I have been trading EUR/USD (and occasionally, AUD/USD) live for a few months now and doing well, and have decided to start a journal for reflective purposes; it would also be good for me to be called out when I break my own trading rules. I will try to post at least 1 live trade a day (I trade exclusively from the 5m charts) along with my end of day charts when I am done with E/U or A/U for the day. I may not continue to trade AUD/USD for much longer, as I have found it to be of little profitability for me to trade it. Being a University student, I can't always trade at the times I want, so I have opened myself up to trading multiple pairs. Its good practice, but like I said, only E/U has been very profitable.
Closed at my stop loss, going to wait until 1.3314 to enter a long position since e/u has entered a range. One more losing trade and I am done for the day, however. I have been stopping my trading day after losing more than 2% and so far that has served me well.
Woops, typo in my last post. Meant that I would go long at 1.3114 (5 pips above that range). Stop moved to 1.3105
Closed my last trade as it is now 4pm est and price is dead, ended the day with a very small profit (~.05%). I am seriously considering waking up at 4AM from now on so I can trade the London hours, I routinely catch the tail end of some serious moves that begin while Europe is trading.
I do not know why r u using 5m chart and not hight 30m or highr. My experience is that in forex small accounts tend to trade small time frames and tighter stops. this usually works against u as the moves are most of the time whacky.... I hope you have thought this through. 5m could be good for entries and exits however a higher time frame for Trend and stops provide better risk and reward ratios. Just a thought.
I originally chose a shorter time frame because I found holding positions overnight to be stressful (and that was just on demo, though I was taking it as seriously as I could). I like to have a clearly defined trading time where, at 4PM, I can say "Ok thats it until tomorrow." That said, I also believe the method I am using works equally well on any time frame. My entries/exits are dictated by swing highs/swing lows, so if my stop is hit it is because I believe the direction of price has begun to change. Since everything is dictated by past price movements, I can at least survive in volatile markets until I eventually catch the occasional move that tacks on 6% to my account.