Daily time frame
Sell at 86.22
Stop at – 50 pips
Limit at + 50 pips
Another week to work on my trading strategy in Demo account ! Last week I worked with the USD/JPY and GBP/NZD and the Ichimoku Cloud! I worked with the 1 minute, 5 minute and 15 minute charts just to see what it would do. Since I use FXCM Trading Station/Marketscope software. I was able to find an expect adviser called “KiJun Sen stragety” on FXcodebase.com. This EA alerts/places a buy or sell order when price crosses over/under the KiJun Sen line. I set it to 52 which is the setting Rob Booker sets on his Ichimoku cloud.
So here is the strategy I will continue testing this week.
Pairs : USD/JPY and GBP/NZD
Indicator: Ichimoku 18,52,104 settings
Chart times: 15 min and 4 hour charts
Expert Advisor: KiJun Sen strategy
Will look to the 4HR chart of the pair and see what the trend is.
I have set the 4 Hr charts to only alert me if the price crosses above/below the KiJun Sen, So that I can go to the 15 min and change the strategy setting to “buy” or “sell”
Profit target: possibly to let it run.
Stops: Not sure. I am getting stopped out on small quick moves, testing this phase more this week.
My goal is that when the EA is triggered that it will open the position, and send me an email. I can then manage the trade based on market conditions. Right now I am letting it run so I can see what it does.
(This was suppose to be posted last week 6/14/2013)
The dreaded moment arrives as my last trade moves again me. I only had 1 micro lot on the AUD/USD pair (All I could afford with what was left in my account, why was I even trading?) I check my indicators looked at the trend and placed my order. The market welcomes my trade with open arms just as my indicators said it would. Then like a few minutes later, decided it was tired of that direction for a little bit and reversed itself and margin called. Yes I had a stop, but it never made it. So I simply just closed my live trading software. So where do I go from here? I am not going to feed the market any longer with real money, I decided to stop ( okay maybe I was forced to.) and take a look at what I have been taught, what I have learned and what I need to do before I jump back in with real money.. I will continue following my trading friends and studying more about what seems to work most of the time. Some may say why would you still play the forex market if you keep losing money? Well…. because during this year of trading the forex I learned a lot. I made some great trades! So I know it can be done. Plus I don’t give up. Nothing is perfect, do you quit your job just because things don’t go the way you think they should? Well hopefully not. That’s quitting! It should a sin to quit just because you don’t get it right. There is a way to do things, you learn from your mistakes, even if it means blowing another account. Anyways I don’t quit. I may screw up and learn a good lesson from it, but I don’t quit!
The good thing is I know mostly where my failures are, why I lost money.. Sometimes I didn’t set stops. Sometime I would open a trade with the max position size I could. (Ok many times I did that. Yeap, VERY STUPID). Not having a clear set of rules, a trading strategy, and not tracking my trades left me wandering around the charts with indicators and hopes of finding the magic formula. Well I never did! So now I am a point to do something other than what I have been doing.
So I will be trading on a demo account and blogging about the experience as I set rules, create a strategy and log in a trade journal. Welcome to the next phase of my trading experience.
I did not do any trading today. I got a total of 53.6 Pips for the week and no losses. Working on other stuff today and planning for my trading week next week.
Welcome to another great day of trading. This morning I was going for 40 pips, I set my order and it did activate. Price started going in the direction I figure it would go, but on a pull back I chickened out and close the order with a gain of 13.6 pips.. That makes my total pips for the week at 53.6 pips! Yea for me..
Here’s the before and after charts..
Just a quick update. Added another 10 pips to the pot.. in less than 3 mins.. Total for week – 40 pips
Was a little difficult to determine if the market was going to up or down on the 5 min chart this morning. It looks kind of sideways.. Anyways the EWO and Macd’s where pointing for a sell, so I went with it..
Here’s my chart… didn’t get a chance to get the before shoot..
Good Morning traders and non traders…
When I woke up this morning and looked at the EUR/JPY my phone, I was not to sure about any trades this morning.. Once I got ready for work and got on my computer. I still was not positive about any trades. The EWO and Macd indicators had already moved over the 0 line and was pulling back a little. So I look at the other time frames to see if the market was trending up or down. I decided it was moving up… So I am going with the trend. So at 4:45am I placed a buy trade at 128.253 just above the last high. I set the limit at 10 pips and the stop loss at 10 pips.
Well, At 5.39am price moved up to my target entry and in 2 mins had completed the trade for a total of 10 pips. Another Great Trading day! I have made a total of 30 pips so for this week!
Today is 4/15/13
Happy Trading morning!
Today I am beginning a series of blog post that show you that making 10 to 20 pips a day in currency trading (Forex) is possible. Each trading day I will discuss my trades, charts, and other stuff. I am trading with real money and not a demo account. I am only making 1 trade a day.
So this morning trade was on the EUR/JPY. It was a sell trade and I set it for 20 pips. I bought 3 microlots
At 4:45 in the morning (the times on the chart are EST). I set the sell order to activate at 127.896. There are several reason I decided to take a sell Trade. 1. The EWO indicator was below 0. The MACD 5,26,3 was below 0, and the MACD 12,26,9 was also below 0 I set the stop loss at -20 pip and the profit target at 20 pips.
So an hour and 35 min later at 6:20AM, the EUR/JPY moved 20 pips and closed out my trade. Gaining for today 20 pips. Goal reached.