Swingin' the currencies journal

[TAjammy]

This is a journal to post my trades on my demo account (100k).
i will only post trades i have taken and post my analysis, reasons and targets.
my method is support,resistance,price action and trend following. I use technical analysis mainly, but have been beginning to learn fundamentals and their effects , interest rates on currencies etc. i am out and out discretion, i don't completely follow james16's methods but i use his setups, mainly the pin bars as a good way to enter into trends, volume is great too on other markets

my maximum risk per trade is 2%, my previous demo account was 10k, but i couldnt apply the 2% rule because my stops were too large and i could do $10 per pip trades, or $0.50 per pip trades, giving me a ridiculous 10-15% risk per trade. despite that i did quite well.

I swing trade forex mainly, occasionally stocks, futures markets such as corn.

i will be trading $10 per pip on forex, and applying 2% rule to all of my trades, this means that if i go through a period of bad trading and make a string of losses i may only lose 10-15% of my account rather than 50+%.
i will be posting pictures of trades i have taken when they are triggered
I am here to recieve feedback and not give it.

:|

 

[candles]

I tihnk it Would be better if you started with a more 'realistic' amount personally. Gives you a better perpective. Good luck

 

[TAjammy]

I tihnk it Would be better if you started with a more 'realistic' amount personally. Gives you a better perpective. Good luck

i did but to be honest as long as im using the 2% rule i don't care.

if i could order on this broco demo account properly then i could in fact do 10,000 but i can't so i thought 100k would be a nice round number.

 

[TAjammy]

first trade
dailies looked like a short from my analysis, lower highs and lower lows, fibonacci double confluence with a 61.8 and 50% meeting here. zoomed in to the H1 timeframe and sold at the break of two consecutively smaller inside bar-was a bit late on the entry and should have used sell stop.

ENTRY:1.6365
S/L:1.6493
TP:1.5950
(im using alpari which uses 5 decimals for currencies but ill not include the 5th)
this trade is risking 128 pips= 1.28% of capital, for a potential gain of 4.15%

 

[TAjammy]

dammit, unfortunately broco trader won't let me have a 100k demo account, 10k seems to be max...weird so im using alpari but they dont have the other markets such as stocks, indices, grains and oil i was looking at.

looks like this is forex only

 

[TAjammy]

wow mumma, had my stop been 7 pips lower i would have been stopped out .

 

[TAjammy]

2nd trade,
long EURUSD
entry:1.4916
S/L:1.48703
TP:1.49753.

This was an anchor chart trade, meaning i was following the higher TF trend by entering more precisely on a lower TF (30 minute) at the break of an inside bar.
stochastics look overbought on dailies which is what i like to see. on the 30 min stochs are oversold (buy on weakness when there is strength).

 

[JDTRADER]

I tihnk it Would be better if you started with a more 'realistic' amount personally. Gives you a better perpective. Good luck

I agree

More Demo funds is not the answer.

Why not go on Oanda where you can fund small amounts as little as $50 and still be within the 2% rule.

Good Luck mate, we are all trying to find our path

 

[TAjammy]

i was just thinking the same thinkg, too.

even though IG gives you access to stocks which i would prefer, the minimum bet is 10p my average stop loss is around 100 pips. with £200 thats 5% risk per trade at the minimum bet!

it's not that i'd really want to make money from it, turn200 into millions or whatnot, just to give me the emotions, the experience etc and 2% is a nice number.

oanda sounds good, i could still open with around $200 and do 5p a pip if i want. i hear they do gold too? never mind i don't trade gold anyways.

ill keep this going until december, if i can gain around 10% by then i'll be over teh moon.
still, before any of that i have to prove to myself that i can be consistent and patient on demo.
my aim is 6% per month, that's $6000 on this demo account of 100k

 

[TAjammy]

right, so many trends here.
another anchor trade , daily trend was up, so was H4 so zoomed in on the H1 to find a great inside bar/s setup to get long on this pullback.

(i don't anchor to get smaller stops, just better entries)

AUD/USD LONG
entry:0.92432 (shi*ty retail alpari filled me 2 pips before for some reason, in fact i shouldnt even be filled yet!)
S/L:0.91063
TP:0.94843

 

[Masquerade]

Don't forget on IG you can only do 10p for 2 weeks.

 

[TAjammy]

stopped out on cable, -1383
TP hit on eurusd- +557
still in on AUDUSD +206

 

[TAjammy]

another trade
inside bar in direction of very strong trend.
NZDUSD LONG
entry:0.75863
TP:0.77274
S/L:0.73610

 

[TAjammy]

sorry bout that. had a little hick up. back.
i have a lot of open positions, unfortunatley im limited to 10k on a demo account again, but whatever, i will assume 2% risk on every trade.
LONG AUDJPY. im too tired to post entries etc il just post the picture .
LONG AUDUSD
SHORT USDCAD
LONG NZDUSD
SHORT USDCHF
LONG EURUSD

 

[TAjammy]

ah heres the last one

 

[TAjammy]

o by the way i got stopped out on those other 2 trades but i opened a new account anyway so it's a fresh start from here on. The main problem i think was that i didn't enter on a pullback.

 

[TAjammy]

taking an hourly bear flag trade EURUSD LONG.

 

[GladiatorX]

Explanation of pullbacks

1. You want to see previous FAST momentum... This gets people excited and emotional... Because they think ' Wow, what if i had been in' and this is exactly what you want '
2. You now want a SHORT pullback, that is long enough to suggest there isn't any panic exiting but not so long that it seems 'flat' and that no1 is showing any interest... You don't want a drift. You want a clear sell-off from some of the winners, but not fast, not steep, and wait enough time until it would seem that those who MAY be considering getting out there longs have decided we aren't 'flying down' - Enter on a relatively sharp down-movement, or what seems to be a large red bar
3. Enter before the breakout, the way this trade works is that all the greedy traders; Who WISHED they were in the original move are now watching, they are 'scared' traders; Hence why they are trading by emotions and they will wait for confirmation of a breakout to ' guarantee profits' - It is these people which serve as your future demand, so you must be in before them...
Price SHOULD, if the settings were as described, rocket with pace... As greedy traders panic and enter to get in fast @ the ask and people are aware of such upside momentum they are avoiding shorting and those long from the previous up momentum ' May aswell' stay in, as if it falls it is 'the markets money'...
4. Set a target and stick to it...

Thats HOW breakouts, in theory should work - Whenever you are taking a pullback setup remember that you want the above conditions to be present.... A pullback isn't a sideways movement after a casual, slow uptrend; Its got to be after fast movements, so you know that emotions and the greedy are involved.

So whenever you are taking a pullback just consider the psychology of the market participants and make sure that the pullback your entering has the potential that a breakout is full of 'greedy' players...

Thats a momentum pullback;

A trend pullback would be;
- Flat, steady, boring rising price that is significantly directional
- Pullback (may last a while) that is going sideways or down without force
- In this instance, your going to be in a trade a lot longer... You want a much wider stop loss because your going to be staying in this for the pullback UNTIL you genuinely don't think a trend exists; Its going to be much slower profits. You want to give the trade space to work out because its a 'casual sell-off' with 'limited upside MOMENTUM' but full upside potential...

YEY!

 

[TAjammy]

for some reason after i placed a 25 pip trailing stop i got stopped out immediately for 80 odd pips, annoying.

 

[TAjammy]

all is looking well on my positions. total profit at the moment is 620 pips but this is very likely to fluctuate wildly again.