fxozgirl....keeping it simple!

Ok, this is the time where I really laid the law down to myself with my discipline....

since when I started this demo on 27th May through to 6th June, I made 492.6 pips BUT I made 4 bad trading decisions of which 2 cost me 200 pips and 250 pips respectively.

This is where discipline needs to be adhered to and this is the point where I stopped and promised myself to follow the rules...
wait for the candle close to have confirmed entries and exits...no more making it up along the way.

6/06/11

eurchf
buy 0.03 1.22123 sl 200 tp 500 be+2 50

Break even +2 set at 50 pips, closed 1/3 of trade 54.2 pips - free trade

Price retraced to break even, trade closed at 2 pips

total pips 56.2

this trade was the continuation in price action from my bad trade taken on 1st June. The cross was actually made on 30th May, but only now on 6th June did I feel that a clear confirmation for a buy occurred, took the trade, got to break even and then re-traced.
It keeps amazing me that the rules do work if you stick to them.

9/06/11

chfjpy
opened sell 0.03 95.560 sl 200 tp 500 be+2 50

Break even +2 set at 50 pips, closed 1/3 of trade 48.4 pips - free trade

Ok, I dabbled with the rules again...I wasn't happy, the price was moving very slowly but I felt given the indicators and price had been high in oversold for some time that price would head in my direction, but I was a little concerned that I would get stopped out at break even before the price really started to move off.

Again I was lucky and captured another 50.2 pips and re-set to break even a 2nd time and closed the 2nd third of the trade.

I got the message the 3rd time, price retraced to break even, and the balance of the trade closed for 2 pips.

total pips 100.6

Again...I didn't follow the rules!

ps. you can see in the charts that price did retrace further into what would have been negative territory after the trade closed and then resumed it's downward trend. If I didn't have the breakeven set at 50 pips, I would still be in the trade with another 100+ pips in the bag...but as I mentioned in the beginning I am more focused with this strategy on preservation of profits than bagging every single pip I can.

As you can see so far, over 600 pips in a 2 week period...I'm very happy with that, and there's always another trade and this is the mindset I need to maintain.

Hmmm...there goes my quiet morning.

Son's car won't start, looks like I'll be driving him to work.
Probably won't get back on till tonight now.

just having a bite of lunch (even though it's 2.44pm) and will add a couple more trades...


10/06/11

eurgbp
opened 0.03 sell 0.88641 sl 200 tp 500 be+2 50

Break even +2 set at 50 pips, closed 1/3 of trade 51 pips - now a free trade

Closed 2nd third of trade at 100 pips, jumping stop set to 50 pips, 106.3 pips
balance of trade left to run

Trade closed on retrace to jumping stop 80 pips

total pips 237.3 pips


This trade and the previous eurgbp trade were probably as clear as you can get...
that price went up and then the price went back down again and now it's on its way back up...
that was a very nice ride

10/06/11

eurusd
opened 0.03 sell 1.45120 sl 200 tp 500 be+2 50

Break even +2 set at 50 pips, closed 1/3 of trade 53.1 pips - free trade again

Closed 2nd third of trade at 100 pips, jumping stop set to 50 pips, banked 100.9 pips, balance of trade left to run

Trade closed on retrace to jumping stop banked another 102 pips

total pips for trade 255.1

10/06/11

eurnzd
opened sell 0.03 1.75704 sl 200 tp 500 be+2 50

Break even +2 set at 50 pips, closed 1/3 of trade 51.5 pips - free trade

Closed 2nd third of trade at 100 pips, jumping stop set to 50 pips, banked 96.5 pips
balance of trade left to run

Last part of trade closed on retrace to jumping stop, banked 102 pips

total pips 203.5 all done and dusted in a day

10/06/11

euraud
opened 0.03 sell 1.36536 sl 200 tp 500 be+2

Break even +2 set at 50 pips, closed 1/3 of trade 50.7 pips - free trade

Closed 2nd third of trade at 100 pips, jumping stop set to 50 pips, banked 100 pips
balance of trade left to run

Last part of trade closed on retrace to jumping stop, banked 52 pips

total pips 202 pips

Hi fxozgirl,
Thanks so much for sharing with us your forex activity.
I have just started trading and love it.
I have a question or two for you.
First, why do you work with so many currency pairs?
I'm having a tough time just figuring out a single pair and what it makes it move that looking at several would be a lot tougher.

Next question, it's amazing how easy it seems to be to work with just the chart information and the stochastic indicator. Do you look at anything else to tell you what way the trend is going?

Again, thanks so much for sharing this.

Oh, one more question, are you trading with a live account or is this on a demo?

Have a fantastic time,
Joe

10/06/11

eurcad
opened 0.03 sell 1.41256 sl 200 tp 500 be+2 50

Break even +2 set at 50 pips, closed 1/3 of trade 51.1 pips - free trade

Closed 2nd third of trade at 100 pips, jumping stop set to 50 pips, banked 98.2 pips
balance of trade left to run

Last part of trade closed on retrace to jumping stop, banked another 52 pips

total pips 201.3

good going

Thanks for stopping by Incrediblle
and thanks for the encouragement

13/06/11

usdchf
opened buy 0.03 0.84234

Break even +2 set at 50 pips, closed 1/3 of trade 51.4 pips - free trade

Closed 2nd third of trade at 100 pips, jumping stop set to 50 pips, banked 102.3 pips
balance of trade left to run

Last part of trade closed on retrace to jumping stop, banked 52 pips

total pips 153.4 pips

13/06/11

usdjpy
opened buy 0.03 80.375

Break even +2 set at 50 pips, closed 1/3 of trade 49.6 pips - free trade now

Price retraced to break even, trade closed for 2 pips

total pips 51.6

14/06/11

gbpjpy
opened 0.03 buy 131.339

Break even +2 set at 50 pips, closed 1/3 of trade 50.3 pips - free trade

Price retraced to break even, trade closed with 2 pips

total pips 52.3

15/06/11

I seriously have no idea what I was thinking when I took this trade...
I think maybe because the last week was so positive with many good trades and lots of pips I lost perspective and focus, especially seeing I just closed the previous trade

So once again I paid the price. This time fortunately I closed the trade at the confirmation of stoch crossing at the close of the candle but still lost 166.2 pips

Still I need to keep reminding myself to be disciplined!!

gbpjpy
opened buy 0.03 gbpjpy 131.901

Trade closed at cross of stoch, confirmed by candle close -166.2 pips

total pips -166.2

15/06/11

audnzd
opened buy 0.03 1.30501

Break even +2 set at 50 pips, closed 1/3 of trade 50.3 pips - free trade

Closed 2nd third of trade at 100 pips, jumping stop set to 50 pips, banked 106.3 pips
balance of trade left to run

Balance of trade closed on retrace to jumping stop, banked 52 pips

total pips 208.6

15/06/11

audchf
opened buy 0.03 0.90293

Break even +2 set at 50 pips, closed 1/3 of trade 50.6 pips - free trade now

Price retraced to break even, trade closed, banked 2 pips

total pips 52.6

probably a bit lucky with this trade as well, stoch cross was not quite inside the oversold zone as per the rules.
definitely lost some concentration at the end of this week.

15/06/11

gbpchf
opened 0.03 buy 1.38440

Break even +2 set at 50 pips, closed 1/3 of trade 53.3 pips - free trade

Price retraced to break even, balance of trade closed 2 pips

total pips 55.3

this trade, I made a deliberate decision to wait an additional candle until the signal looked stronger. Made it to breakeven, but the trade ran out of legs...
No harm done

15/06/11

another trade where I didn't follow the rules, and paid for it with a loss..
just searching too hard to get into a trade.
I must be patient...there are plenty of trades!

audjpy
opened buy 0.03 86.027

Bad entry, no clear confirmation that stoch had crossed the 20 line. Trade closed on cross of stoch at close of candle -85.1 pips

total pips -85.1