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Short 1 lot (200 units) GBPJPY @ 5818 Confidence level: 5/10 Reason to take trade: TriScreen setup  Click above for larger image I got stopped out for a -107 pip loss. As you can see, I didn’t wait for the %R to roll out of overbought. Price continued higher until I was stopped out. I have to wait for the signal and not jump the gun! Short 1 lot (250 units) GBPJPY @ 5567 Confidence Level: 7/10 Reasons to enter trade:
This is a re-entry of the previous trade on 7/19.  Click above for larger image This time the trade worked and I closed 200 units at 5454 (+108 pips). I then moved the stop to 5562 or +5 pips. It is now a free trade.  Click above for larger image I closed the final 50 units at 5328 for a nice +239 pip proft. This was my final target at the 79% fib retracement level.  Click above for larger image Grand total unit weighted total was +134 pips. Good trade. Short 1 lot (400 units) GBPJPY @ 5491 Confidence Level: 5/10 Reasons to take trade:
 Click above for larger image I got stopped out. I should have waited for the %R to roll out of overbought but I was a little anxious.  Click above for larger image Final score was -54 pips. This is still a viable trade though, looking for a re-entry. Long 1 lot (100 units) GBPJPY @ 4812 Confidence Level: 5/10 Reasons to take trade:
 Click above for larger image The fact that I entered late on a TriScreen entry gave me less confidence in the trade. I exited early at 4822 (+21 pips). I actually picked a really good level but didn’t have the confidence to stay in.  Click above for larger image As you can see, price made it all the way back up to about 5094 which would have been a +282 pip winner. I should have kept some on to possibly capitalize on a further move. TriScreen Trade Short 1 (100) GBPJPY @ 5496  Click above for larger image Confidence on this trade was 6/10. Entered the first position early and entered the second position on the traditional TriScreen entry. The entry level on the first position was triggered by the bounce off the 5400 level. The profit target was hit on the first positionso it was closed at 5374 for a + 122 pip profit. The second position was closed manually before the weekend at 5427 for a +24 pip profit. The total profit was +146 pips. This was another TriScreen but with a big stones early entry. Short 1 (400) GBPJPY @ 4968 It was late in the day and I saw that price was bouncing a third time of a significant resistance point. I decided to enter on what Chris Lori calls the big stones entry. I felt that was a good strategy because there was significant MACD divergence and a TriScreen would come up sooner or later. A big stones entry is when you fade a support or resistance point as price in moving to that S/R level. This primarily has the benefit of giving you a better entry price and allowing you to set your stop tighter. The downside is that it may be very uncomfortable to go against the market when there is a boldface candle staring you in the face. So I entered early and decided for the TriScreen to trigger before I entered a second position. My confidence level was 8/10.  Click above for larger image The TriScreen fired off and I entered a second position: Short 1 (100) @ 4863 As you can see, entering early allowed me to set a significantly tighter stop and thus take a larger position. I opened my computer in the evening to see a huge price drop so I decided to watch this pair carefully. I exited the second postion @ 4744 (+119 pips). Price started moving up so I decided to take of half of the original position @ 4804 (+164 pips). I then moved the stop on the final 200 units to 4963 (+5 pips). The market moved up and took out my stop at +5 pips. Overall, maybe I should have exited more of the position earlier but I think I did a pretty good job of managing the position. This was a TriScreen Trade that was executed late but was done in conjunction with the break of a previous support level. Short 1 (100) GBPJPY @ 4697  Click here for larger image This was a bad trade. I should have stuck to the rules of the TriScreen and stayed out of the market. If I had followed the rules, it would have been very profitable instead of picking the bottom of the day. That’s why it is necessary to review all your trades. I obviously got stopped out and lost -93 pips on this trade. TriScreen Trade Short 1 (400) USDCHF @ 1450  Click above for larger image I got stopped out for a -72 pips loss. The target on this trade was way too ambitious. I should have taken the 25 pips and gotten out when price failed to fall. Like I mentioned the previous post, this is still a valid trade and I decided to enter again when the %R rolled out of overbought. Short 2 (250) USDJPY @ 9845 Again, this is a TriScreen trade and my confidence was still 6/10 that this trade would work.  Click above for larger image As you probably read in my previous post, I found in my backtesting that using one lot with the USDJPY when trading the TriScreen is more beneficial than using two lots. Somehow, on this trade I disregarded that and went back to the two lot method. Upon further reflection, I believe that I did this because I felt that there was a lot of downside opportunity and I felt I would have been missing out. I should have stuck to the plan of using only one lot and I would have had a good week. Lesson learned. First lot made +95 pips and the second lot made +28 pips for a grand total of +123 pips. Short 1 (500) USDJPY @ 9823 TriScreen trade - On this trade I didn’t use two lots like I usually do because my backtesting has shown that adding the second lot in the USDJPY pair doesn’t significantly add to the bottom line and may in fact subtract from it. My initial confidence in this trade is 6/10.  Click above for larger image I got stopped out on this trade for a -52 pip loss. I am OK with this because it was a good setup and I took the trade. It is very likely that it will give me another opportunity to get in again because the trade it still valid. TriScreen Trade Long 2 (150) USDCAD @ 2781 and 2780  Click above for larger image Long wicked candle with TriScreen setup gave me a resonable setup to go long. Price was also ranging around the pinching of the 62 and 200 EMAs, so it was concieveable that it might go back into the range. Instead, I was stopped out for a -85 and -86 pip loss, for a total of a -171 pip loss. In hindsight, he divergence was iffy because it wasn’t a clear cut case of divergence. the MACD was almost even at that point, but I still think it was a pretty good trade. Another TriScreen Trade Long 2 (350) EURCHF @ 4763  Click above for larger image The target was hit on one lot for a profit of +62 pips and I moved the second lot to +5 pips. I decided to take profit on the second lot for +18 pips. The grand total was + 80 pips and it was a good trade. TriScreen Trade Short 2 (150) AUDJPY @ 6110  Click above for larger picture Trade stopped out, missed the target by about one pip or so for a loss of -80 pips on each lot for a total -160 pips. There was nice MACD divergence, moving around he 800 SMA and there was a good touch off of overbought on the %R. I was about 8/10 confidence level on the first target. This was a good trade, I have no regrets about. Long 2 (100) GBPUSD @ 4247 and 4237 TriScreen trade setup there was a big gap on the open, so I was hoping that the gap gets filled. There is also a twin tower formation at the second point which makes it even more promising.  Click above for larger image This was a good trade. The stop may have been a little tight but it was a good setup and I took it. Lost -234 pips on this trade. Long 2 (200) EURCAD @ 5856 and 5849 TriScreen trade, downward channel isn’t looking so great but there is nice divergence and what appears to be a fakeout outside of the range.  Click above for larger image The first position hit the target for a +85 pip profit. The stop on the second position was moved to +10 pips and I was stopped out for a grand total of +95 pips profit. I feel good about this trade. It is a great trade for a ranging market. |
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Forex trading is a high risk endeavor and may not be suitable for |
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