Trade Journal 1
If you saw my last idea then you'll know that this is the start of my trade journal which I want to do for at least a few months, just to get to grips with journaling my trades and to also give other traders an insight into the other average guy who is trying and learning this trade (Pun most certainly intended)
If you didn't see my last idea, this is it:
Im still to update last weeks trades, but for now, I will just cover my only trade for today
USDCAD:
So this is my trade for the day.
Entry reason: HTF, both the daily and hourly is in a bear trend. Price had recently just broken, and reacted to, the previous days low. Also present in the area is a 5m support/ resistance level highlighted by the green rectangle. A momentum candle to the downside left behind a fair value gap, and upon retracing into that, I entered short at 1.35547 with a 10.1 pip stop loss, taking into account the ATR. and was placed above the 5m resistance, risking a total of 2% of account value.
Targets were set mid range on a 1hr level, not seen on the chart at 1.35335.
A 1:2 RR
I was comfortable with my position for the most part. Other than spread, my position wasn't in drawdown for quite sometime and even created a new low of the day at 1820 UTC+3. Once that low was formed, price began to retrace and consolidate around the 5m support/resistance level and never seemed to want to go in either direction.
I did contemplate closing the trade at a small loss mid way through, just to remove further risk from an essentially, dead trade. In the end I stayed in, rationalised by the fact that the bias hadnt changed, that no resistance had been broken and so my trade idea was still workable, and not necessarily contradicted by the price action itself.
I manually closed the trade at a 0.1% profit, 20 minutes prior to market close. I wasn;t prepared to hold it over night, and with stops as close as they were, the spread increase would have likely kicked me out anyway. Being in drawdown for so long as well, I saw the opportunity to get out and I did. Not ideal, but not a loss either.
In terms of doing things differently, I am not sure what I would change. As I say, the fundamentals of the trade hadn't changed, HTF and 5m chart structure were still intact, the previous daily low was still intact, price just didnt seem to move. If my stops were a little wider, and I had some breathing room to bring them into breakeven, it would have prevented all the drawdown, and in fact being quite close to hitting the stop loss, on 2 occasions. The fact they werent hit, hints that they were in the roundabout correct place and I gave the trade enough room to move as much as it could. Maybe another day, they just get swept. Who knows.
The other trade I looked at taking, but ultimately didnt, was on the EURUSD, using a double top/ double bottom strategy that I quite enjoy using, especially if coupled with something like the pattern occuring around VWAP, or a major structure level (I have actually got all of it, backtested if you want to take a look at it)
And this is an screengrab of the trade in question.
In the end i didnt take it, as it broke one of the rules i have in place for it which is that i dont want to see a close below the first low which happened. By the time I came back to it, just to see how it got on out of interest, it had already formed another double bottom at a lower price and I had missed my entry, and I wasnt willing to chase the price
So to sum up, I ultimately got to watch the one I didn't enter "win" and the one I entered, stagnate, do very little and get lucky to make a slight profit. Not a loss to me is more important than the profit though. Steady day, but nothing to shout about.
Days growth: 0.1%
Week so far: 0.1%
Month so far: 9.28%
Hope you all had a good day in the markets
Until next time... safe trading!
If you didn't see my last idea, this is it:
Im still to update last weeks trades, but for now, I will just cover my only trade for today
USDCAD:
So this is my trade for the day.
Entry reason: HTF, both the daily and hourly is in a bear trend. Price had recently just broken, and reacted to, the previous days low. Also present in the area is a 5m support/ resistance level highlighted by the green rectangle. A momentum candle to the downside left behind a fair value gap, and upon retracing into that, I entered short at 1.35547 with a 10.1 pip stop loss, taking into account the ATR. and was placed above the 5m resistance, risking a total of 2% of account value.
Targets were set mid range on a 1hr level, not seen on the chart at 1.35335.
A 1:2 RR
I was comfortable with my position for the most part. Other than spread, my position wasn't in drawdown for quite sometime and even created a new low of the day at 1820 UTC+3. Once that low was formed, price began to retrace and consolidate around the 5m support/resistance level and never seemed to want to go in either direction.
I did contemplate closing the trade at a small loss mid way through, just to remove further risk from an essentially, dead trade. In the end I stayed in, rationalised by the fact that the bias hadnt changed, that no resistance had been broken and so my trade idea was still workable, and not necessarily contradicted by the price action itself.
I manually closed the trade at a 0.1% profit, 20 minutes prior to market close. I wasn;t prepared to hold it over night, and with stops as close as they were, the spread increase would have likely kicked me out anyway. Being in drawdown for so long as well, I saw the opportunity to get out and I did. Not ideal, but not a loss either.
In terms of doing things differently, I am not sure what I would change. As I say, the fundamentals of the trade hadn't changed, HTF and 5m chart structure were still intact, the previous daily low was still intact, price just didnt seem to move. If my stops were a little wider, and I had some breathing room to bring them into breakeven, it would have prevented all the drawdown, and in fact being quite close to hitting the stop loss, on 2 occasions. The fact they werent hit, hints that they were in the roundabout correct place and I gave the trade enough room to move as much as it could. Maybe another day, they just get swept. Who knows.
The other trade I looked at taking, but ultimately didnt, was on the EURUSD, using a double top/ double bottom strategy that I quite enjoy using, especially if coupled with something like the pattern occuring around VWAP, or a major structure level (I have actually got all of it, backtested if you want to take a look at it)
And this is an screengrab of the trade in question.
In the end i didnt take it, as it broke one of the rules i have in place for it which is that i dont want to see a close below the first low which happened. By the time I came back to it, just to see how it got on out of interest, it had already formed another double bottom at a lower price and I had missed my entry, and I wasnt willing to chase the price
So to sum up, I ultimately got to watch the one I didn't enter "win" and the one I entered, stagnate, do very little and get lucky to make a slight profit. Not a loss to me is more important than the profit though. Steady day, but nothing to shout about.
Days growth: 0.1%
Week so far: 0.1%
Month so far: 9.28%
Hope you all had a good day in the markets
Until next time... safe trading!
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