The Hawk's journal

[Metalhawk]

I have been meaning to start a journal for some time now, but always put it off to later. But I realized that keeping such a journal might help in my trading discipline. The last couple weeks, I fell into some bad habits trying to trade rebounds off of S&R lines. Needless to say, the results were rather mixed, which makes it look more like flipping a coin than actual analysis trading. So I figured that keeping a public journal of all my trades might be extra incentive at the moment to keep me from taking stupid trades.

So let's get down to it, shall we?

I trade almost exclusively the GBP/JPY. There's 2 main reasons for that: first, I love the volatility it offers. And secondly, the exclusivity factor is because I feel that trading/keeping an eye on multiple pairs can get one's attention a little mixed up. I want my focus in one place only. However, there are times when GBP/JPY is rather flat, and in those few occasions, I look at other pairs, but only to get a feel for them. So down the road, I can add a second pair when GBP/JPY is dead.

When I first started trading, I tried many systems, using a bunch of useless indicators and lost a lot more than I won. Now, I use nothing other than S&R lines, and when I respect my strategy of trading the crossing of those lines (see above about the rebound fiasco), I am now succesful more often than not. At first I had a hard time to judge what made a good cross to enter, but instinct is slowly taking over and it's more obvious when to enter. So folks, those that often comment that's it's hard to judge, I sympathize and can only give you one advice: keep at it and don't be afraid to make mistakes. You'll be better for it down the road.

One more detail: my broker is Oanda, but I never use their charts for analysis. They're crap! I use IBFX's Metatrader charts for analysis.

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Nov 11 - 17, 2007: +88.3 pips, 4 positive, 1 negative

Nov 18 - 24, 2007: +58.8 pips, 4 positive, 2 negative, 3 breakeven

Nov 25 - 1, 2007: (proper records not kept more or less broke even, was experimenting a little)


+147 pips (+74 pips / week)

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Dec 2 - 8, 2007: +108.4 pips, 2 positive, 0 negative

Dec 9 - 15, 2007: +102.8 pips, 4 positive, 2 negative

Dec 16 - 22, 2007: +121.7 pips, 7 positive, 2 negative

Dec 23 - 29, 2007: NO TRADING DURING THE HOLIDAY SEASON


+333 pips (+111 pips / trading week)

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Dec 30 - 5, 2008: NO TRADING DURING THE HOLIDAY SEASON

Jan 6 - 12, 2008: +112 pips, 4 positive, 1 negative

Jan 13 - 19, 2008: -232 pips, 5 positive, 6 negative (lots of gambling)

Jan 20 - 26, 2008: -145 pips, 4 positive, 3 negative (lots of gambling)

Jan 27 - 2, 2008: +104 pips, 2 positive, 0 negative


-161 pips (-40 pips / week)

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Feb 3 - 9, 2008: +5 pips

Feb 10 - 16, 2008: +94 pips, 4 positive, 1 negative

Feb 17 - 23, 2008: +57.5 pips, 2 positive, 0 negative

Feb 24 - 1, 2008: +155 pips, 3 positive, 0 negative


+312 pips (+78 pips / week)

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Mar 2 - 8, 2008: +97 pips, 2 positive, 0 negative

Mar 9 - 15, 2008: -210 pips, 0 positive, 3 negative

Mar 16 - 22, 2008: +153 pips, 1 positive, 0 negative

Mar 23 - 29, 2008: NO TRADE


+40 pips (+10 pips / week)

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Mar 30 - Apr 5, 2008: +43 pips, 2 positive, 0 negative

Apr 6 - 12, 2008: +90 pips, 2 positive, 0 negative

Apr 13 - 19, 2008: +113 pips, 2 positive, 0 negative

Apr 20 - 26, 2008: -125 pips, 1 positive, 2 negative, 1 breakeven

Apr 27 - May 3, 2008: +50 pips, 1 positive, 0 negative, 1 breakeven


+171 pips (+34 pips / week)

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May 4 - May 10, 2008: +80 pips, 3 positive, 0 negative

May 11 - May 17, 2008: -140 pips, 0 positive, 2 negative

May 18 - May 24, 2008: +45 pips, 1 positive, 0 negative

May 25 - May 31, 2008: +19 pips, 1 positive, 0 negative


+4 pips (+1 pip / week)

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Jun 1 - Jun 7, 2008: +92 pips, 2 positive, 1 negative

Jun 8 - Jun 14, 2008: +72 pips, 2 positive, 0 negative

Jun 15 - Jun 21, 2008: +85 pips, 2 positive, 0 negative

Jun 22 - Jun 28, 2008: -16 pips, 0 positive, 1 negative


+233 (+58 pips / week)

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Jun 29 - Jul 5, 2008: +59 pips, 1 positive, 0 negative

Jul 6 - Jul 12, 2008: 0 pips, 1 positive, 1 negative

Jul 13 - Jul 19, 2008: +15 pips, 2 positive, 1 negative

Jul 20 - Jul 26, 2008: +64 pips, 2 positive, 0 negative

Jul 27 - Aug 2, 2008: NO TRADE


+138 (+28 pips / week)

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Aug 3 - Aug 9, 2008: +41 pips, 1 positive, 0 negative

Aug 10 - Aug 16, 2008: +43 pips, 1 positive, 0 negative

Aug 17 - Aug 23, 2008:

Aug 24 - Aug 30, 2008:


+84 (+42 pips / week)

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Total pips: +1301 pips || +35 pips / trading week (37 weeks, up to second week of August)

Positive trades: 76 = 69%
Negative trades: 29
Breakeven trades: 5

[Roadrat]

I use the same combination of Metatrader and Oanda. I have been tracking all four of the candle combinations for a couple of weeks now and from the point of view of candle reversal patterns (which a assume is what you mean when you talk about more success) and it seems that both the GMT and GMT+2 seem to give good signals. Although, I note that my Metatrader feed changed by 1 hour when the UK clocks changed so now it's showing GMT-1.

[NickB]

How did you go on the GBP/JPY trade. That was an easy one!

[Metalhawk]

Anyway, I took 2 trades today. It's always going to be on GBP/JPY unless I mention otherwise.

My first trade was a short cross of the S&R line at 229.46. This line had been holding since mid-september and had been tested earlier in the session. I got filled at 229.425, got out at 229.120.

Trade #1: +30.5 pips


Today's second trade was on the upswing later on. I have a S&R line at 230.29, a line that has been the low for October, and was still holding until today's opening jump below it. I took the long cross, filled at 230.37, and got out at 230.67. I feel I got a little lucky to reach my target of 30 pips, seeing how it pretty much touched my target, then retraced quite a bit. But nonetheless, this line proved a profitable one.

Trade #2: +30.0 pips


Total for the week: +60.5 pips
Target for the week: 100.0 pips

Originally Posted by NickB

How did you go on the GBP/JPY trade. That was an easy one!

If you mean for the move through 228.20, then I was sleeping. But my only consolation is knowing that I would have taken another good trade had I been around. While I prefer making pips to not making any (duh!), I get small satisfaction knowing I would have been right. After all, when I can be a full time trader, I'll be set up so that I don't miss those kinds of trades.

[Metalhawk]

I took another trade a few minutes ago. I had a line set at 224.80, and after being tickled a few times (I had enough discipline not to get in), once it got crossed for real, I got in short. I was filled at 224.716, and got out at 224.416.

Trade #3: +30 pips

Total for the week: +90.5 pips
Target for the week: 100.0 pips


Again, after a little more pushing down once I got out, it retraced above my entry point. I do believe that the time of the trade was not a good one. The New York session was almost over, and the only one opened is Sydney, which we all know has very light volume and is prone to price manipulation by some of the bigger players. I any case, those 2 "lucky" trades of mine might actually help exemplify the strength behind Nick's S&R method. Once a good line is crossed, there's some sort of "market rush" that helps push the price for a little while before the whole thing corrects itself...

[Metalhawk]

A little change today. I took a trade, but not looking at a S&R line. Not exactly. When price crossed above this week's high (established at the very start of Sunday's session EST), I decided to get in. However, due to Oanda's occasional server issues, I had a hard time getting in, and got filled at 231.20, higher than it should have been. However, again, this was a good decision and price went up. Down the road, I will probably try to let some trades run long, but for now, I am satisfied getting my 30 pips 3-5 times a week and meet my target this way.

Trade #4: +27.8 pips

Total for the week: +118.3 pips
Target for the week: 100.0 pips (met!)

[JeffNLisa]

Originally Posted by Metalhawk

. . . nothing other than S&R lines, and . . . respect my strategy of trading the crossing of those lines . . . At first I had a hard time to judge what made a good cross to enter, but instinct is slowly taking over and it's more obvious when to enter. So folks, those that often comment that's it's hard to judge, I sympathize and can only give you one advice: keep at it and don't be afraid to make mistakes. You'll be better for it down the road.

I needed to hear that. The feeling of "knowing what I'm doing" is only hitting me in splashes as of yet, but I know what you said to be true. It is very encouraging to hear it from you.

I missed two good setups earlier this morning for the same reason you did -- sleeping.

Still, if you can hit your 100 pips a week in five trades with three winners and two stinkers, it won't matter if you catch every one.

When we grow up we'll be like Nick, and make our week's profit by Monday afternoon, and take the rest of the week off!!

Congrats on your week's goal--

Jeff

[Metalhawk]

Originally Posted by JeffNLisa

I missed two good setups earlier this morning for the same reason you did -- sleeping.

You know, I used to fret over missing a good setup and would get mad at things in general because I felt I was losing money, but as I mentionned elsewhere, since setting a modest (yet profitable) goal of 100 pips, it doesn't bother me anymore. There's many more crosses every week, what's missing a few of those.

Still, if you can hit your 100 pips a week in five trades with three winners and two stinkers, it won't matter if you catch every one.

Indeed. Although I'm starting to believe that they are not "stinkers" after all. It looks like there's a boost once price can cross some of those lines. That's no accidental trade then...

When we grow up we'll be like Nick, and make our week's profit by Monday afternoon, and take the rest of the week off!!

Won't that be nice!!!

[Metalhawk]

No happy ending this time. Crossed my line at 229.45, I get in, it retraces right away within about 15 seconds to -30, where I just closed it. Looking back, I should have just ignored that line since it's been crossed way too many times in the last 24 hours.

Trade #5: -30.0 pips

Total for the week: +88.3 pips
Target for the week: 100.0 pips (no longer met!)

[Metalhawk]

I haven't updated my journal so far this week, due to a lot of experimenting with pivot points. Ultimately, I decided they aren't a good way for me to trade, although I like them as indication of possible stalling/reversal areas. So I gave up on the idea of PP trading.

Also, I am ashamed to admit that I took 4 unacceptable trades this week. The type of trades "for the sake of trading". I was able to close 2 of 'em at breakeven before it got ugly, and lost 30 and 40 pips on the other ones. I hope I got this crap out of my system. But it had been a while since I did that, and hopefully it won't happen again.

So while it may seem dishonest on my behalf, I want to only keep track of the proper trades here. The ones where there's a cross of one of my S&R lines. After all, as I develop more as a trader, those stupid trades won't happen again, or else I'm doomed.

So on with the trades:

On Monday morning, price crossed below a line I had set at 226.20. So I entered and got filled at 226.134. Price seemd to stall in the 225.90 area, so I decided to close my position there. That was a good decision on one hand, but a disapointing one as well. Price retraced a lot during the following few hours, but then while I was sleeping, dropped like a rock to the 224.50 area. Oh well, I like my small gains strategy, and won't change it. So enter at 226.134, out at 225.893.

Trade #6: +24.1 pips

Total for the week: +24.1 pips
Target for the week: 100.0 pips