This is my second Journal here. In my first one I was careless with my risk management and lost about $2500. I am staying away from the ES this time and focusing on currency futures. I like the trends that the 6E and 6B offer. I will be focusing on.... Price action 9EMA , 18EMA Monitoring Multiple timeframes to make sure they are in sync for the direction I wish to trade. Will be monitoring volume, higher lows, lower highs, double tops, double bottoms, breakouts. The main thing I will look for is a "touch and go" off the 18ema in the direction of the trend . My best entries have come from the first 18ema "touch and go" after the cross of the 9,18 ema. 1% risk management goal . 2% max in certain situations . 1 contract per $10,000 Setting stop losses 1 tick below the 18 ema touch. Profit targets will be at least double my risk. I will let winners run in a takeoff scenario and trail the stop 1 tick below the next higher low if I feel it has more room to run. A little about myself, I have around 6000 hours of screen time, I'm 22 . My goal is to be consistently profitable for 6 months with this account and then up the ante to 10 contracts after that period of time. My main goal in life is to accumulate great wealth and make this world a better place with that wealth. I live way below my means and feel I'm on a mission from god to help others. I don't need to be reminded that I only have a 1% chance of succeeding. I am fully aware of this. Thanks for viewing.
Short 6b 1.5215 Current bar broke below previous bars close after 18 ema touch on the 60 min. Tight stop above previous lower high on the 5 min. Stopped out at 1.5225 - 10 pips
Closed 6J at .010745 +10 pips closed early because I want to go to sleep and I hate leaving open positions unattended.
Long 6b 1.5256 broke above 18 ema touch bar's close on 5 min. Range bound resistance on the 1 hour around my entry. We'll see if it can break through resistance for a nice runup. If not I have a tight stop at 1.5243 1 tick below 18 ema touch bar.
Price barely hit my stop but it did 1.5243 then continued long . Part of the game... Keeping losses small and following my plan well so far though. I'll get a runner here soon on one of these..
just got back from a nice lunch with my folks that I haven't seen forever. That was nice... Back to business. Total so far -13 pips Just went long 6e at 1.3352 stop below previous low at 1.3342 On the hourly chart the 9 and 18 ema crossed UP earlier in the day . Entered at the retrace and current bar is slightly above the retrace bar's close . I will do this on occasion on the 9 ema touch instead of the 18 because a lot of times after the first cross it will only touch the 9ema before continuing higher. Lets see if we can get a runner here.
short 6j .010714 closed .010699 +15 long 6j .010706 closed .010702 -4 total +6 pips short 6b 1.5281 currently in the green 15 pips and letting it run...trailing stop loss at each new lower high on the 5 min. I'm not going to post trade by trade anymore because I know I can follow my rules and I don't think any value is being added to ET by posting each trade. I will update with a daily summary from now on instead. Looking to cut back on number of trades to reduce commissions and go for setups in longer time frames .
one suggestion. rather than 1 tick below ema for your stop, I will suggest allow greater room for stop. You may want to do some backtests to see if you agree with my suggestion or not! Good luck!