deluded demo trading: pyramiding

T

TGpop

Right, i will not give my opinions, i will not ask for help.

i am documenting a Forex demo account, in which i will be trading hourlies for:
1)Trend and pullbacks
2)Ranges
3)Bounces of S/R

I will pyramid into each, so maximum size is $100/pip.

I enter with 10%, then 40%...30%....20%

My stop loss is fairly wide but is trailed closer as the buy/sell stops are filled.
I will be demoing the:
GBPJPY
EURUSD
GBPUSD
EURGBP
USDCAD

:D

Each of these pairs has a specific setup i play:
GBPJPY:ranges and pullbacks
EURUSD: mostly Trend and pullbacks,occasional ranges
GBPUSD:trend and pullack/ranges
EURGBP:Mostly bounces of S/R and ranges
USDCAD: Mostly bounces of S/R
 
Trade 1:
SELL 1 GBPUSD @1.50289
PENDING:
SELL 4 @1.50112
SELL 3 @ 1.49922
SELL 2 @ 1.49722
stop loss @ 1.51246, which will be trailed closer.
Target:1.49168
reason for entry: GBPUSD breaking out and looks overbought to me and major resistance to play a bounce off.
 

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took off GBPJPY, was just a confusing pair imo.
I have added 3 pairs specifically for S/R bounces:USDJPY/EURAUD/AUDUSD.
Making a rule so hat GBPUSD/EURUSD will only be for trend and pullbacks.

someone slap me if i don't stick with that :p
 
allright, in honour of my rules for GBPUSD and EURUSD i have closed my GBPUSD trade for a small loss.

Next play is EURGBP LONG:
LONG 1@0.81988
BS 4@ 0.82092
BS 3@ 0.82194
BS 2@ .082296
reason: test of support/range

target is end of range @.082621
with a 42 pip trailing stop loss
 

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i am beginning to wonder whether the trailing stop is just me being scared and protecting profits, or whether it is actually worthwhile.

My backtests show frequent shake outs and then continuation of my direction anyway.

Perhaps a hard stop loss, just out of the way of volatility would be much better.

at 2/3 to my target i will scale out 1/2 and place stop to breakeven. Target will remain solid.
 
sorry- once all orders are filled my SL is moved to initial entry. then once 2/3 is reaches i will scale out 1/2 and stop to breakeven
 
this is embarassing; everything is being kept the same except i will scale out 2/3 when 2/3 of target is hit rather than 1/2
 
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