Confidence level: 5/10

Reason to take trade:  TriScreen setup

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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!

Confidence Level: 7/10

Reasons to enter trade:

• Same as the reasons in previous trade.
• TriScreen setup

This is  a re-entry of the previous trade on 7/19.

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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.

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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.

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Grand total unit weighted total was +134 pips.  Good trade.

Confidence Level: 5/10

Reasons to take trade:

• Bounce off 5489 key level
• Bounce off bottom of channel on Daily chart
• Previous support fractal
• Early TriScreen entry, MACD divergence

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I got stopped out.  I should have waited for the %R to roll out of overbought but I was a little anxious.

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Final score was -54 pips.  This is still a viable trade though, looking for a re-entry.

Confidence Level: 5/10

Reasons to take trade:

• Bounce off S1 Pivot
• Big figure bounce at 4800
• Late TriScreen entry
• Support level on 15 min chart

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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.

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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.

Short 1 (100) GBPJPY @ 5496
Stop @ 5585 (-89 pips)
Target @ 5374 (+122 pips)

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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.

Short 1 (400) GBPJPY @ 4968
Stop @ 5010 (-42)
Target N/A

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.

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The TriScreen fired off and I entered a second position:

Short 1 (100) @ 4863
Stop @ 5010 (-147)
Target N/A

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.

Short 1 (100) GBPJPY @ 4697
Stop @4790 (-93)
Target @ 4515 (+182)

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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.

Short 1 (400) USDCHF @ 1450
Stop @ 1519 (-69 pips)
Target @ 1370 (+80 pips)

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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.