Maya's Trading Journal - page 2
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Good luck on your trading.
I would suggest Mark Fisher to read, but I have a feeling you probably already read it.
27 March 2009
Today's trade set up for sell entry at 1.4421, SL 1.4448, TP at 100 pips and 200 pips.
Buy entry is waiting at 1.4499, SL 1.4472.
Made $290 last night on GBPUSD
I've been trading the same breakout strategy on a slightly different time. Am now using 8 am London time. 16:00 my local time (GMT+8)
Yesterday's trade was a win. Buy order was triggered slightly after 8 am, and went on to hit my first 3 lots' limits, first at 50 pips, then at 80 pips, then 110 pips. My fourth lot was protected at 50 pips, so total made last night was $290.
Scaling out
My trading has improved since I started a scaling out strategy. Right now, I'm trading with 4 mini lots, first lot TP at 50 pips, second lot at 80 pips, third lot at 110 and last lot to let run. I break even at 50 pips. Stop loss 27 pips.
I looked back at all the trades using the same breakout strategy but with this scaling out method applied, and the results were amazing. With an account balance of $2000 in early Jan 2009, the account grows to $6000 as on 11 May 2009! Here's the excel file I used to calculate:
Getting ready to set up today's trade. Let's have a look at the charts.
I set sell orders at 1.5234. Would have used 1.5242 normally, but there was a spike right down to 1.5236 at around 5:40 this morning, so since it's really close to the 1.5241 low at 15:30 bar, I'll just set it at 1.5234 to be safe.