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    Thread: simisola's trading journal

    1. #681
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      Default Trade update

      My USD cad trade of which I entered a buy had the stop loss hit, well that was due to several factors, in forex nothing is guaranteed, that good thing is that I did not use high lot so its just a minimal loss, also the eur jpy is in floating loss although it seems to be reducing because eu is bullish at the moment.
      And finally I took an usd jpy sell because I saw a pin bar after yesterday's FOMC coupled with the fact that price is far from the 200 EMA meaning a correction is imminent. Entry price 110.14 SL 110.35 TP 109.46
      Wish me the best on this one, family!
      Attached Images  

      My Trading Journal: ~~~My RSI AND 200 EMA Combo~~~


    2. The following 8 users say Thank You to simisola for this useful post.

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    3. #682
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      Yesterday I mentioned that buying at that level is very risky because it is a strong resistance but had we waited for the price to come down a little bit before buying it then we would have been able to make some pips like about 50 or more pips. I do not know what the dollar is trying to do at the moment but I am beginning to believe that it would start to lose value for the time being.

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      Wisdom Is The Ability To Apply Knowledge And Experience To Any Given Situation.
      If you do not take control of your risks then you lose control of your trades


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    5. #683
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      Quote Originally Posted by ola4real View Post
      Of course, i have being seeing buying market in USDJPY since last month, and it has gone down a little bit to take the fresh power that will make it rise so well. It is not easy for traders to be trading the market without knowing the trend, and when you know the trend, then you will become the kind trader you really wish to be. I think that when traders can still be buying USDJPY when it is above 109.56, then the trader is not doing a bad thing, i will continue to buy it when it tried to come down again, so that i will be maximizing my profits like that.
      It is really difficult for the market to break level of 110 on usd/jpy. Also Fomc fueled some of the trigger to bull side so we may see downside but may get support on that level and will have more bullish move later.

      Quote Originally Posted by penuelophir View Post
      I think it is a lot risky buying USDCAD at the current level due to the fact that it have tested this area for about four times in the past few days, but a break of these area could be good to start buying but being under it is a lot dangerous because it could still head downward or in the range as usual!

      Attachment 78741
      you have really tracked major levels on the chart of USD/CAD and it is one of the psychological level as well so we may either correct from 1.3000 or see major breakout from there. so as per me it is better to wait for some time so that we can understand the sentiment of the pair and take the trade in the proper direction.


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    7. #684
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      Quote Originally Posted by simisola View Post
      My USD cad trade of which I entered a buy had the stop loss hit, well that was due to several factors, in forex nothing is guaranteed, that good thing is that I did not use high lot so its just a minimal loss, also the eur jpy is in floating loss although it seems to be reducing because eu is bullish at the moment.
      And finally I took an usd jpy sell because I saw a pin bar after yesterday's FOMC coupled with the fact that price is far from the 200 EMA meaning a correction is imminent. Entry price 110.14 SL 110.35 TP 109.46
      Wish me the best on this one, family!
      Oh sorry about the loss of the USD CAD trade mate, this is forex and these like this cannot be avoided, however I believe you should have checked well because the price of USD CAD looked over bought at the time you entered, now that price has become bearish, I believe you can see if your system permits you to open a position there if not just stay out, the USD JPY sell is a spot on!


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    9. #685
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      Quote Originally Posted by sonibark View Post
      Sorry mate, usdcad seems to do the opposite off your plan, it moves from exactly your entry price down as hit the stop loss, but looking at the daily and 4hrs time frame I would suggest buying from current price, it's just a retracement. It will surely moves up again.
      The FOMC yesterday helped the trade. Price shot up within a few minutes of FOMC and I was in good profit. I moved my stop to lock in profit and allowed the trade play out. It eventually hit stop loss and I made approximately 50 pips.
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    11. #686
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      Quote Originally Posted by Mez Da Whiz View Post
      The FOMC yesterday helped the trade. Price shot up within a few minutes of FOMC and I was in good profit. I moved my stop to lock in profit and allowed the trade play out. It eventually hit stop loss and I made approximately 50 pips.
      You did pretty much well for been able to make some profit despite the immediate reversal immediately after the interest rate, that's the advantage of locking some profit, moving your stop loss forward to your entry point and above as profit increases, this helps you to make something out of every trade or not to lose a dime once your trade runs into profit at all before anything else happens.


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      Quote Originally Posted by simisola View Post
      My USD cad trade of which I entered a buy had the stop loss hit, well that was due to several factors, in forex nothing is guaranteed, that good thing is that I did not use high lot so its just a minimal loss, also the eur jpy is in floating loss although it seems to be reducing because eu is bullish at the moment.
      And finally I took an usd jpy sell because I saw a pin bar after yesterday's FOMC coupled with the fact that price is far from the 200 EMA meaning a correction is imminent. Entry price 110.14 SL 110.35 TP 109.46
      Wish me the best on this one, family!
      Sorry about the loss you incurred, that's forex for you, no trade has a guarantee of making profits and that is why you should risk a small percentage of your account in every trade. You may risk 2% or a maximum of 5% risk depending on your risk tolerance.
      Then coming to USDCAD, I checked the charts and noticed that It went down initially before going up, right now, it has broke both MA, the lower cloud and the upper cloud of the ichimoku indicator. So it is now safe for you to buy this pair for now but If I am to buy this pair, I will target 1.3118 level which is acting as a major resistance level corresponding to the upper cloud of the ichimoku indicator on the monthly chart.


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    15. #688
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      you have really tracked major levels on the chart of USD/CAD and it is one of the psychological level as well so we may either correct from 1.3000 or see major breakout from there. so as per me it is better to wait for some time so that we can understand the sentiment of the pair and take the trade in the proper direction.
      Honestly, as forex traders we should be able to learn how to observe the charts because the more you are able to learn through observing then you shall most of th time likely see what would be happening, but we can never become perfect but you would be come a better forex trader.
      Wisdom Is The Ability To Apply Knowledge And Experience To Any Given Situation.
      If you do not take control of your risks then you lose control of your trades


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    17. #689
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      I have just bought gbp usd because I have seen that on the 30 minutes the relative strength index has crossed above line 50 and also the 200 EMA is close by which means that price may likely retrace back to it before it is probably resisted, my main goal is to see what will happen at the touch of the 200 EMA TP 1.3340 SL 1.3245. Now the waiting begins.
      Attached Images  

      My Trading Journal: ~~~My RSI AND 200 EMA Combo~~~


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    20. #690
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      Quote Originally Posted by simisola View Post
      I have just bought gbp usd because I have seen that on the 30 minutes the relative strength index has crossed above line 50 and also the 200 EMA is close by which means that price may likely retrace back to it before it is probably resisted, my main goal is to see what will happen at the touch of the 200 EMA TP 1.3340 SL 1.3245. Now the waiting begins.
      Nice one mate, I did not really see that buying on time, I would have joined you in collecting some small profit, this is kind of trades that our dear moderator nikitabelle likes taking, when everyone is thinking sell she will do a counter trend, your target too is on point, when trading a retracement it is best we keep our take profit moderate because the trend can resume anytime.


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