Short 1 lot (800 units) GBPJPY @ 5724
Stop @ 5750 (-26 pips)
Target @ 5698 (+26 pips)
Confidence Level: 5/10
Reasons to take trade:
- Bounce off S1 pivot
- Bounce off former support on 15 min chart
- Hit 50% Fibo retracement on 1 hour chart
- Key S/R level on 1 hour chart
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Got stopped out as price ran through the level.
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One sign that I should have paid attention to was that price went sidewards on the 1 minute chart. My instincts told me to exit at a +5 pip profit, but I didn’t.
I got stopped out at 5750 for a -26 pips loss.
Short 1 lot (200 units) GBPJPY @ 5773
Stop @ 5875 (-102 pips)
Target @ 5671 (+102 pips)
Confidence Level: 5/10
Reason to take trade: Bounce of previous high
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The reason for getting into this trade was pretty weak. There should be at least 3 levels that would give me a reason to believe that price would bounce at that level.
Stopped out for a loss of -102 pips.
Sell 1 lot (800 units) GBPJPY @ 6234
Stop @ 6265 (-31 pips)
Target @ 6203 (+31 pips)
Confidence level: 6/10
Reason to take trade:
- Resistance
- Daily high
- Pivot point
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Closed trade early…closed 700 units at 6213 and 100 units at 6265 for a total unit weighted profit of +20 pips.
This was smaller than the target profit but I am not trading well this week and need to get my mojo back so a small, sure profit is a good way to get my confidence back.
Short 1 lot (700 units) GBPJPY @ 6153
Stop @ 6185 (-32 pips)
Target @ 6115 (+38 pips)
Confidence Level: 5/10
Reasons to take trade:
- Bounce off strong resistance
- Bounce off M3 pivot
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I was apprehensive about this trade because price is bouncing off the trendline on the 1 hour and daily charts. Also showing a tight flag on the 5 minute chart.
I got stopped out at 6185 for a -32 pip loss. I have not been trading well this week!!
Short 1 lot (1,000 units) GBPJPY @ 6056
Stop @ 6075 (-19)
Target @ 6037 (+19)
Confidence Level: 4/10
Reason to enter trade: Channel bounce on Daily chart. Same trade as previous trade.
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Stopped out at 6075, for a loss of -19 pips. I only got stopped out by 1 pip! I should make the stops on the day trades 25 pips. This trade also would have worked if I had a slightly bigger stop.
In retrospect, I think that trading solely off the Daily chart and setting stops on the 5 minute chart is a losing proposition. I won’t do that again. I was just forcing a trade that wasn’t there.
However, I did follow my rule of two and out. If I am wrong about a trade idea twice, I won’t trade it again for the rest of the night. It prevents me from chasing and doing revenge trading.
Short 1 lot (1,000 units) GBPJPY @ 6051
Stop @ 6070 (-19 pips)
Target @ 6032 (+19 pips)
Confidence Level: 4/10
Reason to take trade: Channel bounce on Daily chart.
It was in a tight range and looked like it would head lower.
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Price action didn’t look good so I closed it manually at 6052 (-2 pips).
The trade would have worked if I held on.
Long 1 lot (600 units) GBPJPY @ 5549
Stop @ 5510 (-39 pips)
Target @ 5588 (+39 pips)
Confidence Level: 8/10
Reasons to take trade:
- Bounce off pivot
- Bounce off support during Asia
- Price holding in well defined range
I actually entered late on this trade, I missed the bouce level by 15 pips. It still looked like I could profit, so I entered anyway.
Took off 550 units at 5564 (+15 pips), price action didn’t look good so I played defense. Moved the stop to 5554 (+5 pips).
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The final unit weighted profit was +14 pips. Not the prettiest trade but I’m glad I listened to my instincts and closed the trade out.l
Short 1 lot (500 units) GBPJPY @ 5731
Stop @ 5775 (-44 pips)
First target @ 5687 (+44 pips)
Confidence Level: 7/10
Reasons to take trade:
- Strong resistance at highs on 1 hour chart
- Pivot resistance @ 5720
- Bearish short-term bias based on the trendline on the daily chart
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Plan:
- Take off 300 units at first target of 5687
- Take off 100 units at 5655 (+76 pips)
- Move stop on last 100 units to +5 and let it rip
Entered limit orders to take me out at the desired levels.
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Price kept going….
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Moved stop to +5 pips and went to sleep…
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When I woke up, price already rebounded significantly. I closed out the last 50 units @ 5570 for a +161 profit.
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It would have been nice to capture most of that move, but that’s how it goes. Unit weighted pip profit on this trade was +68 pips. On to the next trade!
Short 1 lot (1,000 units) GBPJPY @ 5659
Stop @ 5675 (-16 pips)
Target @ 5643 (+16 pips)
Confidence Level: 5/10
Reasons to enter trade:
- Bounce off previous high on 1 hour chart
- Bounce off M5 pivot
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The price could go higher, price is respecting the bottom of the channel on the daily chart.
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Stopped out, should have listened to my instincts. Loss of -16 pips.
Short 1 lot (500 units) GBPJPY @ 5301
Stop @ 5320 (-19 pips)
Target @ 5282 (+19 pips)
Confidence Level: 5/10
Reasons to take trade:
- Bounce off the big figure at 5300
- Bounce off S1 pivot
- Bounce off previous support
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Closed whole position @ 5296 (+5 pips) because price action looked like it had a strong bias to the upside. I think this was a good defensive exit.
Long 1 lot (1,000 units) GBPJPY @ 5304
Stop @ 5285 (-19 pips)
Target @ 5323 (+19 pips)
Confidence Level: 7/10
Reasons to take trade:
- Positive Caimant count GBP news
- Bounce off 5300 big figure
- Pivot point support bounce
- Support at previous daily high
- Strong upward bias
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Closed 500 units when price hit target at 5328 for a +24 pip profit. If price could break 5330, it had a good shot at taking off.
From there, my plan was to close:
- 400 units at 5350 (+45 pips)
- Move stop to +5 pips profit
- 50 units @ 5450 (+146 pips)
- 50 units @ the 800 SMA on the 1 hour chart
Closed 400 units at 5352 (+48 pips) and moved the stop to 5309 (+5 pips). At this point, it became a free trade. I also added a take profit order at the 800 SMA on the 1 hour chart at 5704 (+400 pips).
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I then closed 50 units at 5468 (+164 pips). I let the rest run overnight.
The last 50 units were stopped out at +5 pips profit.
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The final unit weighted profit for the trade was +40 pips. At least I was able to leg out double my target profit. This is good for just grinding out a profit, which is my goal at this point, but in the future, I have to learn how to maximize this move and add positions to maximize profit.
Long 1 lot (500 units) GBPJPY @ 5106
Stop @ 5080 (-26 pips)
Target @ 5126 (+26 pips)
Confidence Level: 5/10
Reasons for trade:
- Bounce off 5100 big figure level holding
- Holding above M3 pivot
- Higher highs/lows on 5 minute chart
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Stopped out for a -26 pip loss. I set the stop too tight and this wasn’t a good entry. The bounce level I was loking for was in the middle of price action. It would have been better if the support/resistance levels lined up with the pivot and the big figure. The trade actually would have worked if I set the stop 10 pips further away.
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Short 1 lot (500 units) GBPJPY @ 5090
Stop @ 5125 (-35 pips)
Target @ 4895 (+195 pips)
Confidence: 5/10
Reasons:
- Looking for bounce at M3 pivot,
- Former support level
- 79% Fibo retracement
- Near 5166 fractal on Daily chart
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I had put in a limit order to take off 400 units at 4895 and let the rest run for additional profits.
Price spiked 100 pips in 2 minutes and stopped me out of the position.
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As you can see on the chart, I was up +88 pips at one point which was a more than 2:1 reward/risk ratio. I should have taken 400 units off at that point and let the rest run. This was a case of getting too greedy.
The final result was a -35 pip loss.
Long 1 (500 units) GBPJPY @ 5316
Stop @ 5265 (-51 pips)
Target @ 5384 (+68 pips)
I was looking for:
- A bounce off 5300, the big figure
- Previous low @ 5300
- Pivot point
Also:
- There was a MACD divergence, possibly an early TriScreen trade.
- It was late in the NY session, volume might dry up, leading to reverse in price.
- The daily range was > ATR on the daily chart.
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I was stopped out for a -51 pip loss. The price action didn’t look good on the 1 hour chart, but I took the trade anyway. Not a great trade. The issue was that there wasn’t enough of a price rejection on the 1 hour chart. It looked like it was going to go down more. I also should have gone short since my original premise was proven wrong.
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Short 1 (1,000 units) GBPJPY @ 5825
Stop @ 5845 (-20 pips)
Target @ 5805 (+20)
Reasons for the trade:
- Pivot bounce at 5822
- Former support level
- Trendline break with convicted candle signaling possible downward move
Confidence level: 5/10
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Took off 800 units at 5805 for a +20 pip profit. Moved the target level to 5705, +120 pips. Moved stop to +5 pips at 5820 and added a limit to take the profit at 5705 or +120 pips.
The stop was hit. If I had left the original stop in, it would have been profitable. I have no regrets though.
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Total profit is +17 pips on the total position.
