Trading Journals

dpdawson · #1 (**permalink**) 01-18-2008, 09:50 AM

Here it goes.

I will be trading GBP/JPY, cross-referencing 1 hour, 4 hour, and daily charts using S/R lines.

I am currently looking for to break out of the range it has been in for the last 2 days.

Will short if candle closes below 209.41.
Will long if candle closes above 212.37.

opie999 · #2 (**permalink**) 01-18-2008, 06:02 PM

Hi, dpdawson.

Welcome to the forum.

Would you care to go into any more details? MM rules, live or demo, exit strategies, how long you've been trading? Any info you'd like to share with us (or not) is fine. Just trying to get an idea of where your head's at.

Looking forward to your success!

dpdawson · #3 (**permalink**) 01-18-2008, 06:15 PM

MM rule:
No more than 2% per trade. (I have $10k disposable)

Exit strategy:
Depends on S/R lines...
- stop loss above next higher s/r line
- first take profit around 100pips from breakout line (if have more than 1 lot, move stop loss to b/e)
- last take profit near next big s/r line (keep moving up stop loss to small s/r lines as they are broken)

I've been interested in investing/trading for a while and I daytraded near the end of the Internet bubble (I'll let you guess how that went). I have not invested/traded a lot for the last 3.5 years because I have had my money invested with a system trader who gave me nice returns and I have been getting my JD/MBA. He has done so well that he is shutting down his smaller accounts (of which I am one) and I just graduated in December, so I am taking the reigns of my investments.

Most of my money will go to longer term investments, but I decided to give forex a try to see if it can be a consistent money maker and save me from working a real job with long, horrible hours.

oraj · #4 (**permalink**) 01-18-2008, 07:34 PM

Quote:

Originally Posted by dpdawson

Here it goes.

I will be trading GBP/JPY, cross-referencing 1 hour, 4 hour, and daily charts using S/R lines.

I am currently looking for to break out of the range it has been in for the last 2 days.

Will short if candle closes below 209.41.
Will long if candle closes above 212.37.

I took the short trade in the same area (209.37). Hope your having a good day as I am.

S/R Rocks.

Jim

oraj · #5 (**permalink**) 01-18-2008, 07:38 PM

Quote:

Originally Posted by oraj

I took the short trade in the same area (209.37). Hope your having a good day as I am.

S/R Rocks.

Jim

I have a S/R level on the short side at 207.60-50 area.

dpdawson · #6 (**permalink**) 01-18-2008, 07:45 PM

I waited until the candle closed and entered 2 lots at 209.15.

Took profits on 1 lot at 208.40 and moved stop loss to b/e.

I am trying to decide whether to keep the trade open over the weekend.

oraj · #7 (**permalink**) 01-18-2008, 07:53 PM

Quote:

Originally Posted by dpdawson

I waited until the candle closed and entered 2 lots at 209.15.

Took profits on 1 lot at 208.40 and moved stop loss to b/e.

I am trying to decide whether to keep the trade open over the weekend.

I do some times carry a trade over the weekend. I would lock in more profit and put in a
limit at the next S/R.

Jim