my stop to +20.. So if I'm up +25 +30 Once my target is hit I quickly move my stop.. I'm always at my charts so 90% of the time I don't place a stop.. If I think the trade can carry into the next session I put a stop at +20 or I'll move it to BE +1. I never let a winning trade go bad... Sorry for the confusion.

Yes I could show a live example.....
Yes much more sense, actually I used a similar strategy, if the break occurs, and I'm 15+ I close 30% of the position and move SL to BE+1 and let it run, I have found that most of the time even if is a fake breakout, the market moves at least 10-15 pips. The problem is the SL, I think 25 is a bit to high.

On gpb/usd from your experience can I shoot for 20? The market moved often to 15 and goes back? I think on cable if you move your SL to 20 when you are 25+ you'll be taken down by the noise and you'll miss the big moves.
  • #7
  • May 7, 2011 6:45am May 7, 2011 6:45am
Looking forward to this. Are you gonna be posting charts?
Anyways, I'm just subscribing to this thread so I don't miss the action when it starts.

Best of luck to you.
  • #8
  • May 7, 2011 10:08am May 7, 2011 10:08am
Quoting spike00spieg
Yes much more sense, actually I used a similar strategy, if the break occurs, and I'm 15+ I close 30% of the position and move SL to BE+1 and let it run, I have found that most of the time even if is a fake breakout, the market moves at least 10-15 pips. The problem is the SL, I think 25 is a bit to high.

On gpb/usd from your experience can I shoot for 20? The market moved often to 15 and goes back? I think on cable if you move your SL to 20 when you are 25+ you'll be taken down by the noise and you'll miss the big moves.

Hello Spike

I'm glad that makes more sense.. That's kind of why I want to stick to EUR/USD as there is much less noise... A 25 pip SL may seem high as price usually only goes 10-15 beyond entry point.. Now if I'm at a pivot point or S/R line I will widen it a little that is why I choose 25-30... That is the most I'm willing to lose.. You bet you can set it to 20. Set your SL to what you feel comfortable with

You are correct. I also feel on GBP/USD there are a lot more fake outs so I jump to the 30m chart and will make my trade using same SL. Hope that helps you a little...
  • #9
  • May 7, 2011 10:24am May 7, 2011 10:24am
Quoting Mr.NiceGuy
Looking forward to this. Are you gonna be posting charts?
Anyways, I'm just subscribing to this thread so I don't miss the action when it starts.

Best of luck to you.


Hello Mr.NiceGuy

Yes I will be posting charts if that helps anyone out.. I'll be starting on Monday-Friday during the US session On Friday it will be on the London session instead of the U.S. Thank you.
  • #10
  • May 7, 2011 11:14am May 7, 2011 11:14am
Here is a trade on April 29, 2011.. I waited for the candle to close below the box. my TP was 20 pips with a SL of 18...
Attached Image (click to enlarge)
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  • #11
  • Edited 12:09pm May 7, 2011 11:38am | Edited 12:09pm
Here is another on May 3, 2011 waited for the close of the candle TP +20 SL was set at 15... see what I mean about my SL it's almost always set differently just depends on the setup.. You could use a set SL Just use what you feel comfortable with... That is why I choose 25-30 pip SL I wouldn't use anything below 20....
Attached Image (click to enlarge)
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  • #12
  • Edited 3:55pm May 8, 2011 11:52am | Edited 3:55pm
I will also be placing trades leading up to the breakout with my other strategy that complements the breakout. It will be hard for me to answer questions during my trading hours as my full attention is needed to trade.

Yes all of my trades are manual. I don't use limit orders they are all instant orders.. im sure you could use limit orders .. if you do let me know how that works out for you.
  • #13
  • May 8, 2011 4:23pm May 8, 2011 4:23pm
If we could keep all questions in here that would be great so everyone can learn.. no I havnt shared the other strategies yet. For those that want to learn this one after you find it profitable I will share the others. Let's first work the foundation of this one. If need be yes I could setup a live interactive trading.. I feel this is as easy as it gets. Thank you.
  • #14
  • May 8, 2011 7:25pm May 8, 2011 7:25pm
The other strategy that I will be using is trading the formation of the box merly by observing candles.. best of luck to all and many pips
  • #15
  • May 10, 2011 2:50am May 10, 2011 2:50am
Hi Boophaty!
Thanks for sharing your system.
You told that you use 60 sma but in the picture there are 2 ma's. Could you tell me what is the other?
The par is EurUsd at 15min correct?
The fibo that is draw is from the US day?
You enter in the end of the box?
Do you use trend lines to make the enter?
Thanks!
Best regards,
C@sh
  • #16
  • May 11, 2011 2:15am May 11, 2011 2:15am
Good luck with your journal. Simple, clean breakout strategy that has proven itself to be robust throughout all market conditions.

www.forexnetworth.blogspot.com
  • #17
  • Aug 16, 2011 10:38am Aug 16, 2011 10:38am
Hello Journal... been a awhile... Been working on a few projects as far as trading goes... I can no longer trade lower TF's as it takes too much out of me to spend 24 hours in front of my trading station.. I have moved up to the 1h frame and seems to be suiting my lifestyle a little better... (meaning more time with my children) and more pips with less effort lol will add charts when time allows... Happy trading and many pips!!!!
  • #18
  • Aug 16, 2011 11:08am Aug 16, 2011 11:08am
These will be the pairs that I will be focusing on the most
Attached Image (click to enlarge)
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  • #19
  • Aug 16, 2011 9:11pm Aug 16, 2011 9:11pm
Perfect setups happening on EUR/USD, GBP/JPY, EUR/JPY on the 1 hour chart.. 4H looking good as well...I'm hoping they will hold... waiting for London session to comfirm... Shooting for 120 pips on each pair by friday.... will see.. as we are still ranging... Selling around recent top sides is probably the best thing to do in the next days to come..
  • #20
  • Aug 17, 2011 2:11am Aug 17, 2011 2:11am
Forex prices are driven by supply and demand.. I think S+D is a necessary basic for understanding Forex.. Having a good handle on S+D will make all of the difference in your Forex investing career....
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