Agent86's Daily Trading Journal

[Agent86]

+45 pips today 5-27-09 so far

Hi all

Here is my pick of my setup for +36 pips

I also had a +9 pips trade which reversed and did not hit the target but still produced +9 pips

I was really nervous about the GDP report today and actually entered the tweezer tops at about 20 seconds before the report, I don't trade fundies, but watchful of them.
If I waited till after the report I may not have been able to initiate my trade or OCO order for stop/profits so I took the trade about 20-30 seconds early which I don't like because I like to trade on the closed candle for confirmation of the candle formation.

But when fundies come out and there is a signal right at that moment then I have to get in about 30 seconds premature which does meet my rules

I was tempted to break the rules again and take quick profits on the report because it was slight weakness for the US but I stuck to my rules and it paid off.

See pic
Happy trading.

 

[Agent86]

+9 pips today so far

Hi

-nice setup stuck to the rules
-failed to hit target
-exited with reversal signal with +9 pips profit

-waiting for next setup

happy trading

 

[Agent86]

+28 pips today first trade

Hi all

Here's my pick for today

Good setup, I stuck with my own rules and patiently waited through the consolidation for target of +28

 

[Agent86]

-42 pips on 6-2-10 bone head trades

Hi all

No pics but I took a trade that was a good setup, however the wave was not very good the C retrace was really a long wick and not really a candle.

I should have stayed out of that trade

Either way I would have still lost on my second trade of 22 pips

So instead of -42 pips I would have ended with -20 pips either way, but it adds up.


Hard to believe that even with all my mistakes I can still make steady gains.

Happy trading

 

[Agent86]

+39 pips today so far

Hi all,

Did not hit the target, well yes and no, I have a 3 pip spread so it missed the target by 1 pip LOL

So I waited for my reversal signal and got out on reversal with a +39 pips keeping in my target was not hit.

Anyhow see pic

 

[raa]

Hi, Agent. I happens to me almost every week - careful planning, and missed by 1-2 pips then price reversed and run hundreds pips non-stop. This week it happened for me with GBP 1.4770 entry - bid actually came to 70 but spread is 3 pip so ask did not hit, and as result possibly 200+ pips lost. Same happens with SL targets - hit by precisely 1 pip and gone back.

Can't stop but thinking it is rigged by broker, but most likely not of course, I believe it is just a common psyche targets, too much orders in a narrow price band, some big orders start to execute and price reverses... But the question is how much earlier to put entry targets and how much later to put stop loss targets, to overcome? No easy answer..

 

[Forexwatchman]

I would say check your broker's price feed against one or two other independent feeds because it could very well be the broker working against you. Another thing to consider is where you are putting the T/P level. Setting your T/P right on a fib level or pivot level isn't as smart as 5 to 10 pips in front of or behind it since price action reversals happen right in front of or behind those key areas a lot of the time. Also think about lowering your T/P targets, although it may seem counter-intuitive, if it means the difference between scoring 80% of that big move or watching profits deteriorate and settling for less than half, then it makes up for it in the long run. You don't need every pip of every move and couldn't get them all anyways.

 

[raa]

Usually I have this kind of problem not when price moves in my direction and then reverses, but mostly when I put working orders to catch a pullback, and pull back goes further hitting my SL and then reverses.. As result of this I started either open a hedging counter-position instead of SL, allowing to control the process without more risky re-entering a trade... Usually this problem is more acute in a set-and-go mode, when I plan according to my analysis for a day and leave it alone.

 

[Agent86]

6-3-10 no trades, took the day off - got lazy

Hi all,

Took off mon.
Nice to see people are reading the journals.
Thanks for the responses

I actually planned the day off since fri. but sort of felt lazy in advance LOL

I've considered this subject of missed s/l and target for a long time like many others likely have done.
I considered smaller time frames and indicators to help, but they seem to have done more damage to my already working strategy

I actually have consistent gains with my strategy, however a missed target or a hit stop although annoying is not so bad really because it's all part of the game.

But, But But, the mistakes added to these misses is what really kills any strategy.
Especially if you write down your trades and track them on paper with notes.

Not just printing the report but actually going back and track the notes.
I do this with a spread sheet because it's easier for me to study and track different strategies on paper this way.

I can see a live forward test of the strategy with notes or mistakes I would have made vs the actual results.
I see notes like:
-good setup, but spiked and hit stop by 1 pip
-weak setup not a good looking wave and fundies coming up (doubt stay out)
-good setup and moved toward target but indicator reversal - ended with small gain/loss
-good setup and indicator reversed instantly with small/loss
-risk/reward not perfect so extended the target to (no strategy compliant)
-tried a new exit (no strategy comliant) - track this and check results

Things like this then at the end of each month I check the probability with or without added features to see if after a few months it adds or takes away from my strategy percentage of winners.

I have another strategy that is like 80-90% accurate, but does not produce more pips per month.

Thats another topic to keep a running total of my tests to see if increasing the percentage of probability increases the pips per month.
If it doesn't then who cares about how accurate things can be.

Unless of course considering the drawdown and risk factor.

My current strategy only tests out around 60%-70% accurate, however I always trade a 1:2 risk/reward so it makes consistent gains.

I have one other strategy that is much better but not fully tested so a little more time will tell if I make a transition or not.
More accurate and produces more pips so the testing may pay off.

Well, happy trading and thanks for reading the journal

 

[Agent86]

-18 pips 6-7-10

-18

took off again on 6-8-10

almost cut 2 fingers off with a razor while packing stuff for ebay shipping.

got it bandaged, still considering stitches and took off 6-8-10