therealdrag0's Journal (J16 Edition)

I've been learning and practicing the James16 content for a few months now. If you have a J16 account you can see my journal there. I decided to close my account for the time-being and keep practicing, continuing my journal here.

So anyways, I'll be doing pin bars and BUOB on the weekly, daily, and I'm just now trying 4h charts. Risk will be no more than 2%.

Also I do both back testing (ForexTester) and forward demo testing. My post will be differentiated by the posts title.

My goal is to open a live account by the end of summer.

Cheers,
Zachariah.

PS. Please only comment if it's encouraging or constructive. Thank you.

What follows is the format I'll be using for all my posts.

Entry:
- After confirmation of pin bar.
- Pin off resistance at swing high.
- Risk 2%.

Exit:
- Stop Loss towards end of bar.
- Take Profit at first support.

Result:
- Gain/Loss: -2.65% + 1%.
- Total For This Account: $2954 from $3000 paper money.
- So the big percent loss was a dumb mistake. I made my order 10x larger than it should have been. When I realized this I closed out immediately for the loss shown. Then, considering the trade still good. I opened the appropriate sized order. This one I let go (Taking a bit of profit at end of bar) for until take profit was hit.
- I consider this a fine trade with proper analysis. except for the dumb mistake. I also shouldn't have taken any profit off, that was a lack of patience and fear.

- What fallows is the SS. Normally I take a SS of the setup with my analysis. And then a small shot of the closed trade. I didn't take the first SS on this one so I just have the one showing both.

Entry:
- After confirmation of pin bar.
- Logical downswing in oscillating market.
- Risk 2%.

Exit:
- Stop Loss towards end of bar.
- Take Profit near space end.

Result:
- Gain/Loss: -2%.
- Total For This Account: $2914.87 from $3000 paper money.
- I believe I'm supposed to close the order if it isn't confirmed on the next bar. I was greedy, felt the order was still valid, and left it open.

Entry:
- After confirmation of DHLC bar.
- Up swing from longterm downtrend low.
- Risk <2%.

Exit:
- Stop Loss towards end of bar.
- Take Profit near space end and BRN.

Result:
- Gain/Loss: +2.3%
- Total For This Account: $2982 from $3000 paper money.
- Good.

Entry:
- After confirmation of pin bar.
- Small up swing from downtrend. Pin nose near BRN. Expected it to revisit lower BRN.
- Risk 2%.

Exit:
- Stop Loss towards end of bar.
- Take Profit near space end.

Result:
- Gain/Loss: -0.75%.
- Total For This Account: $2961.41 from $3000 paper money.
- I trailed the SL after the 2nd bar. This lower stop is what got hit. I don't see anything I did wrong. Happens.

[quote=therealdrag0;4787280]Entry:
- After confirmation of pin bar.
- Small up swing from downtrend. Pin nose near BRN. Expected it to revisit lower BRN.
- Risk 2%.


Result:
- Gain/Loss: -0.75%.

Good luck with your journal mate.
One thing i would say may be a good idea, is to stick with the major pairs.
If you're trawling through loads and loads of charts looking for PA, you may end up overtrading.
The exotics are more unreliable.
Personally i look at about 16 charts, including oil, gold.
It teaches you patience, and to wait for decent setups.

Just my 2 cents.

Cheers

Here's a trade from a month ago.

Entry:
- After confirmation of second OB.
- Had been trickling down for a while, then there was big upswing. Looks like the start of a reaction.
- Risk 2%.

Exit:
- Stop Loss towards end of bar.
- Take Profit - none.

Result:
- Gain/Loss: +1.2%.
- Total For This Account: $3002.79 from $3000 paper money.
- I took half off the table (1%). Then as usual the other half hit my advanced SL (0.2%).