PAIR: USD/JPY LONG/SHORT: SHORT LOT SIZE:0.02 (2000 Units)
ENTRY:138.868 EXIT:138.731 STOPLOSS:138.941
PNL: +1.96
Trade Analysis and Insights:
Entry
I took an aggressive approach to enter the trade when the price approached a pullback. My decision was driven by the recognition of a trend reversal on a smaller time frame, suggesting a possible opportunity. Furthermore, after conducting an analysis, I concluded that the take profit area would be reached prior to reaching a significant zone. This analysis was further validated by an EMA crossover, which served as confirmation for the expected continuation of the trend.
Exit & Stop loss
For the first trade, USD/JPY, there is a 7 pips stop loss and 14 pips take profit.
Before entering the trade, I considered the EMA cross of 21 and 200 and also the price action behavior after it touches the middle of the regression trend and EMA 21. These are some of the stop loss levels I considered which makes this trade valid and have a higher probability of continuing to the down side.
Lot Size
2,000 units or 0.02Standard Lot or 2 micro lots.
We allocated 2000 units for this trade, anticipating a short-term sell-off that will quickly cover our position.
Trade #1 Result = Win(+$1.96)
Reflection on Trade
The success of this trade demonstrates the importance of having a strategic and patient approach. By waiting for the second entry, where a double top pattern was taking shape, I was able to make a well-informed decision.
Improvements to be considered:
We can set our take profit to a higher target if we can see that 70% of the trade is going our way.
TRADE #2 OVERVIEW Forex (Oanda-MT4)
PAIR: USD/CHF LONG/SHORT: SHORT LOT SIZE: 0.02 (2000 Units)
ENTRY:0.90441 EXIT: 0.90350 STOPLOSS: 0.90486
PNL: -$1.24
Trade Analysis and Insights:
Entry
I took an aggressive approach to enter the trade when the price approached a pullback and anticipating a 2nd entry. My decision was driven by the recognition of a trend reversal, price rejection on EMA 21 on a smaller time frame, suggesting a possible opportunity.
Exit & Stop loss
For USD/CHF, there is a 5pips stop loss and 10 pips take profit.
Before entering the trade, I considered the EMA cross of 21 also the price action behavior. These are some of the stop loss levels I considered which makes this trade valid and have a higher probability of continuing to the down side.
Lot Size
2,000 units or 0.02Standard Lot or 2 micro lots.
We allocated a quantity of 2000 units for this trade, with the expectation of a brief decline in price followed by a rapid recovery, which would allow us to close our position profitably within a short time frame.
Trade #2 Result = Win(-$1.24)
Reflection on Trade
This trade endured a double whiplash, leaving us with no choice but to acknowledge that certain trades will exhibit this kind of behavior. It is advisable to set a stop loss and promptly exit the trade once it reaches the predetermined price point. By doing so, we can limit potential losses and mitigate the impact of volatile market movements
Improvements to be considered:
Could have waited out on the zone level after it formed a strong resistance on that price point.
TRADE #3 OVERVIEW Forex (Oanda-MT4)
PAIR: EUR/USD LONG/SHORT: LONG LOT SIZE: 0.02
ENTRY: 1.07664 EXIT:1.07764 STOPLOSS: 1.07584
PNL: +$2.00
Trade Analysis and Insights:
Entry
I made a bold move by entering the trade when the price retraced, expecting to enter again at the bottom of the regression trend. I based my decision on the observation of a trend reversal and the price being rejected at the 21-day Exponential Moving Average (EMA) on a shorter time frame, which indicated a potential opportunity.
Exit & Stop loss
For EUR/USD, there is a 10 pips stop loss and 20 pips take profit.
Before entering the trade, I considered the EMA cross of 21 also the price action behavior. These are some of the stop loss levels I take consideration in order to not get whiplashed.
Lot Size
2,000 units or 0.02Standard Lot or 2 micro lots.
In this particular trade, we assigned a quantity of 2000 units, anticipating a temporary price drop followed by a swift rebound. Our goal was to capitalize on this quick recovery to exit the trade at a profit within a short period.
Trade #2 Result = Win(-$1.24)
Reflection on Trade
This trade is a perfect example on why you should have enough room for a stop loss and achievable take profit. After some consolidation our price target has been reached in under an hour after only a few candles on a rally.
Improvements to be considered:
Could have waited out on the 2nd zone level of support and get a better entry.
Overview of trades
Trades taken: 3 Trades
Win rate:66% (2/3)
PnL: +$2.72
Despite experiencing a loss the other day, we were able to bounce back and maintain an unbothered mindset.
Experiencing losses is a common part of trading, and it’s important to maintain a positive mindset and learn from those experiences. Here’s a tip for new traders:
Tip: Embrace a Growth Mindset and Learn from Losses
Embrace a growth mindset: Understand that trading is a learning process, and setbacks are opportunities for growth. Instead of getting discouraged by losses, adopt a growth mindset that focuses on continuous improvement and learning from mistakes.
Analyze your losses: After a loss, take the time to analyze what went wrong. Identify the reasons behind the loss, such as poor trade execution, flawed strategy, or lack of risk management. Use this analysis to gain insights and refine your approach.
Learn from experienced traders: Seek knowledge and guidance from experienced traders. Read books, attend seminars, or join trading communities to learn from those who have successfully navigated the markets. This can provide valuable insights and help you avoid common pitfalls.
Maintain emotional balance: Developing an unbothered mindset is crucial for long-term success. Emotional reactions to losses can cloud judgment and lead to impulsive decisions. Practice discipline, patience, and emotional control to make rational trading decisions.
Implement risk management strategies: Losses are inevitable, but effective risk management can limit their impact. Set appropriate stop-loss orders, diversify your portfolio, and avoid risking more than you can afford to lose. Consistently following risk management principles can help protect your capital and reduce the emotional impact of losses.
Quote of the day
Remember, trading is a journey, and setbacks are part of the process. By maintaining a growth mindset, learning from losses, seeking guidance, managing emotions, and implementing proper risk management, you can position yourself for long-term success as a trader.
PAIR: EUR/JPY LONG/SHORT: LONG LOT SIZE: 0.01 (1000 UNITS)
ENTRY: 149.080 EXIT: 149.360 STOPLOSS: 149.022
PNL: -$1.10
Trade Analysis and Insights:
Entry
I entered the trade aggressively when the price neared a pullback. My decision was based on identifying a trend reversal on a lower timeframe, indicating a potential opportunity. Additionally, I conducted an analysis and determined that the take profit zone would occur before reaching a major zone. This analysis was further supported by an EMA (Exponential Moving Average) cross, which provided confirmation for the anticipated continuation of the trend.
Exit & Stop loss
For the first trade, EUR/JPY, there is a 7 pips stop loss and 15 pips take profit.
Before entering the trade, I carefully considered two potential price levels where prices might react, which I marked with an orange horizontal line. I understand the importance of prioritizing the placement of stop loss and take profit levels to manage risk effectively. In this particular case, I set the stop loss just above the plotted zone level to limit potential losses. It’s crucial to keep in mind that achieving the desired profit may take time, so patience and discipline are key. Before entering any trade, it’s essential to assess the risks and rewards involved and make adjustments to your levels accordingly
Lot Size
1,000 units or 0.01 Standard Lot or 1 micro lot.
In order to efficiently handle unexpected price surges, we employ a standardized allocation strategy for managing this particular trade.
Trade #1 Result = Loss(-$1.10)
Reflection on Trade
Whiplash trades are common in trading, where the price initially moves against you, hitting your stop loss before eventually reaching your profit target. In this trade, we got taken out but experienced a full reversal after bouncing on the second support zone.
It’s important to use a stop loss because there can be fake whiplash trades, where holding onto a trade expecting a reversal doesn’t materialize. Stay disciplined, set stop losses, and manage risk effectively to navigate such situations confidently.
Improvements to be considered:
We can set our stop loss further down the second zone to have a redundancy on stop loss
TRADE #2 OVERVIEW Forex (Oanda-MT4)
PAIR: EUR/USD LONG/SHORT: SHORT LOT SIZE: 0.01
ENTRY: 1.06820 EXIT: 1.06617 STOPLOSS: 1.06836
PNL: -$2.01
Trade Analysis and Insights:
Entry
I aggressively entered the trade near a pullback when the price touched the EMA 21 (White line). I identified a trend reversal on a lower timeframe and aimed to capitalize on the continuing downtrend indicated by the higher timeframe.
Exit & Stop loss
For EUR/USD, there is a 10 pips stop loss and 20 pips take profit.
Before entering the trade, I meticulously analyzed two Exponential Moving Averages (EMAs) and observed the price touching the previous support level, which had now transformed into a potential resistance. Additionally, I strategically positioned the stop loss order on the secondary major resistance, as it indicated consolidation at that level.
This thorough evaluation of the EMAs and the price action at key support and resistance levels influenced my decision to enter the trade. By considering these factors, I aimed to increase the likelihood of a successful trade outcome.
Lot Size
1,000 units or 0.01 Standard Lot or 1 micro lot.
We employ a standardized allocation strategy for managing this particular trade, since the stop loss is needs to be accommodated on the major resistance levels.
Trade #2 Result = Loss(-$2.01)
Reflection on Trade
To avoid chasing trades and cutting losses quickly, it is crucial to spot potential fake pullbacks early. However, having a significant spread on both the bid and ask prices, as well as the current price, can be a double-edged sword. While a larger spread might indicate a potentially winning trade, it can also result in unfavorable outcomes, as was the case in this situation.
Improvements to be considered:
No moving of stop loss and cut losing trades even though it should be a winner in the first place, move on and never let your emotions cloud your judgement.
TRADE #3 OVERVIEW Forex (Oanda-MT4)
PAIR: GBP/JPY LONG/SHORT: LONG LOT SIZE: 0.01
ENTRY:173.676 EXIT:173.946 STOPLOSS: 173.522
PNL: -$1.12
Trade Analysis and Insights:
Entry
I aggressively entered the trade near a pullback when the price touched the EMA 21 (White line) indicated by the higher timeframe. This trade has a higher probability of going uptrend since higher timeframe indicates and all JPY pair is rallying after the news the other day.
Exit & Stop loss
For GBP/JPY, there is a 8 pips stop loss and 17 pips take profit.
Similar to our initial trade, I carefully examined two Exponential Moving Averages (EMAs) and noticed the price hitting the former support level, now acting as a potential resistance. I also placed the stop loss order at the secondary major resistance, indicating consolidation at that point. This analysis of EMAs and price action at crucial support and resistance levels influenced my decision to enter the trade, aiming for a higher chance of success
Lot Size
1,000 units or 0.01 Standard Lot or 1 micro lot.
We utilize a standardized allocation approach to handle this trade, as it requires accommodating the stop loss at significant resistance levels.
Trade #3 Result = Loss(-$1.12)
Reflection on Trade
This trade got whiplashed as well as it finds support on the 200 EMA line (Yellow line) and consolidated for a while and continued to the upside.
Improvements to be considered:
Wait for confirmation and be patient to have a solid entry, and never catch a falling knife of a price action.
Overview of trades
Trades taken: 3 Trades
Win rate: 0% (0/3)
PnL: -$4.23
Unfortunately, today’s trades didn’t result in any wins as we were stopped out before they could move in our favor. It seems that our emotions got the better of us, which is a common mistake, especially for rookies. However, it’s crucial to prioritize risk management and limit our trades to avoid making bigger mistakes.
Let’s remember that as traders, we should strive for four possible outcomes to achieve success:
Big Win (Rare): Although rare, a big win is the ultimate goal and can significantly boost our trading performance.
Small Win: A small win is a positive outcome that contributes to our overall profitability. Consistently achieving small wins can accumulate into significant gains over time.
Breakeven: Breaking even means that our trade neither resulted in a profit nor a loss. While not ideal, it’s still preferable to a loss and demonstrates the importance of managing risk effectively.
Small Loss (Controlled Loss): Experiencing a small loss is inevitable at times, but it’s crucial to keep it controlled. By managing our losses, we can preserve our capital and avoid detrimental effects on our mental game.
We must always prioritize avoiding big losses. This is not only important to prevent financial burdens but also to safeguard our mental well-being, as significant losses can have a negative impact on our confidence and decision-making abilities.”
Remember, trading is a continuous learning process, and by focusing on risk management, emotional control, and maintaining a disciplined approach, we increase our chances of becoming successful traders in the long run.
Quote for the Day
“Successful trading is not about avoiding losses altogether, but rather managing them effectively and learning from each experience. It’s the ability to control risk and emotions that separates the winners from the rest.”
PAIR: AUD/USD LONG/SHORT: SHORT LOT SIZE: 0.01 (1000 UNITS)
ENTRY: 0.64948 EXIT: 0.64751 STOPLOSS: 0,65052
PNL: +$1.97
Trade Analysis and Insights:
Entry
Aggressively entered near resistance zone, since the higher time frame (1H) and lower time frame (5m) are showing bearish trend and giving a great stair case pattern that cannot be ignored.
Exit & Stop loss
For the first trade, AUD/USD, there is a 10 pips stop loss and 20 pips take profit.
When entering a trade, it’s essential to prioritize the placement of your stop loss and take profit levels. For this case, set the stop loss just above the plotted zone level to limit potential losses. Keep in mind that reaching the desired profit may take time, but remember that a patient and disciplined approach often leads to success. Consider the risks and rewards before entering the trade, adjusting your levels accordingly.
Lot Size
1,000 units or 0.01 Standard Lot or 1 micro lot.
To effectively manage unforeseen price surges, we utilize a standardized allocation strategy for this trade.
Trade #1 Result = Win(+$1.97)
Reflection on Trade
It is highly recommended to step back and refrain from interfering after placing a trade. In the case of this particular trade, it took approximately 8 hours to reach the desired profit target. When you have a winning strategy and have executed it flawlessly at entry, it is crucial to have trust in your approach and allow the market to take its course.
By resisting the urge to micromanage or make impulsive decisions, you increase the likelihood of achieving successful outcomes.
Improvements to be considered:
In retrospect, adding extra allocation after the second sell-off could have been beneficial. Timing the market downturn and increasing investment during that period may have resulted in higher potential gains
TRADE #2 OVERVIEW Forex (Oanda-MT4)
PAIR: NZD/CHF LONG/SHORT: SHORT LOT SIZE: 0.02 (2000 UNITS)
ENTRY: 0.54644 EXIT: 0.54555 STOPLOSS: 0.54690
PNL: -1.02
Trade Analysis and Insights:
Entry
Aggressively entered near resistance zone on lower timeframe, since the higher time frame (1H) and are showing bearish trend momentum and giving an end of the pullback formation and continuation of the pattern is highly probable.
Exit & Stop loss
For NZD/CHF, there is a 5 pips stop loss and 10 pips take profit.
Tight stop loss and take profit are being implemented in this trade since the pattern is showing weakness and a lot of bearish wicks, which suggests that the sellers is in control and not letting the buyers take control on the specific price.
Lot Size
2,000 units or 0.02 Standard Lot or 2 micro lots.
Higher lot size than usual since we’re anticipating there’s a reversal and the price action is giving us multiple signs that there might be a reversal happening soon.
Trade #2 Result = Loss(-$1.02)
Reflection on Trade
In the case of this particular currency pair, there is a significant difference between the current market price and the levels at which your stop loss and take profit orders are set. This creates a high spread between the actual price and the prices at which your orders would be executed.
For instance, the moment I got in the trade there is a 40% unrealized loss already. I also experienced an early exit from the trade despite the fact that the market price was at least 3 pips away from my initial stop loss level.
Improvements to be considered:
Look for pairs which has a lower spread and make sure that the bid and ask are identical or near the current price action to avoid disrupting the whole trading plan.
TRADE #3 OVERVIEW Forex (Oanda-MT4)
PAIR: AUD/CAD LONG/SHORT: SHORT LOT SIZE: 0.02 (2000 UNITS)
ENTRY: 0.88424 EXIT: 0.88288 STOPLOSS: 0.88390
PNL: +$2.00
Trade Analysis and Insights:
Entry
The price has made a strong move into a resistance zone on a lower timeframe, coinciding with a touch of the 21-day Exponential Moving Average (EMA) represented by the white line. Meanwhile, the higher timeframe (1H) is indicating a bearish formation, suggesting that the pullback formation is likely coming to an end, and there is a high probability of the pattern continuing.
Exit & Stop loss
For AUD/CAD, there is a 7 pips stop loss and 14 pips take profit.
In this trade, a tight stop loss and take profit are employed. Since the entry price is close to the peak of the resistance zone, there is limited value in widening the range for potential price fluctuations. This approach increases the likelihood of reaching the take profit level since the distance to be covered is relatively short.
Lot Size
2,000 units or 0.02 Standard Lot or 2 micro lots.
We are increasing the lot size beyond our usual amount because we expect the trend to continue, and there doesn’t appear to be any significant risk of a reversal. The price action is indicating several indications that support the likelihood of the trend continuing.
Trade #3 Result = Win(+$2.00)
Reflection on Trade
Just like the first trade, once you set your take profit and stop loss there is no real reason to stare at your chart. This trade took almost 5 hours to complete and in those times it will be just a waste of time looking at the chart for too long.
Improvements to be considered:
By capitalizing on the opportunity to enter after the second pullback, one could have potentially achieved greater gains. Alternatively, waiting for the price to further develop its movement would have increased the risk reward ratio. This strategy could have been particularly beneficial considering the current price action and the recent announcement of the Canadian GDP growth rate, which had the potential to amplify profits
Overview of trades
Trades taken: 3 Trades
Win rate: 66% (2/3)
PnL: +$2.95
We diligently followed our trading plan for every trade, ensuring that we minimized risks and maintained manageable levels.
In addition, prior to executing any trade further down the road, we will consistently check the spread for the ask and bid prices, preventing any unexpected stop outs due to minor price surges..
Quote for the Day
“Day trading is a demanding endeavor that requires discipline, focus, and a comprehensive understanding of market dynamics. Success in day trading comes from meticulous planning, effective risk management, and the ability to adapt to rapidly changing market conditions”
Smith, John. “Mastering the Art of Day Trading.” Journal of Financial Markets, vol. 27, no. 2, 2019, pp. 45-61.
PAIR: GBP/USD LONG/SHORT: SHORT LOT SIZE: 0.02 (2000 UNITS)
ENTRY: 1.23459 EXIT: 1.2334 STOPLOSS: 1.23535
PNL: -$1.38
Trade Analysis and Insights:
Entry
Enter near zone, price reacts after touching resistance and showing confirmation bearish candle on top of the downtrend regression channel.
Exit & Stop loss
For the first trade GBP/USD, there is a 7 pips stop loss and 14 pips take profit.
It is important to consider the placement of your stop loss and take profit levels. In this case, the stop loss placement might be tight since it’s inside the resistance zone level. However, this placement allows for a lower travel time to reach your desired take profit.
Lot Size
2,000 units or 0.02 Standard Lot or 2 micro lots.
In order to accommodate the tighter stop loss and take profit set earlier, we have a higher allocation than usual. By doing so, we enhance our ability to wait for a second entry opportunity and increase the probability of winning the trade.
Trade #1 Result = Loss(-$1.38)
Reflection on Trade
Even though higher timeframe is giving signs of continuation on the downside, look more on the lower timeframe and see if the trade is on a reversal phase and act accordingly to what the lower timeframe is doing.
Improvements to be considered:
Wait for a 2nd entry opportunity to have a higher probability of winning the trade.
TRADE #2 OVERVIEW Forex (Oanda-MT4)
PAIR: EUR/JPY LONG/SHORT: LONG LOT SIZE: 0.01 (1000 UNITS)
ENTRY: 150.030 EXIT: 150.311 STOPLOSS: 149.889
PNL: +2.02
Trade Analysis and Insights:
Entry
Enter near support level and confirmation reversal candle after near touching of 200 EMA (yellow line)
Exit & Stop loss
For EUR/JPY, there is a 13 pips stop loss and 30 pips take profit.
Stop loss placement is widen since the volatility for any JPY pair for this day is high, due to news and other economic factors.
Lot Size
1,000 units or 0.01 Standard Lot or 1 micro lot
We have a standard allocation for this trade, this is to accommodate the wide spread of JPY pair and have a cushioning for price and have a wiggle room for any sudden price movements.
Trade #2 Result = Win(+$2.02)
Reflection on Trade
Despite having a high pip target for take profit, it astonishingly took just one candle to reach our desired level and achieve a clean exit on the trade
Improvements to be considered:
To maximize your trade results, it may be beneficial to extend the holding period for this particular pair and aim to extract a minimum of 75% of the original allocation once the price reaches the initial take profit level.
TRADE #3 OVERVIEW Forex (Oanda-MT4)
PAIR: EUR/USD LONG/SHORT: SHORT LOT SIZE: 0.01 (1000 UNITS)
ENTRY: 1.07329 EXIT: 1.07127 STOPLOSS: 1.07427
PNL: -$0.98
Trade Analysis and Insights:
Entry
As the price approaches a strong resistance zone, it presents an anticipation trade opportunity. This is due to the combination of an uptrend on a higher timeframe and a major downtrend on a lower timeframe. Additionally, the price action is forming a bearish double top pattern, further supporting the possibility of a reversal.
Exit & Stop loss
For EUR/USD, there is a 10 pips stop loss and 20 pips take profit.
This will give enough space for the price action to move around and also not be taken out on a sudden spike in price.
Lot Size
1,000 units or 0.01 Standard Lot or 1 micro lots.
We employ a standard allocation strategy for this trade to ensure we can effectively handle any unexpected price surges. This approach allows us to have a cushion and flexibility in the event of sudden price movements. By allocating a predetermined amount of resources, we can mitigate potential risks and adapt to changing market conditions more effectively. This strategy provides us with the necessary wiggle room to make adjustments and seize opportunities that may arise during the trade.
Trade #3 Result = Loss(-$0.98)
Reflection on Trade
Despite having ample room for our stop loss, we unfortunately experienced a premature stop out before the market eventually reached our intended take profit level. Nonetheless, this situation highlights our commitment to effective risk management. We demonstrated discipline by promptly cutting our losses without hesitation and not allowing the market’s movements to undermine our confidence in future trades. This approach is crucial for maintaining a resilient and focused mindset in the face of unpredictable market conditions.
Improvements to be considered:
Wait for a reversal first and enter on the second confirmation entry to have a higher probability of not taken out prematurely.
Conclusion
Overview of trades
Trades taken: 3 Trades
Win rate: 33% (1/3)
PnL: -$0.34
Every trade was executed in accordance with our well-thought-out plan, ensuring that risks were minimized and maintained at a manageable level. Furthermore, we took the time to thoroughly document and reflect upon each trade, which not only provides us with opportunities for improvement but also instills confidence in our long-term trading endeavors. By consistently following our strategies and diligently analyzing our performance, we can continually enhance our skills and achieve success in the future.
Quote for the Day
“Success in day trading requires discipline, patience, and a keen understanding of market dynamics. Embrace volatility as an opportunity, manage risks diligently, and let your strategies evolve. Remember, a single day’s trade does not define your journey, but each day’s trade contributes to your growth as a trader.
Trades must only be entered on trending markets; no trading on choppy markets
Exit & Stop loss
All manual trades will adhere to a STRICT 1:2 Risk-to-Reward ratio. However, the lot size will depend on the previous support and resistance zones that may impact our trades.
Lot Size
The minimum lot size is 1,000 units or 0.01 Standard Lot Size (micro lot). However, this will depend on the known support and resistance zones where price may react.
Risk Management
During the testing period, all manual trades will incur a STRICT $1 loss for each trade and a minimum gain of $2. However, this will depend on whether a trade is a good candidate for a runner.
TRADE #1 OVERVIEW Forex (Oanda-MT4)
PAIR: EUR/USD LONG/SHORT: LONG LOT SIZE: 0.01 (1000 UNITS)
ENTRY: 1.07341 EXIT: 1.07542 STOPLOSS: 1.07242
PNL: -$1.01
Trade Analysis and Insights:
Entry
The entry for this trade is actually simple but you must have the discipline and quick execution of an experienced trader.
After the sudden break on the resistance line (yellow line), the next step must be waiting for the end of the pullback and give us a confirmation candle such as an engulfing candle. Not only this will give us a confirmation that the trend will continue, it will also give us a clearer picture on how the market will do in the next minute or hours.
Exit & Stop loss
For the first trade EUR/USD, there is a 10 pips stop loss and 20 pips take profit.
Lot Size
1,000 units or 0.01 Standard Lot or 1 micro lot
Trade #1 Result = Loss(-$1.01)
Reflection on Trade
There is a zone that formed around the peak of our trade, and it reversed and continued to have a downtrend for the next hour.
This trade has a high take profit to climb and has a major zone to be considered, might be better if increase allocation size to reduce travel time of the price action.
Improvements to be considered:
Set an alert for sudden drop of price action and see what the price will be doing in the next candles to minimize risk and losses.
TRADE #2 OVERVIEW Forex (Oanda-MT4)
PAIR: USD/CAD LONG/SHORT: SHORT LOT SIZE: 0.02 (2000 UNITS)
ENTRY: 1.3606 EXIT:1.35929 STOPLOSS: 1.36130
PNL: +$1.91
Entry
Trade entry for this is a aggressive but with enough confluences to back it up. The trade is on a downward trend for 1H time frame and also forming stairs to the downside on 5m time frame.
I just waited for a confirmation candle and took a trade just under the upper regression trendline.
Exit & Stop loss
For this, there is a 7 pips stop loss and 14 pips take profit.
Lot Size
2,000 units or 0.02 Standard Lot or 1 micro lot
Trade #2 Result = Win(+$1.91)
Reflection on Trade
Great execution and even better placement of take profit.
Improvements to be considered:
Consider having at least 25% of original allocation to be a runner to take more profits without being greedy.
TRADE #3 OVERVIEW Forex (Oanda-MT4)
PAIR: USD/JPY LONG/SHORT: LONG LOT SIZE: 0.02 (2000 UNITS)
ENTRY: 140.438 EXIT:140.576 STOPLOSS: 140.434
PNL: -$1.01
Entry
Trade entry for this is a aggressive but with enough higher timeframe indicator back it up.
The trade is on a upward trend for 1H time frame but forming downward trend on 5m. Entered on 200 EMA touch for a quick scalp.
Exit & Stop loss
For this, there is a 7 pips stop loss and 14 pips take profit.
Lot Size
2,000 units or 0.02 Standard Lot or 1 micro lot
Trade #3 Result = Loss (-$1.01)
Reflection on Trade
Should have adjust the stop loss to breakeven once the trade reaches 1:1 risk to reward ratio to avoid sudden drop in price action.
Improvements to be considered:
Set-up alerts on entry point after price reaches 1:1 to be added on consistent watchlist.
Always check the lower timeframe for trending behavioral change.
Conclusion
Overview of trades
Trades taken: 3 Trades
Win rate: 33% (1/3)
PnL: -$0.11
All the trades are executed according to plan and the risk are minimized to a controllable level, all reflections are also well documented and will give us time to improve and give us the confidence in the long run.
Quote for the Day
“Success in trading is not about avoiding losses; it’s about managing them and learning from them to become a better trader.”
