3 Ducks Demo journal

[mentormeplease]

These were two good trades and even though I just didn't get in on time, the reasoning behind getting in was perfect and we would have been in and out in a matter of an hour.
Two great trades in my opinion :clap:

 

[mentormeplease]

Another setup in GBPCHF. Although the 4 hr chart looks borderline. If price hits my order level then it will be above the sma.
Order to buy 0.7 lots (Remember my money management) at 1.4574
sl 1.4537
tp 1.4646

 

[mentormeplease]

Order filled as I finished the last post. Lets wait and see.

Order filled because I didn't factor in the spread so price hasn't broken the high as yet. Anyway lets see since I'm in the trade already.

 

[mentormeplease]

Ok yesterdays trade was a loss.
-47 pips ($280)
Balance = $5754

 

[mentormeplease]

Two important lessons to learn from yesterdays trade.
1. By not factoring the spread, I got in the trade too early and was stopped before the proper entry target had been reached. Viewing the chart now, I see that I could have at least hit BE when the trade should have actually triggered.
2. My disappointment at not getting in the trades earlier probably prompted me to get into the next trade without proper analysis. In hindsight, one could see that the daily high would have offered resistance and my RR would not have been met and I would have to monitor the trade closely. This should not have been a "set and forget" trade.

 

[mentormeplease]

Short setup on USDCAD
Entered 2 lots at 1.02596
sl 1.0272
tp 1.0233
Price has broken yesterdays low of 1.0263 and this level should offer some resistance for price to reach new lows for today.

 

[mentormeplease]

Just need to watch the 1.0250 level which could also offer some (resistance) support.

 

[mentormeplease]

tp hit at 1.0233.
Profit = 26 pips ($519)
Balance = $6274

 

[mentormeplease]

Nice setup on the EURGBP as well.
I didn't take it due to the support on daily chart in Nov and Dec 2010 last year and Feb 2011.
As it turned out, it could have been a good trade for a 2:1 RR.

 

[mentormeplease]

I hope I can continue my journal here as I get an intermittent error when trying to post at times. Something about the IP being blocked.

 

[mentormeplease]

Buy signal triggered on GBPUSD
Got in on the retracement back to the entry level at 1.56753
Calculated lots incorrectly.
Opened with 2.5 lots when it should have been around 1.1
Closed 1.4 lots when price went into profit. I need to stop being so eager and get my ducks in a row before pulling the trigger. This has to stop.

 

[mentormeplease]

Need to watch the 1.5700 region for resistance

 

[mentormeplease]

broke temporary resistance at 1.5683

 

[mentormeplease]

Reached 1.5700 set SL at BE 1.5676

 

[mentormeplease]

Target hit
Profit from stuff up with lots = $81
Profit from this trade = 34 pips ($480)
Balance = $6836

Apart from my stuff up with the lot size, this was a well analysed and executed trade. Gonna take the Captains advice and give it a break for a little while. I agree that the holidays are not the best time to be trading.

 

[mentormeplease]

This is a summary of my account so far

 

[mentormeplease]

Happy new year everyone. I'll be back on the 9th January.

 

[bangkoker]

Happy new year everyone. I'll be back on the 9th January.

..and you

I am starting 3ducks this week (I have shadowed it for a long time but starting in earnest this year). So will be sure to drop by often:clap:

 

[mentormeplease]

Cool. I look forward to your comments and suggestions.

 

[Nigel-P]

Keep it up lads, good trading to you for 2012 :cheesy: