FXjake's Free Pips

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FXjake

I am going to create a journal of my trades. I've been trading forex for about ten years now (it is a lot easier now than it was years ago when we used to have to go into an office).

I trade only a few times each month, probably less than 20 trades per month, but I have a pretty good win %.

Last month's record is attached.
 

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Quote from FXjake:

Was watching the CHFJPY today during the Asian session, now short.


Entry: 79.25

Stop: 82.05

Target 1: 77.60

Target 2: open
More...


Have moved stop to +10 pips as this has run over 100 pips in the expected direction.
 

Attachments

Quote from FXjake:

Was watching the CHFJPY today during the Asian session, now short.


Entry: 79.25

Stop: 82.05

Target 1: 77.60

Target 2: open
More...

This one is done at +65 pips. Looks like it has retraced a bit (a bit too much for my liking).
 

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Quote from FXjake:

This one is done at +65 pips. Looks like it has retraced a bit (a bit too much for my liking).
More...

Obviously just a bit more patience and a couple hundred more pips were available.
 
Well, it figures. A quiet month for me, so of course we'd have a night like tonight. I count 11 setups on the pairs that I follow, most I have seen in one night since October last year.

I am going to pick the best four, which, as I 'see' it are as follows:

BUY AUDJPY
Entry: 59.60
Stop: 56.20
Target 1: 63.00
Target 2: Open

BUY EURJPY
Entry: 117.22
Stop: 112.00
Target 1: 119.20
Target 2: Open

BUY GBPUSD
Entry: 1.4030
Stop: 1.3610
Target 1: 1.4330
Target 2: Open

BUY CADJPY
Entry: 71.55
Stop: 68.30
Target 1: 74.20
Target 2: Open
 
great thread..
1-what pairs do you follow?
2-which pair(S) do you trade most of the time?
3-how many hours or days do your trades last?
4-mini or micro lots?how many at one time?
5-looks like you allow for huge drawdowns...how do endure that?
6-are most of your setups at night like 10pm est ny time?
...best trading to you!
 
I have been trading currencies professionaly for 20 + years. And I find that now is probably the worst time to trade them. I have switched to stock index trading for the time being.

Why?

The equity markets is where the action is and currencies are almost 100 percent correlated to what happens in the stockmarket, with the stockmarket clearly being the leader and currencies the laggards. As such, FX is just a derivative of stocks.

Look at the intraday moves: stocks lower ===> yen higher, commod ccies (cad, aud, ..) lower. GBP has seen the best part of a huge trend which is nesring it's end.

Therefore: call the stockmarket moves right and you will call the FX moves well. But you are only trading a derivative then.
 
Quote from FXjake:

Well, it figures. A quiet month for me, so of course we'd have a night like tonight. I count 11 setups on the pairs that I follow, most I have seen in one night since October last year.

I am going to pick the best four, which, as I 'see' it are as follows:

BUY AUDJPY
Entry: 59.60
Stop: 56.20
Target 1: 63.00
Target 2: Open

BUY EURJPY
Entry: 117.22
Stop: 112.00
Target 1: 119.20
Target 2: Open

BUY GBPUSD
Entry: 1.4030
Stop: 1.3610
Target 1: 1.4330
Target 2: Open

BUY CADJPY
Entry: 71.55
Stop: 68.30
Target 1: 74.20
Target 2: Open
More...

These obviously never triggered. And so I wait for next week. Have a great weekend!
 
Quote from FXjake:

Obviously just a bit more patience and a couple hundred more pips were available.
More...

A well-placed profit target is as valuable as a well-placed stoploss. Just relying on a trailing stop will not do this.

If there is a number on a trade that would have made you happy, then you should have been out with a win. A couple hundred pips ahead sounds like you should have exited then.

At minimum, get out of half your position when a large profit is there.

Giving up a large gain is like taking a loss.
 
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