Time to get serious!

Losing trade GBP/USD for -58 pips.

After a pinbar on the 1.59 RN to which price reacted in the past, I've decided to go for a long.
The issue I see with this trade is:
1. Not puting my entry above the high of the pin. In that case, my order would not have been triggered.
2. This downmove is the result of a doji + following strong bull candle from a level, where there is confluence of BRN 1.6 and weekly TL. So we can judge this is pretty strong.
Trading against it, even for a small retracement is not appropriate.

Win on GBP/JPY for +115 pips

I've entered after a BUOB from the 1.33 level which is the current swing high of the range.
My TP was a bit above BRN 1.30 which rejected the previous 2 downmoves.
Was not really a top setup, but I was pretty confident we would reach 1.30 again.

Win on CAN/CHF for +135 pips

Price came down towards the 0.90 level but stagnated at the 150 ema and later formed a DBLHC.
I've decided to go for a long and was able to make a 2:1 profit.

EUR/NZD win for +130 pips

After the price couldnt penetrate the weekly level for a few days, I saw 2 "pinbars" or bars with long upper wicks, formed.
I've asumed that buyers are losing the strugle and decided to go for a short with TP level above BRN 1.60
It worked out and I've made a 2:1 profit.

Win on EUR/USD for +155 pips

There was a price congestion for a few days bellow the weekly level and 150 ema. I have entered when I saw the first strong downmove, something I was waiting for.
Price just didnt reach my TP level, so with it being at the W level and having a nice gain I've decided to close the trade at the end of the day.

My TP was just 30 pips away and my SL 60, so I've decided to go for the safe option.

Losing AUD/USD trade for -106 pips
The fourth time in a row that I lose on this currency

Price couldnt penetrate my weekly level for a few days. It was in a range over this period. The last 2 bars had longer lower wicks suggesting lacking power to the downside.
I've decided to set a long entry above the range of the last days.
The order got triggered, but price reversed down, went through the low of the last days and hit my SL. After that it reversed to the upside.
However, I dont think the SL should have been lower.

In the end not enough was speaking for the trade. I should have waited till PA confirms reversal to the upside.

Pinbars coment: I can not see any Price Action worth taking as a sign of a reversal of this major drop. Unless, you count that IB. Ib's are best placed against the trend and not used to pick a bottom.

Best to let PA show you the reversal signal first.

Losing trade GBP/CHF for -66 pips

I was playing a potential reversal at my monthly level. Price couldnt penetrate it for quite a while and after 3 upper wicks below it I went for a short.

Mistake: No PA confirmation!!!

If I go for such an aggresive entry I need at least to minimize the SL; 66 is to much.

Losing trade USD/CAD for -27

When price broke the weekly level & VBRN I've decided to go long if I see a pullback and rejection.
The next day a pinbar formed and I've set my entry just above 1.00
It was hit but price continued further down and hit my SL.

It was tight however, so I think this was an acceptable trade.

Loss on EUR/NZD for -91 pips

Another aggresive entry based on levels.
Break of my W level above BRN 1.60. I've decided to play the pullback and expected the price to move further up after it.
But I cant treat an IB as a pullback signal if it is generally considered a reversal or stagnation candle.

If I play it like that I need to have a much tighter SL then 91. Or I wait for PA confirmation.
This was nothing...

5th loss in a row - USD/CHF for -33 pips

Range market below weekly level, Im seting a pending short below it. It gets triggered, moves down but cannot penetrate 0.91.
Comes back and hits my moved SL.

This was again one of those trades where I took a trade without any PA confirmation, just based on previous levels (highs/lows). Besides I've had big SL which is generaly also a no-no for me.

But thats kind of the theme for this week.

Nevermind, I've learned something from it and next week new chances will come.

Finishing this week with a win. The only one this week and one which leaves a bitter taste in my mouth.
AUD/JPY for +97 pips.

Price returned for the first time to my monthly level which acted as resistance in the past.
I've decided to go for an aggresive long with a tight stop.
Worked out perfectly and price rocketed to the upside.

I've set my TP at 84.75 but decided on the next day, that it surely should reach 85.00 as price is attracted to those numbers and moved TP to 84.90.

When I woke up the next day I saw it went to 84.80 and is falling from then on. It recovered a bit and went back up till 84.50 but fell again and I've closed it at the end of the day at 83.90.

So insted of 190 pips I got 97. I even could have closed when it went back up with 150 pips but no, I've decided to wait.

I broke rule no. 1 of Forex trading:
Set you SL and TP when you open the trade and never change them!

Now Im going away from my computer to enjoy the rainy weekend.

But the good thing is I do not get emotional about all of that. I take it as it is, just a situation I can learn something from.
OK, its just demo but still, I clearly see a progress here.

Loss on GBP/CHF for -31 pips

I've tried to play a short again from the monthly resistance level. I've used a tight SL and got stoped out.
The problem is I've entered above the current price, not below it. What I was thinking, I dont know.

If I'd entered below I'd get my pips.

Risk was 2:1, SL 30 pips, TP 60+ pips.

Win on NZD/USD for +33 pips

After a strong up move into the W level we saw a push down, after which I've decided to enter short.
Price moved down strongly but came back and stagnated around the 0.82 area.
It couldnt close below and if we take those 2 day bars together we get a spinning top, which signifies indecission.

I've decided to go for the secure option and closed the trade with a plus.

Nice journal here.
Always good to see an actual trading journal in the trading journals section. Let's face it, if anybody was interested whether you slept well, what socks you have on, or if you have a life or not, they'd probably ask.

You keep it simple, honest and focused. Keep it this way.

Tnx man for the kind words.
Ill try to continue in this way and hopefully sharpen my skills.

Oh wait... I will sharpen my skills

Loss EUR/AUD for -50 pips

BUOB from weekly level. I've entered above it. Got triggered but went down hitting my SL.

I acctually decided that I'll try not to exceed 50 pips SL for the next period of time.

Win EUR/JPY for +46 pips

Trade taken after pinbar of BRN 105.00
It just missed my TP at 106.90, went down, back up, again just missed my TP and hit my moved SL in the end.

I've documented my SL moving on the 15 min chart.

Loss AUD/USD for -34 pips

Taken the trade after pinbar from my weekly trendline which corresponds with the 50 fib ret of the last upmove.

Price didnt really go somewhere. I didnt wanted to lose my whole SL amount if it goes against me, so I've moved my SL up.

It hit it in the end, wouldnt have happened if I'd left it where it was.

Over the weekend I need to work on my trade management strategies.
If my target doesnt get reached in a certain amount of time I start to fool around and get less out of the trade then I could.

I've found this post where different exit strategies were tested and Ill take that as an inspiration to work something out for myself.

Good blog by ghous