5m Phil Nel Trading. $1,000 => ?

Hey there,

in this journal I want to continue that famous 5m Phil Nel trading approach - someone remembers it?

I start with a $1k account, let's see where it goes. I usually go for 2:1 r/r, so a SL of 10 and a TP of 20. Traded pairs are GBP/USD and EUR/USD.

My first trade was already a success, here it is:

GBP/USD Short @1.43710 8:51 CET, Spread 2.0, SL 10, TP 30
Resistance/Pivot/Support levels:
R3: 1.4643
R2: 1.4540
R1: 1.4461
PP: 1.4348
S1: 1.4279
S2: 1.4176
S3: 1.4097
Idea: Bounce of 80 level, USD strong, EUR/USD already dropping
Max negative: -5.2pips
TP reached at 9:53 CET

Net result: +$30.30 / +3.03%

n this journal I want to continue that famous 5m Phil Nel trading approach - someone remembers it?

yes i remember phils systems i looked at his 4 hour mac,d and a few others many years ago,personally i took a different route ,but will follow along to see how it goes

good trading Xaron

Thanks for your kind words!

I did a second trade. Enough for today...

EUR/USD Short @1.11255 10:46 CET, Spread 1.2, SL 10, TP 20
Resistance/Pivot/Support levels:
R3: 1.1339
R2: 1.1274
R1: 1.1210
PP: 1.1145
S1: 1.1081
S2: 1.1016
S3: 1.0952
Idea: Entry inside existing down trend
Max negative: -3.7pips

Closed manually at 12:41 CET

Net result: +$17.03 / +1.65%

Did some trades today...

Pivot points GBP/USD:
R3: 1.4460
R2: 1.4425
R1: 1.4362
PP: 1.4327
S1: 1.4264
S2: 1.4229
S1: 1.4166

Pivot points EUR/USD:
R3: 1.1259
R2: 1.1217
R1: 1.1160
PP: 1.1118
S1: 1.1061
S2: 1.1019
S3: 1.0962

EUR/USD:
Trade #1 was a bit stupip, Regarding Phil Nel's approach it was not a valid one because of the angle of the SMA50. Took this anyway and it failed.
Reentry at pivot point for a bounce, which I closed manually later.

Trade #1: Short EUR/USD @ 1.11061 08:41 CET, TP 20 pips, SL 10 pips
stopped out @ 1.11162 08:48 CET
Net result: -$10.60 / -1.01%

Trade #2: Short EUR/USD @ 1.11151 08:48 CET, TP 20 pips, SL 10 pips
manually closed @ 1.11086 09:48 CET
Net result: +$6.82 / +0.65%



GBP/USD:
Trade #1 seemed to be valid but got stopped out, maybe entered too early.
Reentry at S1 and SMA50 which worked quite nice.
Trade #3 was meant to be a bounce of S2, failed.
Trade #4 was a reentry plus the bounce of the 20 level (yes, GBP/USD often bounces at 20/80 levels!)

Trade #1: Short GBP/USD @ 1.42545 08:49 CET, TP 20 pips, SL 10 pips
stopped out @ 1.42645 09:07 CET
Net result: -$10.51 / -1.01%

Trade #2: Short GBP/USD @ 1.42656 09:07 CET, TP 30 pips, SL 10 pips
TP reached @ 1.42354 09:17 CET
Net result: +$31.72 / +3.09%

Trade #3: Long GBP/USD @ 1.42285 09:19 CET, TP 20 pips, SL 10 pips
stopped out @ 1.42185 09:32 CET
Net result: -$10.50 / -0.99%

Trade #4: Long GBP/USD @ 1.42223 09:36 CET, TP 20 pips, SL 10 pips
manually closed @ 1.42339 09:48 CET
Net result: +$12.17 / +1.15%

GOOD Stuff.. Really like the 50 SMA.. angle here is one i got to day..JPN 225.. am still.. will bail if it breaks above 20 ema