Week 4: June 16 - June 20

Technorati Tags: forex,trade,journal,gbp/jpy,eur/jpy,technical analysis,MetaTrader,MT4

Overview GBP/JPY:

 

 Week GBP/JPY:

 

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Trade 1

Analysis:  Price broke the 212.00 support/resistance line.  I entered just after it at 212.06 and targeted 50 pips from the line.  The target was met for a good first up successful trade for the week.  Always good to get pips on a Monday!  This was a line that had shown significant history and 70 pip targets for these lines are what I could be aiming for on these types of lines however I am still a little wary.

Result: +44 Pips

 

Trade 2

Analysis: Trade 2 and Trade 3 were one trade broken into 2 parts handled woefully.  Price broke the 212.79 scalp line.  I entered at 212.87 and watched price get stuck around 213.00 which is a round number, therefor a psychological level of support/resistance.  I got scared that there was no momentum so exited with 1 pip profit.

Result: +1 Pip

 

Trade 3

Analysis: Price then immediately broke 213.00 with momentum so I jumped back in only to target more than 50 pips from the line.  That target was hit but it then retraced so I took a 20 pip loss and closed the trade.  If I had have just got in, targeted 50 from the line then got out it would have been fine.

Result: -20 Pips

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Overview EUR/JPY:

 

 Week EUR/JPY:

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Trade 1

Analysis:  Price broke the 167.13 scalp line which was a previous high spike.  Still watching and learning this pair so only targeted 20 pips.  Target met easily.

Result: +20 Pips

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Weekly Pips: +45 Pips

Weekly Trades: 3/4

Weekly Trade %: 75%

 

All Time Pips: +114 Pips

All time Trades: 13/18

All Time Trade %: 72%

* Note: I lost week 2's details because my blog stuffed up.  The overall details are still correct.

Week 3: June 9 - June 13

Technorati Tags: forex,trade,journal,gbp/jpy,technical analysis,MetaTrader,MT4

Overview:

 

 Week:

 

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Trade 1

Analysis:  I had a support/resistance scalp line drawn at 208.14.  It was my afternoon and I was flicking between windows thinking about setting up my automatic trades as I wanted to go out that night.  Flicked away and by the time I had flicked back it had already steamed through the line.  I entered at 208.52 and just targeted the remainder of the 50 pips from the line.  Good trade, could have been better if I was 2 seconds earlier...

Result: +18 Pips

 

Trade 2

Analysis: I had my next support/resistance scalp line at 209.30.  Entered at 209.36 which is a little tighter than usual but I think 6 pips from the line as well as watching price action is a good buffer to make sure momentum is enough to make a clean break of the line.  It continued up for the 50 pips and my take profit was hit.

Result: +50 Pips

 

Trade 3

Analysis: Why do I always have one trade I can't remember why I entered every week?!

Result: +20 Pips

 

Trade 4

Analysis: Got in on the break of my 209.00 support resistance line at 208.90.  In hindsight this should not have been taken as the line had been weakened after price chopped through it a few times this week.  Price came down 10 pips away from my 50 pip target then retraced and stopped me out to my revised stop loss.  If I had have entered earlier then it would have been successful.  DON'T ENTER ON NEWS TIME! PRICE GOES SPASTIC!

Result: -18 Pips

 

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Weekly Pips: +63 Pips

Weekly Trades: 3/4

Weekly Trade %: 75%

 

All Time Pips: +69 Pips

All time Trades: 10/14

All Time Trade %: 71%

Week 1: May 26 - May 30

Technorati Tags: forex,trade,journal,gbp/jpy,technical analysis,MetaTrader,MT4

Overview:

 

Week:

 

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Trade 1

Analysis:  Entered on the break of the 204.82 scalp line which showed support in the previous weeks.  Probably not the smartest trade as the line had already been used at the end of last week up and down.  Trade looked good as I was going to bed so I just left it run and got the result in the end.

Result: +28 Pips

 

Trade 2

Analysis: Price smashed through the 206.53 resistance line with momentum.  Quick in quick out.  Perfect trade.

Result: +36 Pips

 

Trade 3

Analysis: Reversal pattern formed with a series of doji like candles close to the 209.00 resistance level.  Got in short, dropped 30 or so pips then retraced.  I just set my stop at breakeven and it was hit.

Result: +0 Pips

 

Trade 4

Analysis: Of course after almost exactly hitting my stop it went straight back down to where I would have taken profit.  I knew my analysis was right so I got back in, let it run down a bit then when I got out it slipped back up to only give me 5 pips.  I thought I was exiting with more but meh.

Result: +5 Pips

Trade 5

Analysis: I have been watching the 209.00 line for weeks and had an automatic entry set to enter just after a break.  I really didn't expect it to break on the last 4 hour candle of the week/month so now I am in when I really shouldn't be.  Who knows where it's going to open next week.  Frustrating and waste of one of the strongest lines on my chart!  Who knows where this will end up!

Result: Pending +5

Result Update: -123 Pips.  Market opened as expected with a HUGE gap.  I'm not going to count this trade because it makes me feel bad haha and it was an automatic entry that I wouldn't have entered if I had been at the computer.  Big lesson learnt not to trade last few candles on a Friday!

 

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Weekly Pips: +69 Pips

Weekly Trades: 4/4

Weekly Trade %: 100%

 

All Time Pips: +69 Pips

All time Trades: 4/4

All Time Trade %: 100%

Introduction

Welcome to my forex trading diary! I'm Dane. A 20 year old 'uni bum' from Sydney, Australia. I have set this page up on the recommendation of many traders to keep a record of your trades, their goals and why you entered and exited where you did. This way there is no blaming anyone but yourself or making excuses when you look back.

First of all the reason I would like to get into forex is of course money. Of course I do not expect this to be a get rich quick scheme (Although the thought has crossed my mind once or twice...) but rather a smaller second income to go along with my part time job with the view for this to be my main income stream throughout my studies. To justify my losing trades or if I fail miserably I will look at forex as a different way to lose my money rather than gambling on sports or the races.

I have been through a few demo accounts with different brokers but have settled on InterbankFX's MetaTrader4 platform.  The main reason for this is that they offer micro lots, MetaTrader4 and their candles open and close on GMT time.

I have recently become confident enough in my trading  to go live, choosing IBFX as my broker.  While I wait for my account to be finalised and cleared I will post my demo trades starting from this week in a weekly wrap up style or some other similar format.

I have found a few websites and YouTube subscriptions to be very helpful in getting me started and have listed the main ones in the links to the side of this blog and would recommend any others just starting out to take a look.

Well, it's now time to delve into the world of currency trading.

Wish me luck...

DANE