One Trade a Week

[isatrader]

It looks I'm the only one not in. FXPO.L is running a little bit too strongly for me this morning as has already almost moved a full days range this morning to the upside. It's reached it's R2 pivot level though as well, so I think it might struggle to break any higher today. So I'm going to have to reassess my entry point depending on where it reacts back down to today.

 

[isatrader]

Ok, I'm going to try and get in manually around the breakout level of 455. As FXPO.L has an all time high of 484.5 which is achievable this week so that would get me a 2ATR move if I can get in it.

 

[isatrader]

Think I've missed the boat on FXPO.L, is just too strong.

Edit: It is close the R3 level now and showing signs of consolidation, so I'm looking for it to pull back to between the 455 and 447 range tomorrow to get in as I think a retest of the old high looks likely from the price action from the last few days.

Edit (4.09pm): I've attached a marked up daily chart with my new target entry point

 

[isatrader]

Positions Update

Here's the positions update spreadsheet. I'm the only one not in yet and Pat494 is the early leader this week.

 

[isatrader]

Changing warehoused order to limit order for FXPO.L

Limit Entry: 455

Stop: 424
Target: 484.5

 

[dmt257]

I thought I was going to be shown up as my trade hit my entry to the pip then retraced about 100

Moved nicely into profit now though. Lets hope it stays there.

 

[isatrader]

enter

 

[isatrader]

My entry time on the thread was 12.50pm GMT so that's 13.50pm BST. So the entry price was 460.3 for FXPO.L

Trade Details:
Ferrexpo (LSE:FXPO)
Direction: Long
Entry: 460.3
Stop: 429
Target: 489

Percentage Risk: 7.30%
Target Gain: 6.24%

Risk Ratio: 0.85

Daily ATR(200): 14.48 (3.15%)
Weekly ATR(52): 37.5 (8.15%)

ATR Targets
-1x ATR: 445.82
1x ATR: 474.78
1.5x ATR: 482.02
2x ATR: 489.26

A bit early with this entry as I didn't wait for the confirmation candle. I need more patience.

 

[isatrader]

Trade Grading System

Hi everyone, I want to introduce an additional new grading system to give everyone a better idea of how well they are doing with their trades each week other than just the ATR percentage gains and performance points. So from now on each trade will also get a grade from A+ to G. It uses the ATR adjusted percentages gain or loss to determine the grade achieved.

Here's the grades:

A+ 2.5% and above
A 2-2.49%
A- 1.5-1.99%
B 1-1.49%
C 0.5-0.99%
C- 0-0.49%
D Below 0%
E Below -0.5%
F Below -1%
G Below -2%

 

[dmt257]

Good stuff

 

[isatrader]

Positions Update

A reasonable day for most of the group, with the majority of positions recovering from the morning lows. dmt257 takes the lead with his GBPJPY trade which now up 1.41% ATR adjusted, which would give him a B grade for the trade if he closed it at the current level.

 

[isatrader]

I'm adjusting my stop to 446.9 to take half of my risk off this trade. The short term 10 day ATR is 16.05 today, but although there's clear support at 456 I'd rather give it a little bit more than a full days range as I only opened it today.

 

[dmt257]

I'll move my stop to 137.45. 65 points below current level and 135 pips locked in.

Current chart.....

 

[isatrader]

I'll move my stop to 137.45. 65 points below current level and 135 pips locked in.

Current chart.....

Thanks dmt257, I've updated the spreadsheet and set the new price alert.

 

[dmt257]

Thanks dmt257, I've updated the spreadsheet and set the new price alert.

Cheers Isatrader.

You have reminded me to start up my own spreadsheet to log all my trades. Just one of the many things I included in my extensive trading plan but quickly discarded when it came to start trading:whistling

 

[dmt257]

My trade has hit its TP now, probably should have cancelled the target price as its moving up quick.

Im still in it on my real acccount though, 40 pips over initial target

 

[isatrader]

My trade has hit its TP now, probably should have cancelled the target price as its moving up quick.

Im still in it on my real acccount though, 40 pips over initial target

GBPJPY hit your target of 139.25 overnight. Here's the closing trade details:

Closing Trade

GBPJPY (FX:GBPJPY)
Direction: Long

Entry: 136.1
Exit: 139.25

Points Gain: 315

ATR Adjusted Percentage Gain: 2.54%

Trade Grade: A+

Well done dmt257, you managed to capture just over 2 and half times the average daily range. Which is 75% of the GBPJPY average weekly range. This gives you a trade grade of A+ for this first trade and a good chance at the weekly win :clap:

 

[dmt257]

Sweet. Beginners luck

 

[isatrader]

I'm going to adjust my profit target slightly to 489.26 to try and capture a full 2% ATR move this week.

Edit: I've added an intraday chart as I want to keep a record of how I'm managing my trades, so I can see where I'm making mistakes when I review them at a later date.

 

[isatrader]

Adjusting stop position for FXPO.L to 453.9 which just below daily support and the 60min -1ATR level.