S/D Zones, risk ratio = 3

Hello !

First of all, I am not a successful trader..I open this journal to have your opinions on my trades and it's a way to be forced to get a pretty decent historical database (charts + trades).
I am not a native English speaker so I am sorry about that. At least I hope it would be understandable.

Trading Method

I always use pending orders and never market orders.

TA :
My trading method is "basic", I just use the supply and demand zones. I try also to follow the trend.
I use daily chart/4H chart to spot the main supply and demand zones. But I use the 1h chart to better spot my entry because I prefer using a tight stop.
So when I use 1h zones, I follow the trend because those zones are less strong than the daily ones.

FA :
I keep an eye on the fundies : main indicators (PIB, unemployment etc...), European bond rates etc.. which can sometimes reverse the trend. I never trade news but I may delete some pending orders according to the news.
I am also watching the equities market (Dax and S&P 500) and the commodities one (Oil and Gold).

Risk Management

In my pending orders, there are always a target and a stop limit.
My reward:risk ratio will be at least 3.
Stop limits will be around 20 pips (+/- 3 pips), so my target limits are around 60 pips.

Pairs traded

From my own experience, I have never succeeded in following to many pairs so I will trade those pairs : EUR/USD, EUR/JPY, AUD/USD, USD/CAD and NZD/USD.

Charts

I will try to post my charts for these 3 pairs everyday with my trading plan.
Everything is on the charts : NZDUSD ex-post analysis

Useful stuff from FF members :
http://www.forexfactory.com/showthre...59#post5815359

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Trades record

Last Update : 31/08/2012

Number of trades : 110
Winners :38
Losers (BE included) : 72 (14)

% Winners : 35 %
% Losers (% BE) : 65 % (15 %)

Total Pips : +232 pips

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1st Week (02/07/2012-06/07/2012) : - 45 pips - 1 Winner - 5 Losers (2 BE)
http://www.forexfactory.com/showthre...98#post5820398

2nd Week (09/07/2012-13/07/2012) : - 34 pips - 0 Winner - 7 Losers (5 BE)
http://www.forexfactory.com/showthre...19#post5841319

3rd Week (16/07/2012-20/07/2012) : + 119 pips - 9 Winners - 7 Losers (2 BE)
http://www.forexfactory.com/showthre...48#post5866748

4th Week (23/07/2012-27/07/2012) : + 68 pips - 3 Winners - 9 Losers (4 BE)

5th Week (30/07/2012-03/08/2012) : + 45 pips - 10 Winners - 11 Losers (1 BE)
http://www.forexfactory.com/showthre...11#post5904211

6th Week (06/08/2012-10/08/2012) : + 20 pips - 5 Winners - 9 Losers
http://www.forexfactory.com/showthre...17#post5925217

7th Week (13/08/2012-17/08/2012) : + 23 pips - 3 Winners - 7 Losers
http://www.forexfactory.com/showthread.php?p=5943633#post5943633

8th Week (20/08/2012-24/08/2012) : + 68 pips - 4 Winners - 6 Losers
http://www.forexfactory.com/showthre...00#post5959000

9th Week (27/08/2012-31/08/2012) : - 32 pips - 2 Winners - 4 Losers
http://www.forexfactory.com/showthre...45#post5976045

I am not going to trade on Sunday evening but this is my view for the EURUSD.

On Thursday, we have a big fundie move. The next resistance zone is the previous high around the 1.2740, I am going to have a pending short there.
The 1.2585 looks like a good to place to load some long but it looks a bit far now so I am going to use the 1.2630 zone to have a long pending order.

But as I said i don't trade on sunday evening so I will maybe update my view on monday morning

The chart is quite similar to the EUR USD one. I just post the daily charts because I don't think that the 1H chart is useful in this case.
AUDUSD has broken the last daily high (~1.0225), what's next ? This 1.02 zone could be good to set some long orders, I have not really found what could be the next resistance..

EURJPY...well still the same kind of chart (correlation...).
There is a nice daily zone around 100.40 to load some long but it has been broken two times once with a red candle and the last one on friday so not sure if this zone is sill important.

Quick update before London Open.

The three pairs retrace a bit to their support :

AUDUSD despite the better than expected Chinese PMIits daily support (~1.0210).

EURJPY retrace also to the daily support (~100.4), I keen an eye on the USDJPY which is also on its daily support.

The 1h support on the EURUSD was not correctly spotted..I should have taken into account the spikes (yellow box) so I moved the red box down (~1.262 area)

News (GMT+1) :
9.50 French PMI
9.55 German PMI
16.00 ISM (USA)

I am more on the bearish side today, I expect some retrace to the 1.258x..

Pending orders

Short EURUSD @1.264
TP : 1.2585
Stop : 1.2655

Reason of the trade :
@1.264 was the low during NY session on friday


Short EURJPY @100.63 (filled)
TP : 100.00
Stop : 100.78

Stopped on the EURJPY one : -15 pips
EURUSD filled @1.2640

I was too agressive on the EURJPY, too impatient..

Stopped out on the EURUSD : -15 pips

Not a really good start..and it's going down now (some news).
I won't trade anymore until NY session.

Well, now it is going down..it should continue at least to the daily resistance (~1.2575).
My entry was not that bad but well that's forex..I have to improve my entries.

I won't trade the Aussie today, I will wait for the next rate annoucement (6.30 AM tomorrow).

Don't forget the ISM at 4 pm.

Pending short @1.2620
S/L : 1.2635
TP : 1.2570

Do not worry practice makes perfect good luck

Thanks
I read your trading journal, we are using the same r:r.
Good luck with your short

This one was cancelled, I try one on the USD/CAD :
@1.0163
SL : 1.0145
TP : 1.0205

I can't post a chart, but there is a big support zone there (daily, look at 22/05/2012 and 20/06/2012), maybe it won't hold I don't know

Few post has enlighten me. Nice posting. Subsribe and follow,

Blessed

Gibril

Thanks.

Chart for the USDCAD trade.

The first Resistance #1 has been reached but not my TP which is the top of the zone.

Resistance #2 could be a nice one too but I don't want to be too greedy...
I don't move my SL, let's see what happens during this evening.

Next update tomorrow morning,

See you guys.

Hi landre,

here's the Chart. Trying to learn. hope I place the SR lines it correctly

Gibril.

I got stopped this morning..-18 pips
I should have used my Supply zone #1 to take my profit and at least moved my SL to BE when this Supply #1 has been rejected.

The demand zone has not been broken yet..maybe it will bounce I keep an eye on it.

I update my Trade record (post #1)...3 losers out of 3 trades..

I took a trade this morning on the EURJPY.

Sell @100.61
SL : 100.79
TP : 99.90

On the 4H chart : the supply zone was tested. (100.65-100.85)
I would like that the pair comes back to demand 1H #1 (~99.80)
My SL is maybe a bit tight..let's see what happens.

We need a break of the 100.32 on the EURJPY. It's the open of the bull candle of this morning.

SL hitted..-18 pips

There has been no close below this 100.32 level , maybe I should start thinking about moving my SL to BE, on the last two trades it would avoid me 2 losses. But I don't want to be too cautious because many times I have moved my SL to BE..got hitted, and then my TP would have been hitted...

1H chart for the EUR JPY today :
Entry point was good but the 100.32 demand zone has resisted..
At the moment, we are stuck in the supply zone, my SL has been hitted on a spike.
Tomorrow NY is closed, some news during the morning (PIB..) but well everyone is waiting for Thursday and Friday (ECB Rate + NFP).