Swingtrading forex

Discussion in 'Journals' started by cvds16, May 25, 2019.

  1. cvds16

    cvds16

    This swingtrading journal will only be trading eur/usd, gbp/usd, gbp/jpy, eur/jpy and xau/usd.
    I will be risking 3% per trade for a reward of 3%. I will close my account if I ever make a drawdown of 15% of the highwater mark.
    I basically use four setups and will have my trades open at most for 4 days, sometimes at most for 3 days.
    I will initiate positions only at the end of the day, often using buy stop or sell stop orders. Only on occasions will I do an at market buy or sell at the end of the day.
     
    Last edited: May 25, 2019
    Onra likes this.
  2. cvds16

    cvds16

    On friday I opened a long gbp/usd position @1.2712 because of a morning star on the daily. My target is 1.2819, my stop is at the low of two days ago.
     
  3. qlai

    qlai

    Why? If you are up 100%, experiencing 15% DD does sound so bad.
     
  4. expiated

    expiated

    Looks promising...:thumbsup:
     
  5. cable gbp/usd is very likely to hit 1.2622
    it is in a trading range on the hourly.
    trading a morning star, without prior bullish strength in a tight bear channel, is trading a set up with total disregard to the context it appears in.

    it is possible you know something i do not know but just thought i would point out my view
     
  6. cvds16

    cvds16

    I have to put my cutoff point somewhere: to protect my capital and to protect my profits. I arbitrarily put it at 15%. I just hope it won't come to that.
     
  7. cvds16

    cvds16

    I use stochastics for context, it's pointing to oversold. No guarantee that I win on this individual trade but the odds are good.
     
  8. expiated

    expiated

    The range I use for context suggests to me that GBPUSD has a lot more room up above than it does down below (should it happen to decide to follow through and continue heading north for a bit).

    GBPUSDH4.png
     
  9. "indicators need confirmation from price"...Martin Pring.
     
  10. cvds16

    cvds16

    As expected nothing much happening today because of 2 bank-holidays. I am taking the opportunity to put in a buy stop in eurjpy at 122.81 with a stop at 122.14 and a target of 123.48 (67 pips R:R, or 3%).
     
    #10     May 27, 2019