Danny's Forex Trading Journal

Discussion in 'Journals' started by DannyBly1, Feb 12, 2008.

  1. Today's trade in the EUR - I entered long at about 6AM CST having noted the 5&10 period EMA crossover on the 15 minute chart, bullish oscillators and bullish trend on the 3 hour chart...I scaled and out around 1.4535 and was able to stay long for the move up to 1.4580...note I almost got shaken out of the trade a couple of times before the upmoved occurred (pink sell arrows)...

    I think the ability to scale in and out is really key at entries like this (my plan is when you first get into your trade, to start scaling out as soon as it looks like you may be wrong, limiting your downside risk, and to add to the position as it goes your way).

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  2. sam0182

    sam0182

    Nicely done.

    Do you find it difficault having to open multiple positions with Oanda as opposed to just scaling out of one position by number of units?

    That's my one gripe about Oanda...you can only be completely closed out of one position - no take profit on 50% of the position or whatever.

    It's either in or out...or multiple in's (& outs) so you can scale in...
     
  3. oraclewizard77

    oraclewizard77 Moderator

    Yes, probably the hardest part for me is to scale in and out. I have been long the EUR since Sunday, and got out this morning but did not get to ride it up any higher like you did.
     
  4. oraclewizard77

    oraclewizard77 Moderator

    I did not use any indicators like you did, but worked the trade based on price and plan.

    Its hard to stay in longer after the trade went against me at 1st, and I dollar costed down per my plan. However, when I look back at the chart, it seems more obvious in hindsight what was happening, and I probably should have at least put a few more contracts on it. Good job.
     
  5. Thanks for that -

    It's easy to get chopped up in this type of trade, but it worked out today...I think the flexible position sizing is important and allows you to minimize the downsize risk if you start scaling out when/if your EMA crossover starts flattening out (ie the moving averages get closer together and price is moving against you)...let's see what happens with this retail sales number tomorrow, I think we might see a little shake up : )
     
  6. sim03

    sim03

    Taking partial profit on 50% (or any %) of the position could not be any easier at Oanda. Either at market or limit or stop. Simply enter an opposite market or limit order for the appropriate number of units. That's it.

    You may benefit from exploring the platform more, using FXGame. In particular, focus on the "Positions" tab, not the "Trades" tab.
     
  7. sam0182

    sam0182

    Ahhh, well said Sim, I'll check that out tonight...didn't think of using it that way. I've done it accidentally when trying to put in a hedge trade (long/short) on the same pair, but never thought of using it to scale out of a single position. Thanks!
     
  8. We got the same set up as yesterday, with the 5&10 period EMA cross on the 15 minute chart - and today the crossover coincided with RSI crossing the 50 level. Like yesterday I scaled into and out of this trade. I kind of wanted to stay long and see whether we could reach the 50% fib level on the hourly at 1.4643 but decided to close out for the day :)

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  9. The 5 and 10 period EMA crosses worked well giving 3 trades - got a little chopped on the first and did not take profits early enough...the next 2 worked out....50% Fib retracement on the hourly at 1.4643 came into play, and we saw the bullish 50 and 200 ema bullish crossover on the hourly. End result: + 40 pips


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  10. Euro rocked up this morning - I entered long at around 7:15 - there was not to much heat on the downside in this trade, and my exit was simply based on having reached a target number of pips for the day. Was out late last night so am going to wrap the trading week up a little early today. End result for the day + 27 pips.

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    #10     Feb 15, 2008