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Mr Breakout (Day) Trading Journal

  • #21
  • Feb 14, 2017 12:56pm Feb 14, 2017 12:56pm
Quoting Mani82
{quote}
Thanks Mani82.

The market moved more than 115 pips in my favor and then reversed at 10AM when Fed Yellen opened her mouth.
Oh well, I still ended up making money, that's the most important thing.
  • #22
  • Edited 2:49pm Feb 14, 2017 2:18pm | Edited 2:49pm
Someone sent me a private message and asked me how to assess the trend of a currency on the 5 and 15 min time frames.

Well, one of the most objective ways to do this is to use simple moving averages (personally I prefer the 50, 100 and 200 periods).

In general it is not a good idea to go long when the price is below these 3 moving averages or to go short when the price is above these moving averages, as these are low probability trades, no matter what system the trader is using.

Here is an example on the EUR/AUD 15-min, but of course these same 3 moving averages can be used on ANY time frame:
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  • #23
  • Feb 14, 2017 3:36pm Feb 14, 2017 3:36pm
Short GBP/CAD at 1.6300, 35 pip stop.

Let's do it again.
  • #24
  • Feb 14, 2017 5:13pm Feb 14, 2017 5:13pm
Quoting Mr Breakout
Short GBP/CAD at 1.6300, 35 pip stop. Let's do it again.
GBP/CAD is swinging/consolidating inside an ascending channel on the 1-min. The breakout is usually to the downside.

Of course the Asian market makers are now going to shake me out of this short position, just to prove me wrong hahahahaha
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  • #25
  • Edited 7:05pm Feb 14, 2017 6:49pm | Edited 7:05pm
Quoting Mr Breakout
Short GBP/CAD at 1.6300, 35 pip stop. Let's do it again.
The expected breakdown on the GBP/CAD (1-min) is apparently taking place.

Keep going down boy, daddy needs a new Armani suit...
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  • #26
  • Feb 14, 2017 9:57pm Feb 14, 2017 9:57pm
Uh-uh, potential bottom Head and Shoulders on the GBP/CAD (1-min).

If this H&S fails (most probable scenario) short sellers (like me) are going to earn some serious pips, so let's see...
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  • #27
  • Feb 15, 2017 2:08am Feb 15, 2017 2:08am
Quoting Mr Breakout
Short GBP/CAD at 1.6300, 35 pip stop. Let's do it again.
Out at 1.6280, +20 pips (total 40 pips in less than 24h)..
Off to bed.
Take care all.
  • #28
  • Feb 15, 2017 11:29am Feb 15, 2017 11:29am
Quoting Mr Breakout
{quote} Out at 1.6280, +20 pips (total 40 pips in less than 24h).. Off to bed. Take care all.
I like your trading style good luck
  • #29
  • Feb 15, 2017 11:57am Feb 15, 2017 11:57am
Quoting Mani82
{quote} I like your trading style good luck
Thanks Mani82.

Pending short order on the GBP/AUD at 1.6177, 35 pip stop.
  • #30
  • Feb 15, 2017 12:00pm Feb 15, 2017 12:00pm
Quoting Mr Breakout
. Pending short order on the GBP/AUD at 1.6177, 35 pip stop.
Order has been filled.
Now let's go.
  • #31
  • Feb 15, 2017 12:49pm Feb 15, 2017 12:49pm
Hi Mr Breakout

What's your TP on this?

Cheers
G
  • #32
  • Feb 15, 2017 12:51pm Feb 15, 2017 12:51pm
Hi Mr Breakout

Which indicators would you recommend using? I am new to this but want to keep my trading simple. Looking at intra-day trading, not scalping as doesn't suit my personality.

Thanks

G
  • #33
  • Feb 15, 2017 1:01pm Feb 15, 2017 1:01pm
Hi Again

Also how did you decide on the SL you set?

No more questions for today - promise

Thanks
G
  • #34
  • Feb 15, 2017 1:26pm Feb 15, 2017 1:26pm
Quoting Giulietta
Hi Mr Breakout What's your TP on this? Cheers G
Hi Giulietta.

The take profit is open, the Australian Unemployment report is due in about 5h (7:30 PM EST) so anything is possible...

Quoting Giulietta
Which indicators would you recommend using?
I don't use indicators, just price action. However, sometimes I like to display 3 simple moving averages on the chart (50, 100 and 200) just to see the general trend of the market. In trading I always keep things very simple, putting half a dozen indicators and 10 trendlines on the chart is a total waste of time and energy, this stuff simply does not work. And yet a lot of traders still do it because they believe that more is better.

Total nonsense, one can make a good living with very, very simple trading rules.

Quoting Giulietta
Also how did you decide on the SL you set?
I noticed that in most cases, a 30 or 35 pip stop is ideal for day-trading purposes. Anything bigger than that simply increases the risk, plus I can always re-enter the trade later if the signal is still valid.
  • #35
  • Feb 15, 2017 1:37pm Feb 15, 2017 1:37pm
Thanks - taking this trade too! All the best for both of us...doing good so far!
  • #36
  • Feb 15, 2017 1:45pm Feb 15, 2017 1:45pm
Quoting Giulietta
Thanks - taking this trade too! All the best for both of us...doing good so far!
You are welcome.

Yes the short GBP/AUD trade is doing good so far. It's always a good sign when the market moves immediately in our favor.

And if the AUD unemployment numbers are good, this trade could pay off big!
  • #37
  • Feb 15, 2017 2:15pm Feb 15, 2017 2:15pm
Is this trade going the other way now?
  • #38
  • Feb 15, 2017 2:24pm Feb 15, 2017 2:24pm
Quoting Giulietta
Is this trade going the other way now?
No, we are still good, GBP/AUD is just trying to break through that 1.6150 level.

If GBP/AUD moves 25 pips in the right direction, I will move the stop to break-even.
  • #39
  • Feb 15, 2017 2:41pm Feb 15, 2017 2:41pm
Quoting Mr Breakout
If GBP/AUD moves 25 pips in the right direction, I will move the stop to break-even.
+25 pips, moving stop to break-even.
  • #40
  • Feb 15, 2017 2:59pm Feb 15, 2017 2:59pm
Do you have an exit strategy?
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