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    Thread: bitcoinrush's - Trading journal

    1. #1
      FX Super Hero
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      Default bitcoinrush's - Trading journal

      There is a strategy I am working which I want to share to members of this forum. I want to test this strategy in my demo account to know if this strategy is worth. It is the strategy I created on my own and if it works, I will program this strategy into an expert advisor.

      NATURE OF THE STRATEGY
      This strategy involves the use of price action and some few indicators like RSI which I will use to determine the overbought and oversold conditions, ichimoku indication for determining the trend and also for measuring the support and resistance levels and 200 EMA.

      TIMEFRAME USED IN THIS STRATEGY
      I am going to use this strategy mainly on 4hr and daily timeframes because higher timeframes give a more clearer and accurate signals than lower timeframes.

      CURRENCY PAIR USED FOR THIS STRATEGY
      The currency pair which I will use for this strategy is EURAUD and this is because this currency pair is quite volatile. I may as well use other pairs like GBPUSD and GBPJPY as well depending on the market condition.

      WHAT THIS STRATEGY IS ALL ABOUT
      In this strategy, I will use the daily candlestick to calculate my entry and exit points. So when a new daily candle opens, I will calculate 20 pips from the opening price of the candle, either up or down, my take profit will 100pips, my stop loss will be around 60 pips-65pips and I will be using both the ichimoku and EMA200 as support and resistance. These indicators will guide me on my exit points.

      So, I will start trading this strategy On Sunday night since the market will close today and from time to time, I will be sharing my screenshots of what is happening as well as my profits and losses.
      Here is the screenshot of what I am talking about.
      Attached Images  

      Thanks  

    2. The following 10 users say Thank You to bitcoinrush for this useful post.

      FxBD (06-16-2018), GhostMode (06-18-2018), I'm Trader (06-15-2018), MartyFish (Yesterday), Unregistered (6)

    3. #2
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      bitcoinrush Nice to see you here. You are using good strategy and its very good plan to test it on Demo first. Those traders who test their strategies at Demo account first are great. I mean in this way we can test a strategy without lose of money in case of any failure. Technical levels are very important when we use your type of strategy and everything is depend on that levels. I hope you will succeed in your strategy and also share with us time to time. My best wishes are with you my friend, and don't forget to update us. Trading Journals are the best way for newbies to learn some quality strategies of forex trading.
      If you can Dream it, You can do it
      Be Bold and Take Risk

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    5. #3
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      bitcoinrush

      You've got a very detailed and informative blog. Your strategy is very interesting and an expert adviser would be great as it would help lots of people to make money if the strategy you're working on turns out well.

      By the way, I'll like to welcome you to your very own journal thread. I've seen you around on mine and other people's thread,, and I believe you've got lots to offer.

      Cheers mate!

      Thanks  

    6. The following 2 users say Thank You to Mez Da Whiz for this useful post.

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    7. #4
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      You are very welcome mate, it's nice that you decided to join the section to share your knowledge, price action trading seems good. And it's nice that you wanna start it of with a demo account.
      I wish you success bro and good luck

      Thanks  

    8. The following 6 users say Thank You to sonibark for this useful post.

      adex19 (06-16-2018), bitcoinrush (06-16-2018), FxBD (06-16-2018), Honey Bee (06-17-2018), Unregistered (2)

    9. #5
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      Thanks everyone for appreciating my journal and as I said earlier, I will be sharing the screenshots of my daily trades as from Monday so that everyone in this forum will learn from me and make money when they implemented this strategy. The aim of this journal is to help the newbies who are looking for profitable strategies that will enable them to make profit consistently and I hope the strategy which I am going to test will yield positive results on the long run.
      I am going to test this strategy for a month and if it is profitable, then I will implement the strategy on my real account. Now back to my trading plan, I forgot to state my risk per trade and my risk to reward ratio. My risk per trade and my risk to reward ratio is as follows:
      RISK PER TRADE: In this trade, I am going to risk at least 2% or a maximum of 5% even if I have 4 loses in a roll, I will lose a smaller percentage of my account.
      RISK TO REWARD RATIO: My risk to reward ratio will 1:1.5 or 1:2 so that on the long run, my account will not be at a deficit. This is very important as it contributes 90% of your trading success.
      So see you guys on Monday.

      Thanks  

    10. The following 3 users say Thank You to bitcoinrush for this useful post.

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    11. #6
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      welcome, mate! you have made a good decision to join the mt5 forum. your decision to start your own trading journal is a move in the right direction. it is not only the newbies that gain in this section. everyone of us would gain one thing or the other.

      Thanks  

    12. The following 3 users say Thank You to forexguy9 for this useful post.

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    13. #7
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      Welcome to the journal section and you will take the right decision here a lots of knowledge we can gain on daily basis, best of luck for your trading career hope you will learn more from this section, all good trader will work and share their trading history with proper analyses we can be a perfect trader after getting experience from them.

      Thanks  

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    15. #8
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      Welcome to the Forex trading journal section of this forum, This is a good place that a member can write their trade results down and develop more from the learning from the mistakes that they have made. Be sure to focus on using this journal for a long time, This is the exact way to have gained a good amount of experience and knowledge from it.

      Thanks  

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    17. #9
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      From my analysis on GBPJPY, its currently bearish because it has broken the kijun sen (blue) of the ichimoku indicator on the daily chart, it may target 144.25 which coincides with the lower cloud on the 4 hour chart. So right now I am currently on a bearish trade since breakout has taken place.
      I entered sell at 146.42 and will target 145.62 which is about 80 pips below my entry point which is the first leg. I set a buy stop pending and entry point will be my stop loss
      My stop loss is 50 pips and when my stop loss is triggered, the buy stop will trigger automatically so as to recover the loss. But when the second leg losses, I will not enter the third leg to avoid unnecessary I will have to wait for another opportunity.

      I used the daily timeframe for the analysis and my entry point is about 30 pips below the daily opening price of the candlestick which happens to be below the kijun sen (blue) on the daily chart and right I am currently making about 10 pips profit and hope it will reach my target tomorrow.
      Here are the screenshots of my trades and my analysis:
      Attached Images    

      Thanks  

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    20. #10
      FX Super Hero
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      Wow what a nice day for me, hope other days will be like this. my sell trade on GBPJPY hit my take profit as I expected and made about $400. Then after that, I placed two pending orders, buy stop,and the sell stop which represents the first leg and the second. The I placed the buy about 20 pips above the opening price of the candlestick and sell stop at about 20 pips below the opening price of the candlestick. My buy stop was triggered at 1.3226 and my take profit was at 1.3326 which is about 100pips above my entry point but unfortunately, instead of the price to move up, it reverse and moved against my buy trade and hit my stop loss which was about 40 pips first leg buy entry point. Immediately my stop loss was hit my sell stop triggered because I set my sell stop at my stop loss which was the second leg trade. Immediately, my second leg trade was triggered, GBPUSD went down and I recovered my losses and even made a net profit of $100.
      So the second leg trade was successful and my trade profit was hit and I made a total net profit of $509.15. I am hoping that tomorrow will be better than today.
      Here is the screenshot of the profit made today.
      Attached Images  

      Thanks  

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