Self Improvement Thread - EURJPY 4HR only

[sheraz572]

Introduction
Hi everyone I am Sheraz. I am been trading forex since a very long time and periodically blown my accounts to the point where I have realized the fact that I can no longer afford to blow a trading account therefore I have committed to myself that I will no longer deposit any additional balance.

Reasons to Lose
I believe it is perfectly normal to lose money in the market since almost everyone I know is losing money. So now some out of the world thinking is required to make money. There is no boss or no board meeting where I present my trading idea and it gets rejected by them means simple plain ego which comes between winning and losing.

Objective
The objective of this thread is to share the reasons why I entered the trade, what happened with the trades, to feel responsible that my trades are not own but viewed by all so to be careful with my trades.

Criteria to trade
To enter any trade, I will have to read all the news
I will consult 4 Hour chart only
I will consult MACD (12,26,9), Stoc (8,3,3) & RSI (13)
I will only trade EUR/JPY only
Stop loss cannot be more than 30 points at any point of time
Move stop loss to break even when position goes 30 points in favor
Limit can be unlimited!

Starting Account Balance $107
Start Date: 19/4/2013
2 Months Goal - 600 pips
Fixed Lots - 1k
End Date: 28/6/2013
Target Account Balance $167

 

[sheraz572]

My trade plan for the day

Buy at 128.65. Stop Loss at 128.35. Move stop loss to breakeven when price reaches 128.95

Reason to make the entry order. RSI, MACD & Stoch showing the potential of price crossing 130.

 

[sheraz572]

Position closed at 129.793.. +115.3 pips

Updated account balance 119.01

 

[Red Herring]

Introduction
Hi everyone I am Sheraz. I am been trading forex since a very long time and periodically blown my accounts to the point where I have realized the fact that I can no longer afford to blow a trading account therefore I have committed to myself that I will no longer deposit any additional balance.

Reasons to Lose
I believe it is perfectly normal to lose money in the market since almost everyone I know is losing money. So now some out of the world thinking is required to make money. There is no boss or no board meeting where I present my trading idea and it gets rejected by them means simple plain ego which comes between winning and losing.

Objective
The objective of this thread is to share the reasons why I entered the trade, what happened with the trades, to feel responsible that my trades are not own but viewed by all so to be careful with my trades.

Criteria to trade
To enter any trade, I will have to read all the news
I will consult 4 Hour chart only
I will consult MACD (12,26,9), Stoc (8,3,3) & RSI (13)
I will only trade EUR/JPY only
Stop loss cannot be more than 30 points at any point of time
Move stop loss to break even when position goes 30 points in favor
Limit can be unlimited!

Starting Account Balance $107
Start Date: 19/4/2013
2 Months Goal - 600 pips
Fixed Lots - 1k
End Date: 28/6/2013
Target Account Balance $167

Good thread Sheraz. Very good idea I would say! Please keep sharing more.

 

[sheraz572]

Thanks Red Herring

Trade for the day

Bought EUR/JPY at 129.67.. Stop Loss at 129.37.. Plan to move stoploss to breakeven at 129.97

Reason for trade

MACD signal line above zero. Stoch following repetitive pattern to buy.. RSI forming repetitive pattern to buy.. No good news in view for JPY

 

[sheraz572]

My trade plan for the day

Sold EUR/JPY @ 129.50 .. Stop Loss at 129.80 .. Move stop to B/E at 129.20

Though I expect rebound around the 128.50 area but I see it going there.

MACD signal line inclining downwards. RSI 3 at 67.85 I believe it will come to 30 when price will be around 128.40

 

[Red Herring]

Thanks Red Herring

Trade for the day

Bought EUR/JPY at 129.67.. Stop Loss at 129.37.. Plan to move stoploss to breakeven at 129.97

Reason for trade

MACD signal line above zero. Stoch following repetitive pattern to buy.. RSI forming repetitive pattern to buy.. No good news in view for JPYView attachment 9032

What was your TP for this trade?

 

[sheraz572]

I had no immediate take profit in mind. I was looking for breakup above 130 to 131.. Immediate plan was to move stop loss to breakeven once it reaches 129.97 and then to wait and watch. because once the risk is mitigated then there is no stress involved in the trade.

 

[sheraz572]

Bought EUR/JPY at 129.40.. Stop loss at 129.10. Move stop loss to breakeven when price reaches 129.7

Reason to trade.

The 4 hour chart reflecting a price gap of over 60 points whereas the predicted downmove according to MACD, Stoc & RSI is 60 points max, and a reversal of over 200 points in case of 130 breakout so I have bought it.

 

[sheraz572]

Stop loss level reached. Updated account balance $123.08

Reason for loss
Incorrect trend identification.

Lesson Learned
To keep the assumption of price reaching upper & lower levels in mind as well, when planning for reversal and breakout from the mid level.