3 Ducks Demo journal

[dazzer_fx]

Yes you're right, round numbers and support and resistance. In this case resistance. Thanks, I must try and bear these in mind as well.

Also 400 was the high of the day which adds to it, although TRO is without
doubt a pretty ecentric character his thread is worth a look if just to remind
of the importance of highs/lows of the day. Well done with the thread. Dazzer

 

[sj8070]

good journal, keep it up

 

[mentormeplease]

Yes, I did run through his thread but couldn't come to grips with his methods and lost interest. I'll go through it again though. Thanks for you input. I really need this sort of feedback which I know will improve my trading which I think was lacking previously.

 

[mentormeplease]

good journal, keep it up

Thank you. Please feel free to provide any feedback.

 

[mentormeplease]

Order placed
Sell at 0.83740
sl: 0.84040
tp: 0.83140

Hey Dazzer,

Just out of interest, this order was also close to the low of the day but not really a round figure. Any thoughts on that.

 

[dazzer_fx]

Hey Dazzer,

Just out of interest, this order was also close to the low of the day but not really a round figure. Any thoughts on that.

I suppose you have to build a story, you had
consolidation prior to the low plus the flag
so the low would not have been as much of
a concern IMO.

 

[mentormeplease]

I suppose you have to build a story, you had
consolidation prior to the low plus the flag
so the low would not have been as much of
a concern IMO.

thanks

 

[mentormeplease]

GBPJPY setup for short
Sold at 120.644
sl: 120.98
tp: 120.00

 

[mentormeplease]

Looking at this trade again, it was not a good setup. I actually sold on the support that was developing from yesterday. So I'm going to tighten my sl to the resistance as shown in the chart and bring my tp to break even. I should have rather waited for the support at 120.60 to have been breached before entering the trade.

 

[dazzer_fx]

Looking at this trade again, it was not a good setup. I actually sold on the support that was developing from yesterday. So I'm going to tighten my sl to the resistance as shown in the chart and bring my tp to break even. I should have rather waited for the support at 120.60 to have been breached before entering the trade.

I think its sometimes easier to revert back to a higher time frame to get
perspective, you sold in a into a pretty strong trendline which has just
broken. It then has todays low to contend with and then yesterdays low, in
my mind then it gets some clean air. Perhaps I'm just a little too careful!

 

[mentormeplease]

Yes, I see your point. I appreciate your input here. We have a holiday tomorrow so I'll post the loss from the last trade on Monday. Also won't be at my pc where the demo account is loadeded so will get back to trading on Monday.

 

[bangkoker]

Yes, I see your point. I appreciate your input here. We have a holiday tomorrow so I'll post the loss from the last trade on Monday. Also won't be at my pc where the demo account is loadeded so will get back to trading on Monday.

Have a good break and keep posting, will watch with interest

 

[mentormeplease]

Ok Thursdays losing trade.
Loss = 23 Pips ($290)
Balance = $6033

 

[mentormeplease]

Not much happening on the pairs I'm watching so will check back in a few hours.

 

[mentormeplease]

Some money management I want to add. I started with around $5000. There are many suggestions that we should only risk between 1 and 5 % of capital per trade. I'm going to risk 5% per trade which is $250. So the maximum loss that I should incur per trade will be $250. I will apply this for all my trades from now on.

 

[mentormeplease]

GBPCHF shows a decent setup. Waiting for break of the low at 1.4504 and confirmation only on close of candle below this level. Daily also showed a good bearish engulfing pattern 2 days ago. Problem is the daily support shown at 1.4467 which would not give us the required RR. So giving this setup a miss.

 

[mentormeplease]

Good opportunity missed on the GBPCHF. As shown in the previous post, price bounced of the daily support and all ducks were lined up for this trade with entry at 1.4555. Anyway, will just monitor and look for a retracement to enter.

Further confirmation of the trade would have been yesterdays pin bar formed on the daily tf.

 

[mentormeplease]

Same with EURGBP.
Price broke below the range its been trading at for the last 3 days with all ducks lined up and short entry at 0.83783. Too bad I missed them. Lets wait for the next setup.

 

[mentormeplease]

Good opportunity missed on the GBPCHF. As shown in the previous post, price bounced of the daily support and all ducks were lined up for this trade with entry at 1.4555. Anyway, will just monitor and look for a retracement to enter.

Further confirmation of the trade would have been yesterdays pin bar formed on the daily tf.

Target for 2:1 RR would have been hit now with tp 1.4595 and sl 1.4535.

 

[mentormeplease]

Same with EURGBP.
Price broke below the range its been trading at for the last 3 days with all ducks lined up and short entry at 0.83783. Too bad I missed them. Lets wait for the next setup.

Would have taken profit here at 0.8360 for almost 2:1 RR with sl at 0.8390. Reason is the low in Feb may offer some support and don't want to be too greedy.