Day Trade Journal – Day 13- June 14, 2023
TRADE #1 OVERVIEW
Forex (Oanda-MT4)
PAIR: USD.CAD
LONG/SHORT: SHORT
LOT SIZE: 0.2
ENTRY: 1.32825
EXIT:1.32558
STOPLOSS:1.32959
PNL:-$20.41
PIPS: 13/26
Trade Analysis and Insights:
Entry
With unwavering patience, I meticulously observed the price, eagerly anticipating the moment when it would harmoniously converge with the Exponential Moving Average (EMA) and grace the sacred realm of the resistance zone.
Exit & Stop loss
13 pips stop loss and 26 pips take profit.
Before trading, I assessed two key factors: EMA 21 and important price levels. EMA 21 indicated market trend, while I watched price patterns. To manage risk, I identified support zones and EMA 21 as significant levels. I aimed to make informed trades and set appropriate stop-loss plans.
Lot Size
20,000 units or 0.20 Standard Lot or 20 micro lots.
We allocated 25,000 units, following a 1% risk management strategy for each trade and also have a attainable trade. To account for this approach, we adjusted our allocation size accordingly.
Trade #1 Result = Loss (-$20.41)
Reflection on Trade
News should be considered also when taking a trade, at least 8 hours before to ensure that the position may be adjusted accordingly and not be taken out with a stop loss.
Improvements to be considered:
Pay close attention to the latest news updates and take note of the forecasts provided. Additionally, give due consideration to the projected direction of price surges.
TRADE #2 OVERVIEW
Forex (Oanda-MT4)
PAIR: NZD/USD
LONG/SHORT: LONG
LOT SIZE: 0.2
ENTRY: 0.62260
EXIT: 0.62460
STOPLOSS: 0.62231
PNL:-$22.6
PIPS: 10/20
Trade Analysis and Insights:
Entry
I carefully watched the price, being really patient and excited, waiting for the perfect moment when it would meet the Exponential Moving Average (EMA) and reach the support zone area on an upward momentum.
Exit & Stop loss
10 pips stop loss and 20 pips take profit.
Before trading, I assessed two key factors: EMA 21 and important price levels. EMA 21 indicated market trend, while I watched price patterns. To manage risk, I identified support zones and EMA 21 as significant levels. I aimed to make informed trades and set appropriate stop-loss plans.
Lot Size
20,000 units or 0.20 Standard Lot or 20 micro lots.
We have distributed a total of 20,000 units based on a risk management strategy of 1% for each trade. Additionally, we have considered a feasible trade in our allocation process and made appropriate adjustments to accommodate this approach.
Trade #2 Result = Loss (-$22.6)
Reflection on Trade
It is important to take into account the news while making a trade, preferably at least 8 hours in advance, to allow for appropriate adjustments to the position and avoid being forced to exit with a stop loss.
Improvements to be considered:
Make sure to closely monitor the most recent news updates and pay careful attention to the forecasts given. Moreover, give appropriate thought to the anticipated trends in price increases.
TRADE #3 OVERVIEW
Forex (Oanda-MT4)
PAIR: NZD/JPY
LONG/SHORT:LONG
LOT SIZE: 0.28
ENTRY:86.843
EXIT:87.044
STOPLOSS:86.744
PNL: -$20.79
PIPS: 10/20
Trade Analysis and Insights:
Entry
With great care and anticipation, I closely monitored the price, displaying both patience and enthusiasm, as I eagerly awaited the opportune instance when it would align with the Exponential Moving Average (EMA) and approach the support zone during an upward trend.
Exit & Stop loss
10 pips stop loss and 20 pips take profit.
Before trading, I assessed two key factors: EMA 21 and important price levels. EMA 21 indicated market trend, while I watched price patterns. To manage risk, I identified support zones and EMA 21 as significant levels. I aimed to make informed trades and set appropriate stop-loss plans.
Lot Size
28,000 units or 0.28 Standard Lot or 28 micro lots.
We have distributed a total of 28,000 units based on a risk management strategy of 1% for each trade. Additionally, we have considered a feasible trade in our allocation process and made appropriate adjustments to accommodate this approach.
Trade #3 Result = Loss (-$20.79)
Reflection on Trade
It is important to take into account the news while making a trade, preferably at least 8 hours in advance, to allow for appropriate adjustments to the position and avoid being forced to exit with a stop loss.
Improvements to be considered:
Ensure you diligently observe the latest news updates and give significant consideration to the forecasts provided. Additionally, give proper consideration to the expected patterns in price rises.
Overview of trades
Trades taken: 3 Trades
Win rate: 0% (0/3)
PnL: -$63.8
There are several websites that provide news and analysis on Forex markets, including information on whether a particular currency pair is bullish or bearish. Here are a few popular options:
- Forex Factory (www.forexfactory.com): Forex Factory offers real-time news, economic calendar events, and market analysis. Traders can access forums, read expert opinions, and track market sentiment indicators.
- Investing.com (www.investing.com): Investing.com covers a wide range of financial markets, including Forex. It provides real-time quotes, charts, economic calendars, and news articles. Traders can also find technical analysis tools and sentiment data.
- DailyFX (www.dailyfx.com): DailyFX is a popular website that offers Forex news, analysis, and educational content. Traders can access daily market insights, technical analysis, and live webinars conducted by experienced analysts.
- FXStreet (www.fxstreet.com): FXStreet provides news, analysis, economic calendars, and educational resources for Forex traders. It covers major currency pairs, offers technical analysis tools, and publishes regular articles from industry experts.
When visiting these websites, look for sections or articles that provide insights into market sentiment, such as bullish or bearish forecasts for specific currency pairs. Keep in mind that market conditions can change rapidly, so it’s important to consider multiple sources and use your own judgment when making trading decisions.
“Success in trading is not about predicting the future; it’s about managing risk effectively in the present.”