Low Risk Entries London/NY Session

Final trade for today.

#3 SELL @ 1.37976, closed at 1.37931 for 4.5 pips and a 0.8% profit after commission.



Daily Totals

1. +14.2 pips after 3 trades
2. +2.7% profit after commission

First trade for Thursday morning.

#1 BUY @ 1.37702, closed at 1.37737 for 3.5 pips and a 0.6% profit after commission.

I originally had the TP set at 2 points below the .75 level, but given the London open was fast approaching I decided to set it a little lower once the price started consolidating with no particular direction.

#2 BUY @ 1.37626, closed at 1.37596 for -3.0 pips and a 0.8% loss after commission.



Daily Totals

1. +0.5 pips after 2 trades
2. -0.2% profit after commission

#3 BUY @ 1.37545, closed at 1.37536 for -0.9 pips and a 0.4% loss after commission.



Daily Totals

1. -0.4 pips after 3 trades
2. -0.6% profit after commission

#4 BUY @ 1.37446, closed at 1.37427 for -1.9 pips and a 0.6% loss after commission.



Daily Totals

1. -2.3 pips after 4 trades
2. -1.1% profit after commission

#5 SELL @ 1.37581, closed at 1.37529 for 5.2 pips and a 1.0% profit after commission.



Daily Totals

1. +2.9 pips after 5 trades
2. -0.1% profit after commission

Looking good now... I've had to fight for profitable trades today but consistency has paid off!

#6 BUY @ 1.37509, closed at 1.37547 for 3.8 pips and a 0.7% profit after commission.



Daily Totals

1. +6.7 pips after 6 trades
2. +0.6% profit after commission

This will most likely be the last trade for the day.

#7 BUY @ 1.37660, closed at 1.37748 for 8.8 pips and a 1.8% profit after commission.



Daily Totals

1. +15.5 pips after 7 trades
2. +1.8% profit after commission

First trade for Friday morning.

#1 BUY @ 1.37110, closed at 1.37139 for 2.9 pips and a 0.5% profit after commission.

Trades 2 and 3.

#2 SELL @ 1.37566, closed at 1.37588 for -2.2 pips and a 0.6% loss after commission.



#3 SELL @ 1.37602, closed at 1.37557 for 4.5 pips and a 0.8% profit after commission.



Daily Totals

1. +5.2 pips after 3 trades
2. +0.7% profit after commission

I wasn't able to trade at all on Monday and had other things on Tuesday so that was basically a write-off as far as trading goes except for this one trade:

#1 SELL @ 1.37895, closed at 1.37867 for 2.8 pips and a 0.5% profit after commission.



Here's last week's weekly totals update as well.

Weekly Totals (Week 4)

1. +34.9 pips after 13 trades
2. +5.8% profit after commission

All-Time Totals

1. +163.8 pips after 43 trades
2. +39.9% profit after commission

And now for the Wednesday morning trading session.

#1 SELL @ 1.38053, closed at 1.37943 for 11.0 pips and a 2.2% profit after commission.

There hasn't been many opportunities in today's session (with the exception of the pre-London open ones in the previous post), so thought I'd make a quick post about how I enter trades.

I'll always wait for a high-volume bar that closes at or near an area of potential supply or demand, determine which direction (buy or sell) is more ideal for trading that bar and then wait until the price reaches a favourable level for entry with low risk. I define low risk in this strategy as anything below 3 pips. Before looking to enter the trade, I'll quickly put up three lines on my chart.

The red line is the high or low of the signal bar plus 6 points. It's the SL for my trade, and I normally won't move that at any point during the trade (such as a trailing stop or breakeven SL).

The green line is my TP point. It's always at the closest opposing supply or demand level, or at the first point where the price could potentially turn against me once the trade has gone into profit. If I'm basing my TP off a moving average I'll modify it every 5 minutes to make sure it's still above/below that MA.

The blue line is my maximum risk level (3 pips from the SL) and once I have this line set I'll open up the tick window and watch for when the price dips into the zone between the blue and red lines on the chart. I try never to concern myself as to whether or not I get into the trade; if I miss out on an opportunity I'm not particularly concerned. Ideally I want to open the position as close to the SL as possible, but as long as I enter within the entry zone I'm satisfied.

I had an opportunity to enter the market based on the previous set-up I posted. I could've made a lot more on this trade but because of the fairly strong downtrend we've experienced so far today I was reluctant to take too many chances.

#2 BUY @ 1.37801, closed at 1.37848 for 4.7 pips and a 0.8% profit after commission.



Daily Totals

1. +15.7 pips after 2 trades
2. +3.0% profit after commission

Spent the last two weeks moving overseas so not a lot of time for trading! Here's the first trade of my first night back in action.

#1 SELL @ 1.38202, closed at 1.38165 for 3.7 pips and a 0.7% profit after commission.

Yesterday's Daily Totals

1. 3.7 pips after 1 trade
2. +0.7% profit after commission

I haven't had a lot of time to watch the charts tonight but did manage to sneak this one in earlier in the day, not long before the London open. Going to watch things closely at least until the NY open.

#1 SELL @ 1.38350, closed at 1.38283 for 6.7 pips and a 1.2% profit after commission.

Here's a potential set-up that I decided not to take because of what I believe to be a sub-optimal risk to reward ratio. Ideally I'm looking for 2:1 at the very least, which this most certainly is not.

Final trade for the day. I forgot to change the entry and closing lines on the screenshot, it's actually meant to be 1.38254 and 1.38308 respectively.

#2 BUY @ 1.38254, closed at 1.38308 for 5.4 pips and a 1.0% profit after commission.



Daily Totals

1. 12.1 pips after 2 trades
2. +2.2% profit after commission

First and probably only trade for today.

#1 BUY @ 1.38163, closed at 1.38214 for 5.1 pips and a 0.9% profit after commission.



Daily Totals

1. +5.1 pips after 1 trade
2. +0.9% profit after commission

First trade for this week. I was busy during the Monday session yesterday but looking back it wouldn't have been a particularly profitable day regardless so I'm not phased.

Entry price was 1.38701, not 1.38696 as on the chart.

#1 SELL @ 1.38701, closed at 1.38665 for 3.6 pips and a 0.6% profit after commission.